Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2019shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2019 |
Document Transition Report | false |
Entity File Number | 1-9924 |
Entity Registrant Name | Citigroup Inc |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 52-1568099 |
Entity Address, Address Line One | 388 Greenwich Street, |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10013 |
City Area Code | 212 |
Local Phone Number | 559-1000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 2,259,056,466 |
Entity Central Index Key | 0000831001 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Common Stock, par value $.01 per share | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Trading Symbol | C |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K | |
Entity Information [Line Items] | |
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 6.875% Fix/Float Rate Noncum Pref Stk, Ser K |
Trading Symbol | C Pr K |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 6.300% Noncumulative Preferred Stock, Series S | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, represent 1/1,000th interest in a share of 6.300% Noncum Pref Stock, Ser S |
Trading Symbol | C Pr S |
Security Exchange Name | NYSE |
7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7.625% TRUPs of Cap III (and registrant’s guaranty) |
Trading Symbol | C/36Y |
Security Exchange Name | NYSE |
7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty) |
Trading Symbol | C N |
Security Exchange Name | NYSE |
6.829% Fixed Rate / Floating Rate Enhanced Trust Preferred Securities (Enhanced TruPS®) of Citigroup Capital XVIII (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.829% FXD / FRN Enhanced TruPS of Cap XVIII (and registrant’s guaranty) |
Trading Symbol | C/67BP |
Security Exchange Name | NYSE |
C-Tracks Exchange-Traded Notes Based on the Performance of the Miller/Howard MLP Fundamental Index Due September 28, 2023 | |
Entity Information [Line Items] | |
Title of 12(b) Security | C-Tracks ETN Miller/Howard MLP Fundamental Index Due Sept 2023 |
Trading Symbol | MLPC |
Security Exchange Name | NYSEArca |
C-Tracks Exchange-Traded Notes Miller/Howard Strategic Dividend Reinvestor Due September 16, 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | C-Tracks ETN Miller/Howard Strategic Dividend Reinvestor Due Sept 2024 |
Trading Symbol | DIVC |
Security Exchange Name | NYSEArca |
C-Tracks Exchange-Traded Notes on the Miller/Howard MLP Fundamental Index, Series B, Due July 13, 2026 of Citigroup Global Markets Holdings Inc. (“CGMHI”) (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | C-Tracks ETN Miller/Howard Fund, Ser B, Due July 2026 of CGMHI (and registrant’s guaranty) |
Trading Symbol | MLPE |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. JPY Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs JPY Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DJPY |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. GBP Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs GBP Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DGBP |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. EUR Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs EUR Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DEUR |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. CHF Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs CHF Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DCHF |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. AUD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs AUD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DAUD |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long JPY vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long JPY vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty ) |
Trading Symbol | UJPY |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long EUR vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long EUR vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty ) |
Trading Symbol | UEUR |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long GBP vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long GBP vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty ) |
Trading Symbol | UGBP |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long CHF vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long CHF vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | UCHF |
Security Exchange Name | NYSEArca |
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long AUD vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | ETN VelocityShares Daily 4X Long AUD vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | UAUD |
Security Exchange Name | NYSEArca |
VelocityShares® Long LIBOR ETNs due August 16, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | VelocityShares Long LIBOR ETNs due Aug 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | ULBR |
Security Exchange Name | NYSEArca |
VelocityShares® Short LIBOR ETNs due August 16, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | VelocityShares Short LIBOR ETNs due Aug 2032 of CGMHI (and registrant’s guaranty) |
Trading Symbol | DLBR |
Security Exchange Name | NYSEArca |
VelocityShares® 3x Long Crude Oil ETNs linked to the S&P GSCI® Crude Oil Index ER due December 15, 2031 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | VelocityShares 3x Long Crude ETNs due Dec 2031 of CGMHI (and registrant’s guaranty ) |
Trading Symbol | UWT |
Security Exchange Name | NYSEArca |
VelocityShares® 3x Inverse Crude Oil ETNs linked to the S&P GSCI® Crude Oil Index ER due December 15, 2031 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | VelocityShares 3x Inverse Crude due Dec 2031 of CGMHI (and registrant’s guaranty ) |
Trading Symbol | DWT |
Security Exchange Name | NYSEArca |
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due March 31, 2036 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Title of 12(b) Security | MTN, Series N, Callable Step-Up Coupon Notes Due Mar 2036 of CGMHI (and registrant’s guaranty) |
Trading Symbol | C/36A |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series G, Callable Fixed Rate Notes Due January 13, 2027 | |
Entity Information [Line Items] | |
Title of 12(b) Security | MTN, Series G, Callable Fixed Rate Notes Due Jan 2027 |
Trading Symbol | C27C |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Revenues | |||||
Interest revenue | $ 19,712 | $ 17,550 | $ 38,788 | $ 33,882 | |
Interest expense | 7,762 | 5,885 | 15,079 | 11,045 | |
Net interest revenue | 11,950 | 11,665 | 23,709 | 22,837 | |
Commissions and fees | 2,881 | 3,111 | 5,807 | 6,141 | |
Principal transactions | 1,874 | 2,126 | 4,678 | 5,368 | |
Administration and other fiduciary fees | 869 | 934 | 1,708 | 1,839 | |
Realized gains on sales of investments, net | 468 | 102 | 598 | 272 | |
Impairment losses on investments | |||||
Gross impairment losses | (5) | (15) | (13) | (43) | |
Net impairment losses recognized in earnings | (5) | (15) | (13) | (43) | |
Other revenue | 721 | 546 | 847 | 927 | |
Total non-interest revenues | 6,808 | 6,804 | 13,625 | 14,504 | |
Total revenues, net of interest expense | 18,758 | 18,469 | 37,334 | 37,341 | |
Provisions for credit losses and for benefits and claims | |||||
Provision for loan losses | 2,089 | 1,795 | 4,033 | 3,598 | |
Policyholder benefits and claims | 19 | 21 | 31 | 47 | |
Provision for unfunded lending commitments | (15) | (4) | 9 | 24 | |
Total provisions for credit losses and for benefits and claims | 2,093 | 1,812 | 4,073 | 3,669 | |
Operating expenses | |||||
Compensation and benefits | 5,381 | 5,452 | 11,039 | 11,259 | |
Premises and equipment | 569 | 570 | 1,133 | 1,163 | |
Technology/communication | 1,724 | 1,797 | 3,444 | 3,555 | |
Advertising and marketing | 434 | 411 | 793 | 792 | |
Other operating | 2,392 | 2,482 | 4,675 | 4,868 | |
Total operating expenses | 10,500 | 10,712 | 21,084 | 21,637 | |
Income from continuing operations before income taxes | 6,165 | 5,945 | 12,177 | 12,035 | |
Provision for income taxes | 1,373 | 1,444 | 2,648 | 2,885 | |
Income from continuing operations | 4,792 | 4,501 | 9,529 | 9,150 | |
Discontinued operations | |||||
Loss from discontinued operations | (10) | (2) | (12) | (9) | |
Benefit for income taxes | (27) | (17) | (27) | (17) | |
Income from discontinued operations, net of taxes | 17 | 15 | 15 | 8 | |
Net income before attribution of noncontrolling interests | 4,809 | 4,516 | 9,544 | 9,158 | |
Noncontrolling interests | 10 | 26 | 35 | 48 | |
Citigroup’s net income | $ 4,799 | $ 4,490 | $ 9,509 | $ 9,110 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 1.94 | $ 1.62 | $ 3.81 | $ 3.30 |
Income from discontinued operations, net of taxes (in dollars per share) | [1] | 0.01 | 0.01 | 0.01 | 0.01 |
Net income (in dollars per share) | [1] | $ 1.95 | $ 1.63 | $ 3.82 | $ 3.31 |
Weighted average common shares outstanding (in shares) | 2,286.1 | 2,530.9 | 2,313.2 | 2,546.2 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 1.94 | $ 1.62 | $ 3.81 | $ 3.30 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [1] | 0.01 | 0.01 | 0.01 | 0.01 |
Net income (in dollars per share) | [1] | $ 1.95 | $ 1.63 | $ 3.82 | $ 3.31 |
Adjusted weighted average common shares outstanding (in shares) | 2,289 | 2,532.3 | 2,315.7 | 2,547.6 | |
[1] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Statement of Comprehensive Income [Abstract] | |||||
Citigroup’s net income | $ 4,799 | $ 4,490 | $ 9,509 | $ 9,110 | |
Add: Citigroup's other comprehensive income | |||||
Net change in unrealized gains and losses on debt securities, net of taxes | [1] | 703 | (498) | 1,838 | (1,556) |
Net change in debt valuation adjustment (DVA), net of taxes | [1] | 3 | 318 | (568) | 446 |
Net change in cash flow hedges, net of taxes | 517 | (101) | 803 | (323) | |
Benefit plans liability adjustment, net of taxes | (253) | 301 | (317) | 389 | |
Net change in foreign currency translation adjustment, net of taxes and hedges | 91 | (2,867) | 149 | (1,747) | |
Net change in excluded component of fair value hedges, net of taxes | 44 | (28) | 62 | (32) | |
Citigroup’s total other comprehensive income | 1,105 | (2,875) | 1,967 | (2,823) | |
Citigroup’s total comprehensive income | 5,904 | 1,615 | 11,476 | 6,287 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 20 | (57) | 7 | (43) | |
Add: Net income attributable to noncontrolling interests | 10 | 26 | 35 | 48 | |
Total comprehensive income | $ 5,934 | $ 1,584 | $ 11,518 | $ 6,292 | |
[1] | See Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 24,997 | $ 23,645 |
Deposits with banks | 178,246 | 164,460 |
Securities borrowed and purchased under agreements to resell (including $178,108 and $147,701 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 259,769 | 270,684 |
Brokerage receivables | 50,027 | 35,450 |
Trading account assets (including $132,781 and $112,932 pledged to creditors at June 30, 2019 and December 31, 2018, respectively) | 306,831 | 256,117 |
Investments: | ||
Available-for-sale debt securities (including $10,488 and $9,289 pledged to creditors as of June 30, 2019 and December 31, 2018, respectively) | 273,435 | 288,038 |
Held-to-maturity debt securities (including $1,521 and $971 pledged to creditors as of June 30, 2019 and December 31, 2018, respectively) | 68,693 | 63,357 |
Equity securities (including $1,273 and $1,109 at fair value as of June 30, 2019 and December 31, 2018, respectively) | 7,574 | 7,212 |
Total investments | 349,702 | 358,607 |
Loans: | ||
Loans, net of unearned income | 688,670 | 684,196 |
Allowance for loan losses | (12,466) | (12,315) |
Total loans, net | 676,204 | 671,881 |
Goodwill | 22,065 | 22,046 |
Intangible assets (including MSRs of $508 and $584 as of June 30, 2019 and December 31, 2018, at fair value) | 5,026 | 5,220 |
Other assets (including $22,597 and $20,788 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 115,359 | 109,273 |
Total assets | 1,988,226 | 1,917,383 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 95,659 | 105,836 |
Interest-bearing deposits in U.S. offices (including $1,634 and $717 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 382,738 | 361,573 |
Non-interest-bearing deposits in offices outside the U.S. | 82,750 | 80,648 |
Interest-bearing deposits in offices outside the U.S. (including $1,005 and $758 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 484,460 | 465,113 |
Total deposits | 1,045,607 | 1,013,170 |
Securities loaned and sold under agreements to repurchase (including $45,137 and $44,510 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 181,133 | 177,768 |
Brokerage payables | 69,839 | 64,571 |
Trading account liabilities | 136,294 | 144,305 |
Short-term borrowings (including $5,291 and $4,483 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 42,442 | 32,346 |
Long-term debt (including $49,488 and $38,229 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 252,189 | 231,999 |
Other liabilities (including $16,799 and $15,906 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 62,612 | 56,150 |
Total liabilities | 1,790,116 | 1,720,309 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of March 31, 2019— 719,200 and as of December 31, 2018—738,400, at aggregate liquidation value | 17,980 | 18,460 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of March 31, 2019—3,099,601,505 and as of December 31, 2018—3,099,567,177 | 31 | 31 |
Additional paid-in capital | 107,657 | 107,922 |
Retained earnings | 158,321 | 151,347 |
Treasury stock, at cost: March 31, 2019—787,133,784 shares and December 31, 2018—731,099,833 shares | (51,427) | (44,370) |
Accumulated other comprehensive income (loss) (AOCI) | (35,203) | (37,170) |
Total Citigroup stockholders’ equity | 197,359 | 196,220 |
Noncontrolling interest | 751 | 854 |
Total equity | 198,110 | 197,074 |
Total liabilities and equity | 1,988,226 | 1,917,383 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 325,995 | 330,487 |
Allowance for loan losses | (10,113) | (9,950) |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 362,675 | 353,709 |
Allowance for loan losses | (2,353) | (2,365) |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 127 | 270 |
Trading account assets (including $132,781 and $112,932 pledged to creditors at June 30, 2019 and December 31, 2018, respectively) | 1,255 | 917 |
Investments: | ||
Total investments | 1,617 | 1,796 |
Loans: | ||
Loans, net of unearned income | 63,064 | 68,662 |
Allowance for loan losses | (1,833) | (1,852) |
Total loans, net | 61,231 | 66,810 |
Other assets (including $22,597 and $20,788 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 120 | 151 |
Total assets | 64,350 | 69,944 |
Liabilities | ||
Short-term borrowings (including $5,291 and $4,483 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 12,865 | 13,134 |
Long-term debt (including $49,488 and $38,229 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 25,877 | 28,514 |
Other liabilities (including $16,799 and $15,906 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 820 | 697 |
Total liabilities | 39,562 | 42,345 |
Consolidated VIEs | Consumer | ||
Loans: | ||
Loans, net of unearned income | 46,124 | 49,403 |
Consolidated VIEs | Corporate | ||
Loans: | ||
Loans, net of unearned income | $ 16,940 | $ 19,259 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Securities borrowed or purchased under agreements to resell, at fair value | $ 259,769 | $ 270,684 |
Trading account assets, pledged to creditors | 132,781 | 112,932 |
Available-for-sale securities, pledged to creditors | 10,488 | 9,289 |
Held-to-maturity securities, pledged to creditors | 1,521 | 971 |
Equity securities, at fair value | 1,273 | 1,109 |
Loans, net of unearned income | 688,670 | 684,196 |
Mortgage servicing rights | 508 | 584 |
Other assets, at fair value | 115,359 | 109,273 |
Interest-bearing deposits in U.S. offices | 382,738 | 361,573 |
Interest-bearing deposits in offices outside the U.S. | 484,460 | 465,113 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 181,133 | 177,768 |
Short-term borrowings, at fair value | 42,442 | 32,346 |
Long-term debt, at fair value | 252,189 | 231,999 |
Other liabilities | $ 62,612 | $ 56,150 |
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) | 719,200 | 738,400 |
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) | 3,099,602,856 | 3,099,567,177 |
Treasury stock (in shares) | 840,546,390 | 731,099,833 |
Consumer | ||
Loans, net of unearned income | $ 325,995 | $ 330,487 |
Corporate | ||
Loans, net of unearned income | 362,675 | 353,709 |
Fair value | ||
Securities borrowed or purchased under agreements to resell, at fair value | 178,108 | 147,701 |
Other assets, at fair value | 22,597 | 20,788 |
Interest-bearing deposits in U.S. offices | 1,634 | 717 |
Interest-bearing deposits in offices outside the U.S. | 1,005 | 758 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 45,137 | 44,510 |
Short-term borrowings, at fair value | 5,291 | 4,483 |
Long-term debt, at fair value | 49,488 | 38,229 |
Other liabilities | 16,799 | 15,906 |
Fair value | Consumer | ||
Loans, net of unearned income | 20 | 20 |
Fair value | Corporate | ||
Loans, net of unearned income | $ 3,804 | $ 3,203 |
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 period at Dec. 31, 2017 | $ 19,253 | $ 108,039 | $ 138,425 | $ (30,309) | $ (34,668) | $ 932 | ||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2017 | (84) | [1] | (3) | |||||||||
Adjusted balance, beginning of period at Dec. 31, 2017 | 138,341 | (34,671) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Redemption of preferred stock | (218) | |||||||||||
Employee benefit plans | (285) | 471 | [2] | |||||||||
Other | 1 | 0 | [3] | (11) | ||||||||
Citigroup’s net income | $ 9,158 | 9,110 | 48 | |||||||||
Common dividends | [4] | (1,650) | ||||||||||
Preferred dividends | (590) | (590) | ||||||||||
Treasury stock acquired | [5] | (4,575) | ||||||||||
Citigroup's total other comprehensive income (loss) | (2,823) | (43) | ||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (16) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (36) | |||||||||||
Net change in noncontrolling interests | (58) | |||||||||||
Balance, end of period at Jun. 30, 2018 | 200,968 | $ 200,094 | 19,035 | $ 181,059 | 107,755 | 145,211 | (34,413) | (37,494) | 874 | |||
Balance, beginning of period at Mar. 31, 2018 | 19,156 | 107,630 | 141,863 | (32,115) | (34,619) | 951 | ||||||
Adjustment to opening balance, net of taxes at Mar. 31, 2018 | 0 | [1] | 0 | |||||||||
Adjusted balance, beginning of period at Mar. 31, 2018 | 141,863 | (34,619) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Redemption of preferred stock | (121) | |||||||||||
Employee benefit plans | 120 | 2 | [2] | |||||||||
Other | 5 | 0 | [3] | (9) | ||||||||
Citigroup’s net income | 4,516 | 4,490 | 26 | |||||||||
Common dividends | [4] | (824) | ||||||||||
Preferred dividends | (318) | (318) | ||||||||||
Treasury stock acquired | [5] | (2,300) | ||||||||||
Citigroup's total other comprehensive income (loss) | (2,875) | (57) | ||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (1) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (36) | |||||||||||
Net change in noncontrolling interests | (77) | |||||||||||
Balance, end of period at Jun. 30, 2018 | 200,968 | 200,094 | 19,035 | 181,059 | 107,755 | 145,211 | (34,413) | (37,494) | 874 | |||
Balance, beginning of period at Dec. 31, 2018 | 197,074 | 18,460 | 107,953 | 151,347 | (44,370) | (37,170) | 854 | |||||
Adjustment to opening balance, net of taxes at Dec. 31, 2018 | 151 | [1] | 0 | |||||||||
Adjusted balance, beginning of period at Dec. 31, 2018 | 151,498 | (37,170) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Redemption of preferred stock | (480) | |||||||||||
Employee benefit plans | (270) | 573 | [2] | |||||||||
Other | 5 | (12) | [3] | (9) | ||||||||
Citigroup’s net income | 9,544 | 9,509 | 35 | |||||||||
Common dividends | [4] | (2,116) | ||||||||||
Preferred dividends | (558) | (558) | ||||||||||
Treasury stock acquired | [5] | (7,630) | ||||||||||
Citigroup's total other comprehensive income (loss) | 1,967 | 7 | ||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (99) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (37) | |||||||||||
Net change in noncontrolling interests | (103) | |||||||||||
Balance, end of period at Jun. 30, 2019 | 198,110 | 197,359 | 17,980 | 179,379 | 107,688 | 158,321 | (51,427) | (35,203) | 751 | |||
Balance, beginning of period at Mar. 31, 2019 | 17,980 | 107,582 | 154,859 | (47,861) | (36,308) | 763 | ||||||
Adjustment to opening balance, net of taxes at Mar. 31, 2019 | 0 | [1] | 0 | |||||||||
Adjusted balance, beginning of period at Mar. 31, 2019 | 154,859 | (36,308) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Redemption of preferred stock | 0 | |||||||||||
Employee benefit plans | 112 | 9 | [2] | |||||||||
Other | (6) | 0 | [3] | (9) | ||||||||
Citigroup’s net income | 4,809 | 4,799 | 10 | |||||||||
Common dividends | [4] | (1,041) | ||||||||||
Preferred dividends | (296) | (296) | ||||||||||
Treasury stock acquired | [5] | (3,575) | ||||||||||
Citigroup's total other comprehensive income (loss) | 1,105 | 20 | ||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 0 | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (33) | |||||||||||
Net change in noncontrolling interests | (12) | |||||||||||
Balance, end of period at Jun. 30, 2019 | $ 198,110 | $ 197,359 | $ 17,980 | $ 179,379 | $ 107,688 | $ 158,321 | $ (51,427) | $ (35,203) | $ 751 | |||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. | |||||||||||
[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] | Includes the impact of ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . See Note 1 to the Consolidated Financial Statements. | |||||||||||
[4] | Common dividends declared were $0.45 per share in the first and second quarters of 2019 and $0.32 for the first and second quarters of 2018. | |||||||||||
[5] | Primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends declared (in dollars per share) | $ 0.45 | $ 0.45 | $ 0.32 | $ 0.32 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities of continuing operations | ||
Net income before attribution of noncontrolling interests | $ 9,544 | $ 9,158 |
Net income attributable to noncontrolling interests | 35 | 48 |
Citigroup’s net income | 9,509 | 9,110 |
Income from discontinued operations, net of taxes | 15 | 8 |
Income from continuing operations—excluding noncontrolling interests | 9,494 | 9,102 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations | ||
Depreciation and amortization | 1,883 | 1,855 |
Provision for loan losses | 4,033 | 3,598 |
Realized gains from sales of investments | (598) | (272) |
Net impairment losses on investments, goodwill and intangible assets | 13 | 43 |
Change in trading account assets | (50,776) | (10,235) |
Change in trading account liabilities | (8,011) | 15,575 |
Change in brokerage receivables net of brokerage payables | (9,309) | 7,737 |
Change in loans HFS | 1,029 | (147) |
Change in other assets | (5,442) | (5,799) |
Change in other liabilities | 6,462 | (2,685) |
Other, net | 13,466 | (10,453) |
Total adjustments | (47,250) | (783) |
Net cash provided by (used in) operating activities of continuing operations | (37,756) | 8,319 |
Cash flows from investing activities of continuing operations | ||
Change in securities borrowed and purchased under agreements to resell | 10,915 | (33,048) |
Change in loans | (7,803) | (10,132) |
Proceeds from sales and securitizations of loans | 2,249 | 3,217 |
Purchases of investments | (118,132) | (81,871) |
Proceeds from sales of investments | 63,595 | 41,808 |
Proceeds from maturities of investments | 57,684 | 44,846 |
Capital expenditures on premises and equipment and capitalized software | (3,349) | (1,690) |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 68 | 143 |
Other, net | 71 | 98 |
Net cash provided by (used in) investing activities of continuing operations | 5,298 | (36,629) |
Cash flows from financing activities of continuing operations | ||
Dividends paid | (2,650) | (2,232) |
Redemption of preferred stock | (480) | (218) |
Treasury stock acquired | (7,518) | (4,686) |
Stock tendered for payment of withholding taxes | (359) | (475) |
Change in securities loaned and sold under agreements to repurchase | 3,365 | 21,551 |
Issuance of long-term debt | 31,849 | 40,757 |
Payments and redemptions of long-term debt | (18,428) | (35,087) |
Change in deposits | 32,437 | 36,908 |
Change in short-term borrowings | 10,096 | (7,219) |
Net cash provided by financing activities of continuing operations | 48,312 | 49,299 |
Effect of exchange rate changes on cash and due from banks | (716) | (603) |
Change in cash and due from banks and deposits with banks | 15,138 | 20,386 |
Cash, due from banks and deposits with banks at beginning of period | 188,105 | 180,516 |
Cash, due from banks and deposits with banks at end of period | 203,243 | 200,902 |
Cash and due from banks and deposits with banks at end of period | 188,105 | 180,516 |
Supplemental disclosure of cash flow information for continuing operations | ||
Cash paid during the period for income taxes | 2,814 | 2,239 |
Cash paid during the period for interest | 14,000 | 9,957 |
Non-cash investing activities | ||
Transfers to loans HFS from loans | $ 3,600 | $ 2,900 |
BASIS OF PRESENTATION AND ACCOU
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and for the three- and six-month periods ended June 30, 2019 and 2018 include the accounts of Citigroup Inc. and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in Citigroup’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (2018 Annual Report on Form 10-K) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 (First Quarter of 2019 Form 10-Q). Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related footnote disclosures. While management uses its best judgment, actual results could differ from those estimates. As noted above, the Notes to Consolidated Financial Statements are unaudited. Throughout these Notes, “Citigroup,” “Citi” and the “Company” refer to Citigroup Inc. and its consolidated subsidiaries. Certain reclassifications have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation. ACCOUNTING CHANGES Lease Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which increases the transparency and comparability of accounting for lease transactions. The ASU requires lessees to recognize liabilities for operating leases and corresponding right-of-use (ROU) assets on the balance sheet. The ASU also requires quantitative and qualitative disclosures regarding key information about leasing arrangements. Lessee accounting for finance leases, as well as lessor accounting, are largely unchanged. Effective January 1, 2019, the Company prospectively adopted the provisions of the ASU. At adoption, Citi recognized a lease liability and a corresponding ROU asset of approximately $4.4 billion on the Consolidated Balance Sheet related to its future lease payments as a lessee under operating leases. Additionally, the Company recorded a $151 million increase in Retained earnings for the cumulative effect of recognizing previously deferred gains on sale/leaseback transactions. Adoption of the ASU did not have a material impact on the Consolidated Statement of Income. See Notes 13 and 22 for additional details. The Company has elected not to separate lease and non-lease components in its lease contracts and accounts for them as a single lease component. Citi has also elected not to record a ROU asset for short-term leases that have a term of 12 months or less and do not contain purchase options that Citi is reasonably certain to exercise. The cost of short-term leases is recognized in the Consolidated Statement of Income on a straight-line basis over the lease term. Additionally, Citi applies the portfolio approach to account for certain equipment leases with nearly identical contractual terms. Lessee accounting Operating lease ROU assets and lease liabilities are included in Other assets and Other liabilities , respectively, on the Consolidated Balance Sheet. Finance lease assets and liabilities are included in Other assets and Long-term debt , respectively, on the Consolidated Balance Sheet. The Company uses its incremental borrowing rate, factoring in the lease term, to determine the lease liability, which is measured at the present value of future lease payments. The ROU asset is measured at the amount of the lease liability plus any prepaid rent and remaining initial direct costs, less any remaining lease incentives and accrued rent. The ROU asset is subject to impairment, during the lease term, in a manner consistent with the impairment of long-lived assets. The lease terms include periods covered by options to extend or terminate the lease depending on whether Citi is reasonably certain to exercise such options. Lessor accounting Lessor accounting is largely unchanged under the ASU. Citi acts as a lessor for power, railcar, shipping and aircraft assets, where the Company has executed operating, direct financing and leveraged leasing arrangements. In a direct financing or a leveraged lease, Citi derecognizes the leased asset and records a lease financing receivable at lease commencement in Loans . Upon lease termination, Citi may obtain control of the asset, which is then recorded in Other assets on the Consolidated Balance Sheet and any remaining receivable for the asset’s residual value is derecognized. Under the ASU, leveraged lease accounting is grandfathered and may continue to be applied until the leveraged lease is terminated or modified. Upon modification, the lease must be classified as an operating, direct finance or sales-type lease in accordance with the ASU. |
DISCONTINUED OPERATIONS AND SIG
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS The Company’s Discontinued operations consisted of residual activities related to the sales of the German Retail Banking operations and the Egg Banking plc Credit Card business in 2008 and 2011, respectively. All Discontinued operations results are recorded within Corporate/Other. The following summarizes financial information for all Discontinued operations : Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Total revenues, net of interest expense $ — $ — $ — $ — Loss from discontinued operations $ (10 ) $ (2 ) $ (12 ) $ (9 ) Provision (benefit) for income taxes (27 ) (17 ) (27 ) (17 ) Income from discontinued operations, net of taxes $ 17 $ 15 $ 15 $ 8 Cash flows from Discontinued operations were not material for the periods presented. For a description of the Company’s significant disposal transactions and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Citigroup’s activities are conducted through the following business segments: Global Consumer Banking ( GCB) and Institutional Clients Group (ICG) . In addition, Corporate/Other includes activities not assigned to a specific business segment, as well as certain North America loan portfolios, discontinued operations and other legacy assets. The prior-period balances reflect reclassifications to conform the presentation for all periods to the current period’s presentation. Effective January 1, 2019, financial data was reclassified to reflect: • the re-attribution of certain costs between Corporate/Other and GCB and ICG ; and • certain other immaterial reclassifications. Citi’s consolidated results remain unchanged for all periods presented as a result of the changes and reclassifications discussed above. For additional information regarding Citigroup’s business segments, see Note 3 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. The following table presents certain information regarding the Company’s continuing operations by segment: Three Months Ended June 30, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2019 2018 2019 2018 2019 2018 June 30, December 31, 2018 Global Consumer Banking $ 8,505 $ 8,244 $ 417 $ 411 $ 1,413 $ 1,276 $ 437 $ 432 Institutional Clients Group 9,721 9,697 919 971 3,343 3,241 1,454 1,394 Corporate/Other 532 528 37 62 36 (16 ) 97 91 Total $ 18,758 $ 18,469 $ 1,373 $ 1,444 $ 4,792 $ 4,501 $ 1,988 $ 1,917 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $8.6 billion and $8.6 billion ; in EMEA of $3.0 billion and $3.0 billion ; in Latin America of $2.6 billion and $2.5 billion ; and in Asia of $4.0 billion and $3.8 billion for the three months ended June 30, 2019 and 2018 , respectively. These regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $2.0 billion and $1.9 billion ; in the ICG results of $103 million and $25 million ; and in the Corporate/Other results of $(22) million and $(118) million for the three months ended June 30, 2019 and 2018 , respectively. Six Months Ended June 30, Revenues, (1) Provision (benefits) Income (loss) from (2) In millions of dollars 2019 2018 2019 2018 2019 2018 Global Consumer Banking $ 16,956 $ 16,670 $ 839 $ 865 $ 2,850 $ 2,666 Institutional Clients Group 19,415 19,552 1,843 2,027 6,665 6,575 Corporate/Other 963 1,119 (34 ) (7 ) 14 (91 ) Total $ 37,334 $ 37,341 $ 2,648 $ 2,885 $ 9,529 $ 9,150 (1) Includes total revenues, net of interest expense, in North America of $17.0 billion and $16.9 billion ; in EMEA of $6.1 billion and $6.2 billion ; in Latin America of $5.2 billion and $5.1 billion ; and in Asia of $8.1 billion and $8.0 billion for the six months ended June 30, 2019 and 2018 , respectively. Regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $4.0 billion and $3.8 billion ; in the ICG results of $124 million and $(16) million ; and in the Corporate/Other results of $(47) million and $(125) million for the six months ended June 30, 2019 and 2018 , respectively. |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift, Interest [Abstract] | |
INTEREST REVENUE AND EXPENSE | INTEREST REVENUE AND EXPENSE Interest revenue and Interest expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Interest revenue Loan interest, including fees $ 11,981 $ 11,190 $ 23,949 $ 22,082 Deposits with banks 736 493 1,343 925 Securities borrowed or purchased under agreements to resell 1,893 1,336 3,677 2,375 Investments, including dividends 2,505 2,374 5,053 4,608 Trading account assets (1) 2,140 1,763 3,826 3,134 Other interest 457 394 940 758 Total interest revenue $ 19,712 $ 17,550 $ 38,788 $ 33,882 Interest expense Deposits (2) $ 3,284 $ 2,244 $ 6,311 $ 4,241 Securities loaned or sold under agreements to repurchase 1,724 1,224 3,313 2,173 Trading account liabilities (1) 320 236 647 451 Short-term borrowings 715 523 1,367 994 Long-term debt 1,719 1,658 3,441 3,186 Total interest expense $ 7,762 $ 5,885 $ 15,079 $ 11,045 Net interest revenue $ 11,950 $ 11,665 $ 23,709 $ 22,837 Provision for loan losses 2,089 1,795 4,033 3,598 Net interest revenue after provision for loan losses $ 9,861 $ 9,870 $ 19,676 $ 19,239 (1) Interest expense on Trading account liabilities is reported as a reduction of interest revenue from Trading account assets . (2) Includes deposit insurance fees and charges of $189 million and $319 million for the three months ended June 30, 2019 and 2018 , respectively, and $382 million and $695 million |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES For additional information on Citi’s Commissions and Fees; Administration and Other Fiduciary Fees, see Note 5 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. The following tables present Commissions and fees revenue: Three Months Ended June 30, Six Months Ended June 30, 2019 2019 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 934 $ — $ — $ 934 $ 1,844 $ — $ — $ 1,844 Brokerage commissions 438 211 — 649 909 397 — 1,306 Credit- and bank-card income Interchange fees 313 2,198 — 2,511 591 4,182 — 4,773 Card-related loan fees 16 183 — 199 29 343 — 372 Card rewards and partner payments (174 ) (2,277 ) — (2,451 ) (327 ) (4,338 ) — (4,665 ) Deposit-related fees (1) 247 138 — 385 492 277 — 769 Transactional service fees 194 36 — 230 389 71 — 460 Corporate finance (2) 150 1 — 151 328 2 — 330 Insurance distribution revenue 2 129 — 131 6 261 — 267 Insurance premiums — 26 1 27 — 55 — 55 Loan servicing — 16 3 19 42 46 9 97 Other 2 94 — 96 19 179 1 199 Total commissions and fees (3) $ 2,122 $ 755 $ 4 $ 2,881 $ 4,322 $ 1,475 $ 10 $ 5,807 Three Months Ended June 30, Six Months Ended June 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,012 $ — $ — $ 1,012 $ 1,834 $ — $ — $ 1,834 Brokerage commissions 491 206 — 697 1,057 454 — 1,511 Credit- and bank-card income Interchange fees 276 2,025 5 2,306 536 3,899 10 4,445 Card-related loan fees 17 147 6 170 31 302 12 345 Card rewards and partner payments (126 ) (2,065 ) (6 ) (2,197 ) (250 ) (3,939 ) (11 ) (4,200 ) Deposit-related fees (1) 236 160 1 397 472 343 2 817 Transactional service fees 182 21 1 204 372 42 3 417 Corporate finance (2) 219 1 — 220 361 2 — 363 Insurance distribution revenue 5 142 5 152 10 285 10 305 Insurance premiums — 32 1 33 — 65 — 65 Loan servicing 33 40 9 82 71 62 21 154 Other — 34 1 35 15 67 3 85 Total commissions and fees (3) $ 2,345 $ 743 $ 23 $ 3,111 $ 4,509 $ 1,582 $ 50 $ 6,141 (1) Includes overdraft fees of $31 million and $30 million for the three months ended June 30, 2019 and 2018 , respectively, and $61 million and $62 million for the six months ended June 30, 2019 and 2018, respectively. Overdraft fees are accounted for under ASC 310. (2) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (3) Commissions and fees includes $(2,025) million and $(1,648) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2019 and 2018 , respectively, and $(3,746) million and $(3,193) million for the six months ended June 30, 2019 and 2018, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees. Administration and Other Fiduciary Fees The following table presents Administration and other fiduciary fees : Three Months Ended June 30, Six Months Ended June 30, 2019 2019 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 381 $ 6 $ 18 $ 405 $ 745 $ 9 $ 34 $ 788 Fiduciary fees 163 154 (1 ) 316 315 300 11 626 Guarantee fees 132 14 2 148 262 28 4 294 Total administration and other fiduciary fees (1) $ 676 $ 174 $ 19 $ 869 $ 1,322 $ 337 $ 49 $ 1,708 Three Months Ended June 30, Six Months Ended June 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 399 $ 45 $ 17 $ 461 $ 767 $ 92 $ 32 $ 891 Fiduciary fees 165 150 12 327 332 297 19 648 Guarantee fees 130 14 2 146 267 29 4 300 Total administration and other fiduciary fees (1) $ 694 $ 209 $ 31 $ 934 $ 1,366 $ 418 $ 55 $ 1,839 (1) Administration and other fiduciary fees includes $148 million and $146 million for the three months ended June 30, 2019 and 2018, respectively, and $294 million and $300 million for the six months ended June 30, 2019 and 2018, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These amounts include guarantee fees. |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 6 Months Ended |
Jun. 30, 2019 | |
Principal Transactions Revenue, Net [Abstract] | |
PRINCIPAL TRANSACTIONS | PRINCIPAL TRANSACTIONS Principal transactions revenue consists of realized and unrealized gains and losses from trading activities. Trading activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions that are managed on a portfolio basis characterized by primary risk. 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) and FVA (funding valuation adjustments) on over-the-counter derivatives, and gains (losses) on certain economic hedges on loans in ICG. These adjustments are discussed further in Note 20 to the Consolidated Financial Statements. In certain transactions, Citi incurs fees and presents these fees paid to third parties in operating expenses. The following table presents Principal transactions revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Interest rate risks (1) $ 1,320 $ 1,550 $ 3,038 $ 3,116 Foreign exchange risks (2) 427 175 900 905 Equity risks (3) (1 ) 120 455 709 Commodity and other risks (4) 89 208 208 309 Credit products and risks (5) 39 73 77 329 Total $ 1,874 $ 2,126 $ 4,678 $ 5,368 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
INCENTIVE PLANS
INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
INCENTIVE PLANS | INCENTIVE PLANS For additional information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. Net (Benefit) Expense The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans: Three Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Benefits earned during the period $ — $ — $ 35 $ 38 $ — $ — $ 2 $ 3 Interest cost on benefit obligation 123 126 73 72 6 7 26 25 Expected return on plan assets (202 ) (211 ) (68 ) (72 ) (4 ) (3 ) (21 ) (22 ) Amortization of unrecognized: Prior service cost (benefit) (1 ) — (1 ) (1 ) — — (3 ) (3 ) Net actuarial loss 48 42 15 14 — — 6 8 Curtailment loss (1) — 1 — — — — — — Settlement loss (1) — — 2 1 — — — — Total net (benefit) expense $ (32 ) $ (42 ) $ 56 $ 52 $ 2 $ 4 $ 10 $ 11 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Benefits earned during the period $ — $ 1 $ 71 $ 76 $ — $ — $ 4 $ 5 Interest cost on benefit obligation 253 249 148 147 13 13 52 51 Expected return on plan assets (405 ) (424 ) (136 ) (150 ) (9 ) (6 ) (42 ) (45 ) Amortization of unrecognized Prior service benefit — — (2 ) (2 ) — — (5 ) (5 ) Net actuarial loss 92 89 30 27 — — 11 15 Curtailment loss (1) — 1 — — — — — — Settlement loss (1) — — 2 5 — — — — Total net (benefit) expense $ (60 ) $ (84 ) $ 113 $ 103 $ 4 $ 7 $ 20 $ 21 1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. Funded Status and Accumulated Other Comprehensive Income (AOCI) The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant Plans: Six Months Ended June 30, 2019 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in projected benefit obligation Projected benefit obligation at beginning of year $ 12,655 $ 7,149 $ 662 $ 1,159 Plans measured annually (25 ) (1,862 ) — (307 ) Projected benefit obligation at beginning of year—Significant Plans $ 12,630 $ 5,287 $ 662 $ 852 First quarter activity 408 293 13 62 Projected benefit obligation at March 31, 2019—Significant Plans $ 13,038 $ 5,580 $ 675 $ 914 Benefits earned during the period — 21 — 1 Interest cost on benefit obligation 122 60 6 23 Actuarial loss 548 172 42 48 Benefits paid, net of participants’ contributions and government subsidy (233 ) (79 ) (13 ) (19 ) Foreign exchange impact and other — 3 — 8 Projected benefit obligation at period end—Significant Plans $ 13,475 $ 5,757 $ 710 $ 975 Six Months Ended June 30, 2019 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 $ 11,490 $ 6,699 $ 345 $ 1,036 Plans measured annually — (1,248 ) — (9 ) Plan assets at fair value at beginning of year—Significant Plans $ 11,490 $ 5,451 $ 345 $ 1,027 First quarter activity 487 257 2 32 Plan assets at fair value at March 31, 2019 — Significant Plans $ 11,977 $ 5,708 $ 347 $ 1,059 Actual return on plan assets 449 206 9 62 Company contributions, net of reimbursements 438 14 5 218 Benefits paid, net of participants’ contributions and government subsidy (233 ) (79 ) (13 ) (19 ) Foreign exchange impact and other — 250 — (236 ) Plan assets at fair value at period end—Significant Plans $ 12,631 $ 6,099 $ 348 $ 1,084 Funded status of the Significant Plans Qualified plans (1) $ (151 ) $ 342 $ (362 ) $ 109 Nonqualified plans (693 ) — — — Funded status of the plans at period end—Significant Plans $ (844 ) $ 342 $ (362 ) $ 109 Net amount recognized at period end Benefit asset $ — $ 920 $ — $ 109 Benefit liability (844 ) (578 ) (362 ) — Net amount recognized on the balance sheet—Significant Plans $ (844 ) $ 342 $ (362 ) $ 109 Amounts recognized in AOCI at period end Prior service benefit $ — $ 14 $ — $ 72 Net actuarial (loss) gain (7,101 ) (995 ) 13 (320 ) Net amount recognized in equity (pretax)—Significant Plans $ (7,101 ) $ (981 ) $ 13 $ (248 ) Accumulated benefit obligation at period end—Significant Plans $ 13,469 $ 5,467 $ 710 $ 975 (1) The U.S. qualified pension plan is fully funded pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2019 and no minimum required funding is expected for 2019 . The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended Six Months Ended Beginning of period balance, net of tax (1)(2) $ (6,321 ) $ (6,257 ) Actuarial assumptions changes and plan experience (814 ) (1,609 ) Net asset gain (loss) due to difference between actual and expected returns 443 1,133 Net amortization 66 128 Prior service cost (5 ) (5 ) Curtailment/settlement gain (3) 2 2 Foreign exchange impact and other (22 ) (47 ) Change in deferred taxes, net 77 81 Change, net of tax $ (253 ) $ (317 ) End of period balance, net of tax (1)(2) $ (6,574 ) $ (6,574 ) (1) See Note 17 to the Consolidated Financial Statements for further discussion of net AOCI balance. (2) Includes net-of-tax amounts for certain profit sharing plans outside the U.S. (3) Curtailment and settlement relate to repositioning and divestiture activities. Plan Assumptions The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows: Net (benefit) expense assumed discount rates during the period Three Months Ended Jun. 30, 2019 Jun. 30, 2018 U.S. plans Qualified pension 3.85 % 3.95 % Nonqualified pension 3.90 3.95 Postretirement 3.80 3.90 Non-U.S. plans Pension 0.45-10.30 0.75-9.90 Weighted average 4.74 4.86 Postretirement 10.30 9.50 The discount rates utilized at period-end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Jun. 30, 2019 Mar. 31, 2019 Dec. 31, 2018 U.S. plans Qualified pension 3.45 % 3.85 % 4.25 % Nonqualified pension 3.50 3.90 4.25 Postretirement 3.35 3.80 4.20 Non-U.S. plans Pension 0.30-9.55 0.45-10.30 0.75-10.75 Weighted average 4.52 4.74 5.09 Postretirement 9.70 10.30 10.75 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 June 30, 2019 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 7 $ (10 ) Non-U.S. plans (3 ) 5 Postretirement U.S. plans 1 (1 ) Non-U.S. plans (2 ) 2 Contributions For the U.S. pension plans, there were no required minimum cash contributions during the first six months of 2019 . The Company made a discretionary contribution of $425 million and $220 million to the U.S. qualified defined benefit plan and Mexico—Banco Nacional Healthcare Postretirement Plan, respectively, during the second quarter of 2019. The following table summarizes the Company’s actual contributions for the six months ended June 30, 2019 and 2018 , as well as estimated expected Company contributions for the remainder of 2019 and the actual contributions made for the remainder of 2018 : Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Company contributions (2) for the six months ended June 30 $ 463 $ 28 $ 64 $ 112 $ — $ 7 $ 223 $ 5 Company contributions made during the remainder of the year — 27 — 70 — 143 — 4 Company contributions expected to be made during the remainder of the year 30 — 70 — 2 — 5 — (1) The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans. (2) Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. Defined Contribution Plans The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 U.S. plans $ 99 $ 99 $ 198 $ 203 Non-U.S. plans 71 72 139 148 Post Employment Plans The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 Service-related expense $ — $ — Interest cost on benefit obligation $ 1 $ 1 $ 1 $ 1 Expected return on plan assets (1 ) (1 ) (1 ) (1 ) Amortization of unrecognized: Prior service benefit — (7 ) — (15 ) Net actuarial loss — — 1 1 Total service-related (benefit) expense $ — $ (7 ) $ 1 $ (14 ) Non-service-related expense (benefit) $ 2 $ (3 ) $ 6 $ 3 Total net expense (benefit) $ 2 $ (10 ) $ 7 $ (11 ) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2019 2018 2019 2018 Income from continuing operations before attribution of noncontrolling interests $ 4,792 $ 4,501 $ 9,529 $ 9,150 Less: Noncontrolling interests from continuing operations 10 26 35 48 Net income from continuing operations (for EPS purposes) $ 4,782 $ 4,475 $ 9,494 $ 9,102 Loss from discontinued operations, net of taxes 17 15 15 8 Citigroup's net income $ 4,799 $ 4,490 $ 9,509 $ 9,110 Less: Preferred dividends (1) 296 318 558 590 Net income available to common shareholders $ 4,503 $ 4,172 $ 8,951 $ 8,520 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS 50 49 109 90 Net income allocated to common shareholders for basic and diluted EPS 4,453 4,123 8,842 8,430 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,286.1 2,530.9 2,313.2 2,546.2 Effect of dilutive securities Options (2) — 0.1 0.1 0.1 Other employee plans 2.9 1.3 2.4 1.3 Adjusted weighted-average common shares outstanding applicable to diluted EPS (3) 2,289.0 2,532.3 2,315.7 2,547.6 Basic earnings per share (4) Income from continuing operations $ 1.94 $ 1.62 $ 3.81 $ 3.30 Discontinued operations 0.01 0.01 0.01 0.01 Net income $ 1.95 $ 1.63 $ 3.82 $ 3.31 Diluted earnings per share (4) Income from continuing operations $ 1.94 $ 1.62 $ 3.81 $ 3.30 Discontinued operations 0.01 0.01 0.01 0.01 Net income $ 1.95 $ 1.63 $ 3.82 $ 3.31 (1) As of June 30, 2019 , Citi estimates it will distribute preferred dividends of approximately $550 million during the remainder of 2019, assuming such dividends are declared by the Citi Board of Directors. (2) During the second quarter of 2019 , no significant options to purchase shares of common stock were outstanding. During the second quarter of 2018 , weighted-average options to purchase 0.5 million shares of common stock were outstanding but not included in the computation of earnings per share because the weighted-average exercise price of $148.77 per share was anti-dilutive. (3) Due to rounding, common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to common shares outstanding applicable to diluted EPS. (4) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
SECURITIES BORROWED, LOANED AND
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS For additional information on the Company’s resale and repurchase agreements and securities borrowing and lending agreements, see Note 11 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2018 Securities purchased under agreements to resell $ 163,786 $ 159,364 Deposits paid for securities borrowed 95,983 111,320 Total (1) $ 259,769 $ 270,684 Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2018 Securities sold under agreements to repurchase $ 168,861 $ 166,090 Deposits received for securities loaned 12,272 11,678 Total (1) $ 181,133 $ 177,768 (1) The above tables do not include securities-for-securities lending transactions of $16.8 billion and $15.9 billion at June 30, 2019 and December 31, 2018, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables . 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. A substantial portion of the resale and repurchase agreements is recorded at fair value, as described in Notes 20 and 21 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. 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 21 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 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. 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 June 30, 2019 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 292,088 $ 128,302 $ 163,786 $ 128,476 $ 35,310 Deposits paid for securities borrowed 95,983 — 95,983 26,429 69,554 Total $ 388,071 $ 128,302 $ 259,769 $ 154,905 $ 104,864 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 297,163 $ 128,302 $ 168,861 $ 87,803 $ 81,058 Deposits received for securities loaned 12,272 — 12,272 2,551 9,721 Total $ 309,435 $ 128,302 $ 181,133 $ 90,354 $ 90,779 As of December 31, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 246,788 $ 87,424 $ 159,364 $ 124,557 $ 34,807 Deposits paid for securities borrowed 111,320 — 111,320 35,766 75,554 Total $ 358,108 $ 87,424 $ 270,684 $ 160,323 $ 110,361 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 253,514 $ 87,424 $ 166,090 $ 82,823 $ 83,267 Deposits received for securities loaned 11,678 — 11,678 3,415 8,263 Total $ 265,192 $ 87,424 $ 177,768 $ 86,238 $ 91,530 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity: As of June 30, 2019 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 $ 152,704 $ 69,173 $ 34,516 $ 40,770 $ 297,163 Deposits received for securities loaned 7,576 155 2,359 2,182 12,272 Total $ 160,280 $ 69,328 $ 36,875 $ 42,952 $ 309,435 As of December 31, 2018 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 $ 108,405 $ 70,850 $ 29,898 $ 44,361 $ 253,514 Deposits received for securities loaned 6,296 774 2,626 1,982 11,678 Total $ 114,701 $ 71,624 $ 32,524 $ 46,343 $ 265,192 The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral: As of June 30, 2019 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 114,492 $ — $ 114,492 State and municipal securities 2,226 11 2,237 Foreign government securities 110,796 269 111,065 Corporate bonds 21,909 597 22,506 Equity securities 17,919 10,677 28,596 Mortgage-backed securities 18,541 — 18,541 Asset-backed securities 6,540 — 6,540 Other 4,740 718 5,458 Total $ 297,163 $ 12,272 $ 309,435 As of December 31, 2018 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 86,785 $ 41 $ 86,826 State and municipal securities 2,605 — 2,605 Foreign government securities 99,131 179 99,310 Corporate bonds 21,719 749 22,468 Equity securities 12,920 10,664 23,584 Mortgage-backed securities 19,421 — 19,421 Asset-backed securities 6,207 — 6,207 Other 4,726 45 4,771 Total $ 253,514 $ 11,678 $ 265,192 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 6 Months Ended |
Jun. 30, 2019 | |
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. For additional information on these receivables and payables, see Note 12 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2018 Receivables from customers $ 15,887 $ 14,415 Receivables from brokers, dealers and clearing organizations 34,140 21,035 Total brokerage receivables (1) $ 50,027 $ 35,450 Payables to customers $ 38,589 $ 40,273 Payables to brokers, dealers and clearing organizations 31,250 24,298 Total brokerage payables (1) $ 69,839 $ 64,571 (1) |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS For additional information regarding Citi’s investment portfolios, including evaluating investments for other-than-temporary impairment (OTTI), see Note 13 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. The following table presents Citi’s investments by category: In millions of dollars June 30, December 31, Debt securities available-for-sale (AFS) $ 273,435 $ 288,038 Debt securities held-to-maturity (HTM) (1) 68,693 63,357 Marketable equity securities carried at fair value (2) 533 220 Non-marketable equity securities carried at fair value (2) 740 889 Non-marketable equity securities measured using the measurement alternative (3) 642 538 Non-marketable equity securities carried at cost (4) 5,659 5,565 Total investments $ 349,702 $ 358,607 (1) Carried at adjusted amortized cost basis, net of any credit-related impairment. (2) Unrealized gains and losses are recognized in earnings. (3) Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. The following table presents interest and dividend income on investments: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Taxable interest $ 2,324 $ 2,158 $ 4,696 $ 4,200 Interest exempt from U.S. federal income tax 126 132 253 262 Dividend income 55 84 104 146 Total interest and dividend income $ 2,505 $ 2,374 $ 5,053 $ 4,608 The following table presents realized gains and losses on the sales of investments, which exclude OTTI losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Gross realized investment gains $ 474 $ 170 $ 642 $ 396 Gross realized investment losses (6 ) (68 ) (44 ) (124 ) Net realized gains on sale of investments $ 468 $ 102 $ 598 $ 272 Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: June 30, 2019 December 31, 2018 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 37,488 $ 717 $ 345 $ 37,860 $ 43,504 $ 241 $ 725 $ 43,020 Alt-A 1 — — 1 1 — — 1 Non-U.S. residential 907 3 1 909 1,310 4 2 1,312 Commercial 114 1 — 115 173 1 2 172 Total mortgage-backed securities $ 38,510 $ 721 $ 346 $ 38,885 $ 44,988 $ 246 $ 729 $ 44,505 U.S. Treasury and federal agency securities U.S. Treasury $ 102,563 $ 82 $ 583 $ 102,062 $ 109,376 $ 33 $ 1,339 $ 108,070 Agency obligations 7,488 7 48 7,447 9,283 1 132 9,152 Total U.S. Treasury and federal agency securities $ 110,051 $ 89 $ 631 $ 109,509 $ 118,659 $ 34 $ 1,471 $ 117,222 State and municipal $ 6,228 $ 139 $ 197 $ 6,170 $ 9,372 $ 96 $ 262 $ 9,206 Foreign government 101,400 803 463 101,740 100,872 415 596 100,691 Corporate 12,380 74 131 12,323 11,714 42 157 11,599 Asset-backed securities (1) 618 2 2 618 845 2 4 843 Other debt securities 4,191 — 1 4,190 3,973 — 1 3,972 Total debt securities AFS $ 273,378 $ 1,828 $ 1,771 $ 273,435 $ 290,423 $ 835 $ 3,220 $ 288,038 (1) The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. The following table shows the fair value of AFS debt securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses June 30, 2019 Debt securities AFS Mortgage-backed securities U.S. government agency guaranteed $ 8,595 $ 255 $ 5,718 $ 90 $ 14,313 $ 345 Non-U.S. residential 175 1 1 — 176 1 Commercial 7 — 61 — 68 — Total mortgage-backed securities $ 8,777 $ 256 $ 5,780 $ 90 $ 14,557 $ 346 U.S. Treasury and federal agency securities U.S. Treasury $ 19,187 $ 135 $ 54,921 $ 448 $ 74,108 $ 583 Agency obligations 316 2 6,857 46 7,173 48 Total U.S. Treasury and federal agency securities $ 19,503 $ 137 $ 61,778 $ 494 $ 81,281 $ 631 State and municipal $ 925 $ 156 $ 960 $ 41 $ 1,885 $ 197 Foreign government 25,294 337 7,038 126 32,332 463 Corporate 2,598 126 493 5 3,091 131 Asset-backed securities 476 2 29 — 505 2 Other debt securities 1,535 1 — — 1,535 1 Total debt securities AFS $ 59,108 $ 1,015 $ 76,078 $ 756 $ 135,186 $ 1,771 December 31, 2018 Debt securities AFS Mortgage-backed securities U.S. government agency guaranteed $ 11,160 $ 286 $ 13,143 $ 439 $ 24,303 $ 725 Non-U.S. residential 284 2 2 — 286 2 Commercial 79 1 82 1 161 2 Total mortgage-backed securities $ 11,523 $ 289 $ 13,227 $ 440 $ 24,750 $ 729 U.S. Treasury and federal agency securities U.S. Treasury $ 8,389 $ 42 $ 77,883 $ 1,297 $ 86,272 $ 1,339 Agency obligations 277 2 8,660 130 8,937 132 Total U.S. Treasury and federal agency securities $ 8,666 $ 44 $ 86,543 $ 1,427 $ 95,209 $ 1,471 State and municipal $ 1,614 $ 34 $ 1,303 $ 228 $ 2,917 $ 262 Foreign government 40,655 265 15,053 331 55,708 596 Corporate 4,547 115 2,077 42 6,624 157 Asset-backed securities 441 4 55 — 496 4 Other debt securities 1,790 1 — — 1,790 1 Total debt securities AFS $ 69,236 $ 752 $ 118,258 $ 2,468 $ 187,494 $ 3,220 The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2019 December 31, 2018 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 12 $ 12 $ 14 $ 14 After 1 but within 5 years 589 590 662 661 After 5 but within 10 years 1,986 2,133 2,779 2,828 After 10 years (2) 35,923 36,150 41,533 41,002 Total $ 38,510 $ 38,885 $ 44,988 $ 44,505 U.S. Treasury and federal agency securities Due within 1 year $ 42,893 $ 42,803 $ 41,941 $ 41,867 After 1 but within 5 years 66,636 66,189 76,139 74,800 After 5 but within 10 years 497 489 489 462 After 10 years (2) 25 28 90 93 Total $ 110,051 $ 109,509 $ 118,659 $ 117,222 State and municipal Due within 1 year $ 1,282 $ 1,251 $ 2,586 $ 2,586 After 1 but within 5 years 1,188 1,165 1,676 1,675 After 5 but within 10 years 446 454 585 602 After 10 years (2) 3,312 3,300 4,525 4,343 Total $ 6,228 $ 6,170 $ 9,372 $ 9,206 Foreign government Due within 1 year $ 41,222 $ 41,247 $ 39,078 $ 39,028 After 1 but within 5 years 49,183 49,472 50,125 49,962 After 5 but within 10 years 9,758 9,836 10,153 10,149 After 10 years (2) 1,237 1,185 1,516 1,552 Total $ 101,400 $ 101,740 $ 100,872 $ 100,691 All other (3) Due within 1 year $ 7,424 $ 7,420 $ 6,166 $ 6,166 After 1 but within 5 years 8,297 8,306 8,459 8,416 After 5 but within 10 years 1,249 1,213 1,474 1,427 After 10 years (2) 219 192 433 405 Total $ 17,189 $ 17,131 $ 16,532 $ 16,414 Total debt securities AFS $ 273,378 $ 273,435 $ 290,423 $ 288,038 (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 were as follows: In millions of dollars Carrying value Gross unrealized gains Gross unrealized losses Fair value June 30, 2019 Debt securities HTM Mortgage-backed securities (1) U.S. government agency guaranteed (2) $ 38,885 $ 726 $ 80 $ 39,531 Non-U.S. residential 1,242 11 1 1,252 Commercial 443 — 1 442 Total mortgage-backed securities $ 40,570 $ 737 $ 82 $ 41,225 State and municipal $ 7,892 $ 359 $ 13 $ 8,238 Foreign government 1,920 17 8 1,929 Asset-backed securities (1) 18,311 8 51 18,268 Total debt securities HTM $ 68,693 $ 1,121 $ 154 $ 69,660 December 31, 2018 Debt securities HTM Mortgage-backed securities (1) U.S. government agency guaranteed $ 34,239 $ 199 $ 578 $ 33,860 Non-U.S. residential 1,339 12 1 1,350 Commercial 368 — — 368 Total mortgage-backed securities $ 35,946 $ 211 $ 579 $ 35,578 State and municipal $ 7,628 $ 167 $ 138 $ 7,657 Foreign government 1,027 — 24 1,003 Asset-backed securities (1) 18,756 8 112 18,652 Total debt securities HTM $ 63,357 $ 386 $ 853 $ 62,890 (1) The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. (2) In March 2019, Citibank transferred $5 billion of agency residential mortgage-backed securities (RMBS) from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $56 million . The loss amounts will remain in AOCI and be amortized over the remaining life of the securities. The table below shows the fair value of debt securities HTM that have been in an unrecognized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross June 30, 2019 Debt securities held-to-maturity Mortgage-backed securities $ 304 $ 1 $ 9,980 $ 81 $ 10,284 $ 82 State and municipal 9 — 268 13 277 13 Foreign government 1,929 8 — — 1,929 8 Asset-backed securities 11,532 46 501 5 12,033 51 Total debt securities held-to-maturity $ 13,774 $ 55 $ 10,749 $ 99 $ 24,523 $ 154 December 31, 2018 Debt securities held-to-maturity Mortgage-backed securities $ 2,822 $ 20 $ 18,086 $ 559 $ 20,908 $ 579 State and municipal 981 34 1,242 104 2,223 138 Foreign government 1,003 24 — — 1,003 24 Asset-backed securities 13,008 112 — — 13,008 112 Total debt securities held-to-maturity $ 17,814 $ 190 $ 19,328 $ 663 $ 37,142 $ 853 Note: Excluded from the gross unrecognized losses presented in the table above are $(658) million and $(653) million of net unrealized losses recorded in AOCI as of June 30, 2019 and December 31, 2018 , respectively, primarily related to the difference between the amortized cost and carrying value of HTM debt 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 June 30, 2019 and December 31, 2018 . The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2019 December 31, 2018 In millions of dollars Carrying value Fair value Carrying value Fair value Mortgage-backed securities Due within 1 year $ 3 $ 3 $ 3 $ 3 After 1 but within 5 years 534 541 539 540 After 5 but within 10 years 1,816 1,885 997 1,011 After 10 years (1) 38,217 38,796 34,407 34,024 Total $ 40,570 $ 41,225 $ 35,946 $ 35,578 State and municipal Due within 1 year $ 38 $ 38 $ 37 $ 37 After 1 but within 5 years 229 239 168 174 After 5 but within 10 years 502 526 540 544 After 10 years (1) 7,123 7,435 6,883 6,902 Total $ 7,892 $ 8,238 $ 7,628 $ 7,657 Foreign government Due within 1 year $ 661 $ 664 $ 60 $ 36 After 1 but within 5 years 823 825 967 967 After 5 but within 10 years 436 440 — — After 10 years (1) — — — — Total $ 1,920 $ 1,929 $ 1,027 $ 1,003 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 3,161 3,162 2,535 2,539 After 10 years (1) 15,150 15,106 16,221 16,113 Total $ 18,311 $ 18,268 $ 18,756 $ 18,652 Total debt securities HTM $ 68,693 $ 69,660 $ 63,357 $ 62,890 (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 Debt Securities Overview The Company conducts periodic reviews of all debt securities with unrealized losses to evaluate whether the impairment is other-than-temporary. This review applies to all debt securities that are not measured at fair value through earnings. An unrealized loss exists when the current fair value of an individual debt 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 debt securities. Temporary losses related to HTM debt securities generally are not recorded, as these investments are carried at adjusted amortized cost basis. However, for HTM debt securities with credit-related impairment, 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 debt 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. Regardless of the classification of debt 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. 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 debt 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. The sections below describe the Company’s process for identifying credit-related impairments for debt security types that have the most significant unrealized losses as of June 30, 2019. Mortgage-Backed Securities For U.S. mortgage-backed securities, 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, or would be more-likely-than-not required to sell, the full impairment is recognized in earnings. Equity Method Investments 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 20 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: • 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. Recognition and Measurement of OTTI The following tables present total OTTI on Investments recognized in earnings: Three Months Ended Six Months Ended In millions of dollars AFS HTM Total AFS (1) HTM Total Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for debt 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 2 — 2 5 — 5 Total OTTI losses recognized in earnings $ 2 $ — $ 2 $ 5 $ — $ 5 Three Months Ended Six Months Ended In millions of dollars AFS HTM Total AFS(1) HTM Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise 12 — 12 39 — 39 Total impairment losses recognized in earnings $ 12 $ — $ 12 $ 39 $ — $ 39 The following are three-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor will likely be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars March 31, 2019 balance Credit Credit Changes due to June 30, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities — — — — — Total OTTI credit losses recognized for AFS debt securities $ 5 $ — $ — $ — $ 5 HTM debt securities Mortgage-backed securities (2) $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars March 31, 2018 balance Credit Credit Changes due to June 30, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 25 $ — $ — $ (24 ) $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 31 $ — $ — $ (24 ) $ 7 HTM debt securities Mortgage-backed securities (2) $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — (1) Primarily consists of Prime securities. (2) Primarily consists of Alt-A securities. The following are six-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2018 balance Credit Credit Changes due to June 30, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities — — — — — Total OTTI credit losses recognized for AFS debt securities $ 5 $ — $ — $ — $ 5 HTM debt securities Mortgage-backed securities (2) $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2017 balance Credit Credit Changes due to (3) June 30, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 38 $ — $ — $ (37 ) $ 1 State and municipal 4 — — (4 ) — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 48 $ — $ — $ (41 ) $ 7 HTM debt securities Mortgage-backed securities (2) $ 54 $ — $ — $ (54 ) $ — State and municipal 3 — — (3 ) — Total OTTI credit losses recognized for HTM debt securities $ 57 $ — $ — $ (57 ) $ — (1) Primarily consists of Prime securities. (2) Primarily consists of Alt-A securities. (3) Includes $18 million in cumulative OTTI reclassified from HTM to AFS due to the transfer of the related debt securities from HTM to AFS. Citi adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities , on January 1, 2018 and transferred approximately $4 billion of HTM debt securities into AFS classification as permitted as a one-time transfer under the standard. Non-Marketable Equity Securities Not Carried at Fair Value Non-marketable equity securities are required to be measured at fair value with changes in fair value recognized in earnings unless (i) the measurement alternative is elected or (ii) the investment represents Federal Reserve Bank and Federal Home Loan Bank stock or certain exchange seats that continue to be carried at cost. The election to measure a non-marketable equity security using the measurement alternative is made on an instrument-by-instrument basis. Under the measurement alternative, an equity security is carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer. The carrying value of the equity security is adjusted to fair value on the date of an observed transaction. Fair value may differ from the observed transaction price due to a number of factors, including marketability adjustments and differences in rights and obligations when the observed transaction is not for the identical investment held by Citi. Equity securities under the measurement alternative are also assessed for impairment. On a quarterly basis, management qualitatively assesses whether each equity security under the measurement alternative is impaired. Impairment indicators that are considered include, but are not limited to, the following: • a significant deterioration in the earnings performance, credit rating, asset quality or business prospects of the investee; • a significant adverse change in the regulatory, economic or technological environment of the investee; • a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates; • a bona fide offer to purchase, an offer by the investee to sell or a completed auction process for the same or similar investment for an amount less than the carrying amount of that investment; and • factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies or noncompliance with statutory capital requirements or debt covenants. When the qualitative assessment indicates that impairment exists, the investment is written down to fair value, with the full difference between the fair value of the investment and its carrying amount recognized in earnings. Below is the carrying value of non-marketable equity securities measured using the measurement alternative at June 30, 2019 and December 31, 2018: In millions of dollars June 30, 2019 December 31, 2018 Measurement alternative: Carrying value $ 642 $ 538 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 Measurement alternative: Impairment losses (1) $ 3 $ 3 $ 8 $ 4 Downward changes for observable prices (1) 12 2 12 4 Upward changes for observable prices (1) 19 4 85 112 (1) See Note 20 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars June 30, 2019 Measurement alternative: Impairment losses $ 15 Downward changes for observable prices 30 Upward changes for observable prices 304 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three and six months ended June 30, 2019 and 2018, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost. Investments in Alternative Investment Funds That Calculate Net Asset Value The Company holds investments in certain alternative investment funds that calculate net asset value (NAV), or its equivalent, including hedge funds, private equity funds, funds of funds and real estate funds, as provided by third-party asset managers. Investments in such funds are generally classified as non-marketable equity securities carried at fair value. The fair values of these investments are estimated using the NAV of the Company’s ownership interest in the funds. Some of these investments are in “covered funds” for purposes of the Volcker Rule, which prohibits certain proprietary investment activities and limits the ownership of, and relationships with, covered funds. On April 21, 2017, Citi’s request for extension of the permitted holding period under the Volcker Rule for certain of its investments in illiquid funds was approved, allowing the Company to hold such investments until the earlier of five years from the July 21, 2017 expiration date of the general conformance period, or the date such investments mature or are otherwise conformed with the Volcker Rule. Fair value Unfunded Redemption frequency (if currently eligible) monthly, quarterly, annually Redemption notice period In millions of dollars June 30, December 31, 2018 June 30, December 31, 2018 Hedge funds $ — $ — $ — $ — Generally quarterly 10–95 days Private equity funds (1)(2) 158 168 62 62 — — Real estate funds (2)(3) 12 14 18 19 — — Mutual/collective investment funds 26 25 — — — — Total $ 196 $ 207 $ 80 $ 81 — — (1) Private equity funds include funds that invest in infrastructure, 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. |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2019 | |
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. For additional information regarding Citi’s consumer and corporate loans, including related accounting policies, see Note 14 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. Consumer Loans Consumer loans represent loans and leases managed primarily by GCB and Corporate/Other . The following table provides Citi’s consumer loans by loan type: Consumer Loans, Delinquencies and Non-Accrual Details at June 30, 2019 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 (5) Residential first mortgages (6) $ 44,122 $ 480 $ 224 $ 648 $ 45,474 $ 582 $ 407 Home equity loans (7)(8) 10,028 153 223 — 10,404 476 — Credit cards 137,091 1,536 1,639 — 140,266 — 1,639 Installment and other 3,193 40 12 — 3,245 19 — Commercial banking loans 10,655 22 13 — 10,690 139 — Total $ 205,089 $ 2,231 $ 2,111 $ 648 $ 210,079 $ 1,216 $ 2,046 In offices outside North America (5) Residential first mortgages (6) $ 36,226 $ 207 $ 147 $ — $ 36,580 $ 405 $ — Credit cards 24,188 416 371 — 24,975 302 238 Installment and other 26,970 241 110 — 27,321 146 — Commercial banking loans 26,926 60 54 — 27,040 159 — Total $ 114,310 $ 924 $ 682 $ — $ 115,916 $ 1,012 $ 238 Total Citigroup (9) $ 319,399 $ 3,155 $ 2,793 $ 648 $ 325,995 $ 2,228 $ 2,284 (1) Loans less than 30 days past due are presented as current. (2) Includes $20 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $0.4 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $713 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. During the three and six months ended June 30, 2019 and 2018, the Company sold and/or reclassified to HFS $0.4 billion and $2.3 billion and $1.9 billion and $2.8 billion , respectively, of consumer loans. Consumer Loans, Delinquencies and Non-Accrual Details at December 31, 2018 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 (5) Residential first mortgages (6) $ 45,953 $ 420 $ 253 $ 786 $ 47,412 $ 583 $ 549 Home equity loans (7)(8) 11,135 161 247 — 11,543 527 — Credit cards 141,106 1,687 1,764 — 144,557 — 1,764 Installment and other 3,395 43 16 — 3,454 22 — Commercial banking loans 9,662 20 46 — 9,728 109 — Total $ 211,251 $ 2,331 $ 2,326 $ 786 $ 216,694 $ 1,241 $ 2,313 In offices outside North America (5) Residential first mortgages (6) $ 35,624 $ 203 $ 145 $ — $ 35,972 $ 383 $ — Credit cards 24,131 425 370 — 24,926 312 235 Installment and other 25,773 254 107 — 26,134 152 — Commercial banking loans 26,657 51 53 — 26,761 138 — Total $ 112,185 $ 933 $ 675 $ — $ 113,793 $ 985 $ 235 Total Citigroup (9) $ 323,436 $ 3,264 $ 3,001 $ 786 $ 330,487 $ 2,226 $ 2,548 (1) Loans less than 30 days past due are presented as current. (2) Includes $20 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $0.6 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $708 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Consumer Credit Scores (FICO) The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables (commercial banking loans are excluded from 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) June 30, 2019 In millions of dollars Less than 680 to 760 Greater Residential first mortgages $ 3,803 $ 12,699 $ 26,618 Home equity loans 2,172 3,920 3,994 Credit cards 31,445 57,173 49,715 Installment and other 602 967 1,078 Total $ 38,022 $ 74,759 $ 81,405 FICO score distribution in U.S. portfolio (1)(2) December 31, 2018 In millions of dollars Less than 680 680 to 760 Greater than 760 Residential first mortgages $ 4,530 $ 13,848 $ 26,546 Home equity loans 2,438 4,296 4,471 Credit cards 32,686 58,722 51,299 Installment and other 625 1,097 1,121 Total $ 40,279 $ 77,963 $ 83,437 (1) Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSC) 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 The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios. 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) June 30, 2019 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 40,482 $ 2,577 $ 168 Home equity loans 8,635 1,079 332 Total $ 49,117 $ 3,656 $ 500 LTV distribution in U.S. portfolio (1)(2) December 31, 2018 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 42,379 $ 2,474 $ 197 Home equity loans 9,465 1,287 390 Total $ 51,844 $ 3,761 $ 587 (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 The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Six Months Ended Balance at June 30, 2019 2019 2018 2019 2018 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income (5) Interest income (5) Interest income (5) Interest income (5) Mortgage and real estate Residential first mortgages $ 2,022 $ 2,222 $ 219 $ 2,133 $ 18 $ 21 $ 35 $ 42 Home equity loans 652 914 124 678 2 2 4 8 Credit cards 1,873 1,892 711 1,838 26 25 52 55 Installment and other Individual installment and other 400 431 142 401 6 6 11 12 Commercial banking 365 534 35 316 7 5 10 8 Total $ 5,312 $ 5,993 $ 1,231 $ 5,366 $ 59 $ 59 $ 112 $ 125 (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) $414 million of residential first mortgages, $245 million of home equity loans and $9 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, 2018 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 $ 2,130 $ 2,329 $ 178 $ 2,483 Home equity loans 684 946 122 698 Credit cards 1,818 1,842 677 1,815 Installment and other Individual installment and other 400 434 146 414 Commercial banking 252 432 55 286 Total $ 5,284 $ 5,983 $ 1,178 $ 5,696 (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) $484 million of residential first mortgages, $263 million of home equity loans and $2 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. Consumer Troubled Debt Restructurings For the Three Months Ended June 30, 2019 In millions of dollars, except number of loans modified Number of Post- (1)(2) Deferred (3) Contingent (4) Principal (5) Average North America Residential first mortgages 137 $ 21 $ — $ — $ — — % Home equity loans 188 22 1 — — 1 Credit cards 63,281 273 — — — 17 Installment and other revolving 340 3 — — — 6 Commercial banking (6) 12 10 — — — — Total (8) 63,958 $ 329 $ 1 $ — $ — International Residential first mortgages 638 $ 17 $ — $ — $ — — % Credit cards 18,453 73 — — 3 16 Installment and other revolving 7,073 44 — — 2 10 Commercial banking (6) 89 9 — — — — Total (8) 26,253 $ 143 $ — $ — $ 5 For the Three Months Ended June 30, 2018 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 495 $ 77 $ 1 $ — $ — — % Home equity loans 380 37 1 — — 1 Credit cards 55,459 220 — — — 17 Installment and other revolving 292 2 — — — 5 Commercial banking (6) 17 1 — — — — Total (8) 56,643 $ 337 $ 2 $ — $ — International Residential first mortgages 624 $ 22 $ — $ — $ — — % Credit cards 17,782 78 — — 2 16 Installment and other revolving 7,172 43 — — 2 11 Commercial banking (6) 157 22 — — — — Total (8) 25,735 $ 165 $ — $ — $ 4 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $5 million of residential first mortgages and $2 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2019 . These amounts include $3 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2019 , based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking 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 $8 million of residential first mortgages and $3 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2018 . These amounts include $5 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2018 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding that were considered TDRs as of the end of the reporting period. For the Six Months Ended June 30, 2019 In millions of dollars, except number of loans modified Number of Post- (1)(2) Deferred (3) Contingent (4) Principal (5) Average North America Residential first mortgages 630 $ 95 $ — $ — $ — — % Home equity loans 394 42 2 — — 1 Credit cards 135,528 578 — — — 17 Installment and other revolving 691 6 — — — 6 Commercial banking (6) 27 48 — — — — Total (8) 137,270 $ 769 $ 2 $ — $ — International Residential first mortgages 1,363 $ 37 $ — $ — $ — — % Credit cards 36,946 148 — — 6 16 Installment and other revolving 14,625 88 — — 3 10 Commercial banking (6) 188 41 — — — — Total (8) 53,122 $ 314 $ — $ — $ 9 For the Six Months Ended June 30, 2018 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 1,083 $ 166 $ 1 $ — $ — — % Home equity loans 836 78 3 — — 1 Credit cards 118,662 464 — — — 17 Installment and other revolving 634 5 — — — 5 Commercial banking (6) 26 2 — — — — Total (8) 121,241 $ 715 $ 4 $ — $ — International Residential first mortgages 1,173 $ 41 $ — $ — $ — — % Credit cards 41,176 173 — — 5 16 Installment and other revolving 16,497 102 — — 4 10 Commercial banking (6) 302 50 — — — 1 Total (8) 59,148 $ 366 $ — $ — $ 9 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $12 million of residential first mortgages and $4 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2019 . These amounts include $7 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2019 , based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking 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 $19 million of residential first mortgages and $7 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2018 . These amounts include $13 million of residential first mortgages and $6 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2018 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding that were considered TDRs as of the end of the reporting period. The following table presents consumer TDRs that defaulted 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 banking loans, where default is defined as 90 days past due. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 North America Residential first mortgages $ 26 $ 30 $ 50 $ 74 Home equity loans 4 6 7 16 Credit cards 73 57 144 116 Installment and other revolving 1 1 2 1 Commercial banking 1 13 1 21 Total $ 105 $ 107 $ 204 $ 228 International Residential first mortgages $ 4 $ 2 $ 7 $ 4 Credit cards 36 55 75 108 Installment and other revolving 19 20 37 44 Commercial banking 2 9 2 10 Total $ 61 $ 86 $ 121 $ 166 Corporate Loans Corporate loans represent loans and leases managed by ICG . The following table presents information by corporate loan type: In millions of dollars June 30, December 31, In North America offices (1) Commercial and industrial $ 54,519 $ 52,063 Financial institutions 47,610 48,447 Mortgage and real estate (2) 51,321 50,124 Installment, revolving credit and other 33,555 32,425 Lease financing 1,385 1,429 Total $ 188,390 $ 184,488 In offices outside North America (1) Commercial and industrial $ 98,351 $ 94,701 Financial institutions 37,523 36,837 Mortgage and real estate (2) 7,577 7,376 Installment, revolving credit and other 27,333 25,684 Lease financing 92 103 Governments and official institutions 3,409 4,520 Total $ 174,285 $ 169,221 Corporate loans, net of unearned income (3) $ 362,675 $ 353,709 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (2) Loans secured primarily by real estate. (3) Corporate loans are net of unearned income of ($815) million and ($822) million at June 30, 2019 and December 31, 2018 , respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. The Company sold and/or reclassified to held-for-sale $0.8 billion and $1.3 billion of corporate loans during the three and six months ended June 30, 2019 , respectively, and $0.4 billion and $0.5 billion during the three and six months ended June 30, 2018 , respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and six months ended June 30, 2019 or 2018 . Lease financing Citi is a lessor in the power, railcars, shipping and aircraft sectors, where the Company has executed operating, direct financing and leveraged leases. Citi’s $1.5 billion of lease financing receivables, as of June 30, 2019 , is composed of approximately equal balances of direct financing lease receivables and net investments in leveraged leases. Citi uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. Citi recognized $21 million and $42 million , respectively, of interest income on direct financing and leveraged leases during the three and six months ended June 30, 2019 . The Company’s leases have an average remaining maturity of approximately four years . In certain cases, Citi obtains residual value insurance from third parties and/or the lessee to manage the risk associated with the residual value of the leased assets. The receivable related to the residual value of the leased assets is approximately $0.9 billion as of June 30, 2019 , while the amount covered by residual value guarantees is approximately $0.3 billion . The Company’s operating leases, where Citi is a lessor, are not significant to the Consolidated Financial Statements. Corporate Loan Delinquency and Non-Accrual Details at June 30, 2019 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 $ 473 $ 32 $ 505 $ 1,064 $ 149,418 $ 150,987 Financial institutions 245 15 260 36 82,983 83,279 Mortgage and real estate 234 4 238 204 58,438 58,880 Lease financing — 19 19 — 1,458 1,477 Other 159 56 215 106 63,927 64,248 Loans at fair value 3,804 Total $ 1,111 $ 126 $ 1,237 $ 1,410 $ 356,224 $ 362,675 Corporate Loan Delinquency and Non-Accrual Details at December 31, 2018 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 $ 365 $ 42 $ 407 $ 919 $ 143,960 $ 145,286 Financial institutions 87 7 94 102 83,672 83,868 Mortgage and real estate 128 5 133 215 57,116 57,464 Lease financing 5 10 15 — 1,516 1,531 Other 151 52 203 75 62,079 62,357 Loans at fair value 3,203 Total $ 736 $ 116 $ 852 $ 1,311 $ 348,343 $ 353,709 (1) Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid. (2) Non-accrual loans generally include those loans that are 90 days or more 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 and/or principal is doubtful. (3) 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 Loans Credit Quality Indicators Recorded investment in loans (1) In millions of dollars June 30, December 31, Investment grade (2) Commercial and industrial $ 106,432 $ 102,722 Financial institutions 72,625 73,080 Mortgage and real estate 26,569 25,855 Lease financing 945 1,036 Other 56,651 57,299 Total investment grade $ 263,222 $ 259,992 Non-investment grade (2) Accrual Commercial and industrial $ 43,491 $ 41,645 Financial institutions 10,618 10,686 Mortgage and real estate 3,222 3,793 Lease financing 532 496 Other 7,491 4,981 Non-accrual Commercial and industrial 1,064 919 Financial institutions 36 102 Mortgage and real estate 204 215 Lease financing — — Other 106 75 Total non-investment grade $ 66,764 $ 62,912 Non-rated private bank loans managed on a delinquency basis (2) $ 28,885 $ 27,602 Loans at fair value 3,804 3,203 Corporate loans, net of unearned income $ 362,675 $ 353,709 (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. Non-Accrual Corporate Loans The following tables present non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans: June 30, 2019 Three Months Ended Six Months Ended 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 $ 1,064 $ 1,320 $ 138 $ 1,071 $ 1 $ 15 Financial institutions 36 57 9 76 — — Mortgage and real estate 204 416 16 215 — — Lease financing — — — — — — Other 106 193 40 74 — — Total non-accrual corporate loans $ 1,410 $ 1,986 $ 203 $ 1,436 $ 1 $ 15 December 31, 2018 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 919 $ 1,070 $ 183 $ 1,099 Financial institutions 102 123 35 99 Mortgage and real estate 215 323 39 233 Lease financing — 28 — 21 Other 75 165 6 83 Total non-accrual corporate loans $ 1,311 $ 1,709 $ 263 $ 1,535 June 30, 2019 December 31, 2018 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 $ 452 $ 138 $ 603 $ 183 Financial institutions 10 9 76 35 Mortgage and real estate 81 16 100 39 Lease financing — — — — Other 73 40 24 6 Total non-accrual corporate loans with specific allowance $ 616 $ 203 $ 803 $ 263 Non-accrual corporate loans without specific allowance Commercial and industrial $ 612 $ 316 Financial institutions 26 26 Mortgage and real estate 123 115 Lease financing — — Other 33 51 Total non-accrual corporate loans without specific allowance $ 794 N/A $ 508 N/A (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Average carrying value represents the average recorded investment balance and does not include related specific allowance. (3) Interest income recognized for the three and six months ended June 30 , 2018 was $13 million and $17 million , respectively. N/A Not applicable Corporate Troubled Debt Restructurings For the three months ended June 30, 2019 : In millions of dollars Carrying value of TDRs modified during the period 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 $ 42 $ 19 $ — $ 23 Mortgage and real estate 3 — — 3 Other 6 6 — — Total $ 51 $ 25 $ — $ 26 For the three months ended June 30, 2018 : In millions of dollars Carrying value of TDRs modified during the period 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 $ 39 $ 3 $ 4 $ 32 Mortgage and real estate 2 — — 2 Total $ 41 $ 3 $ 4 $ 34 For the six months ended June 30, 2019 : In millions of dollars Carrying value of TDRs modified during the period TDRs (1) TDRs (2) TDRs Commercial and industrial $ 58 $ 19 $ — $ 39 Mortgage and real estate 7 — — 7 Other 6 6 — — Total $ 71 $ 25 $ — $ 46 For the six months ended June 30, 2018 : In millions of dollars Carrying value of TDRs modified during the period TDRs (1) TDRs (2) TDRs Commercial and industrial $ 41 $ 3 $ 4 $ 34 Mortgage and real estate 3 — — 3 Total $ 44 $ 3 $ 4 $ 37 (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 corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. The following table presents total corporate loans modified in a TDR as well as those TDRs that defaulted 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 banking loans, where default is defined as 90 days past due. TDR loans in payment default TDR loans in payment default In millions of dollars TDR balances at June 30, 2019 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 TDR balances at June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended Commercial and industrial $ 424 $ 19 $ 19 $ 440 $ 11 $ 70 Financial institutions 10 — — 34 — — Mortgage and real estate 112 — — 87 — — Other 6 — — 37 — — Total (1) $ 552 $ 19 $ 19 $ 598 $ 11 $ 70 (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 Allowance for loan losses at beginning of period $ 12,329 $ 12,354 $ 12,315 $ 12,355 Gross credit losses (2,354 ) (2,109 ) (4,699 ) (4,405 ) Gross recoveries (1) 391 405 788 834 Net credit losses (NCLs) $ (1,963 ) $ (1,704 ) $ (3,911 ) $ (3,571 ) NCLs $ 1,963 $ 1,704 $ 3,911 $ 3,571 Net reserve builds (releases) 53 31 120 133 Net specific reserve builds (releases) 73 60 2 (106 ) Total provision for loan losses $ 2,089 $ 1,795 $ 4,033 $ 3,598 Other, net (see table below) 11 (319 ) 29 (256 ) Allowance for loan losses at end of period $ 12,466 $ 12,126 $ 12,466 $ 12,126 Allowance for credit losses on unfunded lending commitments at beginning of period $ 1,391 $ 1,290 $ 1,367 $ 1,258 Provision (release) for unfunded lending commitments (15 ) (4 ) 9 24 Other, net — (8 ) — (4 ) Allowance for credit losses on unfunded lending commitments at end of period (2) $ 1,376 $ 1,278 $ 1,376 $ 1,278 Total allowance for loans, leases and unfunded lending commitments $ 13,842 $ 13,404 $ 13,842 $ 13,404 (1) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Other, net details Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 Sales or transfers of various consumer loan portfolios to HFS Transfer of real estate loan portfolios $ (4 ) $ (33 ) $ (4 ) $ (86 ) Transfer of other loan portfolios — (104 ) — (106 ) Sales or transfers of various consumer loan portfolios to HFS $ (4 ) $ (137 ) $ (4 ) $ (192 ) FX translation, consumer 13 (164 ) 39 (46 ) Other 2 (18 ) (6 ) (18 ) Other, net $ 11 $ (319 ) $ 29 $ (256 ) Allowance for Credit Losses and End-of-Period Loans Three Months Ended June 30, 2019 June 30, 2018 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,303 $ 10,026 $ 12,329 $ 2,315 $ 10,039 $ 12,354 Charge-offs (83 ) (2,271 ) (2,354 ) (20 ) (2,089 ) (2,109 ) Recoveries 13 378 391 22 383 405 Replenishment of net charge-offs 70 1,893 1,963 (2 ) 1,706 1,704 Net reserve builds (releases) 38 15 53 (30 ) 61 31 Net specific reserve builds (releases) 9 64 73 63 (3 ) 60 Other 3 8 11 (18 ) (301 ) (319 ) Ending balance $ 2,353 $ 10,113 $ 12,466 $ 2,330 $ 9,796 $ 12,126 Six Months Ended June 30, 2019 June 30, 2018 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,365 $ 9,950 $ 12,315 $ 2,486 $ 9,869 $ 12,355 Charge-offs (156 ) (4,543 ) (4,699 ) (159 ) (4,246 ) (4,405 ) Recoveries 30 758 788 65 769 834 Replenishment of net charge-offs 126 3,785 3,911 94 3,477 3,571 Net reserve builds (releases) 45 75 120 (49 ) 182 133 Net specific reserve builds (releases) (52 ) 54 2 (92 ) (14 ) (106 ) Other (5 ) 34 29 (15 ) (241 ) (256 ) Ending balance $ 2,353 $ 10,113 $ 12,466 $ 2,330 $ 9,796 $ 12,126 June 30, 2019 December 31, 2018 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 2,150 $ 8,881 $ 11,031 $ 2,102 $ 8,770 $ 10,872 Individually evaluated in accordance with ASC 310-10-35 203 1,231 1,434 263 1,178 1,441 Purchased credit impaired in accordance with ASC 310-30 — 1 1 — 2 2 Total allowance for loan losses $ 2,353 $ 10,113 $ 12,466 $ 2,365 $ 9,950 $ 12,315 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 357,487 $ 320,540 $ 678,027 $ 349,292 $ 325,055 $ 674,347 Individually evaluated in accordance with ASC 310-10-35 1,384 5,312 6,696 1,214 5,284 6,498 Purchased credit impaired in accordance with ASC 310-30 — 123 123 — 128 128 Held at fair value 3,804 20 3,824 3,203 20 3,223 Total loans, net of unearned income $ 362,675 $ 325,995 $ 688,670 $ 353,709 $ 330,487 $ 684,196 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in Goodwill were as follows: In millions of dollars Global Consumer Banking Institutional Clients Group Total Balance at December 31, 2018 $ 12,743 $ 9,303 $ 22,046 Foreign currency translation — (9 ) (9 ) Balance at March 31, 2019 $ 12,743 $ 9,294 $ 22,037 Foreign exchange translation $ (15 ) $ 43 $ 28 Balance at June 30, 2019 $ 12,728 $ 9,337 $ 22,065 There were no triggering events identified and no goodwill was impaired during the three and six months ended June 30, 2019 . Goodwill impairment testing is performed at the level below each business segment (referred to as a reporting unit). See Note 3 for further information on business segments. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 16 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. Intangible Assets The components of intangible assets were as follows: June 30, 2019 December 31, 2018 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,666 $ 3,964 $ 1,702 $ 5,733 $ 3,936 $ 1,797 Credit card contract-related intangibles (1) 5,375 2,959 2,416 5,225 2,791 2,434 Core deposit intangibles 428 427 1 419 415 4 Other customer relationships 465 302 163 470 299 171 Present value of future profits 33 30 3 32 29 3 Indefinite-lived intangible assets 222 — 222 218 — 218 Other 82 71 11 84 75 9 Intangible assets (excluding MSRs) $ 12,271 $ 7,753 $ 4,518 $ 12,181 $ 7,545 $ 4,636 Mortgage servicing rights (MSRs) (2) 508 — 508 584 — 584 Total intangible assets $ 12,779 $ 7,753 $ 5,026 $ 12,765 $ 7,545 $ 5,220 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of June 30, 2019 and December 31, 2018 . (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. The changes in intangible assets were as follows: Net carrying Net carrying amount at In millions of dollars December 31, Acquisitions/ divestitures Amortization FX translation and other June 30, Purchased credit card relationships (1) $ 1,797 $ — $ (95 ) $ — $ 1,702 Credit card contract-related intangibles (2) 2,434 — (168 ) 150 2,416 Core deposit intangibles 4 — (4 ) 1 1 Other customer relationships 171 — (12 ) 4 163 Present value of future profits 3 — — — 3 Indefinite-lived intangible assets 218 — — 4 222 Other 9 — (5 ) 7 11 Intangible assets (excluding MSRs) $ 4,636 $ — $ (284 ) $ 166 $ 4,518 Mortgage servicing rights (MSRs) (3) 584 508 Total intangible assets $ 5,220 $ 5,026 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract intangibles and include credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount at June 30, 2019 and December 31, 2018 . (3) For additional information on Citi’s MSRs, including the rollforward for the six months ended June 30, 2019 , see Note 18 to the Consolidated Financial Statements. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 17 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. Short-Term Borrowings In millions of dollars June 30, December 31, Commercial paper Bank (1) $ 12,895 $ 13,238 Broker-dealer and other (2) 4,231 — Total commercial paper $ 17,126 $ 13,238 Other borrowings (3) 25,316 19,108 Total $ 42,442 $ 32,346 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At June 30, 2019 and December 31, 2018 , collateralized short-term advances from the Federal Home Loan Banks were $15.5 billion and $9.5 billion , respectively. Long-Term Debt In millions of dollars June 30, December 31, 2018 Citigroup Inc. (1) $ 152,141 $ 143,767 Bank (2) 62,619 61,237 Broker-dealer and other (3) 37,429 26,995 Total $ 252,189 $ 231,999 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2019 and December 31, 2018 , collateralized long-term advances from the Federal Home Loan Banks were $7.7 billion and $10.5 billion , respectively. (3) Represents broker-dealer and other non-bank 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 June 30, 2019 and December 31, 2018 . The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2019 : 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 securities and share amounts Citigroup Capital III Dec. 1996 194,053 $ 194 7.625 % 6,003 $ 200 Dec. 1, 2036 Not redeemable Citigroup Capital XIII Sept. 2010 89,840,000 2,246 3 mo LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Citigroup Capital XVIII Jun. 2007 99,901 127 3 mo LIBOR + 88.75 bps 50 127 Jun. 28, 2067 June 28, 2017 Total obligated $ 2,567 $ 2,573 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 outside investors from the trusts at the time of issuance. (2) |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 6 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows: Three Months Ended June 30, 2019 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) Accumulated Balance, March 31, 2019 $ (1,115 ) $ (379 ) $ (442 ) $ (6,321 ) $ (28,012 ) $ (39 ) $ (36,308 ) Other comprehensive income before reclassifications 1,050 (14 ) 414 (305 ) 91 44 1,280 Increase (decrease) due to amounts reclassified from AOCI (347 ) 17 103 52 — — (175 ) Change, net of taxes $ 703 $ 3 $ 517 $ (253 ) $ 91 $ 44 $ 1,105 Balance at June 30, 2019 $ (412 ) $ (376 ) $ 75 $ (6,574 ) $ (27,921 ) $ 5 $ (35,203 ) Six Months Ended June 30, 2019 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) Accumulated Balance, December 31, 2018 $ (2,250 ) $ 192 $ (728 ) $ (6,257 ) $ (28,070 ) $ (57 ) $ (37,170 ) Other comprehensive income before reclassifications 2,276 (589 ) 600 (415 ) 149 62 2,083 Increase (decrease) due to amounts reclassified from AOCI (438 ) 21 203 98 — — (116 ) Change, net of taxes $ 1,838 $ (568 ) $ 803 $ (317 ) $ 149 $ 62 $ 1,967 Balance, June 30, 2019 $ (412 ) $ (376 ) $ 75 $ (6,574 ) $ (27,921 ) $ 5 $ (35,203 ) Note: Footnotes to the tables above appear on the following page. Three Months Ended June 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded Component of fair value hedges (5) Accumulated Balance, March 31, 2018 $ (2,219 ) $ (793 ) $ (920 ) $ (6,095 ) $ (24,588 ) $ (4 ) $ (34,619 ) Other comprehensive income before reclassifications (433 ) 316 (36 ) 261 (2,867 ) (28 ) (2,787 ) Increase (decrease) due to amounts reclassified from AOCI (65 ) 2 (65 ) 40 — — (88 ) Change, net of taxes $ (498 ) $ 318 $ (101 ) $ 301 $ (2,867 ) $ (28 ) $ (2,875 ) Balance at June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) Six Months Ended June 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded Component of fair value hedges (5) Accumulated Balance, December 31, 2017 $ (1,158 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,668 ) Adjustment to opening balance, net of taxes (6) (3 ) — — — — — (3 ) Adjusted balance, beginning of period $ (1,161 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,671 ) Other comprehensive income before reclassifications (1,383 ) 417 (279 ) 302 (1,747 ) (32 ) (2,722 ) Increase (decrease) due to amounts reclassified from AOCI (173 ) 29 (44 ) 87 — — (101 ) Change, net of taxes $ (1,556 ) $ 446 $ (323 ) $ 389 $ (1,747 ) $ (32 ) $ (2,823 ) Balance at June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) (1) Changes in DVA are reflected as a component of AOCI, pursuant to the adoption of the provisions of ASU 2016-01 relating to the presentation of DVA on fair value options liabilities. See Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. (2) Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. (3) Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans, annual actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income. (4) Primarily reflects the movements in (by order of impact) the Japanese Yen, Mexican Peso, Euro and Polish Zloty against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2019 . Primarily reflects the movements in (by order of impact) the Mexican Peso, Canadian Dollar, Chilean Peso, and Russian Ruble against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2019. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Euro, and Korean Won against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2018. Primarily reflects the movements in (by order of impact) Brazilian real, Indian Rupee, Argentine peso, and Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2018. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings. (5) Beginning in the first quarter of 2018, changes in the excluded component of fair value hedges are reflected as a component of AOCI, pursuant to the early adoption of ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities . See Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K for further information regarding this change. (6) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: Three Months Ended June 30, 2019 In millions of dollars Pretax Tax effect After-tax Balance, March 31, 2019 $ (42,904 ) $ 6,596 $ (36,308 ) Change in net unrealized gains (losses) on debt securities 936 (233 ) 703 Debt valuation adjustment (DVA) 3 — 3 Cash flow hedges 680 (163 ) 517 Benefit plans (329 ) 76 (253 ) Foreign currency translation adjustment 83 8 91 Excluded component of fair value hedges 59 (15 ) 44 Change $ 1,432 $ (327 ) $ 1,105 Balance, June 30, 2019 $ (41,472 ) $ 6,269 $ (35,203 ) Six Months Ended June 30, 2019 In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2018 $ (44,082 ) $ 6,912 $ (37,170 ) Change in net unrealized gains (losses) on debt securities 2,436 (598 ) 1,838 Debt valuation adjustment (DVA) (722 ) 154 (568 ) Cash flow hedges 1,058 (255 ) 803 Benefit plans (397 ) 80 (317 ) Foreign currency translation adjustment 152 (3 ) 149 Excluded component of fair value hedges 83 (21 ) 62 Change $ 2,610 $ (643 ) $ 1,967 Balance, June 30, 2019 $ (41,472 ) $ 6,269 $ (35,203 ) Three Months Ended June 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, March 31, 2018 $ (41,519 ) $ 6,900 $ (34,619 ) Change in net unrealized gains (losses) on debt securities (671 ) 173 (498 ) Debt valuation adjustment (DVA) 418 (100 ) 318 Cash flow hedges (132 ) 31 (101 ) Benefit plans 403 (102 ) 301 Foreign currency translation adjustment (2,869 ) 2 (2,867 ) Excluded component of fair value hedges (37 ) 9 (28 ) Change $ (2,888 ) $ 13 $ (2,875 ) Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) Six Months Ended June 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2017 (1) $ (41,228 ) $ 6,560 $ (34,668 ) Adjustment to opening balance (2) (4 ) 1 (3 ) Adjusted balance, beginning of period $ (41,232 ) $ 6,561 $ (34,671 ) Change in net unrealized gains (losses) on debt securities (2,051 ) 495 (1,556 ) Debt valuation adjustment (DVA) 585 (139 ) 446 Cash flow hedges (422 ) 99 (323 ) Benefit plans 494 (105 ) 389 Foreign currency translation adjustment (1,739 ) (8 ) (1,747 ) Excluded component of fair value hedges (42 ) 10 (32 ) Change $ (3,175 ) $ 352 $ (2,823 ) Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) (1) Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained earnings . For additional information, see Note 19 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. (2) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2019 Realized (gains) losses on sales of investments $ (468 ) $ (598 ) Gross impairment losses 2 5 Subtotal, pretax $ (466 ) $ (593 ) Tax effect 119 155 Net realized (gains) losses on investments after-tax (1) $ (347 ) $ (438 ) Realized DVA (gains) losses on fair value option liabilities $ 22 $ 27 Subtotal, pretax $ 22 $ 27 Tax effect (5 ) (6 ) Net realized debt valuation adjustment, after-tax $ 17 $ 21 Interest rate contracts $ 134 $ 264 Foreign exchange contracts 2 4 Subtotal, pretax $ 136 $ 268 Tax effect (33 ) (65 ) Amortization of cash flow hedges, after-tax (2) $ 103 $ 203 Amortization of unrecognized Prior service cost (benefit) $ (2 ) $ (6 ) Net actuarial loss 69 134 Curtailment/settlement impact (3) 2 2 Subtotal, pretax $ 69 $ 130 Tax effect (17 ) (32 ) Amortization of benefit plans, after-tax (3) $ 52 $ 98 Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ (239 ) $ (168 ) Total tax effect 64 52 Total amounts reclassified out of AOCI, after-tax $ (175 ) $ (116 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2018 Realized (gains) losses on sales of investments $ (102 ) $ (272 ) OTTI gross impairment losses 15 43 Subtotal, pretax $ (87 ) $ (229 ) Tax effect 22 56 Net realized (gains) losses on investment securities, after-tax (1) $ (65 ) $ (173 ) Realized DVA (gains) losses on fair value option liabilities $ 2 $ 37 Subtotal, pretax $ 2 $ 37 Tax effect — (8 ) Net realized debt valuation adjustment, after-tax $ 2 $ 29 Interest rate contracts $ (82 ) $ (51 ) Foreign exchange contracts (4 ) (6 ) Subtotal, pretax $ (86 ) $ (57 ) Tax effect 21 13 Amortization of cash flow hedges, after-tax (2) $ (65 ) $ (44 ) Amortization of unrecognized Prior service cost (benefit) $ (11 ) $ (22 ) Net actuarial loss 64 133 Curtailment/settlement impact (3) 2 6 Subtotal, pretax $ 55 $ 117 Tax effect (15 ) (30 ) Amortization of benefit plans, after-tax (3) $ 40 $ 87 Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ (116 ) $ (132 ) Total tax effect 28 31 Total amounts reclassified out of AOCI, after-tax $ (88 ) $ (101 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2019 | |
Securitizations and Variable Interest Entities [Abstract] | |
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | SECURITIZATIONS AND VARIABLE INTEREST ENTITIES For additional information regarding Citi’s use of special purpose entities (SPEs) and variable interest entities (VIEs), see Note 21 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of June 30, 2019 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 $ 43,090 $ 43,090 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 114,735 — 114,735 2,920 — — 71 2,991 Non-agency-sponsored 35,021 1,337 33,684 757 — — 1 758 Citi-administered asset-backed commercial paper conduits 16,419 16,419 — — — — — — Collateralized loan obligations (CLOs) 19,062 — 19,062 4,945 — — 8 4,953 Asset-based financing 144,436 660 143,776 24,532 842 9,873 — 35,247 Municipal securities tender option bond trusts (TOBs) 7,841 1,623 6,218 13 — 4,085 — 4,098 Municipal investments 18,479 — 18,479 2,620 4,081 2,809 — 9,510 Client intermediation 1,183 955 228 169 — — — 169 Investment funds 1,054 264 790 15 — 20 — 35 Other 369 2 367 213 — 15 — 228 Total $ 401,689 $ 64,350 $ 337,339 $ 36,184 $ 4,923 $ 16,802 $ 80 $ 57,989 As of December 31, 2018 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 $ 46,232 $ 46,232 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 116,563 — 116,563 3,038 — — 60 3,098 Non-agency-sponsored 30,886 1,498 29,388 431 — — 1 432 Citi-administered asset-backed commercial paper conduits 18,750 18,750 — — — — — — Collateralized loan obligations (CLOs) 21,837 — 21,837 5,891 — — 9 5,900 Asset-based financing 99,433 628 98,805 21,640 715 9,757 — 32,112 Municipal securities tender option bond trusts (TOBs) 7,998 1,776 6,222 9 — 4,262 — 4,271 Municipal investments 18,044 3 18,041 2,813 3,922 2,738 — 9,473 Client intermediation 858 614 244 172 — — 2 174 Investment funds 1,272 440 832 12 — 1 1 14 Other 63 3 60 37 — 23 — 60 Total $ 361,936 $ 69,944 $ 291,992 $ 34,043 $ 4,637 $ 16,781 $ 73 $ 55,534 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2019 and December 31, 2018 Consolidated Balance Sheet. (3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss. (4) Citigroup mortgage securitizations also include agency and non-agency (private label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. 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 investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services; • certain VIEs structured by third parties in which the Company holds securities in inventory, as these investments are made on arm’s-length terms; • certain positions in mortgage- and asset-backed securities held by the Company, which are classified as Trading account assets or Investments , in which the Company has no other involvement with the related securitization entity deemed to be significant (for more information on these positions, see Notes 12 and 20 to the Consolidated Financial Statements); • certain representations and warranties exposures in legacy ICG -sponsored mortgage- and asset-backed securitizations in which the Company has no variable interest or continuing involvement as servicer. The outstanding balance of mortgage loans securitized during 2005 to 2008 in which the Company has no variable interest or continuing involvement as servicer was approximately $7 billion at June 30, 2019 and December 31, 2018 ; • certain representations and warranties exposures in Citigroup residential mortgage securitizations, in which the original mortgage loan balances are no longer outstanding; and • VIEs such as 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., loan or security) and the Company’s standard accounting policies for the asset type and line of business. The asset balances for unconsolidated VIEs in which the Company has significant involvement represent the most current information available to the Company. In most cases, the asset balances represent an amortized cost basis without regard to impairments, unless fair value information is readily available to the Company. The maximum funded exposure represents the balance sheet carrying amount of the Company’s investment in the VIE. It reflects the initial amount of cash invested in the VIE, adjusted for any accrued interest and cash principal payments received. The carrying amount may also be adjusted for increases or declines in fair value or any impairment in value recognized in earnings. The maximum exposure of unfunded positions represents the remaining undrawn committed amount, including liquidity and credit facilities provided by the Company or the notional amount of a derivative instrument considered to be a variable interest. In certain transactions, the Company has entered into derivative instruments or other arrangements that are not considered variable interests in the VIE (e.g., interest rate swaps, cross-currency swaps or where the Company is the purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE). Receivables under such arrangements are not included in the maximum exposure amounts. Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: June 30, 2019 December 31, 2018 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 9,873 $ — $ 9,757 Municipal securities tender option bond trusts (TOBs) 4,085 — 4,262 — Municipal investments — 2,809 — 2,738 Investment funds — 20 — 1 Other — 15 — 23 Total funding commitments $ 4,085 $ 12,717 $ 4,262 $ 12,519 Significant Interests in Unconsolidated VIEs—Balance Sheet Classification The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars June 30, 2019 December 31, 2018 Cash $ — $ — Trading account assets 3.1 3.0 Investments 10.0 10.7 Total loans, net of allowance 27.5 24.5 Other 0.6 0.5 Total assets $ 41.2 $ 38.7 Credit Card Securitizations Substantially all of the Company’s credit card securitization activity is through two trusts—Citibank Credit Card Master Trust (Master Trust) and Citibank Omni Master Trust (Omni Trust), with the substantial majority through the Master Trust. These trusts are consolidated entities. The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars June 30, 2019 December 31, 2018 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 24.8 $ 27.3 Retained by Citigroup as trust-issued securities 7.2 7.6 Retained by Citigroup via non-certificated interests 11.2 11.3 Total $ 43.2 $ 46.2 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended June 30, In billions of dollars 2019 2018 Proceeds from new securitizations $ — $ 1.1 Pay down of maturing notes — (2.6 ) Six Months Ended June 30, In billions of dollars 2019 2018 Proceeds from new securitizations $ — $ 3.9 Pay down of maturing notes (2.5 ) (5.4 ) Master Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Master Trust was 2.8 years as of June 30, 2019 and 3.0 years as of December 31, 2018 . In billions of dollars Jun. 30, 2019 Dec. 31, 2018 Term notes issued to third parties $ 23.3 $ 25.8 Term notes retained by Citigroup affiliates 5.3 5.7 Total Master Trust liabilities $ 28.6 $ 31.5 Omni Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Omni Trust was 2.2 years as of June 30, 2019 and 2.7 years as of December 31, 2018 . In billions of dollars Jun. 30, 2019 Dec. 31, 2018 Term notes issued to third parties $ 1.5 $ 1.5 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.4 $ 3.4 Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended June 30, 2019 2018 In billions of dollars U.S. agency- Non-agency- (1) U.S. agency- Non-agency- Principal securitized $ 1.1 $ 6.1 $ 1.0 $ 1.0 Proceeds from new securitizations 1.2 6.1 1.1 1.0 Purchases of previously transferred financial assets 0.1 — 0.1 — Six Months Ended June 30, 2019 2018 In billions of dollars U.S. agency- Non-agency- (1) U.S. agency- Non-agency- Principal securitized $ 2.1 $ 8.8 $ 2.2 $ 1.0 Proceeds from new securitizations 2.2 8.8 2.3 2.6 Purchases of previously transferred financial assets 0.1 — 0.2 — Note: Excludes re-securitization transactions. (1) The principal securitized and proceeds from new securitizations in 2019 include $0.2 billion related to personal loan securitizations. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $5 million for the three and six months ended June 30, 2019 . For the three and six months ended June 30, 2019 , gains recognized on the securitization of non-agency sponsored mortgages were $26 million and $43 million , respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $6 million and $11 million for the three and six months ended June 30, 2018 , respectively. For the three and six months ended June 30, 2018 , gains recognized on the securitization of non-agency sponsored mortgages were $7 million and $18 million , respectively. June 30, 2019 December 31, 2018 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior (3) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 487 $ 804 $ 63 $ 564 $ 300 $ 51 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Retained interests consist of Level 2 or Level 3 assets depending on the observability of significant inputs. See Note 20 to the Consolidated Financial Statements for more information about fair value measurements. (3) Senior interests in non-agency-sponsored mortgages include $168 million related to personal loan securitizations at June 30, 2019 . Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables were as follows: Three Months Ended June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.4 % 3.2 % 5.3 % Weighted average constant prepayment rate 15.7 % 5.7 % 5.9 % Weighted average anticipated net credit losses (2) NM 3.0 % 3.7 % Weighted average life 5.9 years 3.2 years 15.6 years Three Months Ended June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.4 % 3.8 % 3.5 % Weighted average constant prepayment rate 5.7 % 8.0 % 8.0 % Weighted average anticipated net credit losses (2) NM 4.6 % 4.6 % Weighted average life 7.7 years 6.7 years 3.4 years Six Months Ended June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 7.0 % 3.5 % 5.5 % Weighted average constant prepayment rate 14.8 % 5.8 % 5.9 % Weighted average anticipated net credit losses (2) NM 4.4 % 3.7 % Weighted average life 6.0 years 6.6 years 16.1 years Six Months Ended June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.9 % 3.6 % 3.2 % Weighted average constant prepayment rate 5.1 % 9.8 % 9.9 % Weighted average anticipated net credit losses (2) NM 4.9 % 3.3 % Weighted average life 7.7 years 6.8 years 3.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. 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 presented in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 8.0 % 7.5 % 4.9 % Weighted average constant prepayment rate 13.1 % 3.1 % 4.2 % Weighted average anticipated net credit losses (2) NM 9.0 % — Weighted average life 5.8 years 7.9 years 24.3 years December 31, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 7.8 % 9.3 % — Weighted average constant prepayment rate 9.1 % 8.0 % — Weighted average anticipated net credit losses (2) NM 40.0 % — Weighted average life 6.4 years 6.6 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. June 30, 2019 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (14 ) $ — $ (1 ) Adverse change of 20% (27 ) (1 ) (1 ) Constant prepayment rate Adverse change of 10% (23 ) — — Adverse change of 20% (45 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2018 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rate Adverse change of 10% $ (16 ) $ — $ — Adverse change of 20% (32 ) — — Constant prepayment rate Adverse change of 10% (21 ) — — Adverse change of 20% (41 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities: Liquidation losses Securitized assets 90 days past due Three Months Ended June 30, Six Months Ended June 30, In billions of dollars, except liquidation losses in millions Jun. 30, 2019 Dec. 31, 2018 Jun. 30, 2019 Dec. 31, 2018 2019 2018 2019 2018 Securitized assets Residential mortgage $ 11.4 $ 5.2 $ 0.3 $ 0.4 $ 9 $ 18 $ 20 $ 32 Commercial and other 14.4 13.1 — — — — — — Total $ 25.8 $ 18.3 $ 0.3 $ 0.4 $ 9 $ 18 $ 20 $ 32 Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $508 million and $596 million at June 30, 2019 and 2018 , respectively. The MSRs correspond to principal loan balances of $60 billion and $63 billion as of June 30, 2019 and 2018 , respectively. The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, In millions of dollars 2019 2018 Balance, as of March 31 $ 551 $ 587 Originations 16 15 Changes in fair value of MSRs due to changes in inputs and assumptions (37 ) 11 Other changes (1) (22 ) (16 ) Sale of MSRs — (1 ) Balance, as of June 30 $ 508 $ 596 Six Months Ended June 30, In millions of dollars 2019 2018 Balance, beginning of year $ 584 $ 558 Originations 28 32 Changes in fair value of MSRs due to changes in inputs and assumptions (64 ) 57 Other changes (1) (40 ) (33 ) Sale of MSRs — (18 ) Balance, as of June 30 $ 508 $ 596 (1) Represents changes due to customer payments and passage of time. The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments, which causes the fair value of the MSRs to increase. In managing this risk, Citigroup economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities, all classified as Trading account assets . The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Servicing fees $ 35 $ 43 $ 76 $ 89 Late fees 2 1 4 2 Ancillary fees — 3 1 6 Total MSR fees $ 37 $ 47 $ 81 $ 97 In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees , and changes in MSR fair values are classified as Other revenue . Re-securitizations The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private label) securities to re-securitization entities during the quarters ended June 30, 2019 and 2018 . These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of June 30, 2019 , Citi held no retained interests in private label re-securitization transactions structured by Citi. As of December 31, 2018 , the fair value of Citi-retained interests in private label re-securitization transactions structured by Citi totaled approximately $16 million (all related to re-securitization transactions executed prior to 2016). Of this amount, substantially all was related to subordinated beneficial interests. The original par value of private label re-securitization transactions in which Citi held a retained interest as of December 31, 2018 was approximately $271 million . The Company also re-securitizes U.S. government-agency guaranteed mortgage-backed (agency) securities. During the three and six months ended June 30, 2019 , Citi transferred agency securities with a fair value of approximately $6.9 billion and $14.5 billion , respectively, to re-securitization entities compared to approximately $6.6 billion and $13.6 billion for the three and six months ended June 30, 2018 . As of June 30, 2019 , the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $2.5 billion (including $1.1 billion related to re-securitization transactions executed in 2019 ) compared to $2.5 billion as of December 31, 2018 (including $1.4 billion related to re-securitization transactions executed in 2018 ), which is recorded in Trading account assets . The original fair value of agency re-securitization transactions in which Citi holds a retained interest as of June 30, 2019 and December 31, 2018 was approximately $69.9 billion and $70.9 billion , respectively. As of June 30, 2019 and December 31, 2018 , the Company did not consolidate any private label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits At June 30, 2019 and December 31, 2018 , the commercial paper conduits administered by Citi had approximately $16.4 billion and $18.8 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $16.3 billion and $14.0 billion , respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At June 30, 2019 and December 31, 2018 , the weighted average remaining lives of the commercial paper issued by the conduits were approximately 43 and 53 days , respectively. The primary credit enhancement provided to the conduit investors is in the form of transaction-specific credit enhancements described above. In addition to the transaction-specific credit enhancements, the conduits, other than the government guaranteed loan conduit, have obtained a letter of credit from the Company, which is equal to at least 8% to 10% of the conduit’s assets with a minimum of $200 million . The letters of credit provided by the Company to the conduits total approximately $1.5 billion and $1.7 billion as of June 30, 2019 and December 31, 2018 , respectively. The net result across multi-seller conduits administered by the Company is that, in the event that defaulted assets exceed the transaction-specific credit enhancements described above, any losses in each conduit are allocated first to the Company and then to the commercial paper investors. At June 30, 2019 and December 31, 2018 , the Company owned $3.5 billion and $5.5 billion , respectively, of the commercial paper issued by its administered conduits. The Company's investments were not driven by market illiquidity and the Company is not obligated under any agreement to purchase the commercial paper issued by the conduits. Collateralized Loan Obligations (CLOs) There were no new securitizations during the three or six months ended June 30, 2019 and 2018 . The following table summarizes selected retained interests related to Citigroup CLOs: In millions of dollars Jun. 30, 2019 Dec. 31, 2018 Carrying value of retained interests $ 1,765 $ 3,142 All of Citi’s retained interests were held-to-maturity securities as of June 30, 2019 and December 31, 2018 . Asset-Based Financing The primary types of Citi’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement and Citi’s maximum exposure to loss are shown below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. June 30, 2019 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 28,770 $ 6,803 Corporate loans 8,701 7,254 Hedge funds and equities 485 53 Airplanes, ships and other assets 105,820 21,137 Total $ 143,776 $ 35,247 December 31, 2018 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 23,918 $ 6,928 Corporate loans 6,973 5,744 Hedge funds and equities 388 53 Airplanes, ships and other assets 67,526 19,387 Total $ 98,805 $ 32,112 Municipal Securities Tender Option Bond (TOB) Trusts At June 30, 2019 and December 31, 2018 , none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company. At June 30, 2019 and December 31, 2018 , liquidity agreements provided with respect to customer TOB trusts totaled $4.1 billion and $4.3 billion , respectively, of which $2.0 billion and $2.3 billion , respectively, were offset by reimbursement agreements. For the remaining exposure related to TOB transactions, where the residual owned by the customer was at least 25% of the bond value at the inception of the transaction, no reimbursement agreement was executed. The Company also provides other liquidity agreements or letters of credit to customer-sponsored municipal investment funds, which are not variable interest entities, and municipality-related issuers that totaled $7.0 billion and $6.1 billion as of June 30, 2019 and December 31, 2018 , respectively. These liquidity agreements and letters of credit are offset by reimbursement agreements with various term-out provisions. |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES In the ordinary course of business, Citigroup enters into various types of derivative transactions. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. For additional information regarding Citi’s use of and accounting for derivatives, see Note 22 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. Information pertaining to Citigroup’s derivative activities, based on notional amounts, is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Rather, 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. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk. In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals Hedging instruments under Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 301,560 $ 273,636 $ 21,499,304 $ 18,138,686 Futures and forwards — — 6,717,597 4,632,257 Written options — — 2,924,051 3,018,469 Purchased options — — 2,645,790 2,532,479 Total interest rate contracts $ 301,560 $ 273,636 $ 33,786,742 $ 28,321,891 Foreign exchange contracts Swaps $ 59,644 $ 57,153 $ 6,894,570 $ 6,738,158 Futures, forwards and spot 41,395 41,410 5,769,581 5,115,504 Written options 494 1,726 1,498,054 1,566,717 Purchased options 517 2,104 1,519,070 1,543,516 Total foreign exchange contracts $ 102,050 $ 102,393 $ 15,681,275 $ 14,963,895 Equity contracts Swaps $ — $ — $ 237,294 $ 217,580 Futures and forwards — — 58,086 52,053 Written options — — 490,146 454,675 Purchased options — — 361,189 341,018 Total equity contracts $ — $ — $ 1,146,715 $ 1,065,326 Commodity and other contracts Swaps $ — $ — $ 80,780 $ 79,133 Futures and forwards 910 802 161,555 146,647 Written options — — 84,958 62,629 Purchased options — — 81,833 61,298 Total commodity and other contracts $ 910 $ 802 $ 409,126 $ 349,707 Credit derivatives (1) Protection sold $ — $ — $ 666,733 $ 724,939 Protection purchased — — 747,129 795,649 Total credit derivatives $ — $ — $ 1,413,862 $ 1,520,588 Total derivative notionals $ 404,520 $ 376,831 $ 52,437,720 $ 46,221,407 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of June 30, 2019 and December 31, 2018 . Gross positive fair values are offset against gross negative fair values by counterparty, pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount if a legal opinion supporting the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral. In addition, the following tables reflect rule changes adopted by clearing organizations that require or allow entities to treat certain derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities that are subject to collateral, whereby the counterparties would also record a related collateral payable or receivable. As a result, the tables reflect a reduction of approximately $160 billion and $100 billion as of June 30, 2019 and December 31, 2018 , respectively, of derivative assets and derivative liabilities that previously would have been reported on a gross basis, but are now legally settled and not subject to collateral. The tables also present amounts that are not permitted to be offset, such as security collateral or cash collateral posted at third-party custodians, but which would be eligible for offsetting to the extent that an event of default 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 June 30, 2019 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 523 $ 138 Cleared 1,262 95 Interest rate contracts $ 1,785 $ 233 Over-the-counter $ 3,372 $ 684 Cleared — 5 Foreign exchange contracts $ 3,372 $ 689 Total derivatives instruments designated as ASC 815 hedges $ 5,157 $ 922 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 205,779 $ 183,048 Cleared 5,860 7,317 Exchange traded 220 163 Interest rate contracts $ 211,859 $ 190,528 Over-the-counter $ 126,634 $ 130,424 Cleared 1,931 1,661 Exchange traded 37 56 Foreign exchange contracts $ 128,602 $ 132,141 Over-the-counter $ 16,911 $ 21,437 Cleared 83 53 Exchange traded 10,194 10,304 Equity contracts $ 27,188 $ 31,794 Over-the-counter $ 14,042 $ 17,212 Exchange traded 698 571 Commodity and other contracts $ 14,740 $ 17,783 Over-the-counter $ 9,886 $ 10,721 Cleared 1,101 1,199 Credit derivatives $ 10,987 $ 11,920 Total derivatives instruments not designated as ASC 815 hedges $ 393,376 $ 384,166 Total derivatives $ 398,533 $ 385,088 Cash collateral paid/received (3) $ 14,134 $ 14,041 Less: Netting agreements (4) (311,423 ) (311,423 ) Less: Netting cash collateral received/paid (5) (47,136 ) (37,933 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 54,108 $ 49,773 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (752 ) $ (110 ) Less: Non-cash collateral received/paid (13,600 ) (14,185 ) Total net receivables/payables (6) $ 39,756 $ 35,478 (1) The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $52,067 million and $61,177 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $37,933 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $47,136 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $297 billion , $4 billion and $10 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $5 billion of derivative asset and $5 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2018 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,631 $ 172 Cleared 238 53 Interest rate contracts $ 1,869 $ 225 Over-the-counter $ 1,402 $ 736 Cleared — 4 Foreign exchange contracts $ 1,402 $ 740 Total derivatives instruments designated as ASC 815 hedges $ 3,271 $ 965 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 161,183 $ 146,909 Cleared 8,489 7,594 Exchange traded 91 99 Interest rate contracts $ 169,763 $ 154,602 Over-the-counter $ 159,099 $ 156,904 Cleared 1,900 1,671 Exchange traded 53 40 Foreign exchange contracts $ 161,052 $ 158,615 Over-the-counter $ 18,253 $ 21,527 Cleared 17 32 Exchange traded 11,623 12,249 Equity contracts $ 29,893 $ 33,808 Over-the-counter $ 16,661 $ 19,894 Exchange traded 894 795 Commodity and other contracts $ 17,555 $ 20,689 Over-the-counter $ 6,967 $ 6,155 Cleared 3,798 4,196 Credit derivatives $ 10,765 $ 10,351 Total derivatives instruments not designated as ASC 815 hedges $ 389,028 $ 378,065 Total derivatives $ 392,299 $ 379,030 Cash collateral paid/received (3) $ 11,518 $ 13,906 Less: Netting agreements (4) (311,089 ) (311,089 ) Less: Netting cash collateral received/paid (5) (38,608 ) (29,911 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 54,120 $ 51,936 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (767 ) $ (164 ) Less: Non-cash collateral received/paid (13,509 ) (13,354 ) Total net receivables/payables (6) $ 39,844 $ 38,418 (1) The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $41,429 million and $52,514 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $29,911 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $38,608 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $296 billion , $4 billion and $11 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $5 billion of derivative asset and $7 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the three and six months ended June 30, 2019 and 2018 , amounts recognized in Principal transactions in the Consolidated Statement of Income include certain derivatives not designated in a qualifying hedging relationship. Citigroup presents this disclosure by business classification, showing derivative gains and losses related to its trading activities together with gains and losses related to non-derivative instruments within the same trading portfolios, as this represents how these portfolios are risk managed. See Note 6 to the Consolidated Financial Statements for further information. The amounts recognized in Other revenue in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains (losses) on the economically hedged items to the extent that such amounts are also recorded in Other revenue . Gains (losses) included in Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Interest rate contracts $ 35 $ (15 ) $ 62 $ (43 ) Foreign exchange 71 (517 ) 13 13 Total $ 106 $ (532 ) $ 75 $ (30 ) Fair Value Hedges Hedging of Benchmark Interest Rate Risk Citigroup’s fair value hedges are primarily hedges of fixed-rate long-term debt or assets, such as available-for-sale debt securities or loans. For qualifying fair value hedges of interest rate risk, the changes in the fair value of the derivative and the change in the fair value of the hedged item attributable to the hedged risk are presented within Interest revenue or Interest expense based on whether the hedged item is an asset or a liability. In the first quarter of 2019, Citigroup executed a last-of-layer hedge, which permits an entity to hedge the interest rate risk of a stated portion of a closed portfolio of pre-payable financial assets that are expected to remain outstanding for the designated tenor of the hedge. In accordance with ASC 815, an entity may exclude prepayment risk when measuring the change in fair value of the hedged item attributable to interest rate risk under the last-of-layer approach. Similar to other fair value hedges, where the hedged item is an asset, the fair value of the hedged item attributable to interest rate risk will be presented in Interest revenue along with the change in the fair value of the hedging instrument. Hedging of Foreign Exchange Risk Citigroup hedges the change in fair value attributable to foreign exchange rate movements in available-for-sale debt securities and long-term debt that are denominated in currencies other than the functional currency of the entity holding the securities or issuing the debt. The hedging instrument is generally a forward foreign exchange contract or a cross-currency swap contract. Citigroup considers the premium associated with forward contracts (i.e., the differential between the spot and contractual forward rates) as the cost of hedging; this amount is excluded from the assessment of hedge effectiveness and is generally reflected directly in earnings over the life of the hedge. Citi also excludes changes in cross-currency basis associated with cross-currency swaps from the assessment of hedge effectiveness and records it in Other comprehensive income. Hedging of Commodity Price Risk Citigroup hedges the change in fair value attributable to spot price movements in physical commodities inventory. The hedging instrument is a futures contract to sell the underlying commodity. In this hedge, the change in the value of the hedged inventory is reflected in earnings, which offsets the change in the fair value of the futures contract that is also reflected in earnings. Although the change in the fair value of the hedging instrument recorded in earnings includes changes in forward rates, Citigroup excludes the differential between the spot and the contractual forward rates under the futures contract from the assessment of hedge effectiveness and reflects it directly in earnings over the life of the hedge. The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 In millions of dollars Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Net interest revenue Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ 1,853 $ — $ (518 ) $ — $ 2,816 $ — $ 360 Foreign exchange hedges (180 ) — 320 — (12 ) — 499 — Commodity hedges (172 ) — 2 — (102 ) — — — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (352 ) $ 1,853 $ 322 $ (518 ) $ (114 ) $ 2,816 $ 499 $ 360 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (1,783 ) $ — $ 520 $ — $ (2,662 ) $ — $ (346 ) Foreign exchange hedges 180 — (347 ) — 12 — (596 ) — Commodity hedges 172 — — — 102 — 1 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 352 $ (1,783 ) $ (347 ) $ 520 $ 114 $ (2,662 ) $ (595 ) $ (346 ) Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (4 ) $ — $ (5 ) $ — $ (4 ) $ — $ (5 ) Foreign exchange hedges (2) (118 ) — 33 — (121 ) — 56 — Commodity hedges 5 — 1 — 23 — 2 — Total net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges $ (113 ) $ (4 ) $ 34 $ (5 ) $ (98 ) $ (4 ) $ 58 $ (5 ) (1) Gain (loss) amounts for hedges of interest rate risk are included in Interest income/Interest expense . 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) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings. Amounts related to cross-currency basis, which are recognized in AOCI, are not reflected in the table above. The amount of cross-currency basis that was included in AOCI was $59 million and $83 million for the three and six months ended June 30, 2019 and $(37) million and $(42) million for the three and six months ended June 30, 2018, respectively. Cumulative Basis Adjustment Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative changes in the hedged risk. The hedge basis adjustment, whether from an active or de-designated hedge relationship, remains with the hedged item until the hedged item is derecognized from the balance sheet. The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at June 30, 2019 and December 31, 2018, along with the cumulative hedge basis adjustments included in the carrying value of those hedged assets and liabilities. In millions of dollars Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated As of June 30, 2019 Debt securities (1) $ 110,515 $ 360 $ 628 Long-term debt 162,894 4,548 1,407 As of December 31, 2018 Debt securities $ 81,632 $ (196 ) $ 295 Long-term 149,054 1,211 869 (1) These amounts include a cumulative basis adjustment of $172 million as of June 30, 2019 related to certain prepayable financial assets designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated $2 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $26.4 billion as of June 30, 2019) in a last-of-layer hedging relationship, which commenced in the first quarter of 2019. Cash Flow Hedges Citigroup hedges the variability of forecasted cash flows due to changes in contractually specified interest rates associated with floating-rate assets/liabilities and other forecasted transactions. These cash flow hedging relationships use either regression analysis or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis. For cash flow hedges, the entire change in the fair value of the hedging derivative is recognized in AOCI and then reclassified to earnings in the same period that the forecasted hedged cash flows impact earnings. The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of June 30, 2019 is approximately $91 million . The maximum length of time over which forecasted cash flows are hedged is 10 years. The pretax change in AOCI from cash flow hedges is presented below. The after-tax impact of cash flow hedges on AOCI is shown in Note 17 to the Consolidated Financial Statements. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Amount of gain (loss) recognized in AOCI on derivative Interest rate contracts (1) $ 545 $ (222 ) $ 799 $ (544 ) Foreign exchange contracts (1 ) 5 (9 ) (1 ) Total gain (loss) recognized in AOCI $ 544 $ (217 ) $ 790 $ (545 ) Amount of gain (loss) reclassified from AOCI to earnings Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Net interest revenue Interest rate contracts (1) $ — $ (134 ) $ — $ (88 ) $ — $ (264 ) $ — $ (119 ) Foreign exchange contracts (2 ) — (6 ) — (4 ) — (4 ) — Total gain (loss) reclassified from AOCI into earnings $ (2 ) $ (134 ) $ (6 ) $ (88 ) $ (4 ) $ (264 ) $ (4 ) $ (119 ) Net pretax change in cash flow hedges included within AOCI $ 680 $ (123 ) $ 1,058 $ (422 ) (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest revenue in the Consolidated Statement of Income. Net Investment Hedges The pretax gain (loss) recorded in the foreign currency translation adjustment account within AOCI, related to net investment hedges, is $(134) million and $(298) million for the three and six months ended June 30, 2019 and $1,633 million and $1,143 million for the three and six months ended June 30, 2018, respectively. Credit Derivatives The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at June 30, 2019 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 4,748 $ 4,551 $ 206,498 $ 204,392 Broker-dealers 1,535 1,470 59,717 61,717 Non-financial 77 119 2,323 1,567 Insurance and other financial institutions 4,627 5,780 478,591 399,057 Total by industry of counterparty $ 10,987 $ 11,920 $ 747,129 $ 666,733 By instrument Credit default swaps and options $ 10,384 $ 10,526 $ 720,153 $ 655,896 Total return swaps and other 603 1,394 26,976 10,837 Total by instrument $ 10,987 $ 11,920 $ 747,129 $ 666,733 By rating of reference entity Investment grade $ 5,027 $ 5,281 $ 590,084 $ 515,070 Non-investment grade 5,960 6,639 157,045 151,663 Total by rating of reference entity $ 10,987 $ 11,920 $ 747,129 $ 666,733 By maturity Within 1 year $ 1,733 $ 2,493 $ 240,625 $ 206,633 From 1 to 5 years 7,542 7,760 452,460 417,738 After 5 years 1,712 1,667 54,044 42,362 Total by maturity $ 10,987 $ 11,920 $ 747,129 $ 666,733 (1) The fair value amount receivable is composed of $3,931 million under protection purchased and $7,056 million under protection sold. (2) The fair value amount payable is composed of $8,377 million under protection purchased and $3,543 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2018 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 4,785 $ 4,432 $ 214,842 $ 218,273 Broker-dealers 1,706 1,612 62,904 63,014 Non-financial 64 87 2,687 1,192 Insurance and other financial institutions 4,210 4,220 515,216 442,460 Total by industry of counterparty $ 10,765 $ 10,351 $ 795,649 $ 724,939 By instrument Credit default swaps and options $ 10,030 $ 9,755 $ 771,865 $ 712,623 Total return swaps and other 735 596 23,784 12,316 Total by instrument $ 10,765 $ 10,351 $ 795,649 $ 724,939 By rating of reference entity Investment grade $ 4,725 $ 4,544 $ 637,790 $ 568,849 Non-investment grade 6,040 5,807 157,859 156,090 Total by rating of reference entity $ 10,765 $ 10,351 $ 795,649 $ 724,939 By maturity Within 1 year $ 2,037 $ 2,063 $ 251,994 $ 225,597 From 1 to 5 years 6,720 6,414 493,096 456,409 After 5 years 2,008 1,874 50,559 42,933 Total by maturity $ 10,765 $ 10,351 $ 795,649 $ 724,939 (1) The fair value amount receivable is composed of $5,126 million under protection purchased and $5,639 under protection sold. (2) The fair value amount payable is composed of $5,882 million under protection purchased and $4,469 million under protection sold. Credit Risk-Related Contingent Features in Derivatives Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates. The fair value (excluding CVA) of all derivative instruments with credit risk-related contingent features that were in a net liability position at both June 30, 2019 and December 31, 2018 was $30 billion and $33 billion , respectively. The Company posted $29 billion and $33 billion as collateral for this exposure in the normal course of business as of June 30, 2019 and December 31, 2018, respectively. A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of June 30, 2019, the Company could be required to post an additional $0.7 billion as either collateral or settlement of the derivative transactions. Additionally, the Company could be required to segregate with third-party custodians collateral previously received from existing derivative counterparties in the amount of $0.1 billion upon the single notch downgrade, resulting in aggregate cash obligations and collateral requirements of approximately $0.8 billion . Derivatives Accompanied by Financial Asset Transfers For transfers of financial assets accounted for as a sale by the Company and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), both the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $6.0 billion and $4.1 billion as of June 30, 2019 and December 31, 2018, respectively. At June 30, 2019 , the fair value of these previously derecognized assets was $6.1 billion . The fair value of the total return swaps as of June 30, 2019 was $90 million recorded as gross derivative assets and $57 million recorded as gross derivative liabilities. At December 31, 2018, the fair value of these previously derecognized assets was $4.1 billion , and the fair value of the total return swaps was $55 million recorded as gross derivative assets and $9 million recorded as gross derivative liabilities. The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT For additional information regarding fair value measurement at Citi, see Note 24 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. Market Valuation Adjustments The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at June 30, 2019 and December 31, 2018 : Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars June 30, December 31, Counterparty CVA $ (866 ) $ (1,085 ) Asset FVA (563 ) (544 ) Citigroup (own-credit) CVA 375 482 Liability FVA 105 135 Total CVA—derivative instruments (1) $ (949 ) $ (1,012 ) (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 June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Counterparty CVA $ 28 $ — $ 102 $ 23 Asset FVA (39 ) 40 (19 ) 49 Own-credit CVA (13 ) 24 (105 ) 99 Liability FVA 18 22 (30 ) 15 Total CVA—derivative instruments $ (6 ) $ 86 $ (52 ) $ 186 DVA related to own FVO liabilities (1) $ 3 $ 418 $ (722 ) $ 585 Total CVA and DVA (2) $ (3 ) $ 504 $ (774 ) $ 771 (1) See Notes 1 and 17 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. (2) FVA is included with CVA for presentation purposes. Items Measured at Fair Value on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2019 and December 31, 2018 . The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2 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 June 30, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 263,499 $ 122 $ 263,621 $ (85,513 ) $ 178,108 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 27,036 187 27,223 — 27,223 Residential — 540 131 671 — 671 Commercial — 1,482 53 1,535 — 1,535 Total trading mortgage-backed securities $ — $ 29,058 $ 371 $ 29,429 $ — $ 29,429 U.S. Treasury and federal agency securities $ 38,082 $ 5,231 $ — $ 43,313 $ — $ 43,313 State and municipal — 2,671 177 2,848 — 2,848 Foreign government 59,912 24,133 20 84,065 — 84,065 Corporate 2,288 14,809 454 17,551 — 17,551 Equity securities 51,566 9,176 123 60,865 — 60,865 Asset-backed securities — 1,735 1,411 3,146 — 3,146 Other trading assets (2) 10 10,756 740 11,506 — 11,506 Total trading non-derivative assets $ 151,858 $ 97,569 $ 3,296 $ 252,723 $ — $ 252,723 Trading derivatives Interest rate contracts $ 332 $ 211,668 $ 1,644 $ 213,644 Foreign exchange contracts — 131,595 379 131,974 Equity contracts 364 26,355 469 27,188 Commodity contracts — 13,717 1,023 14,740 Credit derivatives — 10,291 696 10,987 Total trading derivatives $ 696 $ 393,626 $ 4,211 $ 398,533 Cash collateral paid (3) $ 14,134 Netting agreements $ (311,423 ) Netting of cash collateral received (47,136 ) Total trading derivatives $ 696 $ 393,626 $ 4,211 $ 412,667 $ (358,559 ) $ 54,108 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 37,829 $ 31 $ 37,860 $ — $ 37,860 Residential — 910 — 910 — 910 Commercial — 115 — 115 — 115 Total investment mortgage-backed securities $ — $ 38,854 $ 31 $ 38,885 $ — $ 38,885 U.S. Treasury and federal agency securities $ 101,889 $ 7,620 $ — $ 109,509 $ — $ 109,509 State and municipal — 5,144 1,026 6,170 — 6,170 Foreign government 64,001 37,662 77 101,740 — 101,740 Corporate 5,115 7,152 56 12,323 — 12,323 Marketable equity securities 57 476 — 533 — 533 Asset-backed securities — 559 59 618 — 618 Other debt securities — 4,190 — 4,190 — 4,190 Non-marketable equity securities (4) — 96 448 544 — 544 Total investments $ 171,062 $ 101,753 $ 1,697 $ 274,512 $ — $ 274,512 Table continues on the next page. In millions of dollars at June 30, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,405 $ 419 $ 3,824 $ — $ 3,824 Mortgage servicing rights — — 508 508 — 508 Non-trading derivatives and other financial assets measured on a recurring basis $ 16,669 $ 5,928 $ — $ 22,597 $ — $ 22,597 Total assets $ 340,285 $ 865,780 $ 10,253 $ 1,230,452 $ (444,072 ) $ 786,380 Total as a percentage of gross assets (5) 28.0 % 71.2 % 0.8 % Liabilities Interest-bearing deposits $ — $ 1,457 $ 1,182 $ 2,639 $ — $ 2,639 Securities loaned and sold under agreements to repurchase — 129,565 1,085 130,650 (85,513 ) 45,137 Trading account liabilities Securities sold, not yet purchased 73,084 13,372 28 86,484 — 86,484 Other trading liabilities — 37 — 37 — 37 Total trading liabilities $ 73,084 $ 13,409 $ 28 $ 86,521 $ — $ 86,521 Trading derivatives Interest rate contracts $ 211 $ 188,797 $ 1,753 $ 190,761 Foreign exchange contracts — 132,354 476 132,830 Equity contracts 296 29,835 1,663 31,794 Commodity contracts — 16,907 876 17,783 Credit derivatives — 11,310 610 11,920 Total trading derivatives $ 507 $ 379,203 $ 5,378 $ 385,088 Cash collateral received (6) $ 14,041 Netting agreements $ (311,423 ) Netting of cash collateral paid (37,933 ) Total trading derivatives $ 507 $ 379,203 $ 5,378 $ 399,129 $ (349,356 ) $ 49,773 Short-term borrowings $ — $ 5,137 $ 154 $ 5,291 $ — $ 5,291 Long-term debt — 34,550 14,938 49,488 — 49,488 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 16,669 $ 129 $ 1 $ 16,799 $ — $ 16,799 Total liabilities $ 90,260 $ 563,450 $ 22,766 $ 690,517 $ (434,869 ) $ 255,648 Total as a percentage of gross liabilities (5) 13.3 % 83.3 % 3.4 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Reflects the net amount of $52,067 million gross cash collateral paid, of which $37,933 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 billion of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (5) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (6) Reflects the net amount $61,177 million of gross cash collateral received, of which $47,136 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2018 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 214,570 $ 115 $ 214,685 $ (66,984 ) $ 147,701 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 24,090 156 24,246 — 24,246 Residential — 709 268 977 — 977 Commercial — 1,323 77 1,400 — 1,400 Total trading mortgage-backed securities $ — $ 26,122 $ 501 $ 26,623 $ — $ 26,623 U.S. Treasury and federal agency securities $ 26,439 $ 4,802 $ 1 $ 31,242 $ — $ 31,242 State and municipal — 3,782 200 3,982 — 3,982 Foreign government 43,309 21,179 31 64,519 — 64,519 Corporate 1,026 14,510 360 15,896 — 15,896 Equity securities 36,342 7,308 153 43,803 — 43,803 Asset-backed securities — 1,429 1,484 2,913 — 2,913 Other trading assets (2) 3 12,198 818 13,019 — 13,019 Total trading non-derivative assets $ 107,119 $ 91,330 $ 3,548 $ 201,997 $ — $ 201,997 Trading derivatives Interest rate contracts $ 101 $ 169,860 $ 1,671 $ 171,632 Foreign exchange contracts — 162,108 346 162,454 Equity contracts 647 28,903 343 29,893 Commodity contracts — 16,788 767 17,555 Credit derivatives — 9,839 926 10,765 Total trading derivatives $ 748 $ 387,498 $ 4,053 $ 392,299 Cash collateral paid (3) $ 11,518 Netting agreements $ (311,089 ) Netting of cash collateral received (38,608 ) Total trading derivatives $ 748 $ 387,498 $ 4,053 $ 403,817 $ (349,697 ) $ 54,120 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 42,988 $ 32 $ 43,020 $ — $ 43,020 Residential — 1,313 — 1,313 — 1,313 Commercial — 172 — 172 — 172 Total investment mortgage-backed securities $ — $ 44,473 $ 32 $ 44,505 $ — $ 44,505 U.S. Treasury and federal agency securities $ 107,577 $ 9,645 $ — $ 117,222 $ — $ 117,222 State and municipal — 8,498 708 9,206 — 9,206 Foreign government 58,252 42,371 68 100,691 — 100,691 Corporate 4,410 7,033 156 11,599 — 11,599 Marketable equity securities 206 14 — 220 — 220 Asset-backed securities — 656 187 843 — 843 Other debt securities — 3,972 — 3,972 — 3,972 Non-marketable equity securities (4) — 96 586 682 — 682 Total investments $ 170,445 $ 116,758 $ 1,737 $ 288,940 $ — $ 288,940 Table continues on the next page. In millions of dollars at December 31, 2018 Level 1 Level 2 Level 3 Gross Netting (2) Net Loans $ — $ 2,946 $ 277 $ 3,223 $ — $ 3,223 Mortgage servicing rights — — 584 584 — 584 Non-trading derivatives and other financial assets measured on a recurring basis $ 15,839 $ 4,949 $ — $ 20,788 $ — $ 20,788 Total assets $ 294,151 $ 818,051 $ 10,314 $ 1,134,034 $ (416,681 ) $ 717,353 Total as a percentage of gross assets (5) 26.2 % 72.9 % 0.9 % Liabilities Interest-bearing deposits $ — $ 980 $ 495 $ 1,475 $ — $ 1,475 Securities loaned and sold under agreements to repurchase — 110,511 983 111,494 (66,984 ) 44,510 Trading account liabilities Securities sold, not yet purchased 78,872 11,364 586 90,822 — 90,822 Other trading liabilities — 1,547 — 1,547 — 1,547 Total trading liabilities $ 78,872 $ 12,911 $ 586 $ 92,369 $ — $ 92,369 Trading account derivatives Interest rate contracts $ 71 $ 152,931 $ 1,825 $ 154,827 Foreign exchange contracts — 159,003 352 159,355 Equity contracts 351 32,330 1,127 33,808 Commodity contracts — 19,904 785 20,689 Credit derivatives — 9,486 865 10,351 Total trading derivatives $ 422 $ 373,654 $ 4,954 $ 379,030 Cash collateral received (6) $ 13,906 Netting agreements $ (311,089 ) Netting of cash collateral paid (29,911 ) Total trading derivatives $ 422 $ 373,654 $ 4,954 $ 392,936 $ (341,000 ) $ 51,936 Short-term borrowings $ — $ 4,446 $ 37 $ 4,483 $ — $ 4,483 Long-term debt — 25,659 12,570 38,229 — 38,229 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 15,839 $ 67 $ — $ 15,906 $ — $ 15,906 Total liabilities $ 95,133 $ 528,228 $ 19,625 $ 656,892 $ (407,984 ) $ 248,908 Total as a percentage of gross liabilities (5) 14.8 % 82.1 % 3.1 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Reflects the net amount of $41,429 million of gross cash collateral paid, of which $29,911 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 billion of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (5) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (6) Reflects the net amount of $52,514 million of gross cash collateral received, of which $38,608 million was used to offset trading derivative assets. Changes in Level 3 Fair Value Category The following tables present the changes in the Level 3 fair value category for the three and six months ended June 30, 2019 and 2018 . The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. The Company often hedges positions with offsetting positions that are classified in a different level. For example, the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Assets Securities borrowed and purchased under agreements to resell $ 66 $ 5 $ — $ 2 $ — $ 49 $ — $ — $ — $ 122 $ — Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 154 6 — 1 (2 ) 42 (1 ) (13 ) — 187 4 Residential 128 10 — 17 (9 ) 61 — (76 ) — 131 15 Commercial 69 2 — 3 (34 ) 38 — (25 ) — 53 (6 ) Total trading mortgage- backed securities $ 351 $ 18 $ — $ 21 $ (45 ) $ 141 $ (1 ) $ (114 ) $ — $ 371 $ 13 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 178 — — — — — — (1 ) — 177 — Foreign government 39 2 — — — — — (21 ) — 20 1 Corporate 378 255 — 41 (5 ) 109 — (322 ) (2 ) 454 55 Marketable equity securities 127 13 — (2 ) — 48 — (63 ) — 123 (28 ) Asset-backed securities 1,429 20 — 6 (15 ) 242 — (271 ) — 1,411 10 Other trading assets 1,042 45 — 2 (135 ) 97 6 (312 ) (5 ) 740 6 Total trading non- derivative assets $ 3,544 $ 353 $ — $ 68 $ (200 ) $ 637 $ 5 $ (1,104 ) $ (7 ) $ 3,296 $ 57 Trading derivatives, net (4) Interest rate contracts $ (116 ) $ (68 ) $ — $ (59 ) $ 137 $ (21 ) $ 19 $ 8 $ (9 ) $ (109 ) $ (101 ) Foreign exchange contracts 46 (109 ) — 15 9 — — (2 ) (56 ) (97 ) (124 ) Equity contracts (1,345 ) 183 — (38 ) 100 2 (88 ) (2 ) (6 ) (1,194 ) 193 Commodity contracts 304 (243 ) — 9 (4 ) 66 — (12 ) 27 147 (135 ) Credit derivatives 34 59 — (1 ) (38 ) — — 14 18 86 10 Total trading derivatives, net (4) $ (1,077 ) $ (178 ) $ — $ (74 ) $ 204 $ 47 $ (69 ) $ 6 $ (26 ) $ (1,167 ) $ (157 ) Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (1 ) $ — $ — $ — $ — $ — $ — $ 31 $ (1 ) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (1 ) $ — $ — $ — $ — $ — $ — $ 31 $ (1 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 910 — 42 11 — 236 — (173 ) — 1,026 48 Foreign government 71 — 5 — — 17 — (16 ) — 77 1 Corporate 60 — — — — — — (4 ) — 56 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 806 — 10 1 (585 ) — — (173 ) — 59 9 Other debt securities — — — — — — — — — — — Non-marketable equity securities 505 — (2 ) 6 — 3 — (64 ) — 448 (12 ) Total investments $ 2,384 $ — $ 54 $ 18 $ (585 ) $ 256 $ — $ (430 ) $ — $ 1,697 $ 45 Loans $ 373 $ — $ 63 $ 3 $ — $ 5 $ — $ (25 ) $ — $ 419 $ 174 Mortgage servicing rights 551 — (37 ) — — — 16 — (22 ) 508 (34 ) Other financial assets measured on a recurring basis — — 9 — 4 — (3 ) (4 ) (6 ) — — Liabilities Interest-bearing deposits $ 1,047 $ — $ (39 ) $ 2 $ (18 ) $ — $ 129 $ — $ (17 ) $ 1,182 $ (211 ) Securities loaned and sold under agreements to repurchase 1,041 (42 ) — 2 — — — — — 1,085 (13 ) Trading account liabilities Securities sold, not yet purchased 15 (6 ) — 15 (6 ) — — — (2 ) 28 (1 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 170 2 — — (25 ) — 12 — (1 ) 154 (2 ) Long-term debt 13,734 (819 ) — 747 (1,360 ) 20 900 (1 ) 79 14,938 (1,023 ) Other financial liabilities measured on a recurring basis — — 4 5 — — — — — 1 — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2019 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Assets Securities borrowed and purchased under agreements to resell $ 115 $ 1 $ — $ 5 $ (4 ) $ 94 $ — $ — $ (89 ) $ 122 $ 3 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 156 6 — 1 (27 ) 90 (1 ) (38 ) — 187 7 Residential 268 11 — 22 (40 ) 130 — (260 ) — 131 15 Commercial 77 4 — 5 (35 ) 62 — (60 ) — 53 (5 ) Total trading mortgage-backed securities $ 501 $ 21 $ — $ 28 $ (102 ) $ 282 $ (1 ) $ (358 ) $ — $ 371 $ 17 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — State and municipal 200 (1 ) — — (19 ) 1 — (4 ) — 177 — Foreign government 31 1 — 9 — 3 — (24 ) — 20 1 Corporate 360 345 — 62 (31 ) 178 (33 ) (425 ) (2 ) 454 34 Marketable equity securities 153 3 — (1 ) (11 ) 57 — (78 ) — 123 (25 ) Asset-backed securities 1,484 (6 ) — 13 (47 ) 463 — (496 ) — 1,411 57 Other trading assets 818 50 — 15 (167 ) 437 10 (414 ) (9 ) 740 (15 ) Total trading non-derivative assets $ 3,548 $ 413 $ — $ 126 $ (377 ) $ 1,421 $ (24 ) $ (1,799 ) $ (12 ) $ 3,296 $ 69 Trading derivatives, net (4) Interest rate contracts $ (154 ) $ (119 ) $ — $ (74 ) $ 164 $ (15 ) $ 31 $ 8 $ 50 $ (109 ) $ (85 ) Foreign exchange contracts (6 ) (49 ) — — 24 3 — (6 ) (63 ) (97 ) (165 ) Equity contracts (784 ) (111 ) — (192 ) 109 1 (147 ) — (70 ) (1,194 ) (338 ) Commodity contracts (18 ) 37 — 6 6 120 — (46 ) 42 147 153 Credit derivatives 61 (260 ) — (19 ) 194 — — 14 96 86 (335 ) Total trading derivatives, net (4) $ (901 ) $ (502 ) $ — $ (279 ) $ 497 $ 109 $ (116 ) $ (30 ) 55 $ (1,167 ) $ (770 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (1 ) $ — $ — $ — $ — $ — $ — $ 31 $ (3 ) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (1 ) $ — $ — $ — $ — $ — $ — $ 31 $ (3 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 708 — 94 14 — 421 — (211 ) — 1,026 84 Foreign government 68 — 1 — — 56 — (48 ) — 77 1 Corporate 156 — — — (94 ) — — (6 ) — 56 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 187 — 8 95 (585 ) 550 — (196 ) — 59 9 Other debt securities — — — — — — — — — — — Non-marketable equity securities 586 — 20 6 — 7 — (150 ) (21 ) 448 (15 ) Total investments $ 1,737 $ — $ 122 $ 115 $ (679 ) $ 1,034 $ — $ (611 ) $ (21 ) $ 1,697 $ 76 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Loans $ 277 $ — $ 108 $ 128 $ (70 ) $ 11 $ — $ (35 ) $ — $ 419 $ 294 Mortgage servicing rights 584 — (64 ) — — — 28 — (40 ) 508 (60 ) Other financial assets measured on a recurring basis — — 25 — 4 — (5 ) (8 ) (16 ) — — Liabilities Interest-bearing deposits $ 495 $ — $ (49 ) $ 3 $ (22 ) $ — $ 803 $ — $ (146 ) $ 1,182 $ (182 ) Securities loaned and sold under agreements to repurchase 983 (38 ) — 1 4 — — 1 58 1,085 (24 ) Trading account liabilities Securities sold, not yet purchased 586 118 — 16 (447 ) — — — (9 ) 28 — Other trading liabilities — — — — — — — — — — — Short-term borrowings 37 25 — 9 (31 ) — 165 — (1 ) 154 (2 ) Long-term debt 12,570 (1,226 ) — 1,624 (2,961 ) 20 6,850 (4 ) (4,387 ) 14,938 (769 ) Other financial liabilities measured on a recurring basis — — 4 5 — — — — — 1 — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at December 31, 2018 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Assets Securities borrowed and purchased under agreements to resell $ 16 $ 1 $ — $ 49 $ — $ — $ — $ — $ — $ 66 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 206 1 — 3 (41 ) 37 — (107 ) — 99 1 Residential 143 (17 ) — 23 (11 ) 45 — (51 ) — 132 (4 ) Commercial 35 (2 ) — 7 (2 ) 23 — (10 ) — 51 (1 ) Total trading mortgage-backed securities $ 384 $ (18 ) $ — $ 33 $ (54 ) $ 105 $ — $ (168 ) $ — $ 282 $ (4 ) U.S. Treasury and federal agency securities $ — $ — $ — $ 6 $ — $ 1 $ — $ — $ — $ 7 $ — State and municipal 211 4 — — — 13 — (2 ) — 226 2 Foreign government 21 (1 ) — — (5 ) 32 — (11 ) — 36 (1 ) Corporate 252 52 — 12 (19 ) 245 — (22 ) — 520 248 Marketable equity securities 237 7 — 16 (5 ) 74 — (36 ) — 293 30 Asset-backed securities 1,597 17 — 27 (32 ) 373 — (294 ) — 1,688 (16 ) Other trading assets 716 (52 ) — 27 (32 ) 45 — (158 ) (4 ) 542 (21 ) Total trading non-derivative assets $ 3,418 $ 9 $ — $ 121 $ (147 ) $ 888 $ — $ (691 ) $ (4 ) $ 3,594 $ 238 Trading derivatives, net (4) Interest rate contracts $ (6 ) $ 206 $ — $ — $ (109 ) $ 1 $ — $ — $ (6 ) $ 86 $ 270 Foreign exchange contracts 88 167 — (12 ) (5 ) 6 — (5 ) — 239 146 Equity contracts (1,741 ) 34 — (16 ) 279 4 — (4 ) (2 ) (1,446 ) 469 Commodity contracts (1,909 ) (141 ) — 4 90 7 — — 43 (1,906 ) (118 ) Credit derivatives (859 ) (36 ) — (10 ) 14 — — — 43 (848 ) (29 ) Total trading derivatives, net (4) $ (4,427 ) $ 230 $ — $ (34 ) $ 269 $ 18 $ — $ (9 ) $ 78 $ (3,875 ) $ 738 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 23 $ — $ 11 $ — $ — $ — $ — $ — $ — $ 34 $ 12 Residential — — — — — — — — — — — Commercial 5 — — 1 — — — — — 6 — Total investment mortgage-backed securities $ 28 $ — $ 11 $ 1 $ — $ — $ — $ — $ — $ 40 $ 12 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 682 — 3 — (9 ) 111 — (25 ) — 762 3 Foreign government 70 — (3 ) 1 — 5 — (19 ) — 54 (3 ) Corporate 76 — — — (2 ) — — (6 ) — 68 — Marketable equity securities 1 — — — — — — — — 1 — Asset-backed securities 497 — (25 ) 1 (2 ) 11 — (26 ) — 456 (25 ) Other debt securities — — — — — — — — — — — Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Non-marketable equity securities 734 — (54 ) — — — — (33 ) (36 ) 611 (23 ) Total investments $ 2,088 $ — $ (68 ) $ 3 $ (13 ) $ 127 $ — $ (109 ) $ (36 ) $ 1,992 $ (36 ) Loans $ 554 $ — $ (274 ) $ — $ 60 $ 47 $ — $ (6 ) $ — $ 381 $ 40 Mortgage servicing rights 587 — 11 — — — 15 (1 ) (16 ) 596 11 Other financial assets measured on a recurring basis 13 — 14 — (11 ) — — (4 ) (12 ) — 14 Liabilities Interest-bearing deposits $ 292 $ — $ (3 ) $ — $ — $ — $ 25 $ — $ — $ 320 $ (6 ) Securities loaned and sold under agreements to repurchase 857 25 — — — — 96 — 38 966 16 Trading account liabilities Securities sold, not yet purchased 48 (142 ) — 4 (12 ) — — 6 1 189 (50 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 81 (6 ) — 3 (21 ) — 24 — (3 ) 90 10 Long-term debt 13,484 (7 ) — 815 (540 ) — 4 — 11 13,781 92 Other financial liabilities measured on a recurring basis 3 — (2 ) 1 (5 ) — — — (1 ) — — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2018. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Assets Securities borrowed and purchased under agreements to resell $ 16 $ 19 $ — $ 49 $ — $ — $ — $ — $ (18 ) $ 66 $ 10 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 163 2 — 89 (90 ) 153 — (218 ) — 99 1 Residential 164 5 — 58 (88 ) 91 — (98 ) — 132 (4 ) Commercial 57 (1 ) — 11 (37 ) 38 — (17 ) — 51 3 Total trading mortgage-backed securities $ 384 $ 6 $ — $ 158 $ (215 ) $ 282 $ — $ (333 ) $ — $ 282 $ — U.S. Treasury and federal agency securities $ — $ — $ — $ 6 $ — $ 1 $ — $ — $ — $ 7 $ — State and municipal 274 10 — — (44 ) 13 — (27 ) — 226 1 Foreign government 16 (1 ) — 2 (5 ) 46 — (22 ) — 36 (1 ) Corporate 275 95 — 61 (91 ) 279 — (99 ) — 520 251 Marketable equity securities 120 82 — 17 (20 ) 242 — (148 ) — 293 26 Asset-backed securities 1,590 75 — 45 (47 ) 689 — (664 ) — 1,688 39 Other trading assets 615 83 — 85 (42 ) 157 5 (352 ) (9 ) 542 (11 ) Total trading non-derivative assets $ 3,274 $ 350 $ — $ 374 $ (464 ) $ 1,709 $ 5 $ (1,645 ) $ (9 ) $ 3,594 $ 305 Trading derivatives, net (4) Interest rate contracts $ (422 ) $ 587 $ — $ 5 $ (72 ) $ 8 $ — $ (16 ) $ (4 ) $ 86 $ 529 Foreign exchange contracts 130 105 — (13 ) 3 7 — (5 ) 12 239 27 Equity contracts (2,027 ) (102 ) — (73 ) 751 17 — (11 ) (1 ) (1,446 ) 203 Commodity contracts (1,861 ) (174 ) — (43 ) 98 27 — — 47 (1,906 ) (32 ) Credit derivatives (799 ) (98 ) — (9 ) 12 2 — 1 43 (848 ) (219 ) Total trading derivatives, net (4) $ (4,979 ) $ 318 $ — $ (133 ) $ 792 $ 61 $ — $ (31 ) $ 97 $ (3,875 ) $ 508 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 24 $ — $ 10 $ — $ — $ — $ — $ — $ — $ 34 $ (12 ) Residential — — — — — — — — — — — Commercial 3 — 2 1 — — — — — 6 — Total investment mortgage-backed securities $ 27 $ — $ 12 $ 1 $ — $ — $ — $ — $ — $ 40 $ (12 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 737 — (13 ) — (18 ) 140 — (84 ) — 762 (22 ) Foreign government 92 — (4 ) 1 (2 ) 62 — (95 ) — 54 (3 ) Corporate 71 — (1 ) 3 (2 ) 3 — (6 ) — 68 — Marketable equity securities 2 — — — — — — (1 ) — 1 — Asset-backed securities 827 — (15 ) 3 (344 ) 11 — (26 ) — 456 (25 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 681 — (30 ) 30 — 15 — (33 ) (52 ) 611 (7 ) Total investments $ 2,437 $ — $ (51 ) $ 38 $ (366 ) $ 231 $ — $ (245 ) $ (52 ) $ 1,992 $ (69 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Loans $ 550 $ — $ (255 ) $ — $ 59 $ 51 $ — $ (22 ) $ (2 ) $ 381 $ 175 Mortgage servicing rights 558 — 57 — — — 32 (18 ) (33 ) 596 57 Other financial assets measured on a recurring basis 16 — 22 — (11 ) 4 12 (4 ) (39 ) — 33 Liabilities Interest-bearing deposits $ 286 $ — $ 23 $ 12 $ — $ — $ 45 $ — $ — $ 320 $ (60 ) Securities loaned and sold under agreements to repurchase 726 39 — — — — 243 — 36 966 29 Trading account liabilities Securities sold, not yet purchased 22 (247 ) — 7 (31 ) — — 9 (65 ) 189 (46 ) Other trading liabilities 5 5 — — — — — — — — — Short-term borrowings 18 1 — 48 (21 ) — 49 — (3 ) 90 (9 ) Long-term debt 13,082 (243 ) — 1,755 (1,304 ) 36 7 (44 ) 6 13,781 (735 ) Other financial liabilities measured on a recurring basis 8 — (2 ) 1 (10 ) — 2 — (3 ) — (4 ) (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2018. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Level 3 Fair Value Rollforward The following were the significant Level 3 transfers for the period December 31, 2018 to June 30, 2019 : • During the three and six months ended June 30, 2019, transfers of Long-term debt of $0.7 billion and $1.6 billion from Level 2 to Level 3, and of $1.4 billion and $3.0 billion from Level 3 to Level 2, mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable. The following were the significant Level 3 transfers for the period December 31, 2017 to June 30, 2018: • During the three and six months ended June 30, 2018, transfers of Long-term debt of $0.8 billion and $1.8 billion from Level 2 to Level 3, and of $0.5 billion and $1.3 billion from Level 3 to Level 2, mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable. Valuation Techniques and Inputs for Level 3 Fair Value Measurements The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than thos |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
FAIR VALUE ELECTIONS | FAIR VALUE ELECTIONS The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings, other than DVA (see below). The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. The changes in fair value are recorded in current earnings, other than DVA, which from January 1, 2016 are reported in AOCI. Additional discussion regarding the applicable areas in which fair value elections were made is presented in Note 20 to the Consolidated Financial Statements. The Company has elected fair value accounting for its mortgage servicing rights. See Note 18 to the Consolidated Financial Statements for further discussions regarding the accounting and reporting of MSRs. The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Assets Securities borrowed and purchased under agreements to resell $ 6 $ 19 $ 35 $ 3 Trading account assets 45 (85 ) 212 (101 ) Investments — — — — Loans Certain corporate loans (80 ) (3 ) (213 ) (126 ) Certain consumer loans — — — — Total loans $ (80 ) $ (3 ) $ (213 ) $ (126 ) Other assets MSRs $ (37 ) $ 11 $ (64 ) $ 57 Certain mortgage loans HFS (1) 21 10 37 12 Total other assets $ (16 ) $ 21 $ (27 ) $ 69 Total assets $ (45 ) $ (48 ) $ 7 $ (155 ) Liabilities Interest-bearing deposits $ (43 ) $ 10 $ (134 ) $ 38 Securities loaned and sold under agreements to repurchase 51 (15 ) 86 (126 ) Trading account liabilities 2 (15 ) 13 (21 ) Short-term borrowings (2) 94 (59 ) (81 ) 118 Long-term debt (2) (1,113 ) 921 (3,794 ) 1,539 Total liabilities $ (1,009 ) $ 842 $ (3,910 ) $ 1,548 (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. (2) Includes DVA that is included in AOCI. See Notes 17 and 20 to the Consolidated Financial Statements. Own Debt Valuation Adjustments (DVA) Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. Effective January 1, 2016, changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of AOCI. See Note 1 to the Consolidated Financial Statements for additional information. Among other variables, the fair value of liabilities for which the fair value option has been elected (other than non-recourse and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads. The estimated changes in the fair value of these liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were gains of $3 million and $418 million for the three months ended June 30, 2019 and 2018 , and a loss of $722 million and gain of $585 million for the six months ended June 30, 2019 and 2018, 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 offsetting derivative instruments that are accounted for at fair value through earnings. Changes in fair value for transactions in these portfolios are recorded in Principal transactions . The related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as Interest revenue and Interest expense in the Consolidated Statement of Income. Certain Loans and Other Credit Products Citigroup has also elected the fair value option for certain other originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company. The following table provides information about certain credit products carried at fair value: June 30, 2019 December 31, 2018 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 8,448 $ 3,824 $ 10,108 $ 3,224 Aggregate unpaid principal balance in excess of (less than) fair value 410 779 435 741 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — — — — In addition to the amounts reported above, $ 1,057 million and $1,137 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of June 30, 2019 and December 31, 2018 , respectively. Changes in the fair value of funded and unfunded credit products are classified in Principal transactions in Citi’s Consolidated Statement of Income. Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the six months ended June 30, 2019 and 2018 due to instrument-specific credit risk totaled to a gain of $ 53 million and a loss of $20 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 $ 0.8 billion and $0.4 billion at June 30, 2019 and December 31, 2018 , 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 trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties. When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal. The forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings. As of June 30, 2019 , there were approximately $ 9.6 billion and $ 7.2 billion of notional amounts of such forward purchase and forward sale derivative contracts outstanding, respectively. Certain Investments in Private Equity and Real Estate Ventures 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. Certain Mortgage Loans Held-for-Sale (HFS) Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS. These loans are intended for sale or securitization and are hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars June 30, December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 648 $ 556 Aggregate fair value in excess of (less than) unpaid principal balance 21 21 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 six months ended June 30, 2019 and 2018 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: In billions of dollars June 30, 2019 December 31, 2018 Interest rate linked $ 21.5 $ 17.3 Foreign exchange linked 1.0 0.5 Equity linked 19.5 14.8 Commodity linked 1.2 1.2 Credit linked 1.9 1.9 Total $ 45.1 $ 35.7 Prior to 2016, the total change in the fair value of these structured liabilities was reported in Principal transactions in the Company’s Consolidated Statement of Income. Beginning in the first quarter of 2016, the portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value will continue to be reported in Principal transactions . Changes in the fair value of these structured liabilities include accrued interest, which is also 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 may be 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 elections have 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 portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value will continue to be reported in Principal transactions. 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: In millions of dollars June 30, 2019 December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 49,488 $ 38,229 Aggregate unpaid principal balance in excess of (less than) fair value 1,357 3,814 The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2019 December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 5,291 $ 4,483 Aggregate unpaid principal balance in excess of (less than) fair value 729 861 |
GUARANTEES, LEASES AND COMMITME
GUARANTEES, LEASES AND COMMITMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Guarantees, Leases And Commitments [Abstract] | |
GUARANTEES, LEASES AND COMMITMENTS | GUARANTEES, LEASES 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. For additional information regarding Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from the tables below, see Note 26 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. The following tables present information about Citi’s guarantees at June 30, 2019 and December 31, 2018 : Maximum potential amount of future payments In billions of dollars at June 30, 2019 Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 32.9 $ 66.2 $ 99.1 $ 132 Performance guarantees 7.7 4.3 12.0 27 Derivative instruments considered to be guarantees 39.3 63.6 102.9 413 Loans sold with recourse — 1.3 1.3 8 Securities lending indemnifications (1) 105.3 — 105.3 — Credit card merchant processing (1)(2) 90.0 — 90.0 — Credit card arrangements with partners 0.1 0.8 0.9 136 Custody indemnifications and other — 31.7 31.7 41 Total $ 275.3 $ 167.9 $ 443.2 $ 757 Maximum potential amount of future payments In billions of dollars at December 31, 2018 Expire within 1 year Expire after 1 year Total amount outstanding Carrying value ( in millions of dollars) Financial standby letters of credit $ 32.1 $ 67.5 $ 99.6 $ 131 Performance guarantees 7.7 4.2 11.9 29 Derivative instruments considered to be guarantees 23.5 87.4 110.9 567 Loans sold with recourse — 1.2 1.2 9 Securities lending indemnifications (1) 98.3 — 98.3 — Credit card merchant processing (1)(2) 94.7 — 94.7 — Credit card arrangements with partners 0.3 0.8 1.1 162 Custody indemnifications and other — 35.4 35.4 41 Total $ 256.6 $ 196.5 $ 453.1 $ 939 (1) The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At June 30, 2019 and December 31, 2018 , this maximum potential exposure was estimated to be $ 90 billion and $ 95 billion , respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. 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 U.S. government-sponsored enterprises (GSEs) and, to a lesser extent, private investors. The repurchase reserve was approximately $43 million and $49 million at June 30, 2019 and December 31, 2018 , respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. Credit Card Arrangements with Partners Citi, in certain of its credit card partner arrangements, provides guarantees to the partner regarding the volume of certain customer originations during the term of the agreement. To the extent that such origination targets are not met, the guarantees serve to compensate the partner for certain payments that otherwise would have been generated in connection with such originations. Other Guarantees and Indemnifications Credit Card Protection Programs Citi, through its credit card businesses, provides various cardholder protection programs on several of its card products, including programs that provide insurance coverage for rental cars, coverage for certain losses associated with purchased products, price protection for certain purchases and protection for lost luggage. These guarantees are not included in the table, since the total outstanding amount of the guarantees and Citi’s maximum exposure to loss cannot be quantified. The protection is limited to certain types of purchases and losses, and it is not possible to quantify the purchases that would qualify for these benefits at any given time. Citi assesses the probability and amount of its potential liability related to these programs based on the extent and nature of its historical loss experience. At June 30, 2019 and December 31, 2018 , the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. 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 claims that have not yet occurred. Citi believes the risk of loss is remote given historical experience with the VTNs. Accordingly, Citi’s participation in VTNs is not reported in the guarantees tables above, and there are no amounts reflected on the Consolidated Balance Sheet as of June 30, 2019 or December 31, 2018 for potential obligations that could arise from Citi’s involvement with VTN associations. Long-Term Care Insurance Indemnification In 2000, Travelers Life & Annuity (Travelers), then a subsidiary of Citi, entered into a reinsurance agreement to transfer the risks and rewards of its long-term care (LTC) business to GE Life (now Genworth Financial Inc., or Genworth), then a subsidiary of the General Electric Company (GE). As part of this transaction, the reinsurance obligations were provided by two regulated insurance subsidiaries of GE Life, which funded two collateral trusts with securities. Presently, as discussed below, the trusts are referred to as the Genworth Trusts. As part of GE’s spin-off of Genworth in 2004, GE retained the risks and rewards associated with the 2000 Travelers reinsurance agreement by providing a reinsurance contract to Genworth through its Union Fidelity Life Insurance Company (UFLIC) subsidiary that covers the Travelers LTC policies. In addition, GE provided a capital maintenance agreement in favor of UFLIC that is designed to assure that UFLIC will have the funds to pay its reinsurance obligations. As a result of these reinsurance agreements and the spin-off of Genworth, Genworth has reinsurance protection from UFLIC (supported by GE) and has reinsurance obligations in connection with the Travelers LTC policies. As noted below, the Genworth reinsurance obligations now benefit Brighthouse Financial, Inc. (Brighthouse). While neither Brighthouse nor Citi are direct beneficiaries of the capital maintenance agreement between GE and UFLIC, Brighthouse and Citi benefit indirectly from the existence of the capital maintenance agreement, which helps assure that UFLIC will continue to have funds necessary to pay its reinsurance obligations to Genworth. In connection with Citi’s 2005 sale of Travelers to MetLife Inc. (MetLife), Citi provided an indemnification to MetLife for losses (including policyholder claims) relating to the LTC business for the entire term of the Travelers LTC policies, which, as noted above, are reinsured by subsidiaries of Genworth. In 2017, MetLife spun off its retail insurance business to Brighthouse. As a result, the Travelers LTC policies now reside with Brighthouse. The original reinsurance agreement between Travelers (now Brighthouse) and Genworth remains in place and Brighthouse is the sole beneficiary of the Genworth Trusts. The fair value of the Genworth Trusts is approximately $8.3 billion as of June 30, 2019 , compared to approximately $7.5 billion at December 31, 2018 . The Genworth Trusts are designed to provide collateral to Brighthouse in an amount equal to the statutory liabilities of Brighthouse in respect of the Travelers LTC policies. The assets in the Genworth Trusts are evaluated and adjusted periodically to ensure that the fair value of the assets continues to provide collateral in an amount equal to these estimated statutory liabilities, as the liabilities change over time. If both (i) Genworth fails to perform under the original Travelers/GE Life reinsurance agreement for any reason, including insolvency or the failure of UFLIC to perform in a timely manner, and (ii) the assets of the two Genworth Trusts are insufficient or unavailable, then Citi, through its LTC reinsurance indemnification, must reimburse Brighthouse for any losses incurred in connection with the LTC policies. Since both events would have to occur before Citi would become responsible for any payment to Brighthouse pursuant to its indemnification obligation, and the likelihood of such events occurring is currently not probable, there is no liability reflected on the Consolidated Balance Sheet as of June 30, 2019 and December 31, 2018 related to this indemnification. Citi continues to closely monitor its potential exposure under this indemnification obligation. Separately, Genworth announced that it had agreed to be purchased by China Oceanwide Holdings Co., Ltd, subject to a series of conditions and regulatory approvals. Citi is monitoring these developments. Futures and Over-the-Counter Derivatives Clearing Citi provides clearing services on central clearing parties (CCP) for clients that need to clear exchange-traded and over-the-counter (OTC) derivative contracts with 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 or OTC derivatives contracts in its Consolidated Financial Statements. See Note 19 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. In certain circumstances, Citi collects a higher amount of cash (or securities) from its clients than it needs to remit to the CCPs. This excess cash is then held at depository institutions such as banks or carry brokers. There are two types of margin: initial and variation. 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 or depository institutions is reflected within Brokerage payables (payables to customers) and Brokerage receivables (receivables from brokers, dealers and clearing organizations) or Cash and due from banks , respectively. However, for exchange-traded and OTC-cleared derivative contracts where Citi does not obtain benefits from or control the client cash balances, the client cash initial margin collected from clients and remitted to the CCP or depository institutions is not reflected on Citi’s Consolidated Balance Sheet. These conditions are met when Citi has contractually agreed with the client that (i) Citi will pass through to the client all interest paid by the CCP or depository institutions on the cash initial margin, (ii) Citi will not utilize its right as a clearing member to transform cash margin into other assets, (iii) Citi does not guarantee and is not liable to the client for the performance of the CCP or the depository institution and (iv) the client cash balances are legally isolated from Citi’s bankruptcy estate. The total amount of cash initial margin collected and remitted in this manner was approximately $14.1 billion and $13.8 billion as of June 30, 2019 and December 31, 2018 , 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 June 30, 2019 and December 31, 2018 , the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $0.8 billion and $0.9 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 $71 billion and $55 billion at June 30, 2019 and December 31, 2018 , respectively. Securities and other marketable assets held as collateral amounted to $55 billion at both June 30, 2019 and December 31, 2018 . 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 $4.0 billion and $4.1 billion at June 30, 2019 and December 31, 2018 , respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined. Performance Risk Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at June 30, 2019 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 71.6 $ 11.7 $ 15.8 $ 99.1 Performance guarantees 9.7 2.0 0.3 12.0 Derivative instruments deemed to be guarantees — — 102.9 102.9 Loans sold with recourse — — 1.3 1.3 Securities lending indemnifications — — 105.3 105.3 Credit card merchant processing — — 90.0 90.0 Credit card arrangements with partners — — 0.9 0.9 Custody indemnifications and other 19.1 12.6 — 31.7 Total $ 100.4 $ 26.3 $ 316.5 $ 443.2 Maximum potential amount of future payments In billions of dollars at December 31, 2018 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 71.3 $ 11.9 $ 16.4 $ 99.6 Performance guarantees 9.2 2.1 0.6 11.9 Derivative instruments deemed to be guarantees — — 110.9 110.9 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 98.3 98.3 Credit card merchant processing — — 94.7 94.7 Credit card arrangements with partners — — 1.1 1.1 Custody indemnifications and other 22.2 13.2 — 35.4 Total $ 102.7 $ 27.2 $ 323.2 $ 453.1 Leases The Company’s operating leases, where Citi is a lessee, include real estate, such as office space and branches, and various types of equipment. These leases have a weighted-average remaining lease term of approximately six years as of June 30, 2019 . The operating lease ROU asset and lease liability were $2.9 billion and $3.1 billion , respectively, as of June 30, 2019 . The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. Additionally, variable lease costs are recognized in the period in which the obligation for those payments is incurred. The total operating lease expense (principally for offices, branches and equipment), net of approximately $14 million and $35 million of sublease income, was approximately $265 million and $537 million for the three and six months ended June 30, 2019 , respectively. The decrease in the lease liability and related financial information for operating leases from March 31, 2019 reflects the impact of a purchase of a previously leased property in London during the second quarter of 2019. The purchased property is included in Other assets on the Consolidated Balance Sheet at June 30, 2019. While Citi has, as a lessee, certain finance leases, such leases are not material to the Company's Consolidated Financial Statements. Citi’s lease arrangements that have not yet commenced as of June 30, 2019 and the Company’s short-term lease costs, variable lease costs and finance lease costs, for the three and six months ended June 30, 2019 are not material to the Consolidated Financial Statements. Citi’s operating cash outflows related to operating leases were approximately $252 million and $486 million for the three and six months ended June 30, 2019 , respectively, while the future lease payments are as follows: In millions of dollars Operating leases As of June 30, 2019 Remaining 2019 $ 436 2020 716 2021 592 2022 464 2023 355 Thereafter 930 Total future lease payments $ 3,493 Less imputed interest (based on weighted-average discount rate of 3.7%) (391 ) Lease liability $ 3,102 Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. June 30, December 31, 2018 Commercial and similar letters of credit $ 928 $ 4,485 $ 5,413 $ 5,461 One- to four-family residential mortgages 2,367 1,783 4,150 2,671 Revolving open-end loans secured by one- to four-family residential properties 9,769 1,283 11,052 11,374 Commercial real estate, construction and land development 12,054 1,505 13,559 11,293 Credit card lines 613,905 94,579 708,484 696,007 Commercial and other consumer loan commitments 198,479 106,442 304,921 300,115 Other commitments and contingencies 3,033 415 3,448 3,321 Total $ 840,535 $ 210,492 $ 1,051,027 $ 1,030,242 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. Other commitments and contingencies Other commitments and contingencies include all other transactions related to commitments and contingencies not reported on the lines above. Unsettled reverse repurchase and securities borrowing agreements and unsettled repurchase and securities lending agreements In addition, in the normal course of business, Citigroup enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At June 30, 2019 and December 31, 2018, Citigroup had approximately $52.5 billion and $36.1 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $61.1 billion and $30.7 billion of unsettled repurchase and securities lending agreements, respectively. For a further discussion of securities purchased under agreements to resell and securities borrowed, and securities sold under agreements to repurchase and securities loaned, including the Company’s policy for offsetting repurchase and reverse repurchase agreements, see Note 10 to the Consolidated Financial Statements. Restricted Cash Citigroup defines restricted cash (as cash subject to withdrawal restrictions) to include cash deposited with central banks that must be maintained to meet minimum regulatory requirements, and cash set aside for the benefit of customers or for other purposes such as compensating balance arrangements or debt retirement. Restricted cash includes minimum reserve requirements with the Federal Reserve Bank and certain other central banks and cash segregated to satisfy rules regarding the protection of customer assets as required by Citigroup broker-dealers’ primary regulators, including the United States Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission and the United Kingdom’s Prudential Regulation Authority. Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars June 30, December 31, 2018 Cash and due from banks $ 2,624 $ 4,000 Deposits with banks 29,519 27,208 Total $ 32,143 $ 31,208 |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The following information supplements and amends, as applicable, the disclosure in Note 23 to the Consolidated Financial Statements of Citigroup’s First Quarter of 2019 Form 10-Q and Note 27 to the Consolidated Financial Statements of Citigroup’s 2018 Annual Report on Form 10-K. For purposes of this Note, Citigroup, its affiliates and subsidiaries, and current and former officers, directors and employees, are sometimes collectively referred to as Citigroup and Related Parties. In accordance with ASC 450, Citigroup establishes accruals for contingencies, including the litigation, regulatory, and tax matters disclosed herein, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters as to which an estimate can be made. At June 30, 2019, Citigroup’s estimate of the reasonably possible unaccrued loss for these matters was approximately $1.2 billion in the aggregate. As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation, regulatory, tax or other matters are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may 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, regulators, or tax authorities may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of 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 the litigation, regulatory, and tax matters disclosed herein, see Note 27 to the Consolidated Financial Statements of Citigroup’s 2018 Annual Report on Form 10-K. Credit Crisis-Related Litigation and Other Matters Mortgage-Related Litigation and Other Matters Mortgage-Backed Securities Trustee Actions : On June 7, 2019, plaintiffs withdrew their appeal and the case was dismissed in the federal court litigation captioned FIXED INCOME SHARES: SERIES M ET. Al. v. CITIBANK N.A. Additional information concerning this action is publicly available in court filings under the docket numbers 14-cv-9373 (S.D.N.Y.) (Furman, J.) and 18-1196 (2d Cir.). On June 7, 2019, plaintiffs filed an unopposed motion to discontinue the action in the state court litigation captioned FIXED INCOME SHARES: SERIES M, ET AL. v. CITIBANK N.A. Additional information concerning this action is publicly available in court filings under the docket number 653891/2015 (N.Y. Sup. Ct.) (Borrok, J.). Foreign Exchange Matters Regulatory Actions : On May 16, 2019, the European Commission (EC) announced a settlement with Citigroup and Citibank resolving its foreign exchange spot investigation. Citi was among six banks settling the EC’s investigation. As part of the settlement, Citi agreed to pay a fine of 310,776,000 Euro. On June 6, 2019, the Swiss Competition Commission (COMCO) announced a settlement with Citigroup for the same conduct covered by the EC settlement. Citigroup was among six banks settling COMCO’s investigation. As part of the settlement, Citigroup agreed to pay a fine of 28,500,000 CHF. Antitrust and Other Litigation : On June 11, 2019, in ALLIANZ GLOBAL INVESTORS, ET AL. v. BANK OF AMERICA CORPORATION, ET AL., plaintiffs filed a second amended complaint. Plaintiffs allege that defendants manipulated, and colluded to manipulate, the foreign exchange market. Plaintiffs assert Sherman Act and unjust enrichment claims and seek consequential and punitive damages and other forms of relief. Additional information concerning this action is publicly available in court filings under the docket number 18 Civ. 10364 (S.D.N.Y.) (Schofield, J.). On May 29, 2019, in CONTANT, ET AL. v. BANK OF AMERICA CORPORATION, ET AL., plaintiffs filed an amended motion for preliminary approval of their settlement with Citigroup, Citibank, Citicorp, and Citigroup Global Markets Inc. (CGMI). Additional information concerning this action is publicly available in court filings under the docket number 17 Civ. 3139 (S.D.N.Y.) (Schofield, J.). On May 27, 2019, a putative class action captioned J WISBEY & ASSOCIATES PTY LTD v. UBS AG & ORS was filed in the Federal Court of Australia against Citibank and other defendants. Plaintiffs allege manipulation of foreign exchange markets in violation of Australian antitrust laws and seek compensatory damages and declaratory and injunctive relief. Additional information concerning this action is publicly available in court filings under the docket number VID567/2019. On July 29, 2019, an application was made to the U.K.’s Competition Appeal Tribunal, captioned MICHAEL O’HIGGINS FX CLASS REPRESENTATIVE LIMITED v. BARCLAYS BANK PLC AND OTHERS, requesting permission to commence collective proceedings against Citibank and other defendants. The application seeks compensatory damages for losses alleged to have arisen from the actions at issue in the EC settlement referenced above. Interbank Offered Rates-Related Litigation and Other Matters Antitrust and Other Litigation : On April 30, 2019, in 7 WEST 57th STREET REALTY CO. v. CITIGROUP, INC., ET AL., the United States Court of Appeals for the Second Circuit issued a summary order affirming the district court’s dismissal of the action. Additional information concerning this action is publicly available in court filings under the docket numbers 13 Civ. 981 (S.D.N.Y.) (Gardephe, J.) and 18-1102 (2d Cir.). On May 17, 2019, in SULLIVAN, ET AL. v. BARCLAYS PLC, ET AL., the court granted final approval of the class settlement between plaintiffs and Citigroup, Citibank, and other settling defendants. Additional information concerning this action is publicly available in court filings under the docket number 13 Civ. 2811 (S.D.N.Y.) (Castel, J.). Following the court’s March 25, 2019 ruling in IN RE LIBOR-BASED FINANCIAL INSTRUMENTS ANTITRUST LITIGATION, on July 1, 2019, the court ordered the stipulations of the parties regarding the status of claims asserted by the Federal Deposit Insurance Corporation, Federal Home Loan Mortgage Corporation, and National Credit Union Administration Board. In the stipulations, the parties agreed on the claims that remain viable, the claims that were dismissed, and the claims whose viability remains in dispute. Additional information concerning these actions is publicly available in court filings under the docket numbers 11 MD 2262 (S.D.N.Y.) (Buchwald, J.) and 17-1569 (2d Cir.). On May 23, 2019, in SCS BANQUE DELUBAC & CIE v. CITIGROUP INC. ET AL., Banque Delubac filed an appeal before France’s Court of Cassation challenging the Court of Appeal of Nîmes’s ruling that neither the Commercial Court of Aubenas nor the Commercial Court of Marseille has jurisdiction over Banque Delubac’s claims. Additional information concerning these actions is publicly available in court filings in the Court of Cassation under the docket number W1916931 (AROB), and the Commercial Court of Marseille under the docket number RG no. 2018F0750. On July 1, 2019, in PUTNAM BANK v. INTERCONTINENTAL EXCHANGE, INC., ET AL., the plaintiffs filed a consolidated amended complaint. Additional information relating to this action is publicly available in court filings under the docket number 19 Civ. 439 (S.D.N.Y.) (Daniels, J.). Parmalat Litigation On May 23, 2019, the Milan Court of Appeal rejected Parmalat’s appeal of the January 2018 decision of the Milan Commercial Court dismissing Parmalat’s claim. On June 28, 2019, Parmalat filed its appeal with the Italian Supreme Court. Additional information concerning this action is publicly available in court filings under the docket number 20598/2019. Sovereign Securities Matters Antitrust and Other Litigation : On May 23, 2019, in IN RE GSE BONDS ANTITRUST LITIGATION, plaintiffs filed a consolidated amended complaint against CGMI and numerous other defendants, on behalf of a purported class of persons or entities that transacted in bonds issued by United States government-sponsored entities with one or more of the defendants. Plaintiffs no longer assert any claims against Citigroup. Plaintiffs assert a claim under the Sherman Act based on defendants’ alleged conspiracy to manipulate the market for such bonds, and seek treble damages and injunctive relief. On June 13, 2019, CGMI and other defendants moved to dismiss the consolidated amended complaint. Additional information relating to this action is publicly available in court filings under the docket number 19 Civ. 1704 (S.D.N.Y.) (Rakoff, J.). Transaction Tax Matters Citigroup and Citibank are engaged in litigation or examinations with tax authorities in India and Germany concerning the payment of transaction taxes and other non-income tax matters. Variable Rate Demand Obligation Litigation On May 31, 2019, plaintiffs in the consolidated actions CITY OF PHILADELPHIA v. BANK OF AMERICA CORP., ET AL. and MAYOR AND CITY COUNCIL OF BALTIMORE v. BANK OF AMERICA CORP., ET AL. filed a consolidated complaint naming as defendants Citigroup, Citibank, CGMI, Citigroup Global Markets Limited, and numerous other industry participants. The consolidated complaint asserts violations of the Sherman Act, as well as claims for breach of contract, breach of fiduciary duty, and unjust enrichment, and seeks damages and injunctive relief based on allegations that defendants served as remarketing agents for municipal bonds called variable rate demand obligations (VRDOs) and colluded to set artificially high VRDO interest rates. Additional information concerning these actions is publicly available in court filings under the docket numbers 19-CV-1608 (S.D.N.Y.) (Furman, J.) and 19-CV-2667 (S.D.N.Y.) (Furman, J.). Settlement Payments Payments required in settlement agreements described above have been made or are covered by existing litigation or other accruals. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Citigroup amended its Registration Statement on Form S-3 on file with the SEC (File No. 33-192302) to add its wholly owned subsidiary, Citigroup Global Markets Holdings Inc. (CGMHI), as a co-registrant. Any securities issued by CGMHI under the Form S-3 will be fully and unconditionally guaranteed by Citigroup. The following are the Condensed Consolidating Statements of Income and Comprehensive Income for the three and six months ended June 30, 2019 and 2018 , Condensed Consolidating Balance Sheet as of June 30, 2019 and December 31, 2018 and Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2019 and 2018 for Citigroup Inc., the parent holding company (Citigroup parent company), CGMHI, other Citigroup subsidiaries and eliminations and total consolidating adjustments. “Other Citigroup subsidiaries and eliminations” includes all other subsidiaries of Citigroup, intercompany eliminations and income (loss) from discontinued operations. “Consolidating adjustments” includes Citigroup parent company elimination of distributed and undistributed income of subsidiaries and investment in subsidiaries. These Condensed Consolidating Financial Statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” These Condensed Consolidating Financial Statements are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole. Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 5,049 $ — $ — $ (5,049 ) $ — Interest revenue — 3,184 16,528 — 19,712 Interest revenue—intercompany 1,327 518 (1,845 ) — — Interest expense 1,278 1,911 4,573 — 7,762 Interest expense—intercompany 202 1,152 (1,354 ) — — Net interest revenue $ (153 ) $ 639 $ 11,464 $ — $ 11,950 Commissions and fees $ — $ 1,309 $ 1,572 $ — $ 2,881 Commissions and fees—intercompany — 94 (94 ) — — Principal transactions (565 ) 1,142 1,297 — 1,874 Principal transactions—intercompany 791 (675 ) (116 ) — — Other income (368 ) 498 1,923 — 2,053 Other income—intercompany 9 14 (23 ) — — Total non-interest revenues $ (133 ) $ 2,382 $ 4,559 $ — $ 6,808 Total revenues, net of interest expense $ 4,763 $ 3,021 $ 16,023 $ (5,049 ) $ 18,758 Provisions for credit losses and for benefits and claims $ — $ — $ 2,093 $ — $ 2,093 Operating expenses Compensation and benefits $ 4 $ 1,166 $ 4,211 $ — $ 5,381 Compensation and benefits—intercompany 17 — (17 ) — — Other operating 9 540 4,570 — 5,119 Other operating—intercompany 5 582 (587 ) — — Total operating expenses $ 35 $ 2,288 $ 8,177 $ — $ 10,500 Equity in undistributed income of subsidiaries $ (146 ) $ — $ — $ 146 $ — Income (loss) from continuing operations before income taxes $ 4,582 $ 733 $ 5,753 $ (4,903 ) $ 6,165 Provision (benefit) for income taxes (217 ) 8 1,582 — 1,373 Income (loss) from continuing operations $ 4,799 $ 725 $ 4,171 $ (4,903 ) $ 4,792 Income from discontinued operations, net of taxes — — 17 — 17 Net income before attribution of noncontrolling interests $ 4,799 $ 725 $ 4,188 $ (4,903 ) $ 4,809 Noncontrolling interests — — 10 — 10 Net income (loss) $ 4,799 $ 725 $ 4,178 $ (4,903 ) $ 4,799 Comprehensive income Add: Other comprehensive income (loss) $ 1,105 $ (12 ) $ 734 $ (722 ) $ 1,105 Total Citigroup comprehensive income (loss) $ 5,904 $ 713 $ 4,912 $ (5,625 ) $ 5,904 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 20 $ — $ 20 Add: Net income attributable to noncontrolling interests — — 10 — 10 Total comprehensive income (loss) $ 5,904 $ 713 $ 4,942 $ (5,625 ) $ 5,934 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 3,115 $ — $ — $ (3,115 ) $ — Interest revenue 14 2,398 15,138 — 17,550 Interest revenue—intercompany 1,225 399 (1,624 ) — — Interest expense 813 1,314 3,758 — 5,885 Interest expense—intercompany 716 896 (1,612 ) — — Net interest revenue $ (290 ) $ 587 $ 11,368 $ — $ 11,665 Commissions and fees $ — $ 1,347 $ 1,764 $ — $ 3,111 Commissions and fees—intercompany (1 ) 91 (90 ) — — Principal transactions (1,206 ) (697 ) 4,029 — 2,126 Principal transactions—intercompany (472 ) 1,279 (807 ) — — Other income 1,480 188 (101 ) — 1,567 Other income—intercompany (121 ) (19 ) 140 — — Total non-interest revenues $ (320 ) $ 2,189 $ 4,935 $ — $ 6,804 Total revenues, net of interest expense $ 2,505 $ 2,776 $ 16,303 $ (3,115 ) $ 18,469 Provisions for credit losses and for benefits and claims $ — $ (24 ) $ 1,836 $ — $ 1,812 Operating expenses Compensation and benefits $ 1 $ 1,282 $ 4,169 $ — $ 5,452 Compensation and benefits—intercompany 29 — (29 ) — — Other operating (52 ) 578 4,734 — 5,260 Other operating—intercompany 13 693 (706 ) — — Total operating expenses $ (9 ) $ 2,553 $ 8,168 $ — $ 10,712 Equity in undistributed income of subsidiaries $ 1,485 $ — $ — $ (1,485 ) $ — Income (loss) from continuing operations before income taxes $ 3,999 $ 247 $ 6,299 $ (4,600 ) $ 5,945 Provision (benefit) for income taxes (491 ) — 619 1,316 — 1,444 Income (loss) from continuing operations $ 4,490 $ (372 ) $ 4,983 $ (4,600 ) $ 4,501 Income from discontinued operations, net of taxes — — 15 — 15 Net income (loss) before attribution of noncontrolling interests $ 4,490 $ (372 ) $ 4,998 $ (4,600 ) $ 4,516 Noncontrolling interests — — 26 — 26 Net income (loss) $ 4,490 $ (372 ) $ 4,972 $ (4,600 ) $ 4,490 Comprehensive income Add: Other comprehensive income (loss) $ (2,875 ) $ (72 ) $ 5,401 $ (5,329 ) $ (2,875 ) Total Citigroup comprehensive income (loss) $ 1,615 $ (444 ) $ 10,373 $ (9,929 ) $ 1,615 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ (57 ) $ — $ (57 ) Add: Net income attributable to noncontrolling interests — — — 26 — 26 Total comprehensive income (loss) $ 1,615 $ (444 ) $ 10,342 $ (9,929 ) $ 1,584 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 14,216 $ — $ — $ (14,216 ) $ — Interest revenue — 5,756 33,032 — 38,788 Interest revenue—intercompany 2,652 1,021 (3,673 ) — — Interest expense 2,549 3,735 8,795 — 15,079 Interest expense—intercompany 514 2,227 (2,741 ) — — Net interest revenue $ (411 ) $ 815 $ 23,305 $ — $ 23,709 Commissions and fees $ — $ 2,616 $ 3,191 $ — $ 5,807 Commissions and fees—intercompany (1 ) 215 (214 ) — — Principal transactions (1,390 ) 108 5,960 — 4,678 Principal transactions—intercompany 1,238 1,361 (2,599 ) — — Other income (49 ) 597 2,592 — 3,140 Other income—intercompany (25 ) 56 (31 ) — — Total non-interest revenues $ (227 ) $ 4,953 $ 8,899 $ — $ 13,625 Total revenues, net of interest expense $ 13,578 $ 5,768 $ 32,204 $ (14,216 ) $ 37,334 Provisions for credit losses and for benefits and claims $ — $ — $ 4,073 $ — $ 4,073 Operating expenses Compensation and benefits $ 37 $ 2,450 $ 8,552 $ — $ 11,039 Compensation and benefits—intercompany 43 — (43 ) — — Other operating 14 1,093 8,938 — 10,045 Other operating—intercompany 10 1,164 (1,174 ) — — Total operating expenses $ 104 $ 4,707 $ 16,273 $ — $ 21,084 Equity in undistributed income of subsidiaries $ (4,349 ) $ — $ — $ 4,349 $ — Income (loss) from continuing operations before income taxes $ 9,125 $ 1,061 $ 11,858 $ (9,867 ) $ 12,177 Provision (benefit) for income taxes (384 ) — 148 2,884 — 2,648 Income (loss) from continuing operations $ 9,509 $ 913 $ 8,974 $ (9,867 ) $ 9,529 Income from discontinued operations, net of taxes — — 15 — 15 Net income (loss) before attribution of noncontrolling interests $ 9,509 $ 913 $ 8,989 $ (9,867 ) $ 9,544 Noncontrolling interests — — 35 — 35 Net income (loss) $ 9,509 $ 913 $ 8,954 $ (9,867 ) $ 9,509 Comprehensive income Add: Other comprehensive income (loss) $ 1,967 $ (301 ) $ 1,733 $ (1,432 ) $ 1,967 Total Citigroup comprehensive income (loss) $ 11,476 $ 612 $ 10,687 $ (11,299 ) $ 11,476 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ 7 $ — $ 7 Add: Net income attributable to noncontrolling interests — — — 35 — 35 Total comprehensive income (loss) $ 11,476 $ 612 $ 10,729 $ (11,299 ) $ 11,518 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 8,700 $ — $ — $ (8,700 ) $ — Interest revenue 66 4,053 29,763 — 33,882 Interest revenue—intercompany 2,355 782 (3,137 ) — — Interest expense 2,051 2,327 6,667 — 11,045 Interest expense—intercompany 975 1,668 (2,643 ) — — Net interest revenue $ (605 ) $ 840 $ 22,602 $ — $ 22,837 Commissions and fees $ — $ 2,599 $ 3,542 $ — $ 6,141 Commissions and fees—intercompany (1 ) 91 (90 ) — — Principal transactions (175 ) 224 5,319 — 5,368 Principal transactions—intercompany (858 ) 1,471 (613 ) — — Other income 552 341 2,102 — 2,995 Other income—intercompany (66 ) 31 35 — — Total non-interest revenues $ (548 ) $ 4,757 $ 10,295 $ — $ 14,504 Total revenues, net of interest expense $ 7,547 $ 5,597 $ 32,897 $ (8,700 ) $ 37,341 Provisions for credit losses and for benefits and claims $ — $ (24 ) $ 3,693 $ — $ 3,669 Operating expenses Compensation and benefits $ 135 $ 2,547 $ 8,577 $ — $ 11,259 Compensation and benefits—intercompany 63 — (63 ) — — Other operating (9 ) 1,126 9,261 — 10,378 Other operating—intercompany 25 1,271 (1,296 ) — — Total operating expenses $ 214 $ 4,944 $ 16,479 $ — $ 21,637 Equity in undistributed income of subsidiaries $ 1,039 $ — $ — $ (1,039 ) $ — Income (loss) from continuing operations before income taxes $ 8,372 $ 677 $ 12,725 $ (9,739 ) $ 12,035 Provision (benefit) for income taxes (738 ) — 684 2,939 — 2,885 Income (loss) from continuing operations $ 9,110 $ (7 ) $ 9,786 $ (9,739 ) $ 9,150 Income from discontinued operations, net of taxes — — 8 — 8 Net income (loss) before attribution of noncontrolling interests $ 9,110 $ (7 ) $ 9,794 $ (9,739 ) $ 9,158 Noncontrolling interests — — 48 — 48 Net income (loss) $ 9,110 $ (7 ) $ 9,746 $ (9,739 ) $ 9,110 Comprehensive income Add: Other comprehensive income (loss) $ (2,823 ) $ 10 $ 2,245 $ (2,255 ) $ (2,823 ) Total Citigroup comprehensive income (loss) $ 6,287 $ 3 $ 11,991 $ (11,994 ) $ 6,287 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ (43 ) $ — $ (43 ) Add: Net income attributable to noncontrolling interests — — — 48 — 48 Total comprehensive income (loss) $ 6,287 $ 3 $ 11,996 $ (11,994 ) $ 6,292 Condensed Consolidating Balance Sheet June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 689 $ 24,308 $ — $ 24,997 Cash and due from banks—intercompany 15 3,790 (3,805 ) — — Deposits with banks — 4,420 173,826 — 178,246 Deposits with banks—intercompany 3,000 5,701 (8,701 ) — — Securities borrowed and purchased under resale agreements — 204,516 55,253 — 259,769 Securities borrowed and purchased under resale agreements—intercompany — 18,767 (18,767 ) — — Trading account assets 323 175,750 130,758 — 306,831 Trading account assets—intercompany 1,682 2,034 (3,716 ) — — Investments 1 609 349,092 — 349,702 Loans, net of unearned income — 1,955 686,715 — 688,670 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,466 ) — (12,466 ) Total loans, net $ — $ 1,955 $ 674,249 $ — $ 676,204 Advances to subsidiaries $ 146,408 $ — $ (146,408 ) $ — $ — Investments in subsidiaries 202,418 — — (202,418 ) — Other assets (1) 11,700 70,341 110,436 — 192,477 Other assets—intercompany 3,726 51,954 (55,680 ) — — Total assets $ 369,273 $ 540,526 $ 1,280,845 $ (202,418 ) $ 1,988,226 Liabilities and equity Deposits $ — $ — $ 1,045,607 $ — $ 1,045,607 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 155,278 25,855 — 181,133 Securities loaned and sold under repurchase agreements—intercompany — 42,564 (42,564 ) — — Trading account liabilities 6 93,842 42,446 — 136,294 Trading account liabilities—intercompany 3,159 1,832 (4,991 ) — — Short-term borrowings 244 8,633 33,565 — 42,442 Short-term borrowings—intercompany — 20,190 (20,190 ) — — Long-term debt 152,141 34,394 65,654 — 252,189 Long-term debt—intercompany — 72,039 (72,039 ) — — Advances from subsidiaries 12,887 — (12,887 ) — — Other liabilities 3,243 68,497 60,711 — 132,451 Other liabilities—intercompany 234 9,978 (10,212 ) — — Stockholders’ equity 197,359 33,279 169,890 (202,418 ) 198,110 Total liabilities and equity $ 369,273 $ 540,526 $ 1,280,845 $ (202,418 ) $ 1,988,226 (1) Other assets for Citigroup parent company at June 30, 2019 included $ 51.9 billion of placements to Citibank and its branches, of which $ 26.7 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ 1 $ 689 $ 22,955 $ — $ 23,645 Cash and due from banks—intercompany 19 3,545 (3,564 ) — — Deposits with banks — 4,915 159,545 — 164,460 Deposits with banks—intercompany 3,000 6,528 (9,528 ) — — Securities borrowed and purchased under resale agreements — 212,720 57,964 — 270,684 Securities borrowed and purchased under resale agreements—intercompany — 20,074 (20,074 ) — — Trading account assets 302 146,233 109,582 — 256,117 Trading account assets—intercompany 627 1,728 (2,355 ) — — Investments 7 224 358,376 — 358,607 Loans, net of unearned income — 1,292 682,904 — 684,196 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,315 ) — (12,315 ) Total loans, net $ — $ 1,292 $ 670,589 $ — $ 671,881 Advances to subsidiaries $ 143,119 $ — $ (143,119 ) $ — $ — Investments in subsidiaries 205,337 — — (205,337 ) — Other assets (1) 9,861 59,734 102,394 — 171,989 Other assets—intercompany 3,037 44,255 (47,292 ) — — Total assets $ 365,310 $ 501,937 $ 1,255,473 $ (205,337 ) $ 1,917,383 Liabilities and equity Deposits $ — $ — $ 1,013,170 $ — $ 1,013,170 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 155,830 21,938 — 177,768 Securities loaned and sold under repurchase agreements—intercompany — 21,109 (21,109 ) — — Trading account liabilities 1 95,571 48,733 — 144,305 Trading account liabilities—intercompany 410 1,398 (1,808 ) — — Short-term borrowings 207 3,656 28,483 — 32,346 Short-term borrowings—intercompany — 11,343 (11,343 ) — — Long-term debt 143,768 25,986 62,245 — 231,999 Long-term debt—intercompany — 73,884 (73,884 ) — — Advances from subsidiaries 21,471 — (21,471 ) — — Other liabilities 3,010 66,732 50,979 — 120,721 Other liabilities—intercompany 223 13,763 (13,986 ) — — Stockholders’ equity 196,220 32,665 173,526 (205,337 ) 197,074 Total liabilities and equity $ 365,310 $ 501,937 $ 1,255,473 $ (205,337 ) $ 1,917,383 (1) Other assets for Citigroup parent company at December 31, 2018 included $34.7 billion of placements to Citibank and its branches, of which $22.4 billion had a remaining term of less than 30 days. Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 17,500 $ (39,793 ) $ (15,463 ) $ — $ (37,756 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (118,132 ) $ — $ (118,132 ) Proceeds from sales of investments 4 — 63,591 — 63,595 Proceeds from maturities of investments — — 57,684 — 57,684 Change in loans — — (7,803 ) — (7,803 ) Proceeds from sales and securitizations of loans — — 2,249 — 2,249 Change in securities borrowed and purchased under agreements to resell — 9,511 1,404 — 10,915 Changes in investments and advances—intercompany (3,336 ) (10,607 ) 13,943 — — Other investing activities — (32 ) (3,178 ) — (3,210 ) Net cash provided by (used in) investing activities of continuing operations $ (3,332 ) $ (1,128 ) $ 9,758 $ — $ 5,298 Cash flows from financing activities of continuing operations Dividends paid $ (2,650 ) $ — $ — $ — $ (2,650 ) Redemption of preferred stock (480 ) — — — (480 ) Treasury stock acquired (7,518 ) — — — (7,518 ) Proceeds (repayments) from issuance of long-term debt, net 5,418 10,817 (2,814 ) — 13,421 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (3,941 ) 3,941 — — Change in deposits — — 32,437 — 32,437 Change in securities loaned and sold under agreements to repurchase — 20,903 (17,538 ) — 3,365 Change in short-term borrowings — 4,977 5,119 — 10,096 Net change in short-term borrowings and other advances—intercompany (8,584 ) 7,088 1,496 — — Other financing activities (359 ) — — — (359 ) Net cash provided by (used in) financing activities of continuing operations $ (14,173 ) $ 39,844 $ 22,641 $ — $ 48,312 Effect of exchange rate changes on cash and due from banks $ — $ — $ (716 ) $ — $ (716 ) Change in cash and due from banks and deposits with banks $ (5 ) $ (1,077 ) $ 16,220 $ — $ 15,138 Cash and due from banks and deposits with banks at beginning of period 3,020 15,677 169,408 — 188,105 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 14,600 $ 185,628 $ — $ 203,243 Cash and due from banks $ 15 $ 4,479 $ 20,503 $ — $ 24,997 Deposits with banks 3,000 10,121 165,125 — 178,246 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 14,600 $ 185,628 $ — $ 203,243 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ 154 $ 119 $ 2,541 $ — $ 2,814 Cash paid during the year for interest 1,753 6,577 5,670 — 14,000 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,600 $ — $ 3,600 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 5,156 $ 1,207 $ 1,956 $ — $ 8,319 Cash flows from investing activities of continuing operations Purchases of investments $ (7,955 ) $ — $ (73,916 ) $ — $ (81,871 ) Proceeds from sales of investments 7,634 — 34,174 — 41,808 Proceeds from maturities of investments — — 44,846 — 44,846 Change in loans — — (10,132 ) — (10,132 ) Proceeds from sales and securitizations of loans — — 3,217 — 3,217 Change in securities borrowed and purchased under agreements to resell — (30,331 ) (2,717 ) — (33,048 ) Changes in investments and advances—intercompany (4,780 ) (1,872 ) 6,652 — — Other investing activities 212 (26 ) (1,635 ) — (1,449 ) Net cash provided by (used in) investing activities of continuing operations $ (4,889 ) $ (32,229 ) $ 489 $ — $ (36,629 ) Cash flows from financing activities of continuing operations Dividends paid $ (2,232 ) $ — $ — $ — $ (2,232 ) Redemption of preferred stock (218 ) — — — (218 ) Treasury stock acquired (4,686 ) — — — (4,686 ) Proceeds from issuance of long-term debt, net (1,167 ) 5,805 1,032 — 5,670 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (1,025 ) 1,025 — — Change in deposits — — 36,908 — 36,908 Change in securities loaned and sold under agreements to repurchase — 26,367 (4,816 ) — 21,551 Change in short-term borrowings 32 (459 ) (6,792 ) — (7,219 ) Net change in short-term borrowings and other advances—intercompany 497 1,704 (2,201 ) — — Capital contributions from parent — (663 ) 663 — — Other financing activities (475 ) — — — (475 ) Net cash provided by (used in) financing activities of continuing operations $ (8,249 ) $ 31,729 $ 25,819 $ — $ 49,299 Effect of exchange rate changes on cash and due from banks $ — $ — $ (603 ) $ — $ (603 ) Change in cash and due from banks and deposits with banks $ (7,982 ) $ 707 $ 27,661 $ — $ 20,386 Cash and due from banks and deposits with banks at beginning of period 11,013 12,695 156,808 — 180,516 Cash and due from banks and deposits with banks at end of period $ 3,031 $ 13,402 $ 184,469 $ — $ 200,902 Cash and due from banks $ 31 — $ 4,242 $ 16,804 $ — $ 21,077 Deposits with banks 3,000 9,160 167,665 — 179,825 Cash and due from banks and deposits with banks at end of period $ 3,031 $ 13,402 $ 184,469 $ — $ 200,902 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ 941 $ 42 $ 1,256 $ — $ 2,239 Cash paid during the year for interest 1,729 3,676 4,552 — 9,957 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 2,900 $ — $ 2,900 Transfers to OREO and other repossessed assets — — 55 — 55 |
BASIS OF PRESENTATION AND ACC_2
BASIS OF PRESENTATION AND ACCOUNTING CHANGES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Changes | ACCOUNTING CHANGES Lease Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which increases the transparency and comparability of accounting for lease transactions. The ASU requires lessees to recognize liabilities for operating leases and corresponding right-of-use (ROU) assets on the balance sheet. The ASU also requires quantitative and qualitative disclosures regarding key information about leasing arrangements. Lessee accounting for finance leases, as well as lessor accounting, are largely unchanged. Effective January 1, 2019, the Company prospectively adopted the provisions of the ASU. At adoption, Citi recognized a lease liability and a corresponding ROU asset of approximately $4.4 billion on the Consolidated Balance Sheet related to its future lease payments as a lessee under operating leases. Additionally, the Company recorded a $151 million increase in Retained earnings for the cumulative effect of recognizing previously deferred gains on sale/leaseback transactions. Adoption of the ASU did not have a material impact on the Consolidated Statement of Income. See Notes 13 and 22 for additional details. The Company has elected not to separate lease and non-lease components in its lease contracts and accounts for them as a single lease component. Citi has also elected not to record a ROU asset for short-term leases that have a term of 12 months or less and do not contain purchase options that Citi is reasonably certain to exercise. The cost of short-term leases is recognized in the Consolidated Statement of Income on a straight-line basis over the lease term. Additionally, Citi applies the portfolio approach to account for certain equipment leases with nearly identical contractual terms. Lessee accounting Operating lease ROU assets and lease liabilities are included in Other assets and Other liabilities , respectively, on the Consolidated Balance Sheet. Finance lease assets and liabilities are included in Other assets and Long-term debt , respectively, on the Consolidated Balance Sheet. The Company uses its incremental borrowing rate, factoring in the lease term, to determine the lease liability, which is measured at the present value of future lease payments. The ROU asset is measured at the amount of the lease liability plus any prepaid rent and remaining initial direct costs, less any remaining lease incentives and accrued rent. The ROU asset is subject to impairment, during the lease term, in a manner consistent with the impairment of long-lived assets. The lease terms include periods covered by options to extend or terminate the lease depending on whether Citi is reasonably certain to exercise such options. Lessor accounting Lessor accounting is largely unchanged under the ASU. Citi acts as a lessor for power, railcar, shipping and aircraft assets, where the Company has executed operating, direct financing and leveraged leasing arrangements. In a direct financing or a leveraged lease, Citi derecognizes the leased asset and records a lease financing receivable at lease commencement in Loans . Upon lease termination, Citi may obtain control of the asset, which is then recorded in Other assets on the Consolidated Balance Sheet and any remaining receivable for the asset’s residual value is derecognized. Under the ASU, leveraged lease accounting is grandfathered and may continue to be applied until the leveraged lease is terminated or modified. Upon modification, the lease must be classified as an operating, direct finance or sales-type lease in accordance with the ASU. |
DISCONTINUED OPERATIONS AND S_2
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | The following summarizes financial information for all Discontinued operations : Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Total revenues, net of interest expense $ — $ — $ — $ — Loss from discontinued operations $ (10 ) $ (2 ) $ (12 ) $ (9 ) Provision (benefit) for income taxes (27 ) (17 ) (27 ) (17 ) Income from discontinued operations, net of taxes $ 17 $ 15 $ 15 $ 8 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: Three Months Ended June 30, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2019 2018 2019 2018 2019 2018 June 30, December 31, 2018 Global Consumer Banking $ 8,505 $ 8,244 $ 417 $ 411 $ 1,413 $ 1,276 $ 437 $ 432 Institutional Clients Group 9,721 9,697 919 971 3,343 3,241 1,454 1,394 Corporate/Other 532 528 37 62 36 (16 ) 97 91 Total $ 18,758 $ 18,469 $ 1,373 $ 1,444 $ 4,792 $ 4,501 $ 1,988 $ 1,917 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $8.6 billion and $8.6 billion ; in EMEA of $3.0 billion and $3.0 billion ; in Latin America of $2.6 billion and $2.5 billion ; and in Asia of $4.0 billion and $3.8 billion for the three months ended June 30, 2019 and 2018 , respectively. These regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $2.0 billion and $1.9 billion ; in the ICG results of $103 million and $25 million ; and in the Corporate/Other results of $(22) million and $(118) million for the three months ended June 30, 2019 and 2018 , respectively. Six Months Ended June 30, Revenues, (1) Provision (benefits) Income (loss) from (2) In millions of dollars 2019 2018 2019 2018 2019 2018 Global Consumer Banking $ 16,956 $ 16,670 $ 839 $ 865 $ 2,850 $ 2,666 Institutional Clients Group 19,415 19,552 1,843 2,027 6,665 6,575 Corporate/Other 963 1,119 (34 ) (7 ) 14 (91 ) Total $ 37,334 $ 37,341 $ 2,648 $ 2,885 $ 9,529 $ 9,150 (1) Includes total revenues, net of interest expense, in North America of $17.0 billion and $16.9 billion ; in EMEA of $6.1 billion and $6.2 billion ; in Latin America of $5.2 billion and $5.1 billion ; and in Asia of $8.1 billion and $8.0 billion for the six months ended June 30, 2019 and 2018 , respectively. Regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $4.0 billion and $3.8 billion ; in the ICG results of $124 million and $(16) million ; and in the Corporate/Other results of $(47) million and $(125) million for the six months ended June 30, 2019 and 2018 , respectively. |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and interest expense | Interest revenue and Interest expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Interest revenue Loan interest, including fees $ 11,981 $ 11,190 $ 23,949 $ 22,082 Deposits with banks 736 493 1,343 925 Securities borrowed or purchased under agreements to resell 1,893 1,336 3,677 2,375 Investments, including dividends 2,505 2,374 5,053 4,608 Trading account assets (1) 2,140 1,763 3,826 3,134 Other interest 457 394 940 758 Total interest revenue $ 19,712 $ 17,550 $ 38,788 $ 33,882 Interest expense Deposits (2) $ 3,284 $ 2,244 $ 6,311 $ 4,241 Securities loaned or sold under agreements to repurchase 1,724 1,224 3,313 2,173 Trading account liabilities (1) 320 236 647 451 Short-term borrowings 715 523 1,367 994 Long-term debt 1,719 1,658 3,441 3,186 Total interest expense $ 7,762 $ 5,885 $ 15,079 $ 11,045 Net interest revenue $ 11,950 $ 11,665 $ 23,709 $ 22,837 Provision for loan losses 2,089 1,795 4,033 3,598 Net interest revenue after provision for loan losses $ 9,861 $ 9,870 $ 19,676 $ 19,239 (1) Interest expense on Trading account liabilities is reported as a reduction of interest revenue from Trading account assets . (2) Includes deposit insurance fees and charges of $189 million and $319 million for the three months ended June 30, 2019 and 2018 , respectively, and $382 million and $695 million |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Commissions and fees revenues | The following table presents Administration and other fiduciary fees : Three Months Ended June 30, Six Months Ended June 30, 2019 2019 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 381 $ 6 $ 18 $ 405 $ 745 $ 9 $ 34 $ 788 Fiduciary fees 163 154 (1 ) 316 315 300 11 626 Guarantee fees 132 14 2 148 262 28 4 294 Total administration and other fiduciary fees (1) $ 676 $ 174 $ 19 $ 869 $ 1,322 $ 337 $ 49 $ 1,708 Three Months Ended June 30, Six Months Ended June 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 399 $ 45 $ 17 $ 461 $ 767 $ 92 $ 32 $ 891 Fiduciary fees 165 150 12 327 332 297 19 648 Guarantee fees 130 14 2 146 267 29 4 300 Total administration and other fiduciary fees (1) $ 694 $ 209 $ 31 $ 934 $ 1,366 $ 418 $ 55 $ 1,839 (1) Administration and other fiduciary fees includes $148 million and $146 million for the three months ended June 30, 2019 and 2018, respectively, and $294 million and $300 million for the six months ended June 30, 2019 and 2018, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These amounts include guarantee fees. The following tables present Commissions and fees revenue: Three Months Ended June 30, Six Months Ended June 30, 2019 2019 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 934 $ — $ — $ 934 $ 1,844 $ — $ — $ 1,844 Brokerage commissions 438 211 — 649 909 397 — 1,306 Credit- and bank-card income Interchange fees 313 2,198 — 2,511 591 4,182 — 4,773 Card-related loan fees 16 183 — 199 29 343 — 372 Card rewards and partner payments (174 ) (2,277 ) — (2,451 ) (327 ) (4,338 ) — (4,665 ) Deposit-related fees (1) 247 138 — 385 492 277 — 769 Transactional service fees 194 36 — 230 389 71 — 460 Corporate finance (2) 150 1 — 151 328 2 — 330 Insurance distribution revenue 2 129 — 131 6 261 — 267 Insurance premiums — 26 1 27 — 55 — 55 Loan servicing — 16 3 19 42 46 9 97 Other 2 94 — 96 19 179 1 199 Total commissions and fees (3) $ 2,122 $ 755 $ 4 $ 2,881 $ 4,322 $ 1,475 $ 10 $ 5,807 Three Months Ended June 30, Six Months Ended June 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,012 $ — $ — $ 1,012 $ 1,834 $ — $ — $ 1,834 Brokerage commissions 491 206 — 697 1,057 454 — 1,511 Credit- and bank-card income Interchange fees 276 2,025 5 2,306 536 3,899 10 4,445 Card-related loan fees 17 147 6 170 31 302 12 345 Card rewards and partner payments (126 ) (2,065 ) (6 ) (2,197 ) (250 ) (3,939 ) (11 ) (4,200 ) Deposit-related fees (1) 236 160 1 397 472 343 2 817 Transactional service fees 182 21 1 204 372 42 3 417 Corporate finance (2) 219 1 — 220 361 2 — 363 Insurance distribution revenue 5 142 5 152 10 285 10 305 Insurance premiums — 32 1 33 — 65 — 65 Loan servicing 33 40 9 82 71 62 21 154 Other — 34 1 35 15 67 3 85 Total commissions and fees (3) $ 2,345 $ 743 $ 23 $ 3,111 $ 4,509 $ 1,582 $ 50 $ 6,141 (1) Includes overdraft fees of $31 million and $30 million for the three months ended June 30, 2019 and 2018 , respectively, and $61 million and $62 million for the six months ended June 30, 2019 and 2018, respectively. Overdraft fees are accounted for under ASC 310. (2) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (3) Commissions and fees includes $(2,025) million and $(1,648) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2019 and 2018 , respectively, and $(3,746) million and $(3,193) million for the six months ended June 30, 2019 and 2018, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees. |
PRINCIPAL TRANSACTIONS (Tables)
PRINCIPAL TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Interest rate risks (1) $ 1,320 $ 1,550 $ 3,038 $ 3,116 Foreign exchange risks (2) 427 175 900 905 Equity risks (3) (1 ) 120 455 709 Commodity and other risks (4) 89 208 208 309 Credit products and risks (5) 39 73 77 329 Total $ 1,874 $ 2,126 $ 4,678 $ 5,368 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of net (benefit) expense | The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 Service-related expense $ — $ — Interest cost on benefit obligation $ 1 $ 1 $ 1 $ 1 Expected return on plan assets (1 ) (1 ) (1 ) (1 ) Amortization of unrecognized: Prior service benefit — (7 ) — (15 ) Net actuarial loss — — 1 1 Total service-related (benefit) expense $ — $ (7 ) $ 1 $ (14 ) Non-service-related expense (benefit) $ 2 $ (3 ) $ 6 $ 3 Total net expense (benefit) $ 2 $ (10 ) $ 7 $ (11 ) The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans: Three Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Benefits earned during the period $ — $ — $ 35 $ 38 $ — $ — $ 2 $ 3 Interest cost on benefit obligation 123 126 73 72 6 7 26 25 Expected return on plan assets (202 ) (211 ) (68 ) (72 ) (4 ) (3 ) (21 ) (22 ) Amortization of unrecognized: Prior service cost (benefit) (1 ) — (1 ) (1 ) — — (3 ) (3 ) Net actuarial loss 48 42 15 14 — — 6 8 Curtailment loss (1) — 1 — — — — — — Settlement loss (1) — — 2 1 — — — — Total net (benefit) expense $ (32 ) $ (42 ) $ 56 $ 52 $ 2 $ 4 $ 10 $ 11 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Benefits earned during the period $ — $ 1 $ 71 $ 76 $ — $ — $ 4 $ 5 Interest cost on benefit obligation 253 249 148 147 13 13 52 51 Expected return on plan assets (405 ) (424 ) (136 ) (150 ) (9 ) (6 ) (42 ) (45 ) Amortization of unrecognized Prior service benefit — — (2 ) (2 ) — — (5 ) (5 ) Net actuarial loss 92 89 30 27 — — 11 15 Curtailment loss (1) — 1 — — — — — — Settlement loss (1) — — 2 5 — — — — Total net (benefit) expense $ (60 ) $ (84 ) $ 113 $ 103 $ 4 $ 7 $ 20 $ 21 1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. |
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S. | The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant Plans: Six Months Ended June 30, 2019 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in projected benefit obligation Projected benefit obligation at beginning of year $ 12,655 $ 7,149 $ 662 $ 1,159 Plans measured annually (25 ) (1,862 ) — (307 ) Projected benefit obligation at beginning of year—Significant Plans $ 12,630 $ 5,287 $ 662 $ 852 First quarter activity 408 293 13 62 Projected benefit obligation at March 31, 2019—Significant Plans $ 13,038 $ 5,580 $ 675 $ 914 Benefits earned during the period — 21 — 1 Interest cost on benefit obligation 122 60 6 23 Actuarial loss 548 172 42 48 Benefits paid, net of participants’ contributions and government subsidy (233 ) (79 ) (13 ) (19 ) Foreign exchange impact and other — 3 — 8 Projected benefit obligation at period end—Significant Plans $ 13,475 $ 5,757 $ 710 $ 975 Six Months Ended June 30, 2019 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 $ 11,490 $ 6,699 $ 345 $ 1,036 Plans measured annually — (1,248 ) — (9 ) Plan assets at fair value at beginning of year—Significant Plans $ 11,490 $ 5,451 $ 345 $ 1,027 First quarter activity 487 257 2 32 Plan assets at fair value at March 31, 2019 — Significant Plans $ 11,977 $ 5,708 $ 347 $ 1,059 Actual return on plan assets 449 206 9 62 Company contributions, net of reimbursements 438 14 5 218 Benefits paid, net of participants’ contributions and government subsidy (233 ) (79 ) (13 ) (19 ) Foreign exchange impact and other — 250 — (236 ) Plan assets at fair value at period end—Significant Plans $ 12,631 $ 6,099 $ 348 $ 1,084 Funded status of the Significant Plans Qualified plans (1) $ (151 ) $ 342 $ (362 ) $ 109 Nonqualified plans (693 ) — — — Funded status of the plans at period end—Significant Plans $ (844 ) $ 342 $ (362 ) $ 109 Net amount recognized at period end Benefit asset $ — $ 920 $ — $ 109 Benefit liability (844 ) (578 ) (362 ) — Net amount recognized on the balance sheet—Significant Plans $ (844 ) $ 342 $ (362 ) $ 109 Amounts recognized in AOCI at period end Prior service benefit $ — $ 14 $ — $ 72 Net actuarial (loss) gain (7,101 ) (995 ) 13 (320 ) Net amount recognized in equity (pretax)—Significant Plans $ (7,101 ) $ (981 ) $ 13 $ (248 ) Accumulated benefit obligation at period end—Significant Plans $ 13,469 $ 5,467 $ 710 $ 975 (1) The U.S. qualified pension plan is fully funded pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2019 and no minimum required funding is expected for 2019 . |
Change in accumulated other comprehensive income (loss) | The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended Six Months Ended Beginning of period balance, net of tax (1)(2) $ (6,321 ) $ (6,257 ) Actuarial assumptions changes and plan experience (814 ) (1,609 ) Net asset gain (loss) due to difference between actual and expected returns 443 1,133 Net amortization 66 128 Prior service cost (5 ) (5 ) Curtailment/settlement gain (3) 2 2 Foreign exchange impact and other (22 ) (47 ) Change in deferred taxes, net 77 81 Change, net of tax $ (253 ) $ (317 ) End of period balance, net of tax (1)(2) $ (6,574 ) $ (6,574 ) (1) See Note 17 to the Consolidated Financial Statements for further discussion of net AOCI balance. (2) Includes net-of-tax amounts for certain profit sharing plans outside the U.S. (3) Curtailment and settlement relate to repositioning and divestiture activities. |
Assumptions used in determining benefit obligations and net benefit expense | The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows: Net (benefit) expense assumed discount rates during the period Three Months Ended Jun. 30, 2019 Jun. 30, 2018 U.S. plans Qualified pension 3.85 % 3.95 % Nonqualified pension 3.90 3.95 Postretirement 3.80 3.90 Non-U.S. plans Pension 0.45-10.30 0.75-9.90 Weighted average 4.74 4.86 Postretirement 10.30 9.50 The discount rates utilized at period-end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Jun. 30, 2019 Mar. 31, 2019 Dec. 31, 2018 U.S. plans Qualified pension 3.45 % 3.85 % 4.25 % Nonqualified pension 3.50 3.90 4.25 Postretirement 3.35 3.80 4.20 Non-U.S. plans Pension 0.30-9.55 0.45-10.30 0.75-10.75 Weighted average 4.52 4.74 5.09 Postretirement 9.70 10.30 10.75 |
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 June 30, 2019 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 7 $ (10 ) Non-U.S. plans (3 ) 5 Postretirement U.S. plans 1 (1 ) Non-U.S. plans (2 ) 2 |
Schedule of company contributions | The following table summarizes the Company’s actual contributions for the six months ended June 30, 2019 and 2018 , as well as estimated expected Company contributions for the remainder of 2019 and the actual contributions made for the remainder of 2018 : Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Company contributions (2) for the six months ended June 30 $ 463 $ 28 $ 64 $ 112 $ — $ 7 $ 223 $ 5 Company contributions made during the remainder of the year — 27 — 70 — 143 — 4 Company contributions expected to be made during the remainder of the year 30 — 70 — 2 — 5 — (1) The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans. (2) Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. |
Defined contribution plans | The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 U.S. plans $ 99 $ 99 $ 198 $ 203 Non-U.S. plans 71 72 139 148 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of the income and share data used in the basic and diluted earnings per share computations | The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2019 2018 2019 2018 Income from continuing operations before attribution of noncontrolling interests $ 4,792 $ 4,501 $ 9,529 $ 9,150 Less: Noncontrolling interests from continuing operations 10 26 35 48 Net income from continuing operations (for EPS purposes) $ 4,782 $ 4,475 $ 9,494 $ 9,102 Loss from discontinued operations, net of taxes 17 15 15 8 Citigroup's net income $ 4,799 $ 4,490 $ 9,509 $ 9,110 Less: Preferred dividends (1) 296 318 558 590 Net income available to common shareholders $ 4,503 $ 4,172 $ 8,951 $ 8,520 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS 50 49 109 90 Net income allocated to common shareholders for basic and diluted EPS 4,453 4,123 8,842 8,430 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,286.1 2,530.9 2,313.2 2,546.2 Effect of dilutive securities Options (2) — 0.1 0.1 0.1 Other employee plans 2.9 1.3 2.4 1.3 Adjusted weighted-average common shares outstanding applicable to diluted EPS (3) 2,289.0 2,532.3 2,315.7 2,547.6 Basic earnings per share (4) Income from continuing operations $ 1.94 $ 1.62 $ 3.81 $ 3.30 Discontinued operations 0.01 0.01 0.01 0.01 Net income $ 1.95 $ 1.63 $ 3.82 $ 3.31 Diluted earnings per share (4) Income from continuing operations $ 1.94 $ 1.62 $ 3.81 $ 3.30 Discontinued operations 0.01 0.01 0.01 0.01 Net income $ 1.95 $ 1.63 $ 3.82 $ 3.31 (1) As of June 30, 2019 , Citi estimates it will distribute preferred dividends of approximately $550 million during the remainder of 2019, assuming such dividends are declared by the Citi Board of Directors. (2) During the second quarter of 2019 , no significant options to purchase shares of common stock were outstanding. During the second quarter of 2018 , weighted-average options to purchase 0.5 million shares of common stock were outstanding but not included in the computation of earnings per share because the weighted-average exercise price of $148.77 per share was anti-dilutive. (3) Due to rounding, common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to common shares outstanding applicable to diluted EPS. (4) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
SECURITIES BORROWED, LOANED A_2
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Securities borrowed or purchased under agreements to resell | Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2018 Securities purchased under agreements to resell $ 163,786 $ 159,364 Deposits paid for securities borrowed 95,983 111,320 Total (1) $ 259,769 $ 270,684 |
Securities loaned or sold under agreements to repurchase | Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2018 Securities sold under agreements to repurchase $ 168,861 $ 166,090 Deposits received for securities loaned 12,272 11,678 Total (1) $ 181,133 $ 177,768 (1) The above tables do not include securities-for-securities lending transactions of $16.8 billion and $15.9 billion at June 30, 2019 and December 31, 2018, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables . |
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. 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 June 30, 2019 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 292,088 $ 128,302 $ 163,786 $ 128,476 $ 35,310 Deposits paid for securities borrowed 95,983 — 95,983 26,429 69,554 Total $ 388,071 $ 128,302 $ 259,769 $ 154,905 $ 104,864 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 297,163 $ 128,302 $ 168,861 $ 87,803 $ 81,058 Deposits received for securities loaned 12,272 — 12,272 2,551 9,721 Total $ 309,435 $ 128,302 $ 181,133 $ 90,354 $ 90,779 As of December 31, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 246,788 $ 87,424 $ 159,364 $ 124,557 $ 34,807 Deposits paid for securities borrowed 111,320 — 111,320 35,766 75,554 Total $ 358,108 $ 87,424 $ 270,684 $ 160,323 $ 110,361 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 253,514 $ 87,424 $ 166,090 $ 82,823 $ 83,267 Deposits received for securities loaned 11,678 — 11,678 3,415 8,263 Total $ 265,192 $ 87,424 $ 177,768 $ 86,238 $ 91,530 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amount permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of June 30, 2019 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 292,088 $ 128,302 $ 163,786 $ 128,476 $ 35,310 Deposits paid for securities borrowed 95,983 — 95,983 26,429 69,554 Total $ 388,071 $ 128,302 $ 259,769 $ 154,905 $ 104,864 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 297,163 $ 128,302 $ 168,861 $ 87,803 $ 81,058 Deposits received for securities loaned 12,272 — 12,272 2,551 9,721 Total $ 309,435 $ 128,302 $ 181,133 $ 90,354 $ 90,779 As of December 31, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 246,788 $ 87,424 $ 159,364 $ 124,557 $ 34,807 Deposits paid for securities borrowed 111,320 — 111,320 35,766 75,554 Total $ 358,108 $ 87,424 $ 270,684 $ 160,323 $ 110,361 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 253,514 $ 87,424 $ 166,090 $ 82,823 $ 83,267 Deposits received for securities loaned 11,678 — 11,678 3,415 8,263 Total $ 265,192 $ 87,424 $ 177,768 $ 86,238 $ 91,530 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (3) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Gross amount of liabilities associated with repurchase agreements and securities lending agreements | The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity: As of June 30, 2019 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 $ 152,704 $ 69,173 $ 34,516 $ 40,770 $ 297,163 Deposits received for securities loaned 7,576 155 2,359 2,182 12,272 Total $ 160,280 $ 69,328 $ 36,875 $ 42,952 $ 309,435 As of December 31, 2018 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 $ 108,405 $ 70,850 $ 29,898 $ 44,361 $ 253,514 Deposits received for securities loaned 6,296 774 2,626 1,982 11,678 Total $ 114,701 $ 71,624 $ 32,524 $ 46,343 $ 265,192 The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral: As of June 30, 2019 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 114,492 $ — $ 114,492 State and municipal securities 2,226 11 2,237 Foreign government securities 110,796 269 111,065 Corporate bonds 21,909 597 22,506 Equity securities 17,919 10,677 28,596 Mortgage-backed securities 18,541 — 18,541 Asset-backed securities 6,540 — 6,540 Other 4,740 718 5,458 Total $ 297,163 $ 12,272 $ 309,435 As of December 31, 2018 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 86,785 $ 41 $ 86,826 State and municipal securities 2,605 — 2,605 Foreign government securities 99,131 179 99,310 Corporate bonds 21,719 749 22,468 Equity securities 12,920 10,664 23,584 Mortgage-backed securities 19,421 — 19,421 Asset-backed securities 6,207 — 6,207 Other 4,726 45 4,771 Total $ 253,514 $ 11,678 $ 265,192 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2018 Receivables from customers $ 15,887 $ 14,415 Receivables from brokers, dealers and clearing organizations 34,140 21,035 Total brokerage receivables (1) $ 50,027 $ 35,450 Payables to customers $ 38,589 $ 40,273 Payables to brokers, dealers and clearing organizations 31,250 24,298 Total brokerage payables (1) $ 69,839 $ 64,571 (1) |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments by category | The following table presents Citi’s investments by category: In millions of dollars June 30, December 31, Debt securities available-for-sale (AFS) $ 273,435 $ 288,038 Debt securities held-to-maturity (HTM) (1) 68,693 63,357 Marketable equity securities carried at fair value (2) 533 220 Non-marketable equity securities carried at fair value (2) 740 889 Non-marketable equity securities measured using the measurement alternative (3) 642 538 Non-marketable equity securities carried at cost (4) 5,659 5,565 Total investments $ 349,702 $ 358,607 (1) Carried at adjusted amortized cost basis, net of any credit-related impairment. (2) Unrealized gains and losses are recognized in earnings. (3) Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. |
Interest and dividends on investments | The following table presents interest and dividend income on investments: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Taxable interest $ 2,324 $ 2,158 $ 4,696 $ 4,200 Interest exempt from U.S. federal income tax 126 132 253 262 Dividend income 55 84 104 146 Total interest and dividend income $ 2,505 $ 2,374 $ 5,053 $ 4,608 |
Realized gains and losses on investments excluding other-than-temporary impairment | The following table presents realized gains and losses on the sales of investments, which exclude OTTI losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Gross realized investment gains $ 474 $ 170 $ 642 $ 396 Gross realized investment losses (6 ) (68 ) (44 ) (124 ) Net realized gains on sale of investments $ 468 $ 102 $ 598 $ 272 |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS debt securities were as follows: June 30, 2019 December 31, 2018 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 37,488 $ 717 $ 345 $ 37,860 $ 43,504 $ 241 $ 725 $ 43,020 Alt-A 1 — — 1 1 — — 1 Non-U.S. residential 907 3 1 909 1,310 4 2 1,312 Commercial 114 1 — 115 173 1 2 172 Total mortgage-backed securities $ 38,510 $ 721 $ 346 $ 38,885 $ 44,988 $ 246 $ 729 $ 44,505 U.S. Treasury and federal agency securities U.S. Treasury $ 102,563 $ 82 $ 583 $ 102,062 $ 109,376 $ 33 $ 1,339 $ 108,070 Agency obligations 7,488 7 48 7,447 9,283 1 132 9,152 Total U.S. Treasury and federal agency securities $ 110,051 $ 89 $ 631 $ 109,509 $ 118,659 $ 34 $ 1,471 $ 117,222 State and municipal $ 6,228 $ 139 $ 197 $ 6,170 $ 9,372 $ 96 $ 262 $ 9,206 Foreign government 101,400 803 463 101,740 100,872 415 596 100,691 Corporate 12,380 74 131 12,323 11,714 42 157 11,599 Asset-backed securities (1) 618 2 2 618 845 2 4 843 Other debt securities 4,191 — 1 4,190 3,973 — 1 3,972 Total debt securities AFS $ 273,378 $ 1,828 $ 1,771 $ 273,435 $ 290,423 $ 835 $ 3,220 $ 288,038 (1) The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. |
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: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross June 30, 2019 Debt securities held-to-maturity Mortgage-backed securities $ 304 $ 1 $ 9,980 $ 81 $ 10,284 $ 82 State and municipal 9 — 268 13 277 13 Foreign government 1,929 8 — — 1,929 8 Asset-backed securities 11,532 46 501 5 12,033 51 Total debt securities held-to-maturity $ 13,774 $ 55 $ 10,749 $ 99 $ 24,523 $ 154 December 31, 2018 Debt securities held-to-maturity Mortgage-backed securities $ 2,822 $ 20 $ 18,086 $ 559 $ 20,908 $ 579 State and municipal 981 34 1,242 104 2,223 138 Foreign government 1,003 24 — — 1,003 24 Asset-backed securities 13,008 112 — — 13,008 112 Total debt securities held-to-maturity $ 17,814 $ 190 $ 19,328 $ 663 $ 37,142 $ 853 Note: Excluded from the gross unrecognized losses presented in the table above are $(658) million and $(653) million of net unrealized losses recorded in AOCI as of June 30, 2019 and December 31, 2018 , respectively, primarily related to the difference between the amortized cost and carrying value of HTM debt 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 June 30, 2019 and December 31, 2018 . The following table shows the fair value of AFS debt securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses June 30, 2019 Debt securities AFS Mortgage-backed securities U.S. government agency guaranteed $ 8,595 $ 255 $ 5,718 $ 90 $ 14,313 $ 345 Non-U.S. residential 175 1 1 — 176 1 Commercial 7 — 61 — 68 — Total mortgage-backed securities $ 8,777 $ 256 $ 5,780 $ 90 $ 14,557 $ 346 U.S. Treasury and federal agency securities U.S. Treasury $ 19,187 $ 135 $ 54,921 $ 448 $ 74,108 $ 583 Agency obligations 316 2 6,857 46 7,173 48 Total U.S. Treasury and federal agency securities $ 19,503 $ 137 $ 61,778 $ 494 $ 81,281 $ 631 State and municipal $ 925 $ 156 $ 960 $ 41 $ 1,885 $ 197 Foreign government 25,294 337 7,038 126 32,332 463 Corporate 2,598 126 493 5 3,091 131 Asset-backed securities 476 2 29 — 505 2 Other debt securities 1,535 1 — — 1,535 1 Total debt securities AFS $ 59,108 $ 1,015 $ 76,078 $ 756 $ 135,186 $ 1,771 December 31, 2018 Debt securities AFS Mortgage-backed securities U.S. government agency guaranteed $ 11,160 $ 286 $ 13,143 $ 439 $ 24,303 $ 725 Non-U.S. residential 284 2 2 — 286 2 Commercial 79 1 82 1 161 2 Total mortgage-backed securities $ 11,523 $ 289 $ 13,227 $ 440 $ 24,750 $ 729 U.S. Treasury and federal agency securities U.S. Treasury $ 8,389 $ 42 $ 77,883 $ 1,297 $ 86,272 $ 1,339 Agency obligations 277 2 8,660 130 8,937 132 Total U.S. Treasury and federal agency securities $ 8,666 $ 44 $ 86,543 $ 1,427 $ 95,209 $ 1,471 State and municipal $ 1,614 $ 34 $ 1,303 $ 228 $ 2,917 $ 262 Foreign government 40,655 265 15,053 331 55,708 596 Corporate 4,547 115 2,077 42 6,624 157 Asset-backed securities 441 4 55 — 496 4 Other debt securities 1,790 1 — — 1,790 1 Total debt securities AFS $ 69,236 $ 752 $ 118,258 $ 2,468 $ 187,494 $ 3,220 |
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: June 30, 2019 December 31, 2018 In millions of dollars Carrying value Fair value Carrying value Fair value Mortgage-backed securities Due within 1 year $ 3 $ 3 $ 3 $ 3 After 1 but within 5 years 534 541 539 540 After 5 but within 10 years 1,816 1,885 997 1,011 After 10 years (1) 38,217 38,796 34,407 34,024 Total $ 40,570 $ 41,225 $ 35,946 $ 35,578 State and municipal Due within 1 year $ 38 $ 38 $ 37 $ 37 After 1 but within 5 years 229 239 168 174 After 5 but within 10 years 502 526 540 544 After 10 years (1) 7,123 7,435 6,883 6,902 Total $ 7,892 $ 8,238 $ 7,628 $ 7,657 Foreign government Due within 1 year $ 661 $ 664 $ 60 $ 36 After 1 but within 5 years 823 825 967 967 After 5 but within 10 years 436 440 — — After 10 years (1) — — — — Total $ 1,920 $ 1,929 $ 1,027 $ 1,003 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 3,161 3,162 2,535 2,539 After 10 years (1) 15,150 15,106 16,221 16,113 Total $ 18,311 $ 18,268 $ 18,756 $ 18,652 Total debt securities HTM $ 68,693 $ 69,660 $ 63,357 $ 62,890 (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. The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2019 December 31, 2018 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 12 $ 12 $ 14 $ 14 After 1 but within 5 years 589 590 662 661 After 5 but within 10 years 1,986 2,133 2,779 2,828 After 10 years (2) 35,923 36,150 41,533 41,002 Total $ 38,510 $ 38,885 $ 44,988 $ 44,505 U.S. Treasury and federal agency securities Due within 1 year $ 42,893 $ 42,803 $ 41,941 $ 41,867 After 1 but within 5 years 66,636 66,189 76,139 74,800 After 5 but within 10 years 497 489 489 462 After 10 years (2) 25 28 90 93 Total $ 110,051 $ 109,509 $ 118,659 $ 117,222 State and municipal Due within 1 year $ 1,282 $ 1,251 $ 2,586 $ 2,586 After 1 but within 5 years 1,188 1,165 1,676 1,675 After 5 but within 10 years 446 454 585 602 After 10 years (2) 3,312 3,300 4,525 4,343 Total $ 6,228 $ 6,170 $ 9,372 $ 9,206 Foreign government Due within 1 year $ 41,222 $ 41,247 $ 39,078 $ 39,028 After 1 but within 5 years 49,183 49,472 50,125 49,962 After 5 but within 10 years 9,758 9,836 10,153 10,149 After 10 years (2) 1,237 1,185 1,516 1,552 Total $ 101,400 $ 101,740 $ 100,872 $ 100,691 All other (3) Due within 1 year $ 7,424 $ 7,420 $ 6,166 $ 6,166 After 1 but within 5 years 8,297 8,306 8,459 8,416 After 5 but within 10 years 1,249 1,213 1,474 1,427 After 10 years (2) 219 192 433 405 Total $ 17,189 $ 17,131 $ 16,532 $ 16,414 Total debt securities AFS $ 273,378 $ 273,435 $ 290,423 $ 288,038 (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. |
Carrying value and fair value of debt securities HTM | The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Carrying value Gross unrealized gains Gross unrealized losses Fair value June 30, 2019 Debt securities HTM Mortgage-backed securities (1) U.S. government agency guaranteed (2) $ 38,885 $ 726 $ 80 $ 39,531 Non-U.S. residential 1,242 11 1 1,252 Commercial 443 — 1 442 Total mortgage-backed securities $ 40,570 $ 737 $ 82 $ 41,225 State and municipal $ 7,892 $ 359 $ 13 $ 8,238 Foreign government 1,920 17 8 1,929 Asset-backed securities (1) 18,311 8 51 18,268 Total debt securities HTM $ 68,693 $ 1,121 $ 154 $ 69,660 December 31, 2018 Debt securities HTM Mortgage-backed securities (1) U.S. government agency guaranteed $ 34,239 $ 199 $ 578 $ 33,860 Non-U.S. residential 1,339 12 1 1,350 Commercial 368 — — 368 Total mortgage-backed securities $ 35,946 $ 211 $ 579 $ 35,578 State and municipal $ 7,628 $ 167 $ 138 $ 7,657 Foreign government 1,027 — 24 1,003 Asset-backed securities (1) 18,756 8 112 18,652 Total debt securities HTM $ 63,357 $ 386 $ 853 $ 62,890 (1) The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. (2) In March 2019, Citibank transferred $5 billion of agency residential mortgage-backed securities (RMBS) from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $56 million . The loss amounts will remain in AOCI and be amortized over the remaining life of the securities. |
Total other-than-temporary impairments recognized | The following tables present total OTTI on Investments recognized in earnings: Three Months Ended Six Months Ended In millions of dollars AFS HTM Total AFS (1) HTM Total Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for debt 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 2 — 2 5 — 5 Total OTTI losses recognized in earnings $ 2 $ — $ 2 $ 5 $ — $ 5 Three Months Ended Six Months Ended In millions of dollars AFS HTM Total AFS(1) HTM Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise 12 — 12 39 — 39 Total impairment losses recognized in earnings $ 12 $ — $ 12 $ 39 $ — $ 39 |
Cumulative other-than-temporary impairment credit losses recognized in earnings | The following are three-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor will likely be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars March 31, 2019 balance Credit Credit Changes due to June 30, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities — — — — — Total OTTI credit losses recognized for AFS debt securities $ 5 $ — $ — $ — $ 5 HTM debt securities Mortgage-backed securities (2) $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars March 31, 2018 balance Credit Credit Changes due to June 30, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 25 $ — $ — $ (24 ) $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 31 $ — $ — $ (24 ) $ 7 HTM debt securities Mortgage-backed securities (2) $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — (1) Primarily consists of Prime securities. (2) Primarily consists of Alt-A securities. The following are six-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2018 balance Credit Credit Changes due to June 30, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities — — — — — Total OTTI credit losses recognized for AFS debt securities $ 5 $ — $ — $ — $ 5 HTM debt securities Mortgage-backed securities (2) $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2017 balance Credit Credit Changes due to (3) June 30, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 38 $ — $ — $ (37 ) $ 1 State and municipal 4 — — (4 ) — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 48 $ — $ — $ (41 ) $ 7 HTM debt securities Mortgage-backed securities (2) $ 54 $ — $ — $ (54 ) $ — State and municipal 3 — — (3 ) — Total OTTI credit losses recognized for HTM debt securities $ 57 $ — $ — $ (57 ) $ — (1) Primarily consists of Prime securities. (2) Primarily consists of Alt-A securities. (3) Includes $18 million in cumulative OTTI reclassified from HTM to AFS due to the transfer of the related debt securities from HTM to AFS. Citi adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities , on January 1, 2018 and transferred approximately $4 billion of HTM debt securities into AFS classification as permitted as a one-time transfer under the standard. |
Carrying value of non-marketable equity securities measured using the measurement alternative | Below is the carrying value of non-marketable equity securities measured using the measurement alternative at June 30, 2019 and December 31, 2018: In millions of dollars June 30, 2019 December 31, 2018 Measurement alternative: Carrying value $ 642 $ 538 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 Measurement alternative: Impairment losses (1) $ 3 $ 3 $ 8 $ 4 Downward changes for observable prices (1) 12 2 12 4 Upward changes for observable prices (1) 19 4 85 112 (1) See Note 20 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars June 30, 2019 Measurement alternative: Impairment losses $ 15 Downward changes for observable prices 30 Upward changes for observable prices 304 |
Investments in alternative investment funds | Fair value Unfunded Redemption frequency (if currently eligible) monthly, quarterly, annually Redemption notice period In millions of dollars June 30, December 31, 2018 June 30, December 31, 2018 Hedge funds $ — $ — $ — $ — Generally quarterly 10–95 days Private equity funds (1)(2) 158 168 62 62 — — Real estate funds (2)(3) 12 14 18 19 — — Mutual/collective investment funds 26 25 — — — — Total $ 196 $ 207 $ 80 $ 81 — — (1) Private equity funds include funds that invest in infrastructure, 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. |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Loans receivable | |
Schedule of loans | The following table provides Citi’s consumer loans by loan type: Consumer Loans, Delinquencies and Non-Accrual Details at June 30, 2019 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 (5) Residential first mortgages (6) $ 44,122 $ 480 $ 224 $ 648 $ 45,474 $ 582 $ 407 Home equity loans (7)(8) 10,028 153 223 — 10,404 476 — Credit cards 137,091 1,536 1,639 — 140,266 — 1,639 Installment and other 3,193 40 12 — 3,245 19 — Commercial banking loans 10,655 22 13 — 10,690 139 — Total $ 205,089 $ 2,231 $ 2,111 $ 648 $ 210,079 $ 1,216 $ 2,046 In offices outside North America (5) Residential first mortgages (6) $ 36,226 $ 207 $ 147 $ — $ 36,580 $ 405 $ — Credit cards 24,188 416 371 — 24,975 302 238 Installment and other 26,970 241 110 — 27,321 146 — Commercial banking loans 26,926 60 54 — 27,040 159 — Total $ 114,310 $ 924 $ 682 $ — $ 115,916 $ 1,012 $ 238 Total Citigroup (9) $ 319,399 $ 3,155 $ 2,793 $ 648 $ 325,995 $ 2,228 $ 2,284 (1) Loans less than 30 days past due are presented as current. (2) Includes $20 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $0.4 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $713 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. Consumer Loans, Delinquencies and Non-Accrual Details at December 31, 2018 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 (5) Residential first mortgages (6) $ 45,953 $ 420 $ 253 $ 786 $ 47,412 $ 583 $ 549 Home equity loans (7)(8) 11,135 161 247 — 11,543 527 — Credit cards 141,106 1,687 1,764 — 144,557 — 1,764 Installment and other 3,395 43 16 — 3,454 22 — Commercial banking loans 9,662 20 46 — 9,728 109 — Total $ 211,251 $ 2,331 $ 2,326 $ 786 $ 216,694 $ 1,241 $ 2,313 In offices outside North America (5) Residential first mortgages (6) $ 35,624 $ 203 $ 145 $ — $ 35,972 $ 383 $ — Credit cards 24,131 425 370 — 24,926 312 235 Installment and other 25,773 254 107 — 26,134 152 — Commercial banking loans 26,657 51 53 — 26,761 138 — Total $ 112,185 $ 933 $ 675 $ — $ 113,793 $ 985 $ 235 Total Citigroup (9) $ 323,436 $ 3,264 $ 3,001 $ 786 $ 330,487 $ 2,226 $ 2,548 (1) Loans less than 30 days past due are presented as current. (2) Includes $20 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $0.6 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $708 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. |
Schedule of loan delinquency and non-accrual details | The following table provides Citi’s consumer loans by loan type: Consumer Loans, Delinquencies and Non-Accrual Details at June 30, 2019 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 (5) Residential first mortgages (6) $ 44,122 $ 480 $ 224 $ 648 $ 45,474 $ 582 $ 407 Home equity loans (7)(8) 10,028 153 223 — 10,404 476 — Credit cards 137,091 1,536 1,639 — 140,266 — 1,639 Installment and other 3,193 40 12 — 3,245 19 — Commercial banking loans 10,655 22 13 — 10,690 139 — Total $ 205,089 $ 2,231 $ 2,111 $ 648 $ 210,079 $ 1,216 $ 2,046 In offices outside North America (5) Residential first mortgages (6) $ 36,226 $ 207 $ 147 $ — $ 36,580 $ 405 $ — Credit cards 24,188 416 371 — 24,975 302 238 Installment and other 26,970 241 110 — 27,321 146 — Commercial banking loans 26,926 60 54 — 27,040 159 — Total $ 114,310 $ 924 $ 682 $ — $ 115,916 $ 1,012 $ 238 Total Citigroup (9) $ 319,399 $ 3,155 $ 2,793 $ 648 $ 325,995 $ 2,228 $ 2,284 (1) Loans less than 30 days past due are presented as current. (2) Includes $20 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $0.4 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $713 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. |
Consumer | |
Loans receivable | |
Schedule of loan delinquency and non-accrual details | Consumer Loans, Delinquencies and Non-Accrual Details at December 31, 2018 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 (5) Residential first mortgages (6) $ 45,953 $ 420 $ 253 $ 786 $ 47,412 $ 583 $ 549 Home equity loans (7)(8) 11,135 161 247 — 11,543 527 — Credit cards 141,106 1,687 1,764 — 144,557 — 1,764 Installment and other 3,395 43 16 — 3,454 22 — Commercial banking loans 9,662 20 46 — 9,728 109 — Total $ 211,251 $ 2,331 $ 2,326 $ 786 $ 216,694 $ 1,241 $ 2,313 In offices outside North America (5) Residential first mortgages (6) $ 35,624 $ 203 $ 145 $ — $ 35,972 $ 383 $ — Credit cards 24,131 425 370 — 24,926 312 235 Installment and other 25,773 254 107 — 26,134 152 — Commercial banking loans 26,657 51 53 — 26,761 138 — Total $ 112,185 $ 933 $ 675 $ — $ 113,793 $ 985 $ 235 Total Citigroup (9) $ 323,436 $ 3,264 $ 3,001 $ 786 $ 330,487 $ 2,226 $ 2,548 (1) Loans less than 30 days past due are presented as current. (2) Includes $20 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $0.6 billion . (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $708 million . Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. |
Schedule of loans credit quality indicators | The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios. 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) June 30, 2019 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 40,482 $ 2,577 $ 168 Home equity loans 8,635 1,079 332 Total $ 49,117 $ 3,656 $ 500 LTV distribution in U.S. portfolio (1)(2) December 31, 2018 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 42,379 $ 2,474 $ 197 Home equity loans 9,465 1,287 390 Total $ 51,844 $ 3,761 $ 587 (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. The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables (commercial banking loans are excluded from 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) June 30, 2019 In millions of dollars Less than 680 to 760 Greater Residential first mortgages $ 3,803 $ 12,699 $ 26,618 Home equity loans 2,172 3,920 3,994 Credit cards 31,445 57,173 49,715 Installment and other 602 967 1,078 Total $ 38,022 $ 74,759 $ 81,405 FICO score distribution in U.S. portfolio (1)(2) December 31, 2018 In millions of dollars Less than 680 680 to 760 Greater than 760 Residential first mortgages $ 4,530 $ 13,848 $ 26,546 Home equity loans 2,438 4,296 4,471 Credit cards 32,686 58,722 51,299 Installment and other 625 1,097 1,121 Total $ 40,279 $ 77,963 $ 83,437 (1) Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSC) 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 impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Six Months Ended Balance at June 30, 2019 2019 2018 2019 2018 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income (5) Interest income (5) Interest income (5) Interest income (5) Mortgage and real estate Residential first mortgages $ 2,022 $ 2,222 $ 219 $ 2,133 $ 18 $ 21 $ 35 $ 42 Home equity loans 652 914 124 678 2 2 4 8 Credit cards 1,873 1,892 711 1,838 26 25 52 55 Installment and other Individual installment and other 400 431 142 401 6 6 11 12 Commercial banking 365 534 35 316 7 5 10 8 Total $ 5,312 $ 5,993 $ 1,231 $ 5,366 $ 59 $ 59 $ 112 $ 125 (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) $414 million of residential first mortgages, $245 million of home equity loans and $9 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, 2018 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 $ 2,130 $ 2,329 $ 178 $ 2,483 Home equity loans 684 946 122 698 Credit cards 1,818 1,842 677 1,815 Installment and other Individual installment and other 400 434 146 414 Commercial banking 252 432 55 286 Total $ 5,284 $ 5,983 $ 1,178 $ 5,696 (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) $484 million of residential first mortgages, $263 million of home equity loans and $2 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. |
Schedule of troubled debt restructurings | Consumer Troubled Debt Restructurings For the Three Months Ended June 30, 2019 In millions of dollars, except number of loans modified Number of Post- (1)(2) Deferred (3) Contingent (4) Principal (5) Average North America Residential first mortgages 137 $ 21 $ — $ — $ — — % Home equity loans 188 22 1 — — 1 Credit cards 63,281 273 — — — 17 Installment and other revolving 340 3 — — — 6 Commercial banking (6) 12 10 — — — — Total (8) 63,958 $ 329 $ 1 $ — $ — International Residential first mortgages 638 $ 17 $ — $ — $ — — % Credit cards 18,453 73 — — 3 16 Installment and other revolving 7,073 44 — — 2 10 Commercial banking (6) 89 9 — — — — Total (8) 26,253 $ 143 $ — $ — $ 5 For the Three Months Ended June 30, 2018 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 495 $ 77 $ 1 $ — $ — — % Home equity loans 380 37 1 — — 1 Credit cards 55,459 220 — — — 17 Installment and other revolving 292 2 — — — 5 Commercial banking (6) 17 1 — — — — Total (8) 56,643 $ 337 $ 2 $ — $ — International Residential first mortgages 624 $ 22 $ — $ — $ — — % Credit cards 17,782 78 — — 2 16 Installment and other revolving 7,172 43 — — 2 11 Commercial banking (6) 157 22 — — — — Total (8) 25,735 $ 165 $ — $ — $ 4 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $5 million of residential first mortgages and $2 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2019 . These amounts include $3 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2019 , based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking 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 $8 million of residential first mortgages and $3 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2018 . These amounts include $5 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2018 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding that were considered TDRs as of the end of the reporting period. For the Six Months Ended June 30, 2019 In millions of dollars, except number of loans modified Number of Post- (1)(2) Deferred (3) Contingent (4) Principal (5) Average North America Residential first mortgages 630 $ 95 $ — $ — $ — — % Home equity loans 394 42 2 — — 1 Credit cards 135,528 578 — — — 17 Installment and other revolving 691 6 — — — 6 Commercial banking (6) 27 48 — — — — Total (8) 137,270 $ 769 $ 2 $ — $ — International Residential first mortgages 1,363 $ 37 $ — $ — $ — — % Credit cards 36,946 148 — — 6 16 Installment and other revolving 14,625 88 — — 3 10 Commercial banking (6) 188 41 — — — — Total (8) 53,122 $ 314 $ — $ — $ 9 For the Six Months Ended June 30, 2018 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 1,083 $ 166 $ 1 $ — $ — — % Home equity loans 836 78 3 — — 1 Credit cards 118,662 464 — — — 17 Installment and other revolving 634 5 — — — 5 Commercial banking (6) 26 2 — — — — Total (8) 121,241 $ 715 $ 4 $ — $ — International Residential first mortgages 1,173 $ 41 $ — $ — $ — — % Credit cards 41,176 173 — — 5 16 Installment and other revolving 16,497 102 — — 4 10 Commercial banking (6) 302 50 — — — 1 Total (8) 59,148 $ 366 $ — $ — $ 9 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $12 million of residential first mortgages and $4 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2019 . These amounts include $7 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2019 , based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking 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 $19 million of residential first mortgages and $7 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2018 . These amounts include $13 million of residential first mortgages and $6 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2018 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
Schedule of troubled debt restructuring loans that defaulted | The following table presents consumer TDRs that defaulted 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 banking loans, where default is defined as 90 days past due. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 North America Residential first mortgages $ 26 $ 30 $ 50 $ 74 Home equity loans 4 6 7 16 Credit cards 73 57 144 116 Installment and other revolving 1 1 2 1 Commercial banking 1 13 1 21 Total $ 105 $ 107 $ 204 $ 228 International Residential first mortgages $ 4 $ 2 $ 7 $ 4 Credit cards 36 55 75 108 Installment and other revolving 19 20 37 44 Commercial banking 2 9 2 10 Total $ 61 $ 86 $ 121 $ 166 |
Corporate | |
Loans receivable | |
Schedule of loans | The following table presents information by corporate loan type: In millions of dollars June 30, December 31, In North America offices (1) Commercial and industrial $ 54,519 $ 52,063 Financial institutions 47,610 48,447 Mortgage and real estate (2) 51,321 50,124 Installment, revolving credit and other 33,555 32,425 Lease financing 1,385 1,429 Total $ 188,390 $ 184,488 In offices outside North America (1) Commercial and industrial $ 98,351 $ 94,701 Financial institutions 37,523 36,837 Mortgage and real estate (2) 7,577 7,376 Installment, revolving credit and other 27,333 25,684 Lease financing 92 103 Governments and official institutions 3,409 4,520 Total $ 174,285 $ 169,221 Corporate loans, net of unearned income (3) $ 362,675 $ 353,709 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (2) Loans secured primarily by real estate. (3) Corporate loans are net of unearned income of ($815) million and ($822) million at June 30, 2019 and December 31, 2018 , respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquency and Non-Accrual Details at June 30, 2019 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 $ 473 $ 32 $ 505 $ 1,064 $ 149,418 $ 150,987 Financial institutions 245 15 260 36 82,983 83,279 Mortgage and real estate 234 4 238 204 58,438 58,880 Lease financing — 19 19 — 1,458 1,477 Other 159 56 215 106 63,927 64,248 Loans at fair value 3,804 Total $ 1,111 $ 126 $ 1,237 $ 1,410 $ 356,224 $ 362,675 Corporate Loan Delinquency and Non-Accrual Details at December 31, 2018 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 $ 365 $ 42 $ 407 $ 919 $ 143,960 $ 145,286 Financial institutions 87 7 94 102 83,672 83,868 Mortgage and real estate 128 5 133 215 57,116 57,464 Lease financing 5 10 15 — 1,516 1,531 Other 151 52 203 75 62,079 62,357 Loans at fair value 3,203 Total $ 736 $ 116 $ 852 $ 1,311 $ 348,343 $ 353,709 (1) Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid. (2) Non-accrual loans generally include those loans that are 90 days or more 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 and/or principal is doubtful. (3) 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 Recorded investment in loans (1) In millions of dollars June 30, December 31, Investment grade (2) Commercial and industrial $ 106,432 $ 102,722 Financial institutions 72,625 73,080 Mortgage and real estate 26,569 25,855 Lease financing 945 1,036 Other 56,651 57,299 Total investment grade $ 263,222 $ 259,992 Non-investment grade (2) Accrual Commercial and industrial $ 43,491 $ 41,645 Financial institutions 10,618 10,686 Mortgage and real estate 3,222 3,793 Lease financing 532 496 Other 7,491 4,981 Non-accrual Commercial and industrial 1,064 919 Financial institutions 36 102 Mortgage and real estate 204 215 Lease financing — — Other 106 75 Total non-investment grade $ 66,764 $ 62,912 Non-rated private bank loans managed on a delinquency basis (2) $ 28,885 $ 27,602 Loans at fair value 3,804 3,203 Corporate loans, net of unearned income $ 362,675 $ 353,709 (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 and interest income recognized on non-accrual corporate loans: June 30, 2019 Three Months Ended Six Months Ended 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 $ 1,064 $ 1,320 $ 138 $ 1,071 $ 1 $ 15 Financial institutions 36 57 9 76 — — Mortgage and real estate 204 416 16 215 — — Lease financing — — — — — — Other 106 193 40 74 — — Total non-accrual corporate loans $ 1,410 $ 1,986 $ 203 $ 1,436 $ 1 $ 15 December 31, 2018 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 919 $ 1,070 $ 183 $ 1,099 Financial institutions 102 123 35 99 Mortgage and real estate 215 323 39 233 Lease financing — 28 — 21 Other 75 165 6 83 Total non-accrual corporate loans $ 1,311 $ 1,709 $ 263 $ 1,535 June 30, 2019 December 31, 2018 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 $ 452 $ 138 $ 603 $ 183 Financial institutions 10 9 76 35 Mortgage and real estate 81 16 100 39 Lease financing — — — — Other 73 40 24 6 Total non-accrual corporate loans with specific allowance $ 616 $ 203 $ 803 $ 263 Non-accrual corporate loans without specific allowance Commercial and industrial $ 612 $ 316 Financial institutions 26 26 Mortgage and real estate 123 115 Lease financing — — Other 33 51 Total non-accrual corporate loans without specific allowance $ 794 N/A $ 508 N/A (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Average carrying value represents the average recorded investment balance and does not include related specific allowance. (3) Interest income recognized for the three and six months ended June 30 , 2018 was $13 million and $17 million , respectively. N/A Not applicable |
Schedule of troubled debt restructurings | For the three months ended June 30, 2019 : In millions of dollars Carrying value of TDRs modified during the period 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 $ 42 $ 19 $ — $ 23 Mortgage and real estate 3 — — 3 Other 6 6 — — Total $ 51 $ 25 $ — $ 26 For the three months ended June 30, 2018 : In millions of dollars Carrying value of TDRs modified during the period 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 $ 39 $ 3 $ 4 $ 32 Mortgage and real estate 2 — — 2 Total $ 41 $ 3 $ 4 $ 34 For the six months ended June 30, 2019 : In millions of dollars Carrying value of TDRs modified during the period TDRs (1) TDRs (2) TDRs Commercial and industrial $ 58 $ 19 $ — $ 39 Mortgage and real estate 7 — — 7 Other 6 6 — — Total $ 71 $ 25 $ — $ 46 For the six months ended June 30, 2018 : In millions of dollars Carrying value of TDRs modified during the period TDRs (1) TDRs (2) TDRs Commercial and industrial $ 41 $ 3 $ 4 $ 34 Mortgage and real estate 3 — — 3 Total $ 44 $ 3 $ 4 $ 37 (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 corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
Schedule of troubled debt restructuring loans that defaulted | The following table presents total corporate loans modified in a TDR as well as those TDRs that defaulted 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 banking loans, where default is defined as 90 days past due. TDR loans in payment default TDR loans in payment default In millions of dollars TDR balances at June 30, 2019 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 TDR balances at June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended Commercial and industrial $ 424 $ 19 $ 19 $ 440 $ 11 $ 70 Financial institutions 10 — — 34 — — Mortgage and real estate 112 — — 87 — — Other 6 — — 37 — — Total (1) $ 552 $ 19 $ 19 $ 598 $ 11 $ 70 (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 Allowance for loan losses at beginning of period $ 12,329 $ 12,354 $ 12,315 $ 12,355 Gross credit losses (2,354 ) (2,109 ) (4,699 ) (4,405 ) Gross recoveries (1) 391 405 788 834 Net credit losses (NCLs) $ (1,963 ) $ (1,704 ) $ (3,911 ) $ (3,571 ) NCLs $ 1,963 $ 1,704 $ 3,911 $ 3,571 Net reserve builds (releases) 53 31 120 133 Net specific reserve builds (releases) 73 60 2 (106 ) Total provision for loan losses $ 2,089 $ 1,795 $ 4,033 $ 3,598 Other, net (see table below) 11 (319 ) 29 (256 ) Allowance for loan losses at end of period $ 12,466 $ 12,126 $ 12,466 $ 12,126 Allowance for credit losses on unfunded lending commitments at beginning of period $ 1,391 $ 1,290 $ 1,367 $ 1,258 Provision (release) for unfunded lending commitments (15 ) (4 ) 9 24 Other, net — (8 ) — (4 ) Allowance for credit losses on unfunded lending commitments at end of period (2) $ 1,376 $ 1,278 $ 1,376 $ 1,278 Total allowance for loans, leases and unfunded lending commitments $ 13,842 $ 13,404 $ 13,842 $ 13,404 (1) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Other, net details Three Months Ended June 30, Six Months Ended In millions of dollars 2019 2018 2019 2018 Sales or transfers of various consumer loan portfolios to HFS Transfer of real estate loan portfolios $ (4 ) $ (33 ) $ (4 ) $ (86 ) Transfer of other loan portfolios — (104 ) — (106 ) Sales or transfers of various consumer loan portfolios to HFS $ (4 ) $ (137 ) $ (4 ) $ (192 ) FX translation, consumer 13 (164 ) 39 (46 ) Other 2 (18 ) (6 ) (18 ) Other, net $ 11 $ (319 ) $ 29 $ (256 ) Allowance for Credit Losses and End-of-Period Loans Three Months Ended June 30, 2019 June 30, 2018 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,303 $ 10,026 $ 12,329 $ 2,315 $ 10,039 $ 12,354 Charge-offs (83 ) (2,271 ) (2,354 ) (20 ) (2,089 ) (2,109 ) Recoveries 13 378 391 22 383 405 Replenishment of net charge-offs 70 1,893 1,963 (2 ) 1,706 1,704 Net reserve builds (releases) 38 15 53 (30 ) 61 31 Net specific reserve builds (releases) 9 64 73 63 (3 ) 60 Other 3 8 11 (18 ) (301 ) (319 ) Ending balance $ 2,353 $ 10,113 $ 12,466 $ 2,330 $ 9,796 $ 12,126 Six Months Ended June 30, 2019 June 30, 2018 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,365 $ 9,950 $ 12,315 $ 2,486 $ 9,869 $ 12,355 Charge-offs (156 ) (4,543 ) (4,699 ) (159 ) (4,246 ) (4,405 ) Recoveries 30 758 788 65 769 834 Replenishment of net charge-offs 126 3,785 3,911 94 3,477 3,571 Net reserve builds (releases) 45 75 120 (49 ) 182 133 Net specific reserve builds (releases) (52 ) 54 2 (92 ) (14 ) (106 ) Other (5 ) 34 29 (15 ) (241 ) (256 ) Ending balance $ 2,353 $ 10,113 $ 12,466 $ 2,330 $ 9,796 $ 12,126 June 30, 2019 December 31, 2018 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 2,150 $ 8,881 $ 11,031 $ 2,102 $ 8,770 $ 10,872 Individually evaluated in accordance with ASC 310-10-35 203 1,231 1,434 263 1,178 1,441 Purchased credit impaired in accordance with ASC 310-30 — 1 1 — 2 2 Total allowance for loan losses $ 2,353 $ 10,113 $ 12,466 $ 2,365 $ 9,950 $ 12,315 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 357,487 $ 320,540 $ 678,027 $ 349,292 $ 325,055 $ 674,347 Individually evaluated in accordance with ASC 310-10-35 1,384 5,312 6,696 1,214 5,284 6,498 Purchased credit impaired in accordance with ASC 310-30 — 123 123 — 128 128 Held at fair value 3,804 20 3,824 3,203 20 3,223 Total loans, net of unearned income $ 362,675 $ 325,995 $ 688,670 $ 353,709 $ 330,487 $ 684,196 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in Goodwill were as follows: In millions of dollars Global Consumer Banking Institutional Clients Group Total Balance at December 31, 2018 $ 12,743 $ 9,303 $ 22,046 Foreign currency translation — (9 ) (9 ) Balance at March 31, 2019 $ 12,743 $ 9,294 $ 22,037 Foreign exchange translation $ (15 ) $ 43 $ 28 Balance at June 30, 2019 $ 12,728 $ 9,337 $ 22,065 |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: June 30, 2019 December 31, 2018 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,666 $ 3,964 $ 1,702 $ 5,733 $ 3,936 $ 1,797 Credit card contract-related intangibles (1) 5,375 2,959 2,416 5,225 2,791 2,434 Core deposit intangibles 428 427 1 419 415 4 Other customer relationships 465 302 163 470 299 171 Present value of future profits 33 30 3 32 29 3 Indefinite-lived intangible assets 222 — 222 218 — 218 Other 82 71 11 84 75 9 Intangible assets (excluding MSRs) $ 12,271 $ 7,753 $ 4,518 $ 12,181 $ 7,545 $ 4,636 Mortgage servicing rights (MSRs) (2) 508 — 508 584 — 584 Total intangible assets $ 12,779 $ 7,753 $ 5,026 $ 12,765 $ 7,545 $ 5,220 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of June 30, 2019 and December 31, 2018 . (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: June 30, 2019 December 31, 2018 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,666 $ 3,964 $ 1,702 $ 5,733 $ 3,936 $ 1,797 Credit card contract-related intangibles (1) 5,375 2,959 2,416 5,225 2,791 2,434 Core deposit intangibles 428 427 1 419 415 4 Other customer relationships 465 302 163 470 299 171 Present value of future profits 33 30 3 32 29 3 Indefinite-lived intangible assets 222 — 222 218 — 218 Other 82 71 11 84 75 9 Intangible assets (excluding MSRs) $ 12,271 $ 7,753 $ 4,518 $ 12,181 $ 7,545 $ 4,636 Mortgage servicing rights (MSRs) (2) 508 — 508 584 — 584 Total intangible assets $ 12,779 $ 7,753 $ 5,026 $ 12,765 $ 7,545 $ 5,220 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of June 30, 2019 and December 31, 2018 . (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. |
Changes in intangible assets | The changes in intangible assets were as follows: Net carrying Net carrying amount at In millions of dollars December 31, Acquisitions/ divestitures Amortization FX translation and other June 30, Purchased credit card relationships (1) $ 1,797 $ — $ (95 ) $ — $ 1,702 Credit card contract-related intangibles (2) 2,434 — (168 ) 150 2,416 Core deposit intangibles 4 — (4 ) 1 1 Other customer relationships 171 — (12 ) 4 163 Present value of future profits 3 — — — 3 Indefinite-lived intangible assets 218 — — 4 222 Other 9 — (5 ) 7 11 Intangible assets (excluding MSRs) $ 4,636 $ — $ (284 ) $ 166 $ 4,518 Mortgage servicing rights (MSRs) (3) 584 508 Total intangible assets $ 5,220 $ 5,026 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract intangibles and include credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount at June 30, 2019 and December 31, 2018 . (3) For additional information on Citi’s MSRs, including the rollforward for the six months ended June 30, 2019 , see Note 18 to the Consolidated Financial Statements. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars June 30, December 31, Commercial paper Bank (1) $ 12,895 $ 13,238 Broker-dealer and other (2) 4,231 — Total commercial paper $ 17,126 $ 13,238 Other borrowings (3) 25,316 19,108 Total $ 42,442 $ 32,346 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from Federal Home Loan Banks and other market participants. At June 30, 2019 and December 31, 2018 , collateralized short-term advances from the Federal Home Loan Banks were $15.5 billion and $9.5 billion , respectively. |
Schedule of long-term debt | In millions of dollars June 30, December 31, 2018 Citigroup Inc. (1) $ 152,141 $ 143,767 Bank (2) 62,619 61,237 Broker-dealer and other (3) 37,429 26,995 Total $ 252,189 $ 231,999 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2019 and December 31, 2018 , collateralized long-term advances from the Federal Home Loan Banks were $7.7 billion and $10.5 billion , respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. |
Summary of outstanding trust preferred securities | The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2019 : 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 securities and share amounts Citigroup Capital III Dec. 1996 194,053 $ 194 7.625 % 6,003 $ 200 Dec. 1, 2036 Not redeemable Citigroup Capital XIII Sept. 2010 89,840,000 2,246 3 mo LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Citigroup Capital XVIII Jun. 2007 99,901 127 3 mo LIBOR + 88.75 bps 50 127 Jun. 28, 2067 June 28, 2017 Total obligated $ 2,567 $ 2,573 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 outside investors from the trusts at the time of issuance. (2) |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Changes in each component of accumulated other comprehensive income (loss) | Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows: Three Months Ended June 30, 2019 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) Accumulated Balance, March 31, 2019 $ (1,115 ) $ (379 ) $ (442 ) $ (6,321 ) $ (28,012 ) $ (39 ) $ (36,308 ) Other comprehensive income before reclassifications 1,050 (14 ) 414 (305 ) 91 44 1,280 Increase (decrease) due to amounts reclassified from AOCI (347 ) 17 103 52 — — (175 ) Change, net of taxes $ 703 $ 3 $ 517 $ (253 ) $ 91 $ 44 $ 1,105 Balance at June 30, 2019 $ (412 ) $ (376 ) $ 75 $ (6,574 ) $ (27,921 ) $ 5 $ (35,203 ) Six Months Ended June 30, 2019 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) Accumulated Balance, December 31, 2018 $ (2,250 ) $ 192 $ (728 ) $ (6,257 ) $ (28,070 ) $ (57 ) $ (37,170 ) Other comprehensive income before reclassifications 2,276 (589 ) 600 (415 ) 149 62 2,083 Increase (decrease) due to amounts reclassified from AOCI (438 ) 21 203 98 — — (116 ) Change, net of taxes $ 1,838 $ (568 ) $ 803 $ (317 ) $ 149 $ 62 $ 1,967 Balance, June 30, 2019 $ (412 ) $ (376 ) $ 75 $ (6,574 ) $ (27,921 ) $ 5 $ (35,203 ) Note: Footnotes to the tables above appear on the following page. Three Months Ended June 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded Component of fair value hedges (5) Accumulated Balance, March 31, 2018 $ (2,219 ) $ (793 ) $ (920 ) $ (6,095 ) $ (24,588 ) $ (4 ) $ (34,619 ) Other comprehensive income before reclassifications (433 ) 316 (36 ) 261 (2,867 ) (28 ) (2,787 ) Increase (decrease) due to amounts reclassified from AOCI (65 ) 2 (65 ) 40 — — (88 ) Change, net of taxes $ (498 ) $ 318 $ (101 ) $ 301 $ (2,867 ) $ (28 ) $ (2,875 ) Balance at June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) Six Months Ended June 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded Component of fair value hedges (5) Accumulated Balance, December 31, 2017 $ (1,158 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,668 ) Adjustment to opening balance, net of taxes (6) (3 ) — — — — — (3 ) Adjusted balance, beginning of period $ (1,161 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,671 ) Other comprehensive income before reclassifications (1,383 ) 417 (279 ) 302 (1,747 ) (32 ) (2,722 ) Increase (decrease) due to amounts reclassified from AOCI (173 ) 29 (44 ) 87 — — (101 ) Change, net of taxes $ (1,556 ) $ 446 $ (323 ) $ 389 $ (1,747 ) $ (32 ) $ (2,823 ) Balance at June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) (1) Changes in DVA are reflected as a component of AOCI, pursuant to the adoption of the provisions of ASU 2016-01 relating to the presentation of DVA on fair value options liabilities. See Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. (2) Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. (3) Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans, annual actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income. (4) Primarily reflects the movements in (by order of impact) the Japanese Yen, Mexican Peso, Euro and Polish Zloty against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2019 . Primarily reflects the movements in (by order of impact) the Mexican Peso, Canadian Dollar, Chilean Peso, and Russian Ruble against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2019. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Euro, and Korean Won against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2018. Primarily reflects the movements in (by order of impact) Brazilian real, Indian Rupee, Argentine peso, and Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2018. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings. (5) Beginning in the first quarter of 2018, changes in the excluded component of fair value hedges are reflected as a component of AOCI, pursuant to the early adoption of ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities . See Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K for further information regarding this change. (6) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. |
Schedule of pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) | The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: Three Months Ended June 30, 2019 In millions of dollars Pretax Tax effect After-tax Balance, March 31, 2019 $ (42,904 ) $ 6,596 $ (36,308 ) Change in net unrealized gains (losses) on debt securities 936 (233 ) 703 Debt valuation adjustment (DVA) 3 — 3 Cash flow hedges 680 (163 ) 517 Benefit plans (329 ) 76 (253 ) Foreign currency translation adjustment 83 8 91 Excluded component of fair value hedges 59 (15 ) 44 Change $ 1,432 $ (327 ) $ 1,105 Balance, June 30, 2019 $ (41,472 ) $ 6,269 $ (35,203 ) Six Months Ended June 30, 2019 In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2018 $ (44,082 ) $ 6,912 $ (37,170 ) Change in net unrealized gains (losses) on debt securities 2,436 (598 ) 1,838 Debt valuation adjustment (DVA) (722 ) 154 (568 ) Cash flow hedges 1,058 (255 ) 803 Benefit plans (397 ) 80 (317 ) Foreign currency translation adjustment 152 (3 ) 149 Excluded component of fair value hedges 83 (21 ) 62 Change $ 2,610 $ (643 ) $ 1,967 Balance, June 30, 2019 $ (41,472 ) $ 6,269 $ (35,203 ) Three Months Ended June 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, March 31, 2018 $ (41,519 ) $ 6,900 $ (34,619 ) Change in net unrealized gains (losses) on debt securities (671 ) 173 (498 ) Debt valuation adjustment (DVA) 418 (100 ) 318 Cash flow hedges (132 ) 31 (101 ) Benefit plans 403 (102 ) 301 Foreign currency translation adjustment (2,869 ) 2 (2,867 ) Excluded component of fair value hedges (37 ) 9 (28 ) Change $ (2,888 ) $ 13 $ (2,875 ) Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) Six Months Ended June 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2017 (1) $ (41,228 ) $ 6,560 $ (34,668 ) Adjustment to opening balance (2) (4 ) 1 (3 ) Adjusted balance, beginning of period $ (41,232 ) $ 6,561 $ (34,671 ) Change in net unrealized gains (losses) on debt securities (2,051 ) 495 (1,556 ) Debt valuation adjustment (DVA) 585 (139 ) 446 Cash flow hedges (422 ) 99 (323 ) Benefit plans 494 (105 ) 389 Foreign currency translation adjustment (1,739 ) (8 ) (1,747 ) Excluded component of fair value hedges (42 ) 10 (32 ) Change $ (3,175 ) $ 352 $ (2,823 ) Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) (1) Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained earnings . For additional information, see Note 19 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. (2) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. |
Summary of amounts reclassified out of accumulated other comprehensive income (loss) into the consolidated statement of income | The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2019 Realized (gains) losses on sales of investments $ (468 ) $ (598 ) Gross impairment losses 2 5 Subtotal, pretax $ (466 ) $ (593 ) Tax effect 119 155 Net realized (gains) losses on investments after-tax (1) $ (347 ) $ (438 ) Realized DVA (gains) losses on fair value option liabilities $ 22 $ 27 Subtotal, pretax $ 22 $ 27 Tax effect (5 ) (6 ) Net realized debt valuation adjustment, after-tax $ 17 $ 21 Interest rate contracts $ 134 $ 264 Foreign exchange contracts 2 4 Subtotal, pretax $ 136 $ 268 Tax effect (33 ) (65 ) Amortization of cash flow hedges, after-tax (2) $ 103 $ 203 Amortization of unrecognized Prior service cost (benefit) $ (2 ) $ (6 ) Net actuarial loss 69 134 Curtailment/settlement impact (3) 2 2 Subtotal, pretax $ 69 $ 130 Tax effect (17 ) (32 ) Amortization of benefit plans, after-tax (3) $ 52 $ 98 Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ (239 ) $ (168 ) Total tax effect 64 52 Total amounts reclassified out of AOCI, after-tax $ (175 ) $ (116 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2018 Realized (gains) losses on sales of investments $ (102 ) $ (272 ) OTTI gross impairment losses 15 43 Subtotal, pretax $ (87 ) $ (229 ) Tax effect 22 56 Net realized (gains) losses on investment securities, after-tax (1) $ (65 ) $ (173 ) Realized DVA (gains) losses on fair value option liabilities $ 2 $ 37 Subtotal, pretax $ 2 $ 37 Tax effect — (8 ) Net realized debt valuation adjustment, after-tax $ 2 $ 29 Interest rate contracts $ (82 ) $ (51 ) Foreign exchange contracts (4 ) (6 ) Subtotal, pretax $ (86 ) $ (57 ) Tax effect 21 13 Amortization of cash flow hedges, after-tax (2) $ (65 ) $ (44 ) Amortization of unrecognized Prior service cost (benefit) $ (11 ) $ (22 ) Net actuarial loss 64 133 Curtailment/settlement impact (3) 2 6 Subtotal, pretax $ 55 $ 117 Tax effect (15 ) (30 ) Amortization of benefit plans, after-tax (3) $ 40 $ 87 Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ (116 ) $ (132 ) Total tax effect 28 31 Total amounts reclassified out of AOCI, after-tax $ (88 ) $ (101 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
SECURITIZATIONS AND VARIABLE _2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Securitizations and Variable Interest Entities [Abstract] | |
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests | Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of June 30, 2019 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 $ 43,090 $ 43,090 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 114,735 — 114,735 2,920 — — 71 2,991 Non-agency-sponsored 35,021 1,337 33,684 757 — — 1 758 Citi-administered asset-backed commercial paper conduits 16,419 16,419 — — — — — — Collateralized loan obligations (CLOs) 19,062 — 19,062 4,945 — — 8 4,953 Asset-based financing 144,436 660 143,776 24,532 842 9,873 — 35,247 Municipal securities tender option bond trusts (TOBs) 7,841 1,623 6,218 13 — 4,085 — 4,098 Municipal investments 18,479 — 18,479 2,620 4,081 2,809 — 9,510 Client intermediation 1,183 955 228 169 — — — 169 Investment funds 1,054 264 790 15 — 20 — 35 Other 369 2 367 213 — 15 — 228 Total $ 401,689 $ 64,350 $ 337,339 $ 36,184 $ 4,923 $ 16,802 $ 80 $ 57,989 As of December 31, 2018 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 $ 46,232 $ 46,232 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 116,563 — 116,563 3,038 — — 60 3,098 Non-agency-sponsored 30,886 1,498 29,388 431 — — 1 432 Citi-administered asset-backed commercial paper conduits 18,750 18,750 — — — — — — Collateralized loan obligations (CLOs) 21,837 — 21,837 5,891 — — 9 5,900 Asset-based financing 99,433 628 98,805 21,640 715 9,757 — 32,112 Municipal securities tender option bond trusts (TOBs) 7,998 1,776 6,222 9 — 4,262 — 4,271 Municipal investments 18,044 3 18,041 2,813 3,922 2,738 — 9,473 Client intermediation 858 614 244 172 — — 2 174 Investment funds 1,272 440 832 12 — 1 1 14 Other 63 3 60 37 — 23 — 60 Total $ 361,936 $ 69,944 $ 291,992 $ 34,043 $ 4,637 $ 16,781 $ 73 $ 55,534 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2019 and December 31, 2018 Consolidated Balance Sheet. (3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss. (4) Citigroup mortgage securitizations also include agency and non-agency (private label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. |
Schedule of funding commitments of unconsolidated Variable Interest Entities | The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: June 30, 2019 December 31, 2018 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 9,873 $ — $ 9,757 Municipal securities tender option bond trusts (TOBs) 4,085 — 4,262 — Municipal investments — 2,809 — 2,738 Investment funds — 20 — 1 Other — 15 — 23 Total funding commitments $ 4,085 $ 12,717 $ 4,262 $ 12,519 |
Schedule of significant interests in unconsolidated VIEs - balance sheet classification | The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars June 30, 2019 December 31, 2018 Cash $ — $ — Trading account assets 3.1 3.0 Investments 10.0 10.7 Total loans, net of allowance 27.5 24.5 Other 0.6 0.5 Total assets $ 41.2 $ 38.7 |
Schedule of securitized credit card receivables | The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars June 30, 2019 December 31, 2018 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 24.8 $ 27.3 Retained by Citigroup as trust-issued securities 7.2 7.6 Retained by Citigroup via non-certificated interests 11.2 11.3 Total $ 43.2 $ 46.2 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended June 30, In billions of dollars 2019 2018 Proceeds from new securitizations $ — $ 1.1 Pay down of maturing notes — (2.6 ) Six Months Ended June 30, In billions of dollars 2019 2018 Proceeds from new securitizations $ — $ 3.9 Pay down of maturing notes (2.5 ) (5.4 ) |
Schedule of Master Trust liabilities (at par value) | In billions of dollars Jun. 30, 2019 Dec. 31, 2018 Term notes issued to third parties $ 23.3 $ 25.8 Term notes retained by Citigroup affiliates 5.3 5.7 Total Master Trust liabilities $ 28.6 $ 31.5 |
Schedule of Omni Trust liabilities (at par value) | In billions of dollars Jun. 30, 2019 Dec. 31, 2018 Term notes issued to third parties $ 1.5 $ 1.5 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.4 $ 3.4 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended June 30, 2019 2018 In billions of dollars U.S. agency- Non-agency- (1) U.S. agency- Non-agency- Principal securitized $ 1.1 $ 6.1 $ 1.0 $ 1.0 Proceeds from new securitizations 1.2 6.1 1.1 1.0 Purchases of previously transferred financial assets 0.1 — 0.1 — Six Months Ended June 30, 2019 2018 In billions of dollars U.S. agency- Non-agency- (1) U.S. agency- Non-agency- Principal securitized $ 2.1 $ 8.8 $ 2.2 $ 1.0 Proceeds from new securitizations 2.2 8.8 2.3 2.6 Purchases of previously transferred financial assets 0.1 — 0.2 — Note: Excludes re-securitization transactions. (1) The principal securitized and proceeds from new securitizations in 2019 include $0.2 billion related to personal loan securitizations. |
Schedule of carrying value of retained interests | June 30, 2019 December 31, 2018 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior (3) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 487 $ 804 $ 63 $ 564 $ 300 $ 51 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Retained interests consist of Level 2 or Level 3 assets depending on the observability of significant inputs. See Note 20 to the Consolidated Financial Statements for more information about fair value measurements. (3) Senior interests in non-agency-sponsored mortgages include $168 million related to personal loan securitizations at June 30, 2019 . |
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 were as follows: Three Months Ended June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.4 % 3.2 % 5.3 % Weighted average constant prepayment rate 15.7 % 5.7 % 5.9 % Weighted average anticipated net credit losses (2) NM 3.0 % 3.7 % Weighted average life 5.9 years 3.2 years 15.6 years Three Months Ended June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.4 % 3.8 % 3.5 % Weighted average constant prepayment rate 5.7 % 8.0 % 8.0 % Weighted average anticipated net credit losses (2) NM 4.6 % 4.6 % Weighted average life 7.7 years 6.7 years 3.4 years Six Months Ended June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 7.0 % 3.5 % 5.5 % Weighted average constant prepayment rate 14.8 % 5.8 % 5.9 % Weighted average anticipated net credit losses (2) NM 4.4 % 3.7 % Weighted average life 6.0 years 6.6 years 16.1 years Six Months Ended June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.9 % 3.6 % 3.2 % Weighted average constant prepayment rate 5.1 % 9.8 % 9.9 % Weighted average anticipated net credit losses (2) NM 4.9 % 3.3 % Weighted average life 7.7 years 6.8 years 3.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. 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 presented in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. June 30, 2019 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 8.0 % 7.5 % 4.9 % Weighted average constant prepayment rate 13.1 % 3.1 % 4.2 % Weighted average anticipated net credit losses (2) NM 9.0 % — Weighted average life 5.8 years 7.9 years 24.3 years December 31, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 7.8 % 9.3 % — Weighted average constant prepayment rate 9.1 % 8.0 % — Weighted average anticipated net credit losses (2) NM 40.0 % — Weighted average life 6.4 years 6.6 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 | June 30, 2019 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (14 ) $ — $ (1 ) Adverse change of 20% (27 ) (1 ) (1 ) Constant prepayment rate Adverse change of 10% (23 ) — — Adverse change of 20% (45 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2018 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rate Adverse change of 10% $ (16 ) $ — $ — Adverse change of 20% (32 ) — — Constant prepayment rate Adverse change of 10% (21 ) — — Adverse change of 20% (41 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities | The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities: Liquidation losses Securitized assets 90 days past due Three Months Ended June 30, Six Months Ended June 30, In billions of dollars, except liquidation losses in millions Jun. 30, 2019 Dec. 31, 2018 Jun. 30, 2019 Dec. 31, 2018 2019 2018 2019 2018 Securitized assets Residential mortgage $ 11.4 $ 5.2 $ 0.3 $ 0.4 $ 9 $ 18 $ 20 $ 32 Commercial and other 14.4 13.1 — — — — — — Total $ 25.8 $ 18.3 $ 0.3 $ 0.4 $ 9 $ 18 $ 20 $ 32 |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, In millions of dollars 2019 2018 Balance, as of March 31 $ 551 $ 587 Originations 16 15 Changes in fair value of MSRs due to changes in inputs and assumptions (37 ) 11 Other changes (1) (22 ) (16 ) Sale of MSRs — (1 ) Balance, as of June 30 $ 508 $ 596 Six Months Ended June 30, In millions of dollars 2019 2018 Balance, beginning of year $ 584 $ 558 Originations 28 32 Changes in fair value of MSRs due to changes in inputs and assumptions (64 ) 57 Other changes (1) (40 ) (33 ) Sale of MSRs — (18 ) Balance, as of June 30 $ 508 $ 596 (1) Represents changes due to customer payments and passage of time. |
Schedule of fees received on servicing previously securitized mortgages | The amounts of these fees were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Servicing fees $ 35 $ 43 $ 76 $ 89 Late fees 2 1 4 2 Ancillary fees — 3 1 6 Total MSR fees $ 37 $ 47 $ 81 $ 97 |
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | The following table summarizes selected retained interests related to Citigroup CLOs: In millions of dollars Jun. 30, 2019 Dec. 31, 2018 Carrying value of retained interests $ 1,765 $ 3,142 |
Schedule of asset-based financing | June 30, 2019 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 28,770 $ 6,803 Corporate loans 8,701 7,254 Hedge funds and equities 485 53 Airplanes, ships and other assets 105,820 21,137 Total $ 143,776 $ 35,247 December 31, 2018 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 23,918 $ 6,928 Corporate loans 6,973 5,744 Hedge funds and equities 388 53 Airplanes, ships and other assets 67,526 19,387 Total $ 98,805 $ 32,112 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative notionals | Information pertaining to Citigroup’s derivative activities, based on notional amounts, is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Rather, 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. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk. In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals Hedging instruments under Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 301,560 $ 273,636 $ 21,499,304 $ 18,138,686 Futures and forwards — — 6,717,597 4,632,257 Written options — — 2,924,051 3,018,469 Purchased options — — 2,645,790 2,532,479 Total interest rate contracts $ 301,560 $ 273,636 $ 33,786,742 $ 28,321,891 Foreign exchange contracts Swaps $ 59,644 $ 57,153 $ 6,894,570 $ 6,738,158 Futures, forwards and spot 41,395 41,410 5,769,581 5,115,504 Written options 494 1,726 1,498,054 1,566,717 Purchased options 517 2,104 1,519,070 1,543,516 Total foreign exchange contracts $ 102,050 $ 102,393 $ 15,681,275 $ 14,963,895 Equity contracts Swaps $ — $ — $ 237,294 $ 217,580 Futures and forwards — — 58,086 52,053 Written options — — 490,146 454,675 Purchased options — — 361,189 341,018 Total equity contracts $ — $ — $ 1,146,715 $ 1,065,326 Commodity and other contracts Swaps $ — $ — $ 80,780 $ 79,133 Futures and forwards 910 802 161,555 146,647 Written options — — 84,958 62,629 Purchased options — — 81,833 61,298 Total commodity and other contracts $ 910 $ 802 $ 409,126 $ 349,707 Credit derivatives (1) Protection sold $ — $ — $ 666,733 $ 724,939 Protection purchased — — 747,129 795,649 Total credit derivatives $ — $ — $ 1,413,862 $ 1,520,588 Total derivative notionals $ 404,520 $ 376,831 $ 52,437,720 $ 46,221,407 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. |
Derivative mark-to-market (MTM) receivables/payables | The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of June 30, 2019 and December 31, 2018 . Gross positive fair values are offset against gross negative fair values by counterparty, pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount if a legal opinion supporting the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral. In addition, the following tables reflect rule changes adopted by clearing organizations that require or allow entities to treat certain derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities that are subject to collateral, whereby the counterparties would also record a related collateral payable or receivable. As a result, the tables reflect a reduction of approximately $160 billion and $100 billion as of June 30, 2019 and December 31, 2018 , respectively, of derivative assets and derivative liabilities that previously would have been reported on a gross basis, but are now legally settled and not subject to collateral. The tables also present amounts that are not permitted to be offset, such as security collateral or cash collateral posted at third-party custodians, but which would be eligible for offsetting to the extent that an event of default 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 June 30, 2019 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 523 $ 138 Cleared 1,262 95 Interest rate contracts $ 1,785 $ 233 Over-the-counter $ 3,372 $ 684 Cleared — 5 Foreign exchange contracts $ 3,372 $ 689 Total derivatives instruments designated as ASC 815 hedges $ 5,157 $ 922 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 205,779 $ 183,048 Cleared 5,860 7,317 Exchange traded 220 163 Interest rate contracts $ 211,859 $ 190,528 Over-the-counter $ 126,634 $ 130,424 Cleared 1,931 1,661 Exchange traded 37 56 Foreign exchange contracts $ 128,602 $ 132,141 Over-the-counter $ 16,911 $ 21,437 Cleared 83 53 Exchange traded 10,194 10,304 Equity contracts $ 27,188 $ 31,794 Over-the-counter $ 14,042 $ 17,212 Exchange traded 698 571 Commodity and other contracts $ 14,740 $ 17,783 Over-the-counter $ 9,886 $ 10,721 Cleared 1,101 1,199 Credit derivatives $ 10,987 $ 11,920 Total derivatives instruments not designated as ASC 815 hedges $ 393,376 $ 384,166 Total derivatives $ 398,533 $ 385,088 Cash collateral paid/received (3) $ 14,134 $ 14,041 Less: Netting agreements (4) (311,423 ) (311,423 ) Less: Netting cash collateral received/paid (5) (47,136 ) (37,933 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 54,108 $ 49,773 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (752 ) $ (110 ) Less: Non-cash collateral received/paid (13,600 ) (14,185 ) Total net receivables/payables (6) $ 39,756 $ 35,478 (1) The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $52,067 million and $61,177 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $37,933 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $47,136 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $297 billion , $4 billion and $10 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $5 billion of derivative asset and $5 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2018 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,631 $ 172 Cleared 238 53 Interest rate contracts $ 1,869 $ 225 Over-the-counter $ 1,402 $ 736 Cleared — 4 Foreign exchange contracts $ 1,402 $ 740 Total derivatives instruments designated as ASC 815 hedges $ 3,271 $ 965 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 161,183 $ 146,909 Cleared 8,489 7,594 Exchange traded 91 99 Interest rate contracts $ 169,763 $ 154,602 Over-the-counter $ 159,099 $ 156,904 Cleared 1,900 1,671 Exchange traded 53 40 Foreign exchange contracts $ 161,052 $ 158,615 Over-the-counter $ 18,253 $ 21,527 Cleared 17 32 Exchange traded 11,623 12,249 Equity contracts $ 29,893 $ 33,808 Over-the-counter $ 16,661 $ 19,894 Exchange traded 894 795 Commodity and other contracts $ 17,555 $ 20,689 Over-the-counter $ 6,967 $ 6,155 Cleared 3,798 4,196 Credit derivatives $ 10,765 $ 10,351 Total derivatives instruments not designated as ASC 815 hedges $ 389,028 $ 378,065 Total derivatives $ 392,299 $ 379,030 Cash collateral paid/received (3) $ 11,518 $ 13,906 Less: Netting agreements (4) (311,089 ) (311,089 ) Less: Netting cash collateral received/paid (5) (38,608 ) (29,911 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 54,120 $ 51,936 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (767 ) $ (164 ) Less: Non-cash collateral received/paid (13,509 ) (13,354 ) Total net receivables/payables (6) $ 39,844 $ 38,418 (1) The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $41,429 million and $52,514 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $29,911 million was used to offset trading derivative liabilities. Of the gross cash collateral received, $38,608 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $296 billion , $4 billion and $11 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $5 billion of derivative asset and $7 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. |
Schedule of gains (losses) on derivatives not designated in a qualifying hedging relationship recognized in Other revenue and gains (losses) on fair value hedges | The amounts recognized in Other revenue in the Consolidated Statement of Income 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 that such amounts are also recorded in Other revenue . Gains (losses) included in Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Interest rate contracts $ 35 $ (15 ) $ 62 $ (43 ) Foreign exchange 71 (517 ) 13 13 Total $ 106 $ (532 ) $ 75 $ (30 ) The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 In millions of dollars Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Net interest revenue Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ 1,853 $ — $ (518 ) $ — $ 2,816 $ — $ 360 Foreign exchange hedges (180 ) — 320 — (12 ) — 499 — Commodity hedges (172 ) — 2 — (102 ) — — — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (352 ) $ 1,853 $ 322 $ (518 ) $ (114 ) $ 2,816 $ 499 $ 360 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (1,783 ) $ — $ 520 $ — $ (2,662 ) $ — $ (346 ) Foreign exchange hedges 180 — (347 ) — 12 — (596 ) — Commodity hedges 172 — — — 102 — 1 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 352 $ (1,783 ) $ (347 ) $ 520 $ 114 $ (2,662 ) $ (595 ) $ (346 ) Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (4 ) $ — $ (5 ) $ — $ (4 ) $ — $ (5 ) Foreign exchange hedges (2) (118 ) — 33 — (121 ) — 56 — Commodity hedges 5 — 1 — 23 — 2 — Total net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges $ (113 ) $ (4 ) $ 34 $ (5 ) $ (98 ) $ (4 ) $ 58 $ (5 ) (1) Gain (loss) amounts for hedges of interest rate risk are included in Interest income/Interest expense . 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) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings. Amounts related to cross-currency basis, which are recognized in AOCI, are not reflected in the table above. The amount of cross-currency basis that was included in AOCI was $59 million and $83 million for the three and six months ended June 30, 2019 and $(37) million and $(42) million for the three and six months ended June 30, 2018, respectively. |
Schedule of amounts recorded on the Balance Sheet related to cumulative basis adjustments for fair value hedges | The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at June 30, 2019 and December 31, 2018, along with the cumulative hedge basis adjustments included in the carrying value of those hedged assets and liabilities. In millions of dollars Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated As of June 30, 2019 Debt securities (1) $ 110,515 $ 360 $ 628 Long-term debt 162,894 4,548 1,407 As of December 31, 2018 Debt securities $ 81,632 $ (196 ) $ 295 Long-term 149,054 1,211 869 (1) These amounts include a cumulative basis adjustment of $172 million as of June 30, 2019 related to certain prepayable financial assets designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated $2 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $26.4 billion as of June 30, 2019) in a last-of-layer hedging relationship, which commenced in the first quarter of 2019. |
Schedule of pretax change in accumulated other comprehensive income (loss) from cash flow hedges | The pretax change in AOCI from cash flow hedges is presented below. The after-tax impact of cash flow hedges on AOCI is shown in Note 17 to the Consolidated Financial Statements. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Amount of gain (loss) recognized in AOCI on derivative Interest rate contracts (1) $ 545 $ (222 ) $ 799 $ (544 ) Foreign exchange contracts (1 ) 5 (9 ) (1 ) Total gain (loss) recognized in AOCI $ 544 $ (217 ) $ 790 $ (545 ) Amount of gain (loss) reclassified from AOCI to earnings Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Net interest revenue Interest rate contracts (1) $ — $ (134 ) $ — $ (88 ) $ — $ (264 ) $ — $ (119 ) Foreign exchange contracts (2 ) — (6 ) — (4 ) — (4 ) — Total gain (loss) reclassified from AOCI into earnings $ (2 ) $ (134 ) $ (6 ) $ (88 ) $ (4 ) $ (264 ) $ (4 ) $ (119 ) Net pretax change in cash flow hedges included within AOCI $ 680 $ (123 ) $ 1,058 $ (422 ) (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest revenue in the Consolidated Statement of Income. |
Schedule of key characteristics of credit derivative portfolio | The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at June 30, 2019 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 4,748 $ 4,551 $ 206,498 $ 204,392 Broker-dealers 1,535 1,470 59,717 61,717 Non-financial 77 119 2,323 1,567 Insurance and other financial institutions 4,627 5,780 478,591 399,057 Total by industry of counterparty $ 10,987 $ 11,920 $ 747,129 $ 666,733 By instrument Credit default swaps and options $ 10,384 $ 10,526 $ 720,153 $ 655,896 Total return swaps and other 603 1,394 26,976 10,837 Total by instrument $ 10,987 $ 11,920 $ 747,129 $ 666,733 By rating of reference entity Investment grade $ 5,027 $ 5,281 $ 590,084 $ 515,070 Non-investment grade 5,960 6,639 157,045 151,663 Total by rating of reference entity $ 10,987 $ 11,920 $ 747,129 $ 666,733 By maturity Within 1 year $ 1,733 $ 2,493 $ 240,625 $ 206,633 From 1 to 5 years 7,542 7,760 452,460 417,738 After 5 years 1,712 1,667 54,044 42,362 Total by maturity $ 10,987 $ 11,920 $ 747,129 $ 666,733 (1) The fair value amount receivable is composed of $3,931 million under protection purchased and $7,056 million under protection sold. (2) The fair value amount payable is composed of $8,377 million under protection purchased and $3,543 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2018 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 4,785 $ 4,432 $ 214,842 $ 218,273 Broker-dealers 1,706 1,612 62,904 63,014 Non-financial 64 87 2,687 1,192 Insurance and other financial institutions 4,210 4,220 515,216 442,460 Total by industry of counterparty $ 10,765 $ 10,351 $ 795,649 $ 724,939 By instrument Credit default swaps and options $ 10,030 $ 9,755 $ 771,865 $ 712,623 Total return swaps and other 735 596 23,784 12,316 Total by instrument $ 10,765 $ 10,351 $ 795,649 $ 724,939 By rating of reference entity Investment grade $ 4,725 $ 4,544 $ 637,790 $ 568,849 Non-investment grade 6,040 5,807 157,859 156,090 Total by rating of reference entity $ 10,765 $ 10,351 $ 795,649 $ 724,939 By maturity Within 1 year $ 2,037 $ 2,063 $ 251,994 $ 225,597 From 1 to 5 years 6,720 6,414 493,096 456,409 After 5 years 2,008 1,874 50,559 42,933 Total by maturity $ 10,765 $ 10,351 $ 795,649 $ 724,939 (1) The fair value amount receivable is composed of $5,126 million under protection purchased and $5,639 under protection sold. (2) The fair value amount payable is composed of $5,882 million under protection purchased and $4,469 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at June 30, 2019 and December 31, 2018 : Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars June 30, December 31, Counterparty CVA $ (866 ) $ (1,085 ) Asset FVA (563 ) (544 ) Citigroup (own-credit) CVA 375 482 Liability FVA 105 135 Total CVA—derivative instruments (1) $ (949 ) $ (1,012 ) (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 June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Counterparty CVA $ 28 $ — $ 102 $ 23 Asset FVA (39 ) 40 (19 ) 49 Own-credit CVA (13 ) 24 (105 ) 99 Liability FVA 18 22 (30 ) 15 Total CVA—derivative instruments $ (6 ) $ 86 $ (52 ) $ 186 DVA related to own FVO liabilities (1) $ 3 $ 418 $ (722 ) $ 585 Total CVA and DVA (2) $ (3 ) $ 504 $ (774 ) $ 771 (1) See Notes 1 and 17 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K. (2) FVA is included with CVA for presentation purposes. |
Items measured at fair value on a recurring basis | The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2019 and December 31, 2018 . The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2 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 June 30, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 263,499 $ 122 $ 263,621 $ (85,513 ) $ 178,108 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 27,036 187 27,223 — 27,223 Residential — 540 131 671 — 671 Commercial — 1,482 53 1,535 — 1,535 Total trading mortgage-backed securities $ — $ 29,058 $ 371 $ 29,429 $ — $ 29,429 U.S. Treasury and federal agency securities $ 38,082 $ 5,231 $ — $ 43,313 $ — $ 43,313 State and municipal — 2,671 177 2,848 — 2,848 Foreign government 59,912 24,133 20 84,065 — 84,065 Corporate 2,288 14,809 454 17,551 — 17,551 Equity securities 51,566 9,176 123 60,865 — 60,865 Asset-backed securities — 1,735 1,411 3,146 — 3,146 Other trading assets (2) 10 10,756 740 11,506 — 11,506 Total trading non-derivative assets $ 151,858 $ 97,569 $ 3,296 $ 252,723 $ — $ 252,723 Trading derivatives Interest rate contracts $ 332 $ 211,668 $ 1,644 $ 213,644 Foreign exchange contracts — 131,595 379 131,974 Equity contracts 364 26,355 469 27,188 Commodity contracts — 13,717 1,023 14,740 Credit derivatives — 10,291 696 10,987 Total trading derivatives $ 696 $ 393,626 $ 4,211 $ 398,533 Cash collateral paid (3) $ 14,134 Netting agreements $ (311,423 ) Netting of cash collateral received (47,136 ) Total trading derivatives $ 696 $ 393,626 $ 4,211 $ 412,667 $ (358,559 ) $ 54,108 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 37,829 $ 31 $ 37,860 $ — $ 37,860 Residential — 910 — 910 — 910 Commercial — 115 — 115 — 115 Total investment mortgage-backed securities $ — $ 38,854 $ 31 $ 38,885 $ — $ 38,885 U.S. Treasury and federal agency securities $ 101,889 $ 7,620 $ — $ 109,509 $ — $ 109,509 State and municipal — 5,144 1,026 6,170 — 6,170 Foreign government 64,001 37,662 77 101,740 — 101,740 Corporate 5,115 7,152 56 12,323 — 12,323 Marketable equity securities 57 476 — 533 — 533 Asset-backed securities — 559 59 618 — 618 Other debt securities — 4,190 — 4,190 — 4,190 Non-marketable equity securities (4) — 96 448 544 — 544 Total investments $ 171,062 $ 101,753 $ 1,697 $ 274,512 $ — $ 274,512 Table continues on the next page. In millions of dollars at June 30, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,405 $ 419 $ 3,824 $ — $ 3,824 Mortgage servicing rights — — 508 508 — 508 Non-trading derivatives and other financial assets measured on a recurring basis $ 16,669 $ 5,928 $ — $ 22,597 $ — $ 22,597 Total assets $ 340,285 $ 865,780 $ 10,253 $ 1,230,452 $ (444,072 ) $ 786,380 Total as a percentage of gross assets (5) 28.0 % 71.2 % 0.8 % Liabilities Interest-bearing deposits $ — $ 1,457 $ 1,182 $ 2,639 $ — $ 2,639 Securities loaned and sold under agreements to repurchase — 129,565 1,085 130,650 (85,513 ) 45,137 Trading account liabilities Securities sold, not yet purchased 73,084 13,372 28 86,484 — 86,484 Other trading liabilities — 37 — 37 — 37 Total trading liabilities $ 73,084 $ 13,409 $ 28 $ 86,521 $ — $ 86,521 Trading derivatives Interest rate contracts $ 211 $ 188,797 $ 1,753 $ 190,761 Foreign exchange contracts — 132,354 476 132,830 Equity contracts 296 29,835 1,663 31,794 Commodity contracts — 16,907 876 17,783 Credit derivatives — 11,310 610 11,920 Total trading derivatives $ 507 $ 379,203 $ 5,378 $ 385,088 Cash collateral received (6) $ 14,041 Netting agreements $ (311,423 ) Netting of cash collateral paid (37,933 ) Total trading derivatives $ 507 $ 379,203 $ 5,378 $ 399,129 $ (349,356 ) $ 49,773 Short-term borrowings $ — $ 5,137 $ 154 $ 5,291 $ — $ 5,291 Long-term debt — 34,550 14,938 49,488 — 49,488 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 16,669 $ 129 $ 1 $ 16,799 $ — $ 16,799 Total liabilities $ 90,260 $ 563,450 $ 22,766 $ 690,517 $ (434,869 ) $ 255,648 Total as a percentage of gross liabilities (5) 13.3 % 83.3 % 3.4 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Reflects the net amount of $52,067 million gross cash collateral paid, of which $37,933 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 billion of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (5) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (6) Reflects the net amount $61,177 million of gross cash collateral received, of which $47,136 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2018 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 214,570 $ 115 $ 214,685 $ (66,984 ) $ 147,701 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 24,090 156 24,246 — 24,246 Residential — 709 268 977 — 977 Commercial — 1,323 77 1,400 — 1,400 Total trading mortgage-backed securities $ — $ 26,122 $ 501 $ 26,623 $ — $ 26,623 U.S. Treasury and federal agency securities $ 26,439 $ 4,802 $ 1 $ 31,242 $ — $ 31,242 State and municipal — 3,782 200 3,982 — 3,982 Foreign government 43,309 21,179 31 64,519 — 64,519 Corporate 1,026 14,510 360 15,896 — 15,896 Equity securities 36,342 7,308 153 43,803 — 43,803 Asset-backed securities — 1,429 1,484 2,913 — 2,913 Other trading assets (2) 3 12,198 818 13,019 — 13,019 Total trading non-derivative assets $ 107,119 $ 91,330 $ 3,548 $ 201,997 $ — $ 201,997 Trading derivatives Interest rate contracts $ 101 $ 169,860 $ 1,671 $ 171,632 Foreign exchange contracts — 162,108 346 162,454 Equity contracts 647 28,903 343 29,893 Commodity contracts — 16,788 767 17,555 Credit derivatives — 9,839 926 10,765 Total trading derivatives $ 748 $ 387,498 $ 4,053 $ 392,299 Cash collateral paid (3) $ 11,518 Netting agreements $ (311,089 ) Netting of cash collateral received (38,608 ) Total trading derivatives $ 748 $ 387,498 $ 4,053 $ 403,817 $ (349,697 ) $ 54,120 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 42,988 $ 32 $ 43,020 $ — $ 43,020 Residential — 1,313 — 1,313 — 1,313 Commercial — 172 — 172 — 172 Total investment mortgage-backed securities $ — $ 44,473 $ 32 $ 44,505 $ — $ 44,505 U.S. Treasury and federal agency securities $ 107,577 $ 9,645 $ — $ 117,222 $ — $ 117,222 State and municipal — 8,498 708 9,206 — 9,206 Foreign government 58,252 42,371 68 100,691 — 100,691 Corporate 4,410 7,033 156 11,599 — 11,599 Marketable equity securities 206 14 — 220 — 220 Asset-backed securities — 656 187 843 — 843 Other debt securities — 3,972 — 3,972 — 3,972 Non-marketable equity securities (4) — 96 586 682 — 682 Total investments $ 170,445 $ 116,758 $ 1,737 $ 288,940 $ — $ 288,940 Table continues on the next page. In millions of dollars at December 31, 2018 Level 1 Level 2 Level 3 Gross Netting (2) Net Loans $ — $ 2,946 $ 277 $ 3,223 $ — $ 3,223 Mortgage servicing rights — — 584 584 — 584 Non-trading derivatives and other financial assets measured on a recurring basis $ 15,839 $ 4,949 $ — $ 20,788 $ — $ 20,788 Total assets $ 294,151 $ 818,051 $ 10,314 $ 1,134,034 $ (416,681 ) $ 717,353 Total as a percentage of gross assets (5) 26.2 % 72.9 % 0.9 % Liabilities Interest-bearing deposits $ — $ 980 $ 495 $ 1,475 $ — $ 1,475 Securities loaned and sold under agreements to repurchase — 110,511 983 111,494 (66,984 ) 44,510 Trading account liabilities Securities sold, not yet purchased 78,872 11,364 586 90,822 — 90,822 Other trading liabilities — 1,547 — 1,547 — 1,547 Total trading liabilities $ 78,872 $ 12,911 $ 586 $ 92,369 $ — $ 92,369 Trading account derivatives Interest rate contracts $ 71 $ 152,931 $ 1,825 $ 154,827 Foreign exchange contracts — 159,003 352 159,355 Equity contracts 351 32,330 1,127 33,808 Commodity contracts — 19,904 785 20,689 Credit derivatives — 9,486 865 10,351 Total trading derivatives $ 422 $ 373,654 $ 4,954 $ 379,030 Cash collateral received (6) $ 13,906 Netting agreements $ (311,089 ) Netting of cash collateral paid (29,911 ) Total trading derivatives $ 422 $ 373,654 $ 4,954 $ 392,936 $ (341,000 ) $ 51,936 Short-term borrowings $ — $ 4,446 $ 37 $ 4,483 $ — $ 4,483 Long-term debt — 25,659 12,570 38,229 — 38,229 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 15,839 $ 67 $ — $ 15,906 $ — $ 15,906 Total liabilities $ 95,133 $ 528,228 $ 19,625 $ 656,892 $ (407,984 ) $ 248,908 Total as a percentage of gross liabilities (5) 14.8 % 82.1 % 3.1 % (1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Reflects the net amount of $41,429 million of gross cash collateral paid, of which $29,911 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 billion of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (5) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (6) Reflects the net amount of $52,514 million of gross cash collateral received, of which $38,608 million was used to offset trading derivative assets. |
Changes in level 3 fair value category | The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Assets Securities borrowed and purchased under agreements to resell $ 66 $ 5 $ — $ 2 $ — $ 49 $ — $ — $ — $ 122 $ — Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 154 6 — 1 (2 ) 42 (1 ) (13 ) — 187 4 Residential 128 10 — 17 (9 ) 61 — (76 ) — 131 15 Commercial 69 2 — 3 (34 ) 38 — (25 ) — 53 (6 ) Total trading mortgage- backed securities $ 351 $ 18 $ — $ 21 $ (45 ) $ 141 $ (1 ) $ (114 ) $ — $ 371 $ 13 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 178 — — — — — — (1 ) — 177 — Foreign government 39 2 — — — — — (21 ) — 20 1 Corporate 378 255 — 41 (5 ) 109 — (322 ) (2 ) 454 55 Marketable equity securities 127 13 — (2 ) — 48 — (63 ) — 123 (28 ) Asset-backed securities 1,429 20 — 6 (15 ) 242 — (271 ) — 1,411 10 Other trading assets 1,042 45 — 2 (135 ) 97 6 (312 ) (5 ) 740 6 Total trading non- derivative assets $ 3,544 $ 353 $ — $ 68 $ (200 ) $ 637 $ 5 $ (1,104 ) $ (7 ) $ 3,296 $ 57 Trading derivatives, net (4) Interest rate contracts $ (116 ) $ (68 ) $ — $ (59 ) $ 137 $ (21 ) $ 19 $ 8 $ (9 ) $ (109 ) $ (101 ) Foreign exchange contracts 46 (109 ) — 15 9 — — (2 ) (56 ) (97 ) (124 ) Equity contracts (1,345 ) 183 — (38 ) 100 2 (88 ) (2 ) (6 ) (1,194 ) 193 Commodity contracts 304 (243 ) — 9 (4 ) 66 — (12 ) 27 147 (135 ) Credit derivatives 34 59 — (1 ) (38 ) — — 14 18 86 10 Total trading derivatives, net (4) $ (1,077 ) $ (178 ) $ — $ (74 ) $ 204 $ 47 $ (69 ) $ 6 $ (26 ) $ (1,167 ) $ (157 ) Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2019 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (1 ) $ — $ — $ — $ — $ — $ — $ 31 $ (1 ) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (1 ) $ — $ — $ — $ — $ — $ — $ 31 $ (1 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 910 — 42 11 — 236 — (173 ) — 1,026 48 Foreign government 71 — 5 — — 17 — (16 ) — 77 1 Corporate 60 — — — — — — (4 ) — 56 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 806 — 10 1 (585 ) — — (173 ) — 59 9 Other debt securities — — — — — — — — — — — Non-marketable equity securities 505 — (2 ) 6 — 3 — (64 ) — 448 (12 ) Total investments $ 2,384 $ — $ 54 $ 18 $ (585 ) $ 256 $ — $ (430 ) $ — $ 1,697 $ 45 Loans $ 373 $ — $ 63 $ 3 $ — $ 5 $ — $ (25 ) $ — $ 419 $ 174 Mortgage servicing rights 551 — (37 ) — — — 16 — (22 ) 508 (34 ) Other financial assets measured on a recurring basis — — 9 — 4 — (3 ) (4 ) (6 ) — — Liabilities Interest-bearing deposits $ 1,047 $ — $ (39 ) $ 2 $ (18 ) $ — $ 129 $ — $ (17 ) $ 1,182 $ (211 ) Securities loaned and sold under agreements to repurchase 1,041 (42 ) — 2 — — — — — 1,085 (13 ) Trading account liabilities Securities sold, not yet purchased 15 (6 ) — 15 (6 ) — — — (2 ) 28 (1 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 170 2 — — (25 ) — 12 — (1 ) 154 (2 ) Long-term debt 13,734 (819 ) — 747 (1,360 ) 20 900 (1 ) 79 14,938 (1,023 ) Other financial liabilities measured on a recurring basis — — 4 5 — — — — — 1 — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2019 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Assets Securities borrowed and purchased under agreements to resell $ 115 $ 1 $ — $ 5 $ (4 ) $ 94 $ — $ — $ (89 ) $ 122 $ 3 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 156 6 — 1 (27 ) 90 (1 ) (38 ) — 187 7 Residential 268 11 — 22 (40 ) 130 — (260 ) — 131 15 Commercial 77 4 — 5 (35 ) 62 — (60 ) — 53 (5 ) Total trading mortgage-backed securities $ 501 $ 21 $ — $ 28 $ (102 ) $ 282 $ (1 ) $ (358 ) $ — $ 371 $ 17 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — State and municipal 200 (1 ) — — (19 ) 1 — (4 ) — 177 — Foreign government 31 1 — 9 — 3 — (24 ) — 20 1 Corporate 360 345 — 62 (31 ) 178 (33 ) (425 ) (2 ) 454 34 Marketable equity securities 153 3 — (1 ) (11 ) 57 — (78 ) — 123 (25 ) Asset-backed securities 1,484 (6 ) — 13 (47 ) 463 — (496 ) — 1,411 57 Other trading assets 818 50 — 15 (167 ) 437 10 (414 ) (9 ) 740 (15 ) Total trading non-derivative assets $ 3,548 $ 413 $ — $ 126 $ (377 ) $ 1,421 $ (24 ) $ (1,799 ) $ (12 ) $ 3,296 $ 69 Trading derivatives, net (4) Interest rate contracts $ (154 ) $ (119 ) $ — $ (74 ) $ 164 $ (15 ) $ 31 $ 8 $ 50 $ (109 ) $ (85 ) Foreign exchange contracts (6 ) (49 ) — — 24 3 — (6 ) (63 ) (97 ) (165 ) Equity contracts (784 ) (111 ) — (192 ) 109 1 (147 ) — (70 ) (1,194 ) (338 ) Commodity contracts (18 ) 37 — 6 6 120 — (46 ) 42 147 153 Credit derivatives 61 (260 ) — (19 ) 194 — — 14 96 86 (335 ) Total trading derivatives, net (4) $ (901 ) $ (502 ) $ — $ (279 ) $ 497 $ 109 $ (116 ) $ (30 ) 55 $ (1,167 ) $ (770 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ (1 ) $ — $ — $ — $ — $ — $ — $ 31 $ (3 ) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ (1 ) $ — $ — $ — $ — $ — $ — $ 31 $ (3 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 708 — 94 14 — 421 — (211 ) — 1,026 84 Foreign government 68 — 1 — — 56 — (48 ) — 77 1 Corporate 156 — — — (94 ) — — (6 ) — 56 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 187 — 8 95 (585 ) 550 — (196 ) — 59 9 Other debt securities — — — — — — — — — — — Non-marketable equity securities 586 — 20 6 — 7 — (150 ) (21 ) 448 (15 ) Total investments $ 1,737 $ — $ 122 $ 115 $ (679 ) $ 1,034 $ — $ (611 ) $ (21 ) $ 1,697 $ 76 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2019 Loans $ 277 $ — $ 108 $ 128 $ (70 ) $ 11 $ — $ (35 ) $ — $ 419 $ 294 Mortgage servicing rights 584 — (64 ) — — — 28 — (40 ) 508 (60 ) Other financial assets measured on a recurring basis — — 25 — 4 — (5 ) (8 ) (16 ) — — Liabilities Interest-bearing deposits $ 495 $ — $ (49 ) $ 3 $ (22 ) $ — $ 803 $ — $ (146 ) $ 1,182 $ (182 ) Securities loaned and sold under agreements to repurchase 983 (38 ) — 1 4 — — 1 58 1,085 (24 ) Trading account liabilities Securities sold, not yet purchased 586 118 — 16 (447 ) — — — (9 ) 28 — Other trading liabilities — — — — — — — — — — — Short-term borrowings 37 25 — 9 (31 ) — 165 — (1 ) 154 (2 ) Long-term debt 12,570 (1,226 ) — 1,624 (2,961 ) 20 6,850 (4 ) (4,387 ) 14,938 (769 ) Other financial liabilities measured on a recurring basis — — 4 5 — — — — — 1 — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at December 31, 2018 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Assets Securities borrowed and purchased under agreements to resell $ 16 $ 1 $ — $ 49 $ — $ — $ — $ — $ — $ 66 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 206 1 — 3 (41 ) 37 — (107 ) — 99 1 Residential 143 (17 ) — 23 (11 ) 45 — (51 ) — 132 (4 ) Commercial 35 (2 ) — 7 (2 ) 23 — (10 ) — 51 (1 ) Total trading mortgage-backed securities $ 384 $ (18 ) $ — $ 33 $ (54 ) $ 105 $ — $ (168 ) $ — $ 282 $ (4 ) U.S. Treasury and federal agency securities $ — $ — $ — $ 6 $ — $ 1 $ — $ — $ — $ 7 $ — State and municipal 211 4 — — — 13 — (2 ) — 226 2 Foreign government 21 (1 ) — — (5 ) 32 — (11 ) — 36 (1 ) Corporate 252 52 — 12 (19 ) 245 — (22 ) — 520 248 Marketable equity securities 237 7 — 16 (5 ) 74 — (36 ) — 293 30 Asset-backed securities 1,597 17 — 27 (32 ) 373 — (294 ) — 1,688 (16 ) Other trading assets 716 (52 ) — 27 (32 ) 45 — (158 ) (4 ) 542 (21 ) Total trading non-derivative assets $ 3,418 $ 9 $ — $ 121 $ (147 ) $ 888 $ — $ (691 ) $ (4 ) $ 3,594 $ 238 Trading derivatives, net (4) Interest rate contracts $ (6 ) $ 206 $ — $ — $ (109 ) $ 1 $ — $ — $ (6 ) $ 86 $ 270 Foreign exchange contracts 88 167 — (12 ) (5 ) 6 — (5 ) — 239 146 Equity contracts (1,741 ) 34 — (16 ) 279 4 — (4 ) (2 ) (1,446 ) 469 Commodity contracts (1,909 ) (141 ) — 4 90 7 — — 43 (1,906 ) (118 ) Credit derivatives (859 ) (36 ) — (10 ) 14 — — — 43 (848 ) (29 ) Total trading derivatives, net (4) $ (4,427 ) $ 230 $ — $ (34 ) $ 269 $ 18 $ — $ (9 ) $ 78 $ (3,875 ) $ 738 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 23 $ — $ 11 $ — $ — $ — $ — $ — $ — $ 34 $ 12 Residential — — — — — — — — — — — Commercial 5 — — 1 — — — — — 6 — Total investment mortgage-backed securities $ 28 $ — $ 11 $ 1 $ — $ — $ — $ — $ — $ 40 $ 12 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 682 — 3 — (9 ) 111 — (25 ) — 762 3 Foreign government 70 — (3 ) 1 — 5 — (19 ) — 54 (3 ) Corporate 76 — — — (2 ) — — (6 ) — 68 — Marketable equity securities 1 — — — — — — — — 1 — Asset-backed securities 497 — (25 ) 1 (2 ) 11 — (26 ) — 456 (25 ) Other debt securities — — — — — — — — — — — Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Non-marketable equity securities 734 — (54 ) — — — — (33 ) (36 ) 611 (23 ) Total investments $ 2,088 $ — $ (68 ) $ 3 $ (13 ) $ 127 $ — $ (109 ) $ (36 ) $ 1,992 $ (36 ) Loans $ 554 $ — $ (274 ) $ — $ 60 $ 47 $ — $ (6 ) $ — $ 381 $ 40 Mortgage servicing rights 587 — 11 — — — 15 (1 ) (16 ) 596 11 Other financial assets measured on a recurring basis 13 — 14 — (11 ) — — (4 ) (12 ) — 14 Liabilities Interest-bearing deposits $ 292 $ — $ (3 ) $ — $ — $ — $ 25 $ — $ — $ 320 $ (6 ) Securities loaned and sold under agreements to repurchase 857 25 — — — — 96 — 38 966 16 Trading account liabilities Securities sold, not yet purchased 48 (142 ) — 4 (12 ) — — 6 1 189 (50 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 81 (6 ) — 3 (21 ) — 24 — (3 ) 90 10 Long-term debt 13,484 (7 ) — 815 (540 ) — 4 — 11 13,781 92 Other financial liabilities measured on a recurring basis 3 — (2 ) 1 (5 ) — — — (1 ) — — (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2018. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Assets Securities borrowed and purchased under agreements to resell $ 16 $ 19 $ — $ 49 $ — $ — $ — $ — $ (18 ) $ 66 $ 10 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 163 2 — 89 (90 ) 153 — (218 ) — 99 1 Residential 164 5 — 58 (88 ) 91 — (98 ) — 132 (4 ) Commercial 57 (1 ) — 11 (37 ) 38 — (17 ) — 51 3 Total trading mortgage-backed securities $ 384 $ 6 $ — $ 158 $ (215 ) $ 282 $ — $ (333 ) $ — $ 282 $ — U.S. Treasury and federal agency securities $ — $ — $ — $ 6 $ — $ 1 $ — $ — $ — $ 7 $ — State and municipal 274 10 — — (44 ) 13 — (27 ) — 226 1 Foreign government 16 (1 ) — 2 (5 ) 46 — (22 ) — 36 (1 ) Corporate 275 95 — 61 (91 ) 279 — (99 ) — 520 251 Marketable equity securities 120 82 — 17 (20 ) 242 — (148 ) — 293 26 Asset-backed securities 1,590 75 — 45 (47 ) 689 — (664 ) — 1,688 39 Other trading assets 615 83 — 85 (42 ) 157 5 (352 ) (9 ) 542 (11 ) Total trading non-derivative assets $ 3,274 $ 350 $ — $ 374 $ (464 ) $ 1,709 $ 5 $ (1,645 ) $ (9 ) $ 3,594 $ 305 Trading derivatives, net (4) Interest rate contracts $ (422 ) $ 587 $ — $ 5 $ (72 ) $ 8 $ — $ (16 ) $ (4 ) $ 86 $ 529 Foreign exchange contracts 130 105 — (13 ) 3 7 — (5 ) 12 239 27 Equity contracts (2,027 ) (102 ) — (73 ) 751 17 — (11 ) (1 ) (1,446 ) 203 Commodity contracts (1,861 ) (174 ) — (43 ) 98 27 — — 47 (1,906 ) (32 ) Credit derivatives (799 ) (98 ) — (9 ) 12 2 — 1 43 (848 ) (219 ) Total trading derivatives, net (4) $ (4,979 ) $ 318 $ — $ (133 ) $ 792 $ 61 $ — $ (31 ) $ 97 $ (3,875 ) $ 508 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 24 $ — $ 10 $ — $ — $ — $ — $ — $ — $ 34 $ (12 ) Residential — — — — — — — — — — — Commercial 3 — 2 1 — — — — — 6 — Total investment mortgage-backed securities $ 27 $ — $ 12 $ 1 $ — $ — $ — $ — $ — $ 40 $ (12 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 737 — (13 ) — (18 ) 140 — (84 ) — 762 (22 ) Foreign government 92 — (4 ) 1 (2 ) 62 — (95 ) — 54 (3 ) Corporate 71 — (1 ) 3 (2 ) 3 — (6 ) — 68 — Marketable equity securities 2 — — — — — — (1 ) — 1 — Asset-backed securities 827 — (15 ) 3 (344 ) 11 — (26 ) — 456 (25 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 681 — (30 ) 30 — 15 — (33 ) (52 ) 611 (7 ) Total investments $ 2,437 $ — $ (51 ) $ 38 $ (366 ) $ 231 $ — $ (245 ) $ (52 ) $ 1,992 $ (69 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Loans $ 550 $ — $ (255 ) $ — $ 59 $ 51 $ — $ (22 ) $ (2 ) $ 381 $ 175 Mortgage servicing rights 558 — 57 — — — 32 (18 ) (33 ) 596 57 Other financial assets measured on a recurring basis 16 — 22 — (11 ) 4 12 (4 ) (39 ) — 33 Liabilities Interest-bearing deposits $ 286 $ — $ 23 $ 12 $ — $ — $ 45 $ — $ — $ 320 $ (60 ) Securities loaned and sold under agreements to repurchase 726 39 — — — — 243 — 36 966 29 Trading account liabilities Securities sold, not yet purchased 22 (247 ) — 7 (31 ) — — 9 (65 ) 189 (46 ) Other trading liabilities 5 5 — — — — — — — — — Short-term borrowings 18 1 — 48 (21 ) — 49 — (3 ) 90 (9 ) Long-term debt 13,082 (243 ) — 1,755 (1,304 ) 36 7 (44 ) 6 13,781 (735 ) Other financial liabilities measured on a recurring basis 8 — (2 ) 1 (10 ) — 2 — (3 ) — (4 ) (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2018. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. |
Significant valuation techniques and most significant unobservable inputs used in Level 3 fair value measurements | The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. As of June 30, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Securities borrowed and purchased under agreements to resell $ 122 Model-based Interest rate 1.77 % 3.67 % 2.90 % Mortgage-backed securities $ 220 Yield analysis Yield 1.94 % 7.72 % 3.23 % 162 Price-based Price $ 15.00 $ 125.81 $ 86.87 State and municipal, foreign government, corporate and other debt securities $ 1,261 Price-based Price $ — $ 1,127.39 $ 77.56 1,093 Model-based Credit spread 35bps 470bps 214 bps Marketable equity securities (5) $ 81 Price-based Price $ 0.01 $ 41,284.00 $ 5,730.26 41 Model-based WAL 1 year 1 year 1 year Asset-backed securities $ 1,429 Price-based Price $ 2.75 $ 100.00 $ 78.27 Non-marketable equities $ 262 Comparables analysis EBITDA multiples 8.10x 19.40x 11.72x 152 Price-based Price $ 8.18 $ 1,540.00 $ 773.53 Appraised value $ 381,810 $ 33,710,000 $ 14,639,552 Discount to price — % 10.00 % 2.30 % Revenue multiple 3.15x 26.12x 11.76x Derivatives—gross (6) Interest rate contracts (gross) $ 3,307 Model-based Inflation volatility 0.22 % 2.67 % 0.79 % Mean reversion 1.00 % 20.00 % 10.50 % IR Normal volatility 0.15 % 80.37 % 49.53 % Foreign exchange contracts (gross) $ 796 Model-based FX volatility 3.09 % 15.04 % 9.83 % IR-IR correlation (51.00 )% 40.00 % 33.10 % IR-FX correlation 40.00 % 60.00 % 50.00 % Interest rate 4.50 % 11.33 % 9.24 % IR Normal volatility — % 80 % 24 % Credit Spread 32bps 535bps 381bps Equity contracts (gross) (7) $ 2,130 Model-based Equity volatility 2.87 % 88.26 % 48.13 % Forward price 59.57 % 129.82 % 119.02 % Equity-Equity correlation (48.61 )% 98.11 % 72.94 % Equity-FX correlation (75.00 )% 37.27 % (20.58 )% Commodity and other contracts (gross) $ 1,900 Model-based Forward price 26.15 % 343.40 % 111.96 % Commodity volatility 10.08 % 93.16 % 24.97 % Commodity correlation (40.55 )% 89.50 % 45.81 % Credit derivatives (gross) $ 708 Model-based Upfront points 4.99 % 99.77 % 58.34 % 597 Price-based Credit correlation 25.00 % 85.00 % 43.66 % Credit spread 4bps 334bps 70bps Price $ 12.00 $ 98.00 $ 69.20 As of June 30, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Recovery rate 20.00 % 60.00 % 41.00 % Loans and leases $ 379 Model-based Equity volatility 27 % 37 % 32 % Credit spread 110bps 110bps 110bps Yield — % — % — % Mortgage servicing rights $ 424 Cash flow Yield 4.77 % 16.26 % 8.00 % 83 Model-based WAL 3.4 years 7.1 years 5.8 years Liabilities Interest-bearing deposits $ 1,182 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Securities loaned and sold under agreement to repurchase $ 1,085 Model-based Interest rate 1.77 % 2.53 % 2.01 % Trading account liabilities Securities sold, not yet purchased $ 27 Price-based Price $ — $ 2,164.17 $ 86.14 Short-term borrowings and long-term debt $ 15,232 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 26.15 % 343.40 % 118.53 % IR Normal volatility 0.15 % 80.37 % 44.02 % As of December 31, 2018 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Securities borrowed and purchased under agreements to resell $ 115 Model-based Interest rate 2.52 % 7.43 % 5.08 % Mortgage-backed securities $ 313 Price-based Price $ 11.25 $ 110.35 $ 90.07 198 Yield analysis Yield 2.27 % 8.70 % 3.74 % State and municipal, foreign government, corporate and other debt securities $ 1,212 Price-based Price $ — $ 103.75 $ 91.39 938 Model-based Credit spread 35 bps 446 bps 238 bps Marketable equity securities (5) $ 108 Price-based Price $ — $ 20,255.00 $ 1,247.85 45 Model-based WAL 1.47years 1.47years 1.47years Asset-backed securities $ 1,608 Price-based Price $ 2.75 $ 101.03 $ 66.18 Non-marketable equity $ 293 Comparables analysis Discount to price — % 100.00 % 0.66 % 255 Price-based EBITDA multiples 5.00x 34.00x 9.73x Net operating income multiple 24.70x 24.70x 24.70x Price $ 2.38 $ 1,073.80 $ 420.24 Revenue multiple 2.25x 16.50x 7.06x Derivatives—gross (6) Interest rate contracts (gross) $ 3,467 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Inflation volatility 0.22 % 2.65 % 0.77 % IR Normal volatility 0.16 % 86.31 % 56.24 % Foreign exchange contracts (gross) $ 626 Model-based Foreign exchange (FX) volatility 3.15 % 17.35 % 11.37 % 73 Cash flow IR-IR correlation (51.00 )% 40.00 % 32.69 % IR-FX correlation 40.00 % 60.00 % 50.00 % Credit spread 39bps 676bps 423bps IR basis (0.65 )% 0.11 % (0.17 )% Yield 6.98 % 7.48 % 7.23 % Equity contracts (gross) (7) $ 1,467 Model-based Equity volatility 3.00 % 78.39 % 37.53 % As of December 31, 2018 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Forward price 64.66 % 144.45 % 98.55 % Equity-Equity correlation (81.39 )% 100.00 % 35.49 % Equity-FX correlation (86.27 )% 70.00 % (1.20 )% WAL 1.47 years 1.47 years 1.47 years Commodity contracts (gross) $ 1,552 Model-based Forward price 15.30 % 585.07 % 145.08 % Commodity volatility 8.92 % 59.86 % 20.34 % Commodity correlation (51.90 )% 92.11 % 40.71 % Credit derivatives (gross) $ 1,089 Model-based Credit correlation 5.00 % 85.00 % 41.06 % 701 Price-based Upfront points 7.41 % 99.04 % 58.95 % Credit spread 2 bps 1,127 bps 87 bps Recovery rate 5.00 % 65.00 % 46.40 % Price $ 16.59 $ 98.00 $ 81.19 Loans and leases $ 248 Model-based Credit spread 138 bps 255 bps 147 bps 29 Price-based Yield 0.30 % 0.47 % 0.32 % Price $ 55.83 $ 110.00 $ 92.40 Mortgage servicing rights $ 500 Cash flow Yield 4.60 % 12.00 % 7.79 % 84 Model-based WAL 3.55 years 7.45 years 6.39 years Liabilities Interest-bearing deposits $ 495 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 64.66 % 144.45 % 98.55 % Equity volatility 3.00 % 78.39 % 43.49 % Securities loaned and sold under agreements to repurchase $ 983 Model-based Interest rate 2.52 % 3.21 % 2.87 % Trading account liabilities Securities sold, not yet purchased $ 509 Model-based Forward price 15.30 % 585.07 % 105.69 % 77 Price-based Equity volatility 3.00 % 78.39 % 43.49 % Equity-Equity correlation (81.39 )% 100.00 % 34.04 % Equity-FX correlation (86.27 )% 70.00 % (1.20 )% Commodity volatility 8.92 % 59.86 % 20.34 % Commodity correlation (51.90 )% 92.11 % 40.71 % Equity-IR correlation (40.00 )% 70.37 % 30.80 % Short-term borrowings and long-term debt $ 12,289 Model-based Mean reversion 1.00 % 20.00 % 10.50 % IR normal volatility 0.16 % 86.31 % 56.61 % Forward price 64.66 % 144.45 % 98.58 % Equity volatility 3.00 % 78.39 % 43.24 % (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 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 tables present the carrying amounts of all assets that were still held for which a nonrecurring fair value measurement was recorded: In millions of dollars Fair value Level 2 Level 3 June 30, 2019 Loans HFS (1) $ 3,634 $ 2,391 $ 1,243 Other real estate owned 50 37 13 Loans (2) 482 172 310 Non-marketable equity securities measured using the measurement alternative 125 108 17 Total assets at fair value on a nonrecurring basis $ 4,291 $ 2,708 $ 1,583 In millions of dollars Fair value Level 2 Level 3 December 31, 2018 Loans HFS (1) $ 5,055 $ 3,261 $ 1,794 Other real estate owned 78 62 16 Loans (2) 390 139 251 Non-marketable equity securities measured using the measurement alternative 261 192 69 Total assets at fair value on a nonrecurring basis $ 5,784 $ 3,654 $ 2,130 (1) Net of fair value amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet. (2) Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Valuation techniques and inputs for Level 3 nonrecurring fair value measurements | The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements: As of June 30, 2019 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 839 Price-based Price $ 82.90 $ 100.00 $ 96.67 Other real estate owned $ 9 Price-based Appraised value (4) $ 2,953,240 $ 8,394,102 $ 6,978,072 Loans (5) 62 Price-based Price 2.65 63.00 30.48 59 Recovery analysis Recovery rate 85.25 % 99.50 % 95.60 % Non-marketable equity securities measured using the measurement alternative $ 17 Price-based Price $ 13.78 $ 13.78 $ 13.78 As of December 31, 2018 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 1,729 Price-based Price $ 0.79 $ 100.00 $ 69.52 Other real estate owned $ 15 Price-based Appraised value (4) $ 8,394,102 $ 8,394,102 $ 8,394,102 2 Recovery analysis Discount to price (6) 13.00 % 13.00 % 13.00 % Price $ 56.30 $ 83.08 $ 58.27 Loans (6) $ 251 Recovery analysis Recovery rate 30.60 % 100.00 % 50.51 % Price $ 2.60 $ 85.04 $ 28.21 Non-marketable equity securities measured using the measurement alternative $ 66 Price-based Price $ 45.80 $ 1,514.00 $ 570.26 (1) The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. (2) Some inputs are shown as zero due to rounding. (3) Weighted averages are calculated based on the fair values of the instruments. (4) Appraised values are disclosed in whole dollars. (5) Represents impaired loans held for investment whose carrying amounts are based on the fair value of the underlying collateral, primarily real estate secured loans. (6) Includes estimated costs to sell. |
Changes in total nonrecurring fair value measurements | The following tables present total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held: Three Months Ended June 30, In millions of dollars 2019 2018 Loans HFS $ (14 ) $ (7 ) Other real estate owned (1 ) (1 ) Loans (1) (44 ) (33 ) Non-marketable equity securities measured using the measurement alternative 4 (1 ) Total nonrecurring fair value gains (losses) $ (55 ) $ (42 ) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate. Six Months Ended June 30, In millions of dollars 2019 2018 Loans HFS $ (1 ) $ (8 ) Other real estate owned — (1 ) Loans (1) (62 ) (33 ) Non-marketable equity securities measured using the measurement alternative 65 104 Total nonrecurring fair value gains (losses) $ 2 $ 62 (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate. |
Estimated fair value of financial instruments | The following table 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. June 30, 2019 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 74.4 $ 75.3 $ 1.9 $ 71.0 $ 2.4 Securities borrowed and purchased under agreements to resell 81.7 81.7 — 81.5 0.2 Loans (1)(2) 670.9 675.6 — 9.6 666.0 Other financial assets (2)(3) 281.0 281.4 187.6 15.6 78.2 Liabilities Deposits $ 1,043.0 $ 1,039.8 $ — $ 837.5 $ 202.3 Securities loaned and sold under agreements to repurchase 136.0 136.0 — 136.0 — Long-term debt (4) 202.6 212.2 — 197.8 14.4 Other financial liabilities (5) 121.8 121.8 — 20.2 101.6 December 31, 2018 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 68.9 $ 68.5 $ 1.0 $ 65.4 $ 2.1 Securities borrowed and purchased under agreements to resell 123.0 123.0 — 121.6 1.4 Loans (1)(2) 667.1 666.9 — 5.6 661.3 Other financial assets (2)(3) 249.7 250.1 172.3 15.8 62.0 Liabilities Deposits $ 1,011.7 $ 1,009.5 $ — $ 847.1 $ 162.4 Securities loaned and sold under agreements to repurchase 133.3 133.3 — 133.3 — Long-term debt (4) 193.8 193.7 — 178.4 15.3 Other financial liabilities (5) 103.8 103.8 — 17.2 86.6 (1) The carrying value of loans is net of the Allowance for loan losses of $ 12.5 billion for June 30, 2019 and $12.3 billion for December 31, 2018 . In addition, the carrying values exclude $ 1.5 billion and $1.6 billion of lease finance receivables at June 30, 2019 and December 31, 2018 , 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 recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. (4) The carrying value includes long-term debt balances under qualifying fair value hedges. (5) Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
FAIR VALUE ELECTIONS (Tables)
FAIR VALUE ELECTIONS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
Schedule of financial instruments selected for changes in fair value gains and losses | The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2019 2018 2019 2018 Assets Securities borrowed and purchased under agreements to resell $ 6 $ 19 $ 35 $ 3 Trading account assets 45 (85 ) 212 (101 ) Investments — — — — Loans Certain corporate loans (80 ) (3 ) (213 ) (126 ) Certain consumer loans — — — — Total loans $ (80 ) $ (3 ) $ (213 ) $ (126 ) Other assets MSRs $ (37 ) $ 11 $ (64 ) $ 57 Certain mortgage loans HFS (1) 21 10 37 12 Total other assets $ (16 ) $ 21 $ (27 ) $ 69 Total assets $ (45 ) $ (48 ) $ 7 $ (155 ) Liabilities Interest-bearing deposits $ (43 ) $ 10 $ (134 ) $ 38 Securities loaned and sold under agreements to repurchase 51 (15 ) 86 (126 ) Trading account liabilities 2 (15 ) 13 (21 ) Short-term borrowings (2) 94 (59 ) (81 ) 118 Long-term debt (2) (1,113 ) 921 (3,794 ) 1,539 Total liabilities $ (1,009 ) $ 842 $ (3,910 ) $ 1,548 (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. (2) |
Schedule of fair value of loans and other disclosures for certain credit related products | The following table provides information about certain credit products carried at fair value: June 30, 2019 December 31, 2018 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 8,448 $ 3,824 $ 10,108 $ 3,224 Aggregate unpaid principal balance in excess of (less than) fair value 410 779 435 741 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — — — — |
Schedule of fair value of loans and other disclosures for certain mortgage loans | The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars June 30, December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 648 $ 556 Aggregate fair value in excess of (less than) unpaid principal balance 21 21 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: In billions of dollars June 30, 2019 December 31, 2018 Interest rate linked $ 21.5 $ 17.3 Foreign exchange linked 1.0 0.5 Equity linked 19.5 14.8 Commodity linked 1.2 1.2 Credit linked 1.9 1.9 Total $ 45.1 $ 35.7 |
Schedule of long-term debt carried at fair value, excluding debt issued by consolidated VIEs | The following table provides information about long-term debt carried at fair value: In millions of dollars June 30, 2019 December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 49,488 $ 38,229 Aggregate unpaid principal balance in excess of (less than) fair value 1,357 3,814 |
Schedule of short-term borrowings carried at fair value | The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2019 December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 5,291 $ 4,483 Aggregate unpaid principal balance in excess of (less than) fair value 729 861 |
GUARANTEES, LEASES AND COMMIT_2
GUARANTEES, LEASES AND COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Guarantees, Leases And Commitments [Abstract] | |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at June 30, 2019 and December 31, 2018 : Maximum potential amount of future payments In billions of dollars at June 30, 2019 Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 32.9 $ 66.2 $ 99.1 $ 132 Performance guarantees 7.7 4.3 12.0 27 Derivative instruments considered to be guarantees 39.3 63.6 102.9 413 Loans sold with recourse — 1.3 1.3 8 Securities lending indemnifications (1) 105.3 — 105.3 — Credit card merchant processing (1)(2) 90.0 — 90.0 — Credit card arrangements with partners 0.1 0.8 0.9 136 Custody indemnifications and other — 31.7 31.7 41 Total $ 275.3 $ 167.9 $ 443.2 $ 757 Maximum potential amount of future payments In billions of dollars at December 31, 2018 Expire within 1 year Expire after 1 year Total amount outstanding Carrying value ( in millions of dollars) Financial standby letters of credit $ 32.1 $ 67.5 $ 99.6 $ 131 Performance guarantees 7.7 4.2 11.9 29 Derivative instruments considered to be guarantees 23.5 87.4 110.9 567 Loans sold with recourse — 1.2 1.2 9 Securities lending indemnifications (1) 98.3 — 98.3 — Credit card merchant processing (1)(2) 94.7 — 94.7 — Credit card arrangements with partners 0.3 0.8 1.1 162 Custody indemnifications and other — 35.4 35.4 41 Total $ 256.6 $ 196.5 $ 453.1 $ 939 (1) The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At June 30, 2019 and December 31, 2018 , this maximum potential exposure was estimated to be $ 90 billion and $ 95 billion , respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. |
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. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at June 30, 2019 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 71.6 $ 11.7 $ 15.8 $ 99.1 Performance guarantees 9.7 2.0 0.3 12.0 Derivative instruments deemed to be guarantees — — 102.9 102.9 Loans sold with recourse — — 1.3 1.3 Securities lending indemnifications — — 105.3 105.3 Credit card merchant processing — — 90.0 90.0 Credit card arrangements with partners — — 0.9 0.9 Custody indemnifications and other 19.1 12.6 — 31.7 Total $ 100.4 $ 26.3 $ 316.5 $ 443.2 Maximum potential amount of future payments In billions of dollars at December 31, 2018 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 71.3 $ 11.9 $ 16.4 $ 99.6 Performance guarantees 9.2 2.1 0.6 11.9 Derivative instruments deemed to be guarantees — — 110.9 110.9 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 98.3 98.3 Credit card merchant processing — — 94.7 94.7 Credit card arrangements with partners — — 1.1 1.1 Custody indemnifications and other 22.2 13.2 — 35.4 Total $ 102.7 $ 27.2 $ 323.2 $ 453.1 |
Schedule of future operating lease payments | Citi’s operating cash outflows related to operating leases were approximately $252 million and $486 million for the three and six months ended June 30, 2019 , respectively, while the future lease payments are as follows: In millions of dollars Operating leases As of June 30, 2019 Remaining 2019 $ 436 2020 716 2021 592 2022 464 2023 355 Thereafter 930 Total future lease payments $ 3,493 Less imputed interest (based on weighted-average discount rate of 3.7%) (391 ) Lease liability $ 3,102 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. June 30, December 31, 2018 Commercial and similar letters of credit $ 928 $ 4,485 $ 5,413 $ 5,461 One- to four-family residential mortgages 2,367 1,783 4,150 2,671 Revolving open-end loans secured by one- to four-family residential properties 9,769 1,283 11,052 11,374 Commercial real estate, construction and land development 12,054 1,505 13,559 11,293 Credit card lines 613,905 94,579 708,484 696,007 Commercial and other consumer loan commitments 198,479 106,442 304,921 300,115 Other commitments and contingencies 3,033 415 3,448 3,321 Total $ 840,535 $ 210,492 $ 1,051,027 $ 1,030,242 |
Schedule of restricted cash | Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars June 30, December 31, 2018 Cash and due from banks $ 2,624 $ 4,000 Deposits with banks 29,519 27,208 Total $ 32,143 $ 31,208 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Income and Comprehensive Income | ondensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 5,049 $ — $ — $ (5,049 ) $ — Interest revenue — 3,184 16,528 — 19,712 Interest revenue—intercompany 1,327 518 (1,845 ) — — Interest expense 1,278 1,911 4,573 — 7,762 Interest expense—intercompany 202 1,152 (1,354 ) — — Net interest revenue $ (153 ) $ 639 $ 11,464 $ — $ 11,950 Commissions and fees $ — $ 1,309 $ 1,572 $ — $ 2,881 Commissions and fees—intercompany — 94 (94 ) — — Principal transactions (565 ) 1,142 1,297 — 1,874 Principal transactions—intercompany 791 (675 ) (116 ) — — Other income (368 ) 498 1,923 — 2,053 Other income—intercompany 9 14 (23 ) — — Total non-interest revenues $ (133 ) $ 2,382 $ 4,559 $ — $ 6,808 Total revenues, net of interest expense $ 4,763 $ 3,021 $ 16,023 $ (5,049 ) $ 18,758 Provisions for credit losses and for benefits and claims $ — $ — $ 2,093 $ — $ 2,093 Operating expenses Compensation and benefits $ 4 $ 1,166 $ 4,211 $ — $ 5,381 Compensation and benefits—intercompany 17 — (17 ) — — Other operating 9 540 4,570 — 5,119 Other operating—intercompany 5 582 (587 ) — — Total operating expenses $ 35 $ 2,288 $ 8,177 $ — $ 10,500 Equity in undistributed income of subsidiaries $ (146 ) $ — $ — $ 146 $ — Income (loss) from continuing operations before income taxes $ 4,582 $ 733 $ 5,753 $ (4,903 ) $ 6,165 Provision (benefit) for income taxes (217 ) 8 1,582 — 1,373 Income (loss) from continuing operations $ 4,799 $ 725 $ 4,171 $ (4,903 ) $ 4,792 Income from discontinued operations, net of taxes — — 17 — 17 Net income before attribution of noncontrolling interests $ 4,799 $ 725 $ 4,188 $ (4,903 ) $ 4,809 Noncontrolling interests — — 10 — 10 Net income (loss) $ 4,799 $ 725 $ 4,178 $ (4,903 ) $ 4,799 Comprehensive income Add: Other comprehensive income (loss) $ 1,105 $ (12 ) $ 734 $ (722 ) $ 1,105 Total Citigroup comprehensive income (loss) $ 5,904 $ 713 $ 4,912 $ (5,625 ) $ 5,904 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 20 $ — $ 20 Add: Net income attributable to noncontrolling interests — — 10 — 10 Total comprehensive income (loss) $ 5,904 $ 713 $ 4,942 $ (5,625 ) $ 5,934 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 3,115 $ — $ — $ (3,115 ) $ — Interest revenue 14 2,398 15,138 — 17,550 Interest revenue—intercompany 1,225 399 (1,624 ) — — Interest expense 813 1,314 3,758 — 5,885 Interest expense—intercompany 716 896 (1,612 ) — — Net interest revenue $ (290 ) $ 587 $ 11,368 $ — $ 11,665 Commissions and fees $ — $ 1,347 $ 1,764 $ — $ 3,111 Commissions and fees—intercompany (1 ) 91 (90 ) — — Principal transactions (1,206 ) (697 ) 4,029 — 2,126 Principal transactions—intercompany (472 ) 1,279 (807 ) — — Other income 1,480 188 (101 ) — 1,567 Other income—intercompany (121 ) (19 ) 140 — — Total non-interest revenues $ (320 ) $ 2,189 $ 4,935 $ — $ 6,804 Total revenues, net of interest expense $ 2,505 $ 2,776 $ 16,303 $ (3,115 ) $ 18,469 Provisions for credit losses and for benefits and claims $ — $ (24 ) $ 1,836 $ — $ 1,812 Operating expenses Compensation and benefits $ 1 $ 1,282 $ 4,169 $ — $ 5,452 Compensation and benefits—intercompany 29 — (29 ) — — Other operating (52 ) 578 4,734 — 5,260 Other operating—intercompany 13 693 (706 ) — — Total operating expenses $ (9 ) $ 2,553 $ 8,168 $ — $ 10,712 Equity in undistributed income of subsidiaries $ 1,485 $ — $ — $ (1,485 ) $ — Income (loss) from continuing operations before income taxes $ 3,999 $ 247 $ 6,299 $ (4,600 ) $ 5,945 Provision (benefit) for income taxes (491 ) — 619 1,316 — 1,444 Income (loss) from continuing operations $ 4,490 $ (372 ) $ 4,983 $ (4,600 ) $ 4,501 Income from discontinued operations, net of taxes — — 15 — 15 Net income (loss) before attribution of noncontrolling interests $ 4,490 $ (372 ) $ 4,998 $ (4,600 ) $ 4,516 Noncontrolling interests — — 26 — 26 Net income (loss) $ 4,490 $ (372 ) $ 4,972 $ (4,600 ) $ 4,490 Comprehensive income Add: Other comprehensive income (loss) $ (2,875 ) $ (72 ) $ 5,401 $ (5,329 ) $ (2,875 ) Total Citigroup comprehensive income (loss) $ 1,615 $ (444 ) $ 10,373 $ (9,929 ) $ 1,615 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ (57 ) $ — $ (57 ) Add: Net income attributable to noncontrolling interests — — — 26 — 26 Total comprehensive income (loss) $ 1,615 $ (444 ) $ 10,342 $ (9,929 ) $ 1,584 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 14,216 $ — $ — $ (14,216 ) $ — Interest revenue — 5,756 33,032 — 38,788 Interest revenue—intercompany 2,652 1,021 (3,673 ) — — Interest expense 2,549 3,735 8,795 — 15,079 Interest expense—intercompany 514 2,227 (2,741 ) — — Net interest revenue $ (411 ) $ 815 $ 23,305 $ — $ 23,709 Commissions and fees $ — $ 2,616 $ 3,191 $ — $ 5,807 Commissions and fees—intercompany (1 ) 215 (214 ) — — Principal transactions (1,390 ) 108 5,960 — 4,678 Principal transactions—intercompany 1,238 1,361 (2,599 ) — — Other income (49 ) 597 2,592 — 3,140 Other income—intercompany (25 ) 56 (31 ) — — Total non-interest revenues $ (227 ) $ 4,953 $ 8,899 $ — $ 13,625 Total revenues, net of interest expense $ 13,578 $ 5,768 $ 32,204 $ (14,216 ) $ 37,334 Provisions for credit losses and for benefits and claims $ — $ — $ 4,073 $ — $ 4,073 Operating expenses Compensation and benefits $ 37 $ 2,450 $ 8,552 $ — $ 11,039 Compensation and benefits—intercompany 43 — (43 ) — — Other operating 14 1,093 8,938 — 10,045 Other operating—intercompany 10 1,164 (1,174 ) — — Total operating expenses $ 104 $ 4,707 $ 16,273 $ — $ 21,084 Equity in undistributed income of subsidiaries $ (4,349 ) $ — $ — $ 4,349 $ — Income (loss) from continuing operations before income taxes $ 9,125 $ 1,061 $ 11,858 $ (9,867 ) $ 12,177 Provision (benefit) for income taxes (384 ) — 148 2,884 — 2,648 Income (loss) from continuing operations $ 9,509 $ 913 $ 8,974 $ (9,867 ) $ 9,529 Income from discontinued operations, net of taxes — — 15 — 15 Net income (loss) before attribution of noncontrolling interests $ 9,509 $ 913 $ 8,989 $ (9,867 ) $ 9,544 Noncontrolling interests — — 35 — 35 Net income (loss) $ 9,509 $ 913 $ 8,954 $ (9,867 ) $ 9,509 Comprehensive income Add: Other comprehensive income (loss) $ 1,967 $ (301 ) $ 1,733 $ (1,432 ) $ 1,967 Total Citigroup comprehensive income (loss) $ 11,476 $ 612 $ 10,687 $ (11,299 ) $ 11,476 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ 7 $ — $ 7 Add: Net income attributable to noncontrolling interests — — — 35 — 35 Total comprehensive income (loss) $ 11,476 $ 612 $ 10,729 $ (11,299 ) $ 11,518 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 8,700 $ — $ — $ (8,700 ) $ — Interest revenue 66 4,053 29,763 — 33,882 Interest revenue—intercompany 2,355 782 (3,137 ) — — Interest expense 2,051 2,327 6,667 — 11,045 Interest expense—intercompany 975 1,668 (2,643 ) — — Net interest revenue $ (605 ) $ 840 $ 22,602 $ — $ 22,837 Commissions and fees $ — $ 2,599 $ 3,542 $ — $ 6,141 Commissions and fees—intercompany (1 ) 91 (90 ) — — Principal transactions (175 ) 224 5,319 — 5,368 Principal transactions—intercompany (858 ) 1,471 (613 ) — — Other income 552 341 2,102 — 2,995 Other income—intercompany (66 ) 31 35 — — Total non-interest revenues $ (548 ) $ 4,757 $ 10,295 $ — $ 14,504 Total revenues, net of interest expense $ 7,547 $ 5,597 $ 32,897 $ (8,700 ) $ 37,341 Provisions for credit losses and for benefits and claims $ — $ (24 ) $ 3,693 $ — $ 3,669 Operating expenses Compensation and benefits $ 135 $ 2,547 $ 8,577 $ — $ 11,259 Compensation and benefits—intercompany 63 — (63 ) — — Other operating (9 ) 1,126 9,261 — 10,378 Other operating—intercompany 25 1,271 (1,296 ) — — Total operating expenses $ 214 $ 4,944 $ 16,479 $ — $ 21,637 Equity in undistributed income of subsidiaries $ 1,039 $ — $ — $ (1,039 ) $ — Income (loss) from continuing operations before income taxes $ 8,372 $ 677 $ 12,725 $ (9,739 ) $ 12,035 Provision (benefit) for income taxes (738 ) — 684 2,939 — 2,885 Income (loss) from continuing operations $ 9,110 $ (7 ) $ 9,786 $ (9,739 ) $ 9,150 Income from discontinued operations, net of taxes — — 8 — 8 Net income (loss) before attribution of noncontrolling interests $ 9,110 $ (7 ) $ 9,794 $ (9,739 ) $ 9,158 Noncontrolling interests — — 48 — 48 Net income (loss) $ 9,110 $ (7 ) $ 9,746 $ (9,739 ) $ 9,110 Comprehensive income Add: Other comprehensive income (loss) $ (2,823 ) $ 10 $ 2,245 $ (2,255 ) $ (2,823 ) Total Citigroup comprehensive income (loss) $ 6,287 $ 3 $ 11,991 $ (11,994 ) $ 6,287 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ (43 ) $ — $ (43 ) Add: Net income attributable to noncontrolling interests — — — 48 — 48 Total comprehensive income (loss) $ 6,287 $ 3 $ 11,996 $ (11,994 ) $ 6,292 |
Condensed Consolidating Balance Sheet | ondensed Consolidating Balance Sheet June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 689 $ 24,308 $ — $ 24,997 Cash and due from banks—intercompany 15 3,790 (3,805 ) — — Deposits with banks — 4,420 173,826 — 178,246 Deposits with banks—intercompany 3,000 5,701 (8,701 ) — — Securities borrowed and purchased under resale agreements — 204,516 55,253 — 259,769 Securities borrowed and purchased under resale agreements—intercompany — 18,767 (18,767 ) — — Trading account assets 323 175,750 130,758 — 306,831 Trading account assets—intercompany 1,682 2,034 (3,716 ) — — Investments 1 609 349,092 — 349,702 Loans, net of unearned income — 1,955 686,715 — 688,670 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,466 ) — (12,466 ) Total loans, net $ — $ 1,955 $ 674,249 $ — $ 676,204 Advances to subsidiaries $ 146,408 $ — $ (146,408 ) $ — $ — Investments in subsidiaries 202,418 — — (202,418 ) — Other assets (1) 11,700 70,341 110,436 — 192,477 Other assets—intercompany 3,726 51,954 (55,680 ) — — Total assets $ 369,273 $ 540,526 $ 1,280,845 $ (202,418 ) $ 1,988,226 Liabilities and equity Deposits $ — $ — $ 1,045,607 $ — $ 1,045,607 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 155,278 25,855 — 181,133 Securities loaned and sold under repurchase agreements—intercompany — 42,564 (42,564 ) — — Trading account liabilities 6 93,842 42,446 — 136,294 Trading account liabilities—intercompany 3,159 1,832 (4,991 ) — — Short-term borrowings 244 8,633 33,565 — 42,442 Short-term borrowings—intercompany — 20,190 (20,190 ) — — Long-term debt 152,141 34,394 65,654 — 252,189 Long-term debt—intercompany — 72,039 (72,039 ) — — Advances from subsidiaries 12,887 — (12,887 ) — — Other liabilities 3,243 68,497 60,711 — 132,451 Other liabilities—intercompany 234 9,978 (10,212 ) — — Stockholders’ equity 197,359 33,279 169,890 (202,418 ) 198,110 Total liabilities and equity $ 369,273 $ 540,526 $ 1,280,845 $ (202,418 ) $ 1,988,226 (1) Other assets for Citigroup parent company at June 30, 2019 included $ 51.9 billion of placements to Citibank and its branches, of which $ 26.7 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ 1 $ 689 $ 22,955 $ — $ 23,645 Cash and due from banks—intercompany 19 3,545 (3,564 ) — — Deposits with banks — 4,915 159,545 — 164,460 Deposits with banks—intercompany 3,000 6,528 (9,528 ) — — Securities borrowed and purchased under resale agreements — 212,720 57,964 — 270,684 Securities borrowed and purchased under resale agreements—intercompany — 20,074 (20,074 ) — — Trading account assets 302 146,233 109,582 — 256,117 Trading account assets—intercompany 627 1,728 (2,355 ) — — Investments 7 224 358,376 — 358,607 Loans, net of unearned income — 1,292 682,904 — 684,196 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,315 ) — (12,315 ) Total loans, net $ — $ 1,292 $ 670,589 $ — $ 671,881 Advances to subsidiaries $ 143,119 $ — $ (143,119 ) $ — $ — Investments in subsidiaries 205,337 — — (205,337 ) — Other assets (1) 9,861 59,734 102,394 — 171,989 Other assets—intercompany 3,037 44,255 (47,292 ) — — Total assets $ 365,310 $ 501,937 $ 1,255,473 $ (205,337 ) $ 1,917,383 Liabilities and equity Deposits $ — $ — $ 1,013,170 $ — $ 1,013,170 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 155,830 21,938 — 177,768 Securities loaned and sold under repurchase agreements—intercompany — 21,109 (21,109 ) — — Trading account liabilities 1 95,571 48,733 — 144,305 Trading account liabilities—intercompany 410 1,398 (1,808 ) — — Short-term borrowings 207 3,656 28,483 — 32,346 Short-term borrowings—intercompany — 11,343 (11,343 ) — — Long-term debt 143,768 25,986 62,245 — 231,999 Long-term debt—intercompany — 73,884 (73,884 ) — — Advances from subsidiaries 21,471 — (21,471 ) — — Other liabilities 3,010 66,732 50,979 — 120,721 Other liabilities—intercompany 223 13,763 (13,986 ) — — Stockholders’ equity 196,220 32,665 173,526 (205,337 ) 197,074 Total liabilities and equity $ 365,310 $ 501,937 $ 1,255,473 $ (205,337 ) $ 1,917,383 (1) Other assets for Citigroup parent company at December 31, 2018 included $34.7 billion of placements to Citibank and its branches, of which $22.4 billion had a remaining term of less than 30 days. |
Condensed Consolidating Statement of Cash Flows | ondensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 17,500 $ (39,793 ) $ (15,463 ) $ — $ (37,756 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (118,132 ) $ — $ (118,132 ) Proceeds from sales of investments 4 — 63,591 — 63,595 Proceeds from maturities of investments — — 57,684 — 57,684 Change in loans — — (7,803 ) — (7,803 ) Proceeds from sales and securitizations of loans — — 2,249 — 2,249 Change in securities borrowed and purchased under agreements to resell — 9,511 1,404 — 10,915 Changes in investments and advances—intercompany (3,336 ) (10,607 ) 13,943 — — Other investing activities — (32 ) (3,178 ) — (3,210 ) Net cash provided by (used in) investing activities of continuing operations $ (3,332 ) $ (1,128 ) $ 9,758 $ — $ 5,298 Cash flows from financing activities of continuing operations Dividends paid $ (2,650 ) $ — $ — $ — $ (2,650 ) Redemption of preferred stock (480 ) — — — (480 ) Treasury stock acquired (7,518 ) — — — (7,518 ) Proceeds (repayments) from issuance of long-term debt, net 5,418 10,817 (2,814 ) — 13,421 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (3,941 ) 3,941 — — Change in deposits — — 32,437 — 32,437 Change in securities loaned and sold under agreements to repurchase — 20,903 (17,538 ) — 3,365 Change in short-term borrowings — 4,977 5,119 — 10,096 Net change in short-term borrowings and other advances—intercompany (8,584 ) 7,088 1,496 — — Other financing activities (359 ) — — — (359 ) Net cash provided by (used in) financing activities of continuing operations $ (14,173 ) $ 39,844 $ 22,641 $ — $ 48,312 Effect of exchange rate changes on cash and due from banks $ — $ — $ (716 ) $ — $ (716 ) Change in cash and due from banks and deposits with banks $ (5 ) $ (1,077 ) $ 16,220 $ — $ 15,138 Cash and due from banks and deposits with banks at beginning of period 3,020 15,677 169,408 — 188,105 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 14,600 $ 185,628 $ — $ 203,243 Cash and due from banks $ 15 $ 4,479 $ 20,503 $ — $ 24,997 Deposits with banks 3,000 10,121 165,125 — 178,246 Cash and due from banks and deposits with banks at end of period $ 3,015 $ 14,600 $ 185,628 $ — $ 203,243 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ 154 $ 119 $ 2,541 $ — $ 2,814 Cash paid during the year for interest 1,753 6,577 5,670 — 14,000 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,600 $ — $ 3,600 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 5,156 $ 1,207 $ 1,956 $ — $ 8,319 Cash flows from investing activities of continuing operations Purchases of investments $ (7,955 ) $ — $ (73,916 ) $ — $ (81,871 ) Proceeds from sales of investments 7,634 — 34,174 — 41,808 Proceeds from maturities of investments — — 44,846 — 44,846 Change in loans — — (10,132 ) — (10,132 ) Proceeds from sales and securitizations of loans — — 3,217 — 3,217 Change in securities borrowed and purchased under agreements to resell — (30,331 ) (2,717 ) — (33,048 ) Changes in investments and advances—intercompany (4,780 ) (1,872 ) 6,652 — — Other investing activities 212 (26 ) (1,635 ) — (1,449 ) Net cash provided by (used in) investing activities of continuing operations $ (4,889 ) $ (32,229 ) $ 489 $ — $ (36,629 ) Cash flows from financing activities of continuing operations Dividends paid $ (2,232 ) $ — $ — $ — $ (2,232 ) Redemption of preferred stock (218 ) — — — (218 ) Treasury stock acquired (4,686 ) — — — (4,686 ) Proceeds from issuance of long-term debt, net (1,167 ) 5,805 1,032 — 5,670 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (1,025 ) 1,025 — — Change in deposits — — 36,908 — 36,908 Change in securities loaned and sold under agreements to repurchase — 26,367 (4,816 ) — 21,551 Change in short-term borrowings 32 (459 ) (6,792 ) — (7,219 ) Net change in short-term borrowings and other advances—intercompany 497 1,704 (2,201 ) — — Capital contributions from parent — (663 ) 663 — — Other financing activities (475 ) — — — (475 ) Net cash provided by (used in) financing activities of continuing operations $ (8,249 ) $ 31,729 $ 25,819 $ — $ 49,299 Effect of exchange rate changes on cash and due from banks $ — $ — $ (603 ) $ — $ (603 ) Change in cash and due from banks and deposits with banks $ (7,982 ) $ 707 $ 27,661 $ — $ 20,386 Cash and due from banks and deposits with banks at beginning of period 11,013 12,695 156,808 — 180,516 Cash and due from banks and deposits with banks at end of period $ 3,031 $ 13,402 $ 184,469 $ — $ 200,902 Cash and due from banks $ 31 — $ 4,242 $ 16,804 $ — $ 21,077 Deposits with banks 3,000 9,160 167,665 — 179,825 Cash and due from banks and deposits with banks at end of period $ 3,031 $ 13,402 $ 184,469 $ — $ 200,902 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ 941 $ 42 $ 1,256 $ — $ 2,239 Cash paid during the year for interest 1,729 3,676 4,552 — 9,957 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 2,900 $ — $ 2,900 Transfers to OREO and other repossessed assets — — 55 — 55 |
BASIS OF PRESENTATION AND ACC_3
BASIS OF PRESENTATION AND ACCOUNTING CHANGES - Accounting Changes (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle | |||||||
Operating lease, right-of-use asset | $ 2,900 | ||||||
Operating lease, liability | $ 3,102 | ||||||
Accounting Standards Update 2016-02 | |||||||
New Accounting Pronouncements or Change in Accounting Principle | |||||||
Operating lease, right-of-use asset | $ 4,400 | ||||||
Operating lease, liability | 4,400 | ||||||
Retained earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle | |||||||
Cumulative effect adjustment after tax | [1] | $ 0 | $ 151 | $ 0 | $ (84) | ||
Retained earnings | Accounting Standards Update 2016-02 | |||||||
New Accounting Pronouncements or Change in Accounting Principle | |||||||
Cumulative effect adjustment after tax | $ 151 | ||||||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. |
DISCONTINUED OPERATIONS AND S_3
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Results of Discontinued Operations | ||||
Total revenues, net of interest expense | $ 0 | $ 0 | $ 0 | $ 0 |
Loss from discontinued operations | (10) | (2) | (12) | (9) |
Provision (benefit) for income taxes on discontinued operations | (27) | (17) | (27) | (17) |
Income from discontinued operations, net of taxes | $ 17 | $ 15 | $ 15 | $ 8 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment reporting information | |||||
Revenues, net of interest expense | $ 18,758 | $ 18,469 | $ 37,334 | $ 37,341 | |
Provision (benefits) for income taxes | 1,373 | 1,444 | 2,648 | 2,885 | |
Income (loss) from continuing operations | 4,792 | 4,501 | 9,529 | 9,150 | |
Identifiable assets | 1,988,226 | 1,988,226 | $ 1,917,383 | ||
Provisions for credit losses and for benefits and claims | 2,093 | 1,812 | 4,073 | 3,669 | |
Operating Segments | Citicorp | North America | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 8,600 | 8,600 | 17,000 | 16,900 | |
Operating Segments | Citicorp | EMEA | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 3,000 | 3,000 | 6,100 | 6,200 | |
Operating Segments | Citicorp | Latin America | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 2,600 | 2,500 | 5,200 | 5,100 | |
Operating Segments | Citicorp | Asia | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 4,000 | 3,800 | 8,100 | 8,000 | |
Operating Segments | Global Consumer Banking | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 8,505 | 8,244 | 16,956 | 16,670 | |
Provision (benefits) for income taxes | 417 | 411 | 839 | 865 | |
Income (loss) from continuing operations | 1,413 | 1,276 | 2,850 | 2,666 | |
Identifiable assets | 437,000 | 437,000 | 432,000 | ||
Provisions for credit losses and for benefits and claims | 2,000 | 1,900 | 4,000 | 3,800 | |
Operating Segments | Institutional Clients Group | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 9,721 | 9,697 | 19,415 | 19,552 | |
Provision (benefits) for income taxes | 919 | 971 | 1,843 | 2,027 | |
Income (loss) from continuing operations | 3,343 | 3,241 | 6,665 | 6,575 | |
Identifiable assets | 1,454,000 | 1,454,000 | 1,394,000 | ||
Provisions for credit losses and for benefits and claims | 103 | 25 | 124 | (16) | |
Corporate/Other | |||||
Segment reporting information | |||||
Revenues, net of interest expense | 532 | 528 | 963 | 1,119 | |
Provision (benefits) for income taxes | 37 | 62 | (34) | (7) | |
Income (loss) from continuing operations | 36 | (16) | 14 | (91) | |
Identifiable assets | 97,000 | 97,000 | $ 91,000 | ||
Provisions for credit losses and for benefits and claims | $ (22) | $ (118) | $ (47) | $ (125) |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest revenue | ||||
Loan interest, including fees | $ 11,981 | $ 11,190 | $ 23,949 | $ 22,082 |
Deposits with banks | 736 | 493 | 1,343 | 925 |
Securities borrowed or purchased under agreements to resell | 1,893 | 1,336 | 3,677 | 2,375 |
Investments, including dividends | 2,505 | 2,374 | 5,053 | 4,608 |
Trading account assets | 2,140 | 1,763 | 3,826 | 3,134 |
Other interest | 457 | 394 | 940 | 758 |
Total interest revenue | 19,712 | 17,550 | 38,788 | 33,882 |
Interest expense | ||||
Deposits | 3,284 | 2,244 | 6,311 | 4,241 |
Securities loaned or sold under agreements to repurchase | 1,724 | 1,224 | 3,313 | 2,173 |
Trading account liabilities | 320 | 236 | 647 | 451 |
Short-term borrowings | 715 | 523 | 1,367 | 994 |
Long-term debt | 1,719 | 1,658 | 3,441 | 3,186 |
Total interest expense | 7,762 | 5,885 | 15,079 | 11,045 |
Net interest revenue | 11,950 | 11,665 | 23,709 | 22,837 |
Provision for loan losses | 2,089 | 1,795 | 4,033 | 3,598 |
Net interest revenue after provision for loan losses | 9,861 | 9,870 | 19,676 | 19,239 |
Insurance fees and charges | $ 189 | $ 319 | $ 382 | $ 695 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Commissions and fees | ||||
Commissions and fees | $ 2,881 | $ 3,111 | $ 5,807 | $ 6,141 |
Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 934 | 1,012 | 1,844 | 1,834 |
Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 649 | 697 | 1,306 | 1,511 |
Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 2,511 | 2,306 | 4,773 | 4,445 |
Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 199 | 170 | 372 | 345 |
Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (2,451) | (2,197) | (4,665) | (4,200) |
Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 385 | 397 | 769 | 817 |
Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 230 | 204 | 460 | 417 |
Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 151 | 220 | 330 | 363 |
Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 131 | 152 | 267 | 305 |
Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 27 | 33 | 55 | 65 |
Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 19 | 82 | 97 | 154 |
Other | ||||
Commissions and fees | ||||
Commissions and fees | 96 | 35 | 199 | 85 |
Overdraft fees | ||||
Commissions and fees | ||||
Commissions and fees | 31 | 30 | 61 | 62 |
Commissions and fees | ||||
Commissions and fees | ||||
Revenue not accounted for under ASC 606, Revenue from Contracts with Customers | (2,025) | (1,648) | (3,746) | (3,193) |
ICG | ||||
Commissions and fees | ||||
Commissions and fees | 2,122 | 2,345 | 4,322 | 4,509 |
ICG | Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 934 | 1,012 | 1,844 | 1,834 |
ICG | Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 438 | 491 | 909 | 1,057 |
ICG | Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 313 | 276 | 591 | 536 |
ICG | Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 16 | 17 | 29 | 31 |
ICG | Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (174) | (126) | (327) | (250) |
ICG | Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 247 | 236 | 492 | 472 |
ICG | Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 194 | 182 | 389 | 372 |
ICG | Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 150 | 219 | 328 | 361 |
ICG | Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 2 | 5 | 6 | 10 |
ICG | Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
ICG | Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 33 | 42 | 71 |
ICG | Other | ||||
Commissions and fees | ||||
Commissions and fees | 2 | 0 | 19 | 15 |
GCB | ||||
Commissions and fees | ||||
Commissions and fees | 755 | 743 | 1,475 | 1,582 |
GCB | Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
GCB | Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 211 | 206 | 397 | 454 |
GCB | Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 2,198 | 2,025 | 4,182 | 3,899 |
GCB | Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 183 | 147 | 343 | 302 |
GCB | Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (2,277) | (2,065) | (4,338) | (3,939) |
GCB | Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 138 | 160 | 277 | 343 |
GCB | Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 36 | 21 | 71 | 42 |
GCB | Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 1 | 1 | 2 | 2 |
GCB | Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 129 | 142 | 261 | 285 |
GCB | Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 26 | 32 | 55 | 65 |
GCB | Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 16 | 40 | 46 | 62 |
GCB | Other | ||||
Commissions and fees | ||||
Commissions and fees | 94 | 34 | 179 | 67 |
Corporate/Other | ||||
Commissions and fees | ||||
Commissions and fees | 4 | 23 | 10 | 50 |
Corporate/Other | Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 5 | 0 | 10 |
Corporate/Other | Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 6 | 0 | 12 |
Corporate/Other | Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | 0 | (6) | 0 | (11) |
Corporate/Other | Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 1 | 0 | 2 |
Corporate/Other | Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 1 | 0 | 3 |
Corporate/Other | Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 5 | 0 | 10 |
Corporate/Other | Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 1 | 1 | 0 | 0 |
Corporate/Other | Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 3 | 9 | 9 | 21 |
Corporate/Other | Other | ||||
Commissions and fees | ||||
Commissions and fees | $ 0 | $ 1 | $ 1 | $ 3 |
COMMISSIONS AND FEES; ADMINIS_4
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Administration and Other Fiduciary Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Commissions and fees | ||||
Administration and other fiduciary fees | $ 869 | $ 934 | $ 1,708 | $ 1,839 |
Custody fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 405 | 461 | 788 | 891 |
Custody fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 381 | 399 | 745 | 767 |
Custody fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 6 | 45 | 9 | 92 |
Custody fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 18 | 17 | 34 | 32 |
Fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 316 | 327 | 626 | 648 |
Fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 163 | 165 | 315 | 332 |
Fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 154 | 150 | 300 | 297 |
Fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | (1) | 12 | 11 | 19 |
Guarantee fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 148 | 146 | 294 | 300 |
Guarantee fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 132 | 130 | 262 | 267 |
Guarantee fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 14 | 14 | 28 | 29 |
Guarantee fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 2 | 2 | 4 | 4 |
Administration and other fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 869 | 934 | 1,708 | 1,839 |
Revenue not accounted for under ASC 606, Revenue from Contracts with Customers | 148 | 146 | 294 | 300 |
Administration and other fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 676 | 694 | 1,322 | 1,366 |
Administration and other fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 174 | 209 | 337 | 418 |
Administration and other fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | $ 19 | $ 31 | $ 49 | $ 55 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Principal transactions revenue | ||||
Principal transactions revenue | $ 1,874 | $ 2,126 | $ 4,678 | $ 5,368 |
Interest rate risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,320 | 1,550 | 3,038 | 3,116 |
Foreign exchange risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 427 | 175 | 900 | 905 |
Equity risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | (1) | 120 | 455 | 709 |
Commodity and other risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 89 | 208 | 208 | 309 |
Credit products and risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $ 39 | $ 73 | $ 77 | $ 329 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
U.S. | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | $ 0 | $ 0 | $ 0 | $ 1 |
Interest cost on benefit obligation | 123 | 126 | 253 | 249 |
Expected return on plan assets | (202) | (211) | (405) | (424) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (1) | 0 | 0 | 0 |
Net actuarial loss | 48 | 42 | 92 | 89 |
Curtailment loss | 0 | 1 | 0 | 1 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | (32) | (42) | (60) | (84) |
U.S. | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 6 | 7 | 13 | 13 |
Expected return on plan assets | (4) | (3) | (9) | (6) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | 0 | 0 | 0 | 0 |
Net actuarial loss | 0 | 0 | 0 | 0 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | 2 | 4 | 4 | 7 |
Non-U.S. plans | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 35 | 38 | 71 | 76 |
Interest cost on benefit obligation | 73 | 72 | 148 | 147 |
Expected return on plan assets | (68) | (72) | (136) | (150) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (1) | (1) | (2) | (2) |
Net actuarial loss | 15 | 14 | 30 | 27 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss | 2 | 1 | 2 | 5 |
Total net (benefit) expense | 56 | 52 | 113 | 103 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 2 | 3 | 4 | 5 |
Interest cost on benefit obligation | 26 | 25 | 52 | 51 |
Expected return on plan assets | (21) | (22) | (42) | (45) |
Amortization of unrecognized: | ||||
Prior service cost (benefit) | (3) | (3) | (5) | (5) |
Net actuarial loss | 6 | 8 | 11 | 15 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | $ 10 | $ 11 | $ 20 | $ 21 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
U.S. | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | $ 12,655 | $ 12,655 | |||
Benefits earned during the period | $ 0 | $ 0 | 0 | $ 1 | |
Interest cost on benefit obligation | 123 | 126 | 253 | 249 | |
Projected benefit obligation at period end—Significant Plans | 13,475 | 13,475 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 11,490 | 11,490 | |||
Plan assets at fair value at period end—Significant Plans | 12,631 | 12,631 | |||
Funded status of the Significant Plans | (844) | (844) | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (844) | (844) | |||
Net amount recognized on the balance sheet—Significant Plans | (844) | (844) | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 0 | 0 | |||
Net actuarial (loss) gain | (7,101) | (7,101) | |||
Net amount recognized in equity-pretax | (7,101) | (7,101) | |||
Accumulated benefit obligation at period end—Significant Plans | 13,469 | 13,469 | |||
U.S. | Pension Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 25 | 25 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 0 | 0 | |||
U.S. | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 13,038 | 12,630 | 12,630 | ||
First quarter activity | 408 | ||||
Benefits earned during the period | 0 | ||||
Interest cost on benefit obligation | 122 | ||||
Actuarial loss | 548 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (233) | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 13,038 | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 11,977 | 11,490 | 11,490 | ||
First quarter activity | 487 | ||||
Actual return on plan assets | 449 | ||||
Company contributions, net of reimbursements | 438 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (233) | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 11,977 | ||||
U.S. | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 662 | 662 | |||
Benefits earned during the period | 0 | 0 | 0 | 0 | |
Interest cost on benefit obligation | 6 | 7 | 13 | 13 | |
Projected benefit obligation at period end—Significant Plans | 710 | 710 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 345 | 345 | |||
Plan assets at fair value at period end—Significant Plans | 348 | 348 | |||
Funded status of the Significant Plans | (362) | (362) | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (362) | (362) | |||
Net amount recognized on the balance sheet—Significant Plans | (362) | (362) | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 0 | 0 | |||
Net actuarial (loss) gain | 13 | 13 | |||
Net amount recognized in equity-pretax | 13 | 13 | |||
Accumulated benefit obligation at period end—Significant Plans | 710 | 710 | |||
U.S. | Postretirement Benefit Plans | Other than Significant 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 | 675 | 662 | 662 | ||
First quarter activity | 13 | ||||
Benefits earned during the period | 0 | ||||
Interest cost on benefit obligation | 6 | ||||
Actuarial loss | 42 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (13) | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 675 | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 347 | 345 | 345 | ||
First quarter activity | 2 | ||||
Actual return on plan assets | 9 | ||||
Company contributions, net of reimbursements | 5 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (13) | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 347 | ||||
Non-U.S. plans | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 7,149 | 7,149 | |||
Benefits earned during the period | 35 | 38 | 71 | 76 | |
Interest cost on benefit obligation | 73 | 72 | 148 | 147 | |
Projected benefit obligation at period end—Significant Plans | 5,757 | 5,757 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 6,699 | 6,699 | |||
Plan assets at fair value at period end—Significant Plans | 6,099 | 6,099 | |||
Funded status of the Significant Plans | 342 | 342 | |||
Net amount recognized at period end | |||||
Benefit asset | 920 | 920 | |||
Benefit liability | (578) | (578) | |||
Net amount recognized on the balance sheet—Significant Plans | 342 | 342 | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 14 | 14 | |||
Net actuarial (loss) gain | (995) | (995) | |||
Net amount recognized in equity-pretax | (981) | (981) | |||
Accumulated benefit obligation at period end—Significant Plans | 5,467 | 5,467 | |||
Non-U.S. plans | Pension Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,862 | 1,862 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,248 | 1,248 | |||
Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 5,580 | 5,287 | 5,287 | ||
First quarter activity | 293 | ||||
Benefits earned during the period | 21 | ||||
Interest cost on benefit obligation | 60 | ||||
Actuarial loss | 172 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (79) | ||||
Foreign exchange impact and other | 3 | ||||
Projected benefit obligation at period end—Significant Plans | 5,580 | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 5,708 | 5,451 | 5,451 | ||
First quarter activity | 257 | ||||
Actual return on plan assets | 206 | ||||
Company contributions, net of reimbursements | 14 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (79) | ||||
Foreign exchange impact and other | 250 | ||||
Plan assets at fair value at period end—Significant Plans | 5,708 | ||||
Non-U.S. plans | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,159 | 1,159 | |||
Benefits earned during the period | 2 | 3 | 4 | 5 | |
Interest cost on benefit obligation | 26 | $ 25 | 52 | $ 51 | |
Projected benefit obligation at period end—Significant Plans | 975 | 975 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,036 | 1,036 | |||
Plan assets at fair value at period end—Significant Plans | 1,084 | 1,084 | |||
Funded status of the Significant Plans | 109 | 109 | |||
Net amount recognized at period end | |||||
Benefit asset | 109 | 109 | |||
Benefit liability | 0 | 0 | |||
Net amount recognized on the balance sheet—Significant Plans | 109 | 109 | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 72 | 72 | |||
Net actuarial (loss) gain | (320) | (320) | |||
Net amount recognized in equity-pretax | (248) | (248) | |||
Accumulated benefit obligation at period end—Significant Plans | 975 | 975 | |||
Non-U.S. plans | Postretirement Benefit Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 307 | 307 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 9 | 9 | |||
Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 914 | 852 | 852 | ||
First quarter activity | 62 | ||||
Benefits earned during the period | 1 | ||||
Interest cost on benefit obligation | 23 | ||||
Actuarial loss | 48 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (19) | ||||
Foreign exchange impact and other | 8 | ||||
Projected benefit obligation at period end—Significant Plans | 914 | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,059 | 1,027 | 1,027 | ||
First quarter activity | 32 | ||||
Actual return on plan assets | 62 | ||||
Company contributions, net of reimbursements | 218 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (19) | ||||
Foreign exchange impact and other | (236) | ||||
Plan assets at fair value at period end—Significant Plans | $ 1,059 | ||||
Qualified plans | U.S. | Pension Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (151) | (151) | |||
Qualified plans | U.S. | Postretirement Benefit Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (362) | (362) | |||
Qualified plans | Non-U.S. plans | Pension Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 342 | 342 | |||
Qualified plans | Non-U.S. plans | Postretirement Benefit Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 109 | 109 | |||
Nonqualified plans | U.S. | Pension Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (693) | (693) | |||
Nonqualified plans | U.S. | Postretirement Benefit Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 0 | |||
Nonqualified plans | Non-U.S. plans | Pension Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 0 | |||
Nonqualified plans | Non-U.S. plans | Postretirement Benefit Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | $ 0 | $ 0 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | $ 197,074 | |||
Actuarial assumptions changes and plan experience | $ (814) | (1,609) | ||
Net asset gain (loss) due to difference between actual and expected returns | 443 | 1,133 | ||
Net amortization | 66 | 128 | ||
Prior service cost | (5) | (5) | ||
Curtailment/settlement gain | 2 | 2 | ||
Foreign exchange impact and other | (22) | (47) | ||
Change in deferred taxes, net | 77 | 81 | ||
Change, net of tax | (253) | $ 301 | (317) | $ 389 |
Balance, end of period | 198,110 | 200,968 | 198,110 | 200,968 |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (6,321) | (6,095) | (6,257) | (6,183) |
Balance, end of period | $ (6,574) | $ (5,794) | $ (6,574) | $ (5,794) |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
U.S. | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.80% | 3.90% | ||
Plan Assumptions - At year end | ||||
Discount rate | 3.35% | 3.80% | 4.20% | |
Non-U.S. plans | Pension Plans | Weighted Average | ||||
Plan Assumptions - During the year | ||||
Discount rate | 4.74% | 4.86% | ||
Plan Assumptions - At year end | ||||
Discount rate | 4.52% | 4.74% | 5.09% | |
Non-U.S. plans | Pension Plans | Minimum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 0.45% | 0.75% | ||
Plan Assumptions - At year end | ||||
Discount rate | 0.30% | 0.45% | 0.75% | |
Non-U.S. plans | Pension Plans | Maximum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 10.30% | 9.90% | ||
Plan Assumptions - At year end | ||||
Discount rate | 9.55% | 10.30% | 10.75% | |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 10.30% | 9.50% | ||
Plan Assumptions - At year end | ||||
Discount rate | 9.70% | 10.30% | 10.75% | |
Qualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.85% | 3.95% | ||
Plan Assumptions - At year end | ||||
Discount rate | 3.45% | 3.85% | 4.25% | |
Nonqualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.90% | 3.95% | ||
Plan Assumptions - At year end | ||||
Discount rate | 3.50% | 3.90% | 4.25% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2019USD ($) | |
U.S. | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | $ 7 |
Effect of one-percentage-point decrease in discount rates | (10) |
U.S. | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | 1 |
Effect of one-percentage-point decrease in discount rates | (1) |
Non-U.S. plans | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (3) |
Effect of one-percentage-point decrease in discount rates | 5 |
Non-U.S. plans | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (2) |
Effect of one-percentage-point decrease in discount rates | $ 2 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
U.S. | Pension Plans | ||||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||||
Company contributions | $ 425 | $ 463 | $ 27 | $ 28 |
Company contributions expected to be made during the remainder of the year | 30 | 30 | ||
U.S. | Postretirement Benefit Plans | ||||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||||
Company contributions | 0 | 143 | 7 | |
Company contributions expected to be made during the remainder of the year | 2 | 2 | ||
Non-U.S. plans | Pension Plans | ||||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||||
Company contributions | 64 | 70 | 112 | |
Company contributions expected to be made during the remainder of the year | 70 | 70 | ||
Non-U.S. plans | Postretirement Benefit Plans | ||||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||||
Company contributions | 220 | 223 | $ 4 | $ 5 |
Company contributions expected to be made during the remainder of the year | $ 5 | $ 5 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Postemployment Retirement Benefits | ||||
Service-related expense | ||||
Interest cost on benefit obligation | $ 1 | $ 1 | $ 1 | $ 1 |
Expected return on plan assets | (1) | (1) | (1) | (1) |
Amortization of unrecognized: | ||||
Prior service benefit | 0 | (7) | 0 | (15) |
Net actuarial loss | 0 | 0 | 1 | 1 |
Total service-related benefit | 0 | (7) | 1 | (14) |
Non-service-related expense (benefit) | 2 | (3) | 6 | 3 |
Total net (benefit) expense | 2 | (10) | 7 | (11) |
U.S. | Postretirement Benefit Plans | ||||
Defined Contribution Plans | ||||
Company's contributions for defined contribution plans | 99 | 99 | 198 | 203 |
Service-related expense | ||||
Interest cost on benefit obligation | 6 | 7 | 13 | 13 |
Expected return on plan assets | (4) | (3) | (9) | (6) |
Amortization of unrecognized: | ||||
Prior service benefit | 0 | 0 | 0 | 0 |
Total net (benefit) expense | 2 | 4 | 4 | 7 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Defined Contribution Plans | ||||
Company's contributions for defined contribution plans | 71 | 72 | 139 | 148 |
Service-related expense | ||||
Interest cost on benefit obligation | 26 | 25 | 52 | 51 |
Expected return on plan assets | (21) | (22) | (42) | (45) |
Amortization of unrecognized: | ||||
Prior service benefit | (3) | (3) | (5) | (5) |
Total net (benefit) expense | $ 10 | $ 11 | $ 20 | $ 21 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Earnings Per Share [Abstract] | ||||||
Income from continuing operations before attribution of noncontrolling interests | $ 4,792 | $ 4,501 | $ 9,529 | $ 9,150 | ||
Noncontrolling interests | 10 | 26 | 35 | 48 | ||
Net income from continuing operations (for EPS purposes) | 4,782 | 4,475 | 9,494 | 9,102 | ||
Loss from discontinued operations, net of taxes | 17 | 15 | 15 | 8 | ||
Citigroup’s net income | 4,799 | 4,490 | 9,509 | 9,110 | ||
Less: Preferred dividends | 296 | 318 | 558 | 590 | ||
Net income available to common shareholders | 4,503 | 4,172 | 8,951 | 8,520 | ||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 50 | 49 | 109 | 90 | ||
Net income allocated to common shareholders for basic EPS | 4,453 | 4,123 | 8,842 | 8,430 | ||
Net income allocated to common shareholders to diluted EPS | $ 4,453 | $ 4,123 | $ 8,842 | $ 8,430 | ||
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 2,286.1 | 2,530.9 | 2,313.2 | 2,546.2 | ||
Effect of dilutive securities | ||||||
Options (in shares) | 0 | 0.1 | 0.1 | 0.1 | ||
Other employee plans (in shares) | 2.9 | 1.3 | 2.4 | 1.3 | ||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 2,289 | 2,532.3 | 2,315.7 | 2,547.6 | ||
Basic earnings per share | ||||||
Income from continuing operations (in dollars per share) | [1] | $ 1.94 | $ 1.62 | $ 3.81 | $ 3.30 | |
Discontinued operations (in dollars per share) | [1] | 0.01 | 0.01 | 0.01 | 0.01 | |
Net income (in dollars per share) | [1] | 1.95 | 1.63 | 3.82 | 3.31 | |
Diluted earnings per share | ||||||
Income from continuing operations (in dollars per share) | [1] | 1.94 | 1.62 | 3.81 | 3.30 | |
Discontinued operations (in dollars per share) | [1] | 0.01 | 0.01 | 0.01 | 0.01 | |
Net income (in dollars per share) | [1] | $ 1.95 | $ 1.63 | $ 3.82 | 3.31 | |
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) | 0.5 | |||||
Antidilutive securities exercise price (in dollars per share) | $ 148.77 | $ 148.77 | ||||
Forecast | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Distribution of preferred dividends | $ 550 | |||||
[1] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
SECURITIES BORROWED, LOANED A_3
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Securities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 163,786 | $ 159,364 |
Deposits paid for securities borrowed | 95,983 | 111,320 |
Total | 259,769 | 270,684 |
Securities sold under agreements to repurchase | 168,861 | 166,090 |
Deposits received for securities loaned | 12,272 | 11,678 |
Total | 181,133 | 177,768 |
Securities-for-securities lending transactions | $ 16,800 | $ 15,900 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 292,088 | $ 246,788 |
Gross amounts offset on the Consolidated Balance Sheet | 128,302 | 87,424 |
Net amounts of assets included on the Consolidated Balance Sheet | 163,786 | 159,364 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 128,476 | 124,557 |
Net amounts | 35,310 | 34,807 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 95,983 | 111,320 |
Net amounts of assets included on the Consolidated Balance Sheet | 95,983 | 111,320 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 26,429 | 35,766 |
Net amounts | 69,554 | 75,554 |
Total | ||
Gross amounts of recognized assets | 388,071 | 358,108 |
Gross amounts offset on the Consolidated Balance Sheet | 128,302 | 87,424 |
Net amounts of assets included on the Consolidated Balance Sheet | 259,769 | 270,684 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 154,905 | 160,323 |
Net amounts | 104,864 | 110,361 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 297,163 | 253,514 |
Gross amounts offset on the Consolidated Balance Sheet | 128,302 | 87,424 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 168,861 | 166,090 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 87,803 | 82,823 |
Net amounts | 81,058 | 83,267 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 12,272 | 11,678 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 12,272 | 11,678 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 2,551 | 3,415 |
Net amounts | 9,721 | 8,263 |
Total | ||
Gross amounts of recognized liabilities | 309,435 | 265,192 |
Gross amounts offset on the Consolidated Balance Sheet | 128,302 | 87,424 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 181,133 | 177,768 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 90,354 | 86,238 |
Net amounts | $ 90,779 | $ 91,530 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 297,163 | $ 253,514 |
Deposits received for securities loaned | 12,272 | 11,678 |
Total | 309,435 | 265,192 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 114,492 | 86,785 |
Deposits received for securities loaned | 0 | 41 |
Total | 114,492 | 86,826 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 2,226 | 2,605 |
Deposits received for securities loaned | 11 | 0 |
Total | 2,237 | 2,605 |
Foreign government | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 110,796 | 99,131 |
Deposits received for securities loaned | 269 | 179 |
Total | 111,065 | 99,310 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 21,909 | 21,719 |
Deposits received for securities loaned | 597 | 749 |
Total | 22,506 | 22,468 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 17,919 | 12,920 |
Deposits received for securities loaned | 10,677 | 10,664 |
Total | 28,596 | 23,584 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 18,541 | 19,421 |
Deposits received for securities loaned | 0 | 0 |
Total | 18,541 | 19,421 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 6,540 | 6,207 |
Deposits received for securities loaned | 0 | 0 |
Total | 6,540 | 6,207 |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 4,740 | 4,726 |
Deposits received for securities loaned | 718 | 45 |
Total | 5,458 | 4,771 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 152,704 | 108,405 |
Deposits received for securities loaned | 7,576 | 6,296 |
Total | 160,280 | 114,701 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 69,173 | 70,850 |
Deposits received for securities loaned | 155 | 774 |
Total | 69,328 | 71,624 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 34,516 | 29,898 |
Deposits received for securities loaned | 2,359 | 2,626 |
Total | 36,875 | 32,524 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 40,770 | 44,361 |
Deposits received for securities loaned | 2,182 | 1,982 |
Total | $ 42,952 | $ 46,343 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Brokers and Dealers [Abstract] | ||
Receivables from customers | $ 15,887 | $ 14,415 |
Receivables from brokers, dealers and clearing organizations | 34,140 | 21,035 |
Total brokerage receivables | 50,027 | 35,450 |
Payables to customers | 38,589 | 40,273 |
Payables to brokers, dealers and clearing organizations | 31,250 | 24,298 |
Total brokerage payables | $ 69,839 | $ 64,571 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Investment Holdings | |||||
Investments | $ 349,702 | $ 349,702 | $ 358,607 | ||
Interest and dividends on investments | |||||
Taxable interest | 2,324 | $ 2,158 | 4,696 | $ 4,200 | |
Interest exempt from U.S. federal income tax | 126 | 132 | 253 | 262 | |
Dividend income | 55 | 84 | 104 | 146 | |
Total interest and dividend income | 2,505 | 2,374 | 5,053 | 4,608 | |
Gross realized investments losses, excluding losses from other-than-temporary impairment | |||||
Gross realized investment gains | 474 | 170 | 642 | 396 | |
Gross realized investment losses | (6) | (68) | (44) | (124) | |
Net realized gains on sale of investments | 468 | $ 102 | 598 | $ 272 | |
Debt securities AFS | |||||
Amortized cost | 273,378 | 273,378 | 290,423 | ||
Fair value | 273,435 | 273,435 | 288,038 | ||
Mortgage-backed securities - U.S. agency-sponsored | |||||
Debt securities AFS | |||||
Amortized cost | 37,488 | 37,488 | 43,504 | ||
Gross unrealized gains | 717 | 717 | 241 | ||
Gross unrealized losses | 345 | 345 | 725 | ||
Fair value | 37,860 | 37,860 | 43,020 | ||
Mortgage-backed securities - Alt-A | |||||
Debt securities AFS | |||||
Amortized cost | 1 | 1 | 1 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Fair value | 1 | 1 | 1 | ||
Mortgage-backed securities - Non-U.S. residential | |||||
Debt securities AFS | |||||
Amortized cost | 907 | 907 | 1,310 | ||
Gross unrealized gains | 3 | 3 | 4 | ||
Gross unrealized losses | 1 | 1 | 2 | ||
Fair value | 909 | 909 | 1,312 | ||
Commercial and other | |||||
Debt securities AFS | |||||
Amortized cost | 114 | 114 | 173 | ||
Gross unrealized gains | 1 | 1 | 1 | ||
Gross unrealized losses | 0 | 0 | 2 | ||
Fair value | 115 | 115 | 172 | ||
Mortgage-backed securities | |||||
Debt securities AFS | |||||
Amortized cost | 38,510 | 38,510 | 44,988 | ||
Gross unrealized gains | 721 | 721 | 246 | ||
Gross unrealized losses | 346 | 346 | 729 | ||
Fair value | 38,885 | 38,885 | 44,505 | ||
U.S. Treasury | |||||
Debt securities AFS | |||||
Amortized cost | 102,563 | 102,563 | 109,376 | ||
Gross unrealized gains | 82 | 82 | 33 | ||
Gross unrealized losses | 583 | 583 | 1,339 | ||
Fair value | 102,062 | 102,062 | 108,070 | ||
Agency obligations | |||||
Debt securities AFS | |||||
Amortized cost | 7,488 | 7,488 | 9,283 | ||
Gross unrealized gains | 7 | 7 | 1 | ||
Gross unrealized losses | 48 | 48 | 132 | ||
Fair value | 7,447 | 7,447 | 9,152 | ||
U.S. Treasury and federal agency securities | |||||
Debt securities AFS | |||||
Amortized cost | 110,051 | 110,051 | 118,659 | ||
Gross unrealized gains | 89 | 89 | 34 | ||
Gross unrealized losses | 631 | 631 | 1,471 | ||
Fair value | 109,509 | 109,509 | 117,222 | ||
State and municipal securities | |||||
Debt securities AFS | |||||
Amortized cost | 6,228 | 6,228 | 9,372 | ||
Gross unrealized gains | 139 | 139 | 96 | ||
Gross unrealized losses | 197 | 197 | 262 | ||
Fair value | 6,170 | 6,170 | 9,206 | ||
Foreign government | |||||
Debt securities AFS | |||||
Amortized cost | 101,400 | 101,400 | 100,872 | ||
Gross unrealized gains | 803 | 803 | 415 | ||
Gross unrealized losses | 463 | 463 | 596 | ||
Fair value | 101,740 | 101,740 | 100,691 | ||
Corporate | |||||
Debt securities AFS | |||||
Amortized cost | 12,380 | 12,380 | 11,714 | ||
Gross unrealized gains | 74 | 74 | 42 | ||
Gross unrealized losses | 131 | 131 | 157 | ||
Fair value | 12,323 | 12,323 | 11,599 | ||
Asset-backed securities | |||||
Debt securities AFS | |||||
Amortized cost | 618 | 618 | 845 | ||
Gross unrealized gains | 2 | 2 | 2 | ||
Gross unrealized losses | 2 | 2 | 4 | ||
Fair value | 618 | 618 | 843 | ||
Other debt securities | |||||
Debt securities AFS | |||||
Amortized cost | 4,191 | 4,191 | 3,973 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 1 | 1 | 1 | ||
Fair value | 4,190 | 4,190 | 3,972 | ||
Debt securities | |||||
Debt securities AFS | |||||
Amortized cost | 273,378 | 273,378 | 290,423 | ||
Gross unrealized gains | 1,828 | 1,828 | 835 | ||
Gross unrealized losses | 1,771 | 1,771 | 3,220 | ||
Fair value | 273,435 | 273,435 | 288,038 | ||
Debt securities available-for-sale (AFS) | |||||
Investment Holdings | |||||
Investments | 273,435 | 273,435 | 288,038 | ||
Debt securities held-to-maturity securities (HTM) | |||||
Investment Holdings | |||||
Investments | 68,693 | 68,693 | 63,357 | ||
Marketable equity securities | Fair value | |||||
Investment Holdings | |||||
Investments | 533 | 533 | 220 | ||
Non-marketable equity securities | Fair value | |||||
Investment Holdings | |||||
Investments | 740 | 740 | 889 | ||
Non-marketable equity securities | Carried at cost | |||||
Investment Holdings | |||||
Investments | 5,659 | 5,659 | 5,565 | ||
Non-marketable securities, measured using measurement alternative | |||||
Investment Holdings | |||||
Investments | $ 642 | $ 642 | $ 538 |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt securities AFS | ||
Less than 12 months | $ 59,108 | $ 69,236 |
12 months or longer | 76,078 | 118,258 |
Total | 135,186 | 187,494 |
Gross unrealized losses | ||
Less than 12 months | 1,015 | 752 |
12 months or longer | 756 | 2,468 |
Total | 1,771 | 3,220 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Debt securities AFS | ||
Less than 12 months | 8,595 | 11,160 |
12 months or longer | 5,718 | 13,143 |
Total | 14,313 | 24,303 |
Gross unrealized losses | ||
Less than 12 months | 255 | 286 |
12 months or longer | 90 | 439 |
Total | 345 | 725 |
Mortgage-backed securities - Non-U.S. residential | ||
Debt securities AFS | ||
Less than 12 months | 175 | 284 |
12 months or longer | 1 | 2 |
Total | 176 | 286 |
Gross unrealized losses | ||
Less than 12 months | 1 | 2 |
12 months or longer | 0 | 0 |
Total | 1 | 2 |
Commercial and other | ||
Debt securities AFS | ||
Less than 12 months | 7 | 79 |
12 months or longer | 61 | 82 |
Total | 68 | 161 |
Gross unrealized losses | ||
Less than 12 months | 0 | 1 |
12 months or longer | 0 | 1 |
Total | 0 | 2 |
Mortgage-backed securities | ||
Debt securities AFS | ||
Less than 12 months | 8,777 | 11,523 |
12 months or longer | 5,780 | 13,227 |
Total | 14,557 | 24,750 |
Gross unrealized losses | ||
Less than 12 months | 256 | 289 |
12 months or longer | 90 | 440 |
Total | 346 | 729 |
U.S. Treasury | ||
Debt securities AFS | ||
Less than 12 months | 19,187 | 8,389 |
12 months or longer | 54,921 | 77,883 |
Total | 74,108 | 86,272 |
Gross unrealized losses | ||
Less than 12 months | 135 | 42 |
12 months or longer | 448 | 1,297 |
Total | 583 | 1,339 |
Agency obligations | ||
Debt securities AFS | ||
Less than 12 months | 316 | 277 |
12 months or longer | 6,857 | 8,660 |
Total | 7,173 | 8,937 |
Gross unrealized losses | ||
Less than 12 months | 2 | 2 |
12 months or longer | 46 | 130 |
Total | 48 | 132 |
U.S. Treasury and federal agency securities | ||
Debt securities AFS | ||
Less than 12 months | 19,503 | 8,666 |
12 months or longer | 61,778 | 86,543 |
Total | 81,281 | 95,209 |
Gross unrealized losses | ||
Less than 12 months | 137 | 44 |
12 months or longer | 494 | 1,427 |
Total | 631 | 1,471 |
State and municipal securities | ||
Debt securities AFS | ||
Less than 12 months | 925 | 1,614 |
12 months or longer | 960 | 1,303 |
Total | 1,885 | 2,917 |
Gross unrealized losses | ||
Less than 12 months | 156 | 34 |
12 months or longer | 41 | 228 |
Total | 197 | 262 |
Foreign government | ||
Debt securities AFS | ||
Less than 12 months | 25,294 | 40,655 |
12 months or longer | 7,038 | 15,053 |
Total | 32,332 | 55,708 |
Gross unrealized losses | ||
Less than 12 months | 337 | 265 |
12 months or longer | 126 | 331 |
Total | 463 | 596 |
Corporate | ||
Debt securities AFS | ||
Less than 12 months | 2,598 | 4,547 |
12 months or longer | 493 | 2,077 |
Total | 3,091 | 6,624 |
Gross unrealized losses | ||
Less than 12 months | 126 | 115 |
12 months or longer | 5 | 42 |
Total | 131 | 157 |
Asset-backed securities | ||
Debt securities AFS | ||
Less than 12 months | 476 | 441 |
12 months or longer | 29 | 55 |
Total | 505 | 496 |
Gross unrealized losses | ||
Less than 12 months | 2 | 4 |
12 months or longer | 0 | 0 |
Total | 2 | 4 |
Other debt securities | ||
Debt securities AFS | ||
Less than 12 months | 1,535 | 1,790 |
12 months or longer | 0 | 0 |
Total | 1,535 | 1,790 |
Gross unrealized losses | ||
Less than 12 months | 1 | 1 |
12 months or longer | 0 | 0 |
Total | $ 1 | $ 1 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Amoritzed cost | ||
Amortized cost | $ 273,378 | $ 290,423 |
Fair value | ||
Total fair value | 273,435 | 288,038 |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 12 | 14 |
Amortized cost, after 1 but within 5 years | 589 | 662 |
Amortized cost, after 5 but within 10 years | 1,986 | 2,779 |
Amortized cost, after 10 years | 35,923 | 41,533 |
Amortized cost | 38,510 | 44,988 |
Fair value | ||
Fair value, due within 1 year | 12 | 14 |
Fair value, after 1 but within 5 years | 590 | 661 |
Fair value, after 5 but within 10 years | 2,133 | 2,828 |
Fair value, after 10 years | 36,150 | 41,002 |
Total fair value | 38,885 | 44,505 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 42,893 | 41,941 |
Amortized cost, after 1 but within 5 years | 66,636 | 76,139 |
Amortized cost, after 5 but within 10 years | 497 | 489 |
Amortized cost, after 10 years | 25 | 90 |
Amortized cost | 110,051 | 118,659 |
Fair value | ||
Fair value, due within 1 year | 42,803 | 41,867 |
Fair value, after 1 but within 5 years | 66,189 | 74,800 |
Fair value, after 5 but within 10 years | 489 | 462 |
Fair value, after 10 years | 28 | 93 |
Total fair value | 109,509 | 117,222 |
State and municipal securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 1,282 | 2,586 |
Amortized cost, after 1 but within 5 years | 1,188 | 1,676 |
Amortized cost, after 5 but within 10 years | 446 | 585 |
Amortized cost, after 10 years | 3,312 | 4,525 |
Amortized cost | 6,228 | 9,372 |
Fair value | ||
Fair value, due within 1 year | 1,251 | 2,586 |
Fair value, after 1 but within 5 years | 1,165 | 1,675 |
Fair value, after 5 but within 10 years | 454 | 602 |
Fair value, after 10 years | 3,300 | 4,343 |
Total fair value | 6,170 | 9,206 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 41,222 | 39,078 |
Amortized cost, after 1 but within 5 years | 49,183 | 50,125 |
Amortized cost, after 5 but within 10 years | 9,758 | 10,153 |
Amortized cost, after 10 years | 1,237 | 1,516 |
Amortized cost | 101,400 | 100,872 |
Fair value | ||
Fair value, due within 1 year | 41,247 | 39,028 |
Fair value, after 1 but within 5 years | 49,472 | 49,962 |
Fair value, after 5 but within 10 years | 9,836 | 10,149 |
Fair value, after 10 years | 1,185 | 1,552 |
Total fair value | 101,740 | 100,691 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 7,424 | 6,166 |
Amortized cost, after 1 but within 5 years | 8,297 | 8,459 |
Amortized cost, after 5 but within 10 years | 1,249 | 1,474 |
Amortized cost, after 10 years | 219 | 433 |
Amortized cost | 17,189 | 16,532 |
Fair value | ||
Fair value, due within 1 year | 7,420 | 6,166 |
Fair value, after 1 but within 5 years | 8,306 | 8,416 |
Fair value, after 5 but within 10 years | 1,213 | 1,427 |
Fair value, after 10 years | 192 | 405 |
Total fair value | $ 17,131 | $ 16,414 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Securities Held-to-maturity | |||
Carrying value | $ 68,693 | $ 63,357 | |
Gross unrealized gains | 1,121 | 386 | |
Gross unrealized losses | 154 | 853 | |
Fair value | 69,660 | 62,890 | |
Mortgage-backed securities - U.S. agency-sponsored | |||
Debt Securities Held-to-maturity | |||
Carrying value | 38,885 | 34,239 | |
Gross unrealized gains | 726 | 199 | |
Gross unrealized losses | 80 | 578 | |
Fair value | 39,531 | 33,860 | |
Mortgage-backed securities - Non-U.S. residential | |||
Debt Securities Held-to-maturity | |||
Carrying value | 1,242 | 1,339 | |
Gross unrealized gains | 11 | 12 | |
Gross unrealized losses | 1 | 1 | |
Fair value | 1,252 | 1,350 | |
Commercial and other | |||
Debt Securities Held-to-maturity | |||
Carrying value | 443 | 368 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 1 | 0 | |
Fair value | 442 | 368 | |
Mortgage-backed securities | |||
Debt Securities Held-to-maturity | |||
Carrying value | 40,570 | 35,946 | |
Gross unrealized gains | 737 | 211 | |
Gross unrealized losses | 82 | 579 | |
Fair value | 41,225 | 35,578 | |
Available for sale securities, transfers to held-to-maturity securities fair value | $ 5,000 | ||
Available for sale securities, transfers to held-to-maturity securities, unrealized loss | $ 56 | ||
State and municipal securities | |||
Debt Securities Held-to-maturity | |||
Carrying value | 7,892 | 7,628 | |
Gross unrealized gains | 359 | 167 | |
Gross unrealized losses | 13 | 138 | |
Fair value | 8,238 | 7,657 | |
Foreign government | |||
Debt Securities Held-to-maturity | |||
Carrying value | 1,920 | 1,027 | |
Gross unrealized gains | 17 | 0 | |
Gross unrealized losses | 8 | 24 | |
Fair value | 1,929 | 1,003 | |
Asset-backed securities | |||
Debt Securities Held-to-maturity | |||
Carrying value | 18,311 | 18,756 | |
Gross unrealized gains | 8 | 8 | |
Gross unrealized losses | 51 | 112 | |
Fair value | $ 18,268 | $ 18,652 |
INVESTMENTS - Debt Securities i
INVESTMENTS - Debt Securities in HTM in Unrecognized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value | ||
Less than 12 months | $ 13,774 | $ 17,814 |
12 months or longer | 10,749 | 19,328 |
Total | 24,523 | 37,142 |
Gross Unrecognized Losses | ||
Less than 12 months | 55 | 190 |
12 months or longer | 99 | 663 |
Total | 154 | 853 |
Unrealized loss, other than temporary impairment, not credit loss, recorded in AOCI | (658) | (653) |
Mortgage-backed securities | ||
Fair Value | ||
Less than 12 months | 304 | 2,822 |
12 months or longer | 9,980 | 18,086 |
Total | 10,284 | 20,908 |
Gross Unrecognized Losses | ||
Less than 12 months | 1 | 20 |
12 months or longer | 81 | 559 |
Total | 82 | 579 |
State and municipal securities | ||
Fair Value | ||
Less than 12 months | 9 | 981 |
12 months or longer | 268 | 1,242 |
Total | 277 | 2,223 |
Gross Unrecognized Losses | ||
Less than 12 months | 0 | 34 |
12 months or longer | 13 | 104 |
Total | 13 | 138 |
Foreign government | ||
Fair Value | ||
Less than 12 months | 1,929 | 1,003 |
12 months or longer | 0 | 0 |
Total | 1,929 | 1,003 |
Gross Unrecognized Losses | ||
Less than 12 months | 8 | 24 |
12 months or longer | 0 | 0 |
Total | 8 | 24 |
Asset-backed securities | ||
Fair Value | ||
Less than 12 months | 11,532 | 13,008 |
12 months or longer | 501 | 0 |
Total | 12,033 | 13,008 |
Gross Unrecognized Losses | ||
Less than 12 months | 46 | 112 |
12 months or longer | 5 | 0 |
Total | $ 51 | $ 112 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Carrying value | $ 68,693 | $ 63,357 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Fair value | 69,660 | 62,890 |
Mortgage-backed securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 3 | 3 |
After 1 but within 5 years, carrying value | 534 | 539 |
After 5 but within 10 years, carrying value | 1,816 | 997 |
After 10 years, carrying value | 38,217 | 34,407 |
Carrying value | 40,570 | 35,946 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 3 | 3 |
After 1 but within 5 years, fair value | 541 | 540 |
After 5 but within 10 years, fair value | 1,885 | 1,011 |
After 10 years, fair value | 38,796 | 34,024 |
Fair value | 41,225 | 35,578 |
State and municipal securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 38 | 37 |
After 1 but within 5 years, carrying value | 229 | 168 |
After 5 but within 10 years, carrying value | 502 | 540 |
After 10 years, carrying value | 7,123 | 6,883 |
Carrying value | 7,892 | 7,628 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 38 | 37 |
After 1 but within 5 years, fair value | 239 | 174 |
After 5 but within 10 years, fair value | 526 | 544 |
After 10 years, fair value | 7,435 | 6,902 |
Fair value | 8,238 | 7,657 |
Foreign government | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 661 | 60 |
After 1 but within 5 years, carrying value | 823 | 967 |
After 5 but within 10 years, carrying value | 436 | 0 |
After 10 years, carrying value | 0 | 0 |
Carrying value | 1,920 | 1,027 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 664 | 36 |
After 1 but within 5 years, fair value | 825 | 967 |
After 5 but within 10 years, fair value | 440 | 0 |
After 10 years, fair value | 0 | 0 |
Fair value | 1,929 | 1,003 |
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 | 3,161 | 2,535 |
After 10 years, carrying value | 15,150 | 16,221 |
Carrying value | 18,311 | 18,756 |
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 | 3,162 | 2,539 |
After 10 years, fair value | 15,106 | 16,113 |
Fair value | $ 18,268 | $ 18,652 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of OTTI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | $ 0 | $ 0 | $ 0 | $ 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt 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 debt 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 | 2 | 12 | 5 | 39 |
Total OTTI losses recognized in earnings | 2 | 12 | 5 | 39 |
Debt securities available-for-sale (AFS) | ||||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | 0 | 0 | 0 | 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt 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 debt 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 | 2 | 12 | 5 | 39 |
Total OTTI losses recognized in earnings | 2 | 12 | 5 | 39 |
Debt securities held-to-maturity securities (HTM) | ||||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | 0 | 0 | 0 | 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt 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 debt 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 | 0 | 0 | 0 | 0 |
Total OTTI losses recognized in earnings | $ 0 | $ 0 | $ 0 | $ 0 |
INVESTMENTS - Cumulative OTTI C
INVESTMENTS - Cumulative OTTI Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | |
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Held to maturity securities | $ (68,693) | $ (68,693) | $ (63,357) | |||
Available for sale debt securities | 273,435 | 273,435 | 288,038 | |||
Mortgage-backed securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Cumulative OTTI reclassified | $ 18 | $ 18 | ||||
Held to maturity securities | (40,570) | (40,570) | (35,946) | |||
Available for sale debt securities | 38,885 | 38,885 | 44,505 | |||
State and municipal securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Held to maturity securities | (7,892) | (7,892) | (7,628) | |||
Available for sale debt securities | 6,170 | 6,170 | 9,206 | |||
Foreign government securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Held to maturity securities | (1,920) | (1,920) | (1,027) | |||
Available for sale debt securities | 101,740 | 101,740 | 100,691 | |||
Corporate | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | 12,323 | 12,323 | 11,599 | |||
Other debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | 4,190 | 4,190 | $ 3,972 | |||
AFS debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 5 | 31 | 5 | 48 | ||
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 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | (24) | 0 | (41) | ||
Ending balance | 5 | 7 | 5 | 7 | ||
AFS debt securities | Mortgage-backed securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 1 | 25 | 1 | 38 | ||
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 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | (24) | 0 | (37) | ||
Ending balance | 1 | 1 | 1 | 1 | ||
AFS debt securities | State and municipal securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 0 | 0 | 4 | ||
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 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | (4) | ||
Ending balance | 0 | 0 | 0 | 0 | ||
AFS debt securities | Foreign government securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 0 | 0 | 0 | ||
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 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 | ||
AFS debt securities | Corporate | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 4 | 4 | 4 | 4 | ||
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 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | 0 | ||
Ending balance | 4 | 4 | 4 | 4 | ||
AFS debt securities | Other debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 2 | 0 | 2 | ||
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 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | 0 | ||
Ending balance | 0 | 2 | 0 | 2 | ||
HTM debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 0 | 0 | 57 | ||
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 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | (57) | ||
Ending balance | 0 | 0 | 0 | 0 | ||
HTM debt securities | Mortgage-backed securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 0 | 0 | 54 | ||
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 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | (54) | ||
Ending balance | 0 | 0 | 0 | 0 | ||
HTM debt securities | State and municipal securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 0 | 0 | 3 | ||
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 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | (3) | ||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | ||
Accounting Standards Update 2017-12 | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Held to maturity securities | $ 4,000 | |||||
Available for sale debt securities | $ 4,000 |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | |||||
Measurement alternative—carrying value | $ 642,000,000 | $ 642,000,000 | $ 538,000,000 | ||
Measurement alternative—impairment losses | 3,000,000 | $ 3,000,000 | 8,000,000 | $ 4,000,000 | |
Measurement alternative—downward changes for observable prices | 12,000,000 | 2,000,000 | 12,000,000 | 4,000,000 | |
Measurement alternative—upward changes for observable prices | 19,000,000 | 4,000,000 | 85,000,000 | 112,000,000 | |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | |||||
Measurement alternative—impairment losses | 15,000,000 | 15,000,000 | |||
Measurement alternative—downward changes for observable prices | 30,000,000 | 30,000,000 | |||
Measurement alternative—upward changes for observable prices | 304,000,000 | 304,000,000 | |||
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 | $ 0 | $ 0 |
INVESTMENTS - Alternative Inves
INVESTMENTS - Alternative Investment Funds (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 80 | $ 81 |
Hedge funds | ||
Investments in Alternative Investment Funds | ||
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 | 10 days |
Hedge funds | Maximum | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, redemption notice period | 95 days | 95 days |
Private equity | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 62 | $ 62 |
Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 18 | 19 |
Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 0 | 0 |
Fair value | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 196 | 207 |
Fair value | Hedge funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 0 | 0 |
Fair value | Private equity | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 158 | 168 |
Fair value | Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 12 | 14 |
Fair value | Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | $ 26 | $ 25 |
LOANS - Consumer Loans, Delinqu
LOANS - Consumer Loans, Delinquencies and Non-Accrual Details (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($)category | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)category | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Loans receivable | |||||
Number of loan categories | category | 2 | 2 | |||
Loans, net of unearned income | $ 688,670 | $ 688,670 | $ 684,196 | ||
Loans at fair value | 3,824 | 3,824 | 3,223 | ||
Consumer | |||||
Loans receivable | |||||
Loans, current | 319,399 | 319,399 | 323,436 | ||
Loans, net of unearned income | 325,995 | 325,995 | 330,487 | ||
Total non-accrual | 2,228 | 2,228 | 2,226 | ||
90 days past due and accruing | 2,284 | $ 2,284 | $ 2,548 | ||
Loans less than this number of days past due are considered current | 30 days | 30 days | |||
Loans at fair value | 20 | $ 20 | $ 20 | ||
Number of days past due, non-accrual status | 60 days | ||||
Unearned income | 713 | $ 713 | 708 | ||
Loans sold and/or reclassified to held-for-sale | 400 | $ 1,900 | 2,300 | $ 2,800 | |
Consumer | Less than or equal to 80% | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 49,117 | 49,117 | 51,844 | ||
Consumer | 80% but less than or equal to 100% | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 3,656 | 3,656 | 3,761 | ||
Consumer | Greater than 100% | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 500 | 500 | 587 | ||
Consumer | Less than 680 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 38,022 | 38,022 | 40,279 | ||
Consumer | 680 to 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 74,759 | 74,759 | 77,963 | ||
Consumer | Greater than 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 81,405 | 81,405 | 83,437 | ||
Consumer | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 648 | 648 | 786 | ||
Consumer | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 3,155 | 3,155 | 3,264 | ||
Consumer | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 2,793 | 2,793 | 3,001 | ||
Consumer | Residential first mortgages | |||||
Loans receivable | |||||
Loans at fair value | 20 | $ 20 | $ 20 | ||
Number of days past due, non-accrual status | 90 days | 90 days | |||
Consumer | Residential first mortgages | Less than or equal to 80% | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 40,482 | $ 40,482 | $ 42,379 | ||
Consumer | Residential first mortgages | 80% but less than or equal to 100% | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 2,577 | 2,577 | 2,474 | ||
Consumer | Residential first mortgages | Greater than 100% | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 168 | 168 | 197 | ||
Consumer | Residential first mortgages | Less than 680 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 3,803 | 3,803 | 4,530 | ||
Consumer | Residential first mortgages | 680 to 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 12,699 | 12,699 | 13,848 | ||
Consumer | Residential first mortgages | Greater than 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 26,618 | 26,618 | 26,546 | ||
Consumer | Home equity loans | Less than or equal to 80% | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 8,635 | 8,635 | 9,465 | ||
Consumer | Home equity loans | 80% but less than or equal to 100% | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 1,079 | 1,079 | 1,287 | ||
Consumer | Home equity loans | Greater than 100% | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 332 | 332 | 390 | ||
Consumer | Home equity loans | Less than 680 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 2,172 | 2,172 | 2,438 | ||
Consumer | Home equity loans | 680 to 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 3,920 | 3,920 | 4,296 | ||
Consumer | Home equity loans | Greater than 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 3,994 | 3,994 | 4,471 | ||
Consumer | Credit cards | Less than 680 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 31,445 | 31,445 | 32,686 | ||
Consumer | Credit cards | 680 to 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 57,173 | 57,173 | 58,722 | ||
Consumer | Credit cards | Greater than 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 49,715 | 49,715 | 51,299 | ||
Consumer | Installment and other revolving | Less than 680 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 602 | 602 | 625 | ||
Consumer | Installment and other revolving | 680 to 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 967 | 967 | 1,097 | ||
Consumer | Installment and other revolving | Greater than 760 | |||||
Financing Receivable | |||||
Purchased credit impaired in accordance with ASC 310-30 | 1,078 | $ 1,078 | 1,121 | ||
Consumer | Commercial banking loans | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | ||||
Consumer | In North America offices | |||||
Loans receivable | |||||
Loans, current | 205,089 | $ 205,089 | 211,251 | ||
Loans, net of unearned income | 210,079 | 210,079 | 216,694 | ||
Total non-accrual | 1,216 | 1,216 | 1,241 | ||
90 days past due and accruing | 2,046 | 2,046 | 2,313 | ||
Consumer | In North America offices | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 648 | 648 | 786 | ||
Consumer | In North America offices | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 2,231 | 2,231 | 2,331 | ||
Consumer | In North America offices | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 2,111 | 2,111 | 2,326 | ||
Consumer | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Loans, current | 44,122 | 44,122 | 45,953 | ||
Loans, net of unearned income | 45,474 | 45,474 | 47,412 | ||
Total non-accrual | 582 | 582 | 583 | ||
90 days past due and accruing | 407 | 407 | 549 | ||
Mortgage loans in process of foreclosure | 100 | 100 | 100 | ||
Consumer | In North America offices | Residential first mortgages | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 648 | 648 | 786 | ||
Consumer | In North America offices | Residential first mortgages | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 480 | 480 | 420 | ||
Consumer | In North America offices | Residential first mortgages | 30 to 89 Days Past Due | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 200 | 200 | 200 | ||
Consumer | In North America offices | Residential first mortgages | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 224 | 224 | 253 | ||
Consumer | In North America offices | Residential first mortgages | 90 days past due | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 400 | 400 | 600 | ||
Consumer | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Loans, current | 10,028 | 10,028 | 11,135 | ||
Loans, net of unearned income | 10,404 | 10,404 | 11,543 | ||
Total non-accrual | 476 | 476 | 527 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Home equity loans in process of foreclosure | 100 | 100 | 100 | ||
Consumer | In North America offices | Home equity loans | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 0 | 0 | 0 | ||
Consumer | In North America offices | Home equity loans | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 153 | 153 | 161 | ||
Consumer | In North America offices | Home equity loans | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 223 | 223 | 247 | ||
Consumer | In North America offices | Credit cards | |||||
Loans receivable | |||||
Loans, current | 137,091 | 137,091 | 141,106 | ||
Loans, net of unearned income | 140,266 | 140,266 | 144,557 | ||
Total non-accrual | 0 | 0 | 0 | ||
90 days past due and accruing | 1,639 | 1,639 | 1,764 | ||
Consumer | In North America offices | Credit cards | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 0 | 0 | 0 | ||
Consumer | In North America offices | Credit cards | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 1,536 | 1,536 | 1,687 | ||
Consumer | In North America offices | Credit cards | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 1,639 | 1,639 | 1,764 | ||
Consumer | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Loans, current | 3,193 | 3,193 | 3,395 | ||
Loans, net of unearned income | 3,245 | 3,245 | 3,454 | ||
Total non-accrual | 19 | 19 | 22 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer | In North America offices | Installment and other revolving | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 0 | 0 | 0 | ||
Consumer | In North America offices | Installment and other revolving | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 40 | 40 | 43 | ||
Consumer | In North America offices | Installment and other revolving | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 12 | 12 | 16 | ||
Consumer | In North America offices | Commercial banking loans | |||||
Loans receivable | |||||
Loans, current | 10,655 | 10,655 | 9,662 | ||
Loans, net of unearned income | 10,690 | 10,690 | 9,728 | ||
Total non-accrual | 139 | 139 | 109 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer | In North America offices | Commercial banking loans | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 0 | 0 | 0 | ||
Consumer | In North America offices | Commercial banking loans | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 22 | 22 | 20 | ||
Consumer | In North America offices | Commercial banking loans | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 13 | 13 | 46 | ||
Consumer | In offices outside North America | |||||
Loans receivable | |||||
Loans, current | 114,310 | 114,310 | 112,185 | ||
Loans, net of unearned income | 115,916 | 115,916 | 113,793 | ||
Total non-accrual | 1,012 | 1,012 | 985 | ||
90 days past due and accruing | 238 | 238 | 235 | ||
Consumer | In offices outside North America | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 0 | 0 | 0 | ||
Consumer | In offices outside North America | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 924 | 924 | 933 | ||
Consumer | In offices outside North America | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 682 | 682 | 675 | ||
Consumer | In offices outside North America | Residential first mortgages | |||||
Loans receivable | |||||
Loans, current | 36,226 | 36,226 | 35,624 | ||
Loans, net of unearned income | 36,580 | 36,580 | 35,972 | ||
Total non-accrual | 405 | 405 | 383 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer | In offices outside North America | Residential first mortgages | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 0 | 0 | 0 | ||
Consumer | In offices outside North America | Residential first mortgages | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 207 | 207 | 203 | ||
Consumer | In offices outside North America | Residential first mortgages | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 147 | 147 | 145 | ||
Consumer | In offices outside North America | Credit cards | |||||
Loans receivable | |||||
Loans, current | 24,188 | 24,188 | 24,131 | ||
Loans, net of unearned income | 24,975 | 24,975 | 24,926 | ||
Total non-accrual | 302 | 302 | 312 | ||
90 days past due and accruing | 238 | 238 | 235 | ||
Consumer | In offices outside North America | Credit cards | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 0 | 0 | 0 | ||
Consumer | In offices outside North America | Credit cards | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 416 | 416 | 425 | ||
Consumer | In offices outside North America | Credit cards | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 371 | 371 | 370 | ||
Consumer | In offices outside North America | Installment and other revolving | |||||
Loans receivable | |||||
Loans, current | 26,970 | 26,970 | 25,773 | ||
Loans, net of unearned income | 27,321 | 27,321 | 26,134 | ||
Total non-accrual | 146 | 146 | 152 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer | In offices outside North America | Installment and other revolving | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 0 | 0 | 0 | ||
Consumer | In offices outside North America | Installment and other revolving | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 241 | 241 | 254 | ||
Consumer | In offices outside North America | Installment and other revolving | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | 110 | 110 | 107 | ||
Consumer | In offices outside North America | Commercial banking loans | |||||
Loans receivable | |||||
Loans, current | 26,926 | 26,926 | 26,657 | ||
Loans, net of unearned income | 27,040 | 27,040 | 26,761 | ||
Total non-accrual | 159 | 159 | 138 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer | In offices outside North America | Commercial banking loans | Government-guaranteed | |||||
Loans receivable | |||||
Loans, past due | 0 | 0 | 0 | ||
Consumer | In offices outside North America | Commercial banking loans | 30 to 89 Days Past Due | |||||
Loans receivable | |||||
Loans, past due | 60 | 60 | 51 | ||
Consumer | In offices outside North America | Commercial banking loans | 90 days past due | |||||
Loans receivable | |||||
Loans, past due | $ 54 | $ 54 | $ 53 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019USD ($)Q | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Q | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Q | Dec. 31, 2018USD ($)Q | |
Financing receivable impaired | ||||||
Recorded investment | $ 5,312 | $ 5,312 | $ 5,312 | $ 5,284 | ||
Unpaid principal balance | 5,993 | 5,993 | 5,993 | 5,983 | ||
Related specific allowance | 1,231 | 1,231 | 1,231 | 1,178 | ||
Average carrying value | $ 5,366 | $ 5,696 | ||||
Interest income recognized | $ 59 | $ 59 | $ 112 | $ 125 | ||
Number of quarters used to calculate the average recorded investment balance | Q | 4 | 4 | 4 | 4 | ||
Residential first mortgages | ||||||
Financing receivable impaired | ||||||
Recorded investment | $ 2,022 | $ 2,022 | $ 2,022 | $ 2,130 | ||
Unpaid principal balance | 2,222 | 2,222 | 2,222 | 2,329 | ||
Related specific allowance | 219 | 219 | 219 | 178 | ||
Average carrying value | 2,133 | 2,483 | ||||
Interest income recognized | 18 | 21 | 35 | 42 | ||
Impaired financing receivable without specific allowance | 414 | 414 | 414 | 484 | ||
Home equity loans | ||||||
Financing receivable impaired | ||||||
Recorded investment | 652 | 652 | 652 | 684 | ||
Unpaid principal balance | 914 | 914 | 914 | 946 | ||
Related specific allowance | 124 | 124 | 124 | 122 | ||
Average carrying value | 678 | 698 | ||||
Interest income recognized | 2 | 2 | 4 | 8 | ||
Impaired financing receivable without specific allowance | 245 | 245 | 245 | 263 | ||
Credit cards | ||||||
Financing receivable impaired | ||||||
Recorded investment | 1,873 | 1,873 | 1,873 | 1,818 | ||
Unpaid principal balance | 1,892 | 1,892 | 1,892 | 1,842 | ||
Related specific allowance | 711 | 711 | 711 | 677 | ||
Average carrying value | 1,838 | 1,815 | ||||
Interest income recognized | 26 | 25 | 52 | 55 | ||
Individual installment and other | ||||||
Financing receivable impaired | ||||||
Recorded investment | 400 | 400 | 400 | 400 | ||
Unpaid principal balance | 431 | 431 | 431 | 434 | ||
Related specific allowance | 142 | 142 | 142 | 146 | ||
Average carrying value | 401 | 414 | ||||
Interest income recognized | 6 | 6 | 11 | 12 | ||
Commercial banking loans | ||||||
Financing receivable impaired | ||||||
Recorded investment | 365 | 365 | 365 | 252 | ||
Unpaid principal balance | 534 | 534 | 534 | 432 | ||
Related specific allowance | 35 | 35 | 35 | 55 | ||
Average carrying value | 316 | 286 | ||||
Interest income recognized | 7 | $ 5 | 10 | $ 8 | ||
Impaired financing receivable without specific allowance | $ 9 | $ 9 | $ 9 | $ 2 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Dec. 31, 2018 | |
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 | |||
Commercial banking | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | ||||
In North America offices | |||||
Loans receivable | |||||
Number of loans modified | loan | 63,958 | 56,643 | 137,270 | 121,241 | |
Post-modification recorded investment | $ 329 | $ 337 | $ 769 | $ 715 | |
TDR loans in payment default | $ 105 | $ 107 | $ 204 | $ 228 | |
In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 137 | 495 | 630 | 1,083 | |
Post-modification recorded investment | $ 21 | $ 77 | $ 95 | $ 166 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 5 | $ 8 | $ 12 | $ 19 | |
TDR loans in payment default | 26 | 30 | 50 | 74 | |
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 | $ 3 | $ 5 | $ 7 | $ 13 | |
In North America offices | Home equity loans | |||||
Loans receivable | |||||
Number of loans modified | loan | 188 | 380 | 394 | 836 | |
Post-modification recorded investment | $ 22 | $ 37 | $ 42 | $ 78 | |
Average interest rate reduction | 1.00% | 1.00% | 1.00% | 1.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 2 | $ 3 | $ 4 | $ 7 | |
TDR loans in payment default | 4 | 6 | 7 | 16 | |
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 | $ 1 | $ 3 | $ 3 | $ 6 | |
In North America offices | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 63,281 | 55,459 | 135,528 | 118,662 | |
Post-modification recorded investment | $ 273 | $ 220 | $ 578 | $ 464 | |
Average interest rate reduction | 17.00% | 17.00% | 17.00% | 17.00% | |
TDR loans in payment default | $ 73 | $ 57 | $ 144 | $ 116 | |
In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Number of loans modified | loan | 340 | 292 | 691 | 634 | |
Post-modification recorded investment | $ 3 | $ 2 | $ 6 | $ 5 | |
Average interest rate reduction | 6.00% | 5.00% | 6.00% | 5.00% | |
TDR loans in payment default | $ 1 | $ 1 | $ 2 | $ 1 | |
In North America offices | Commercial banking | |||||
Loans receivable | |||||
Number of loans modified | loan | 12 | 17 | 27 | 26 | |
Post-modification recorded investment | $ 10 | $ 1 | $ 48 | $ 2 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
TDR loans in payment default | $ 1 | $ 13 | $ 1 | $ 21 | |
In offices outside North America(1) | |||||
Loans receivable | |||||
Number of loans modified | loan | 26,253 | 25,735 | 53,122 | 59,148 | |
Post-modification recorded investment | $ 143 | $ 165 | $ 314 | $ 366 | |
TDR loans in payment default | $ 61 | $ 86 | $ 121 | $ 166 | |
In offices outside North America(1) | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 638 | 624 | 1,363 | 1,173 | |
Post-modification recorded investment | $ 17 | $ 22 | $ 37 | $ 41 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
TDR loans in payment default | $ 4 | $ 2 | $ 7 | $ 4 | |
In offices outside North America(1) | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 18,453 | 17,782 | 36,946 | 41,176 | |
Post-modification recorded investment | $ 73 | $ 78 | $ 148 | $ 173 | |
Average interest rate reduction | 16.00% | 16.00% | 16.00% | 16.00% | |
TDR loans in payment default | $ 36 | $ 55 | $ 75 | $ 108 | |
In offices outside North America(1) | Installment and other revolving | |||||
Loans receivable | |||||
Number of loans modified | loan | 7,073 | 7,172 | 14,625 | 16,497 | |
Post-modification recorded investment | $ 44 | $ 43 | $ 88 | $ 102 | |
Average interest rate reduction | 10.00% | 11.00% | 10.00% | 10.00% | |
TDR loans in payment default | $ 19 | $ 20 | $ 37 | $ 44 | |
In offices outside North America(1) | Commercial banking | |||||
Loans receivable | |||||
Number of loans modified | loan | 89 | 157 | 188 | 302 | |
Post-modification recorded investment | $ 9 | $ 22 | $ 41 | $ 50 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 1.00% | |
TDR loans in payment default | $ 2 | $ 9 | $ 2 | $ 10 | |
Deferred principal | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 1 | 2 | 2 | 4 | |
Deferred principal | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 1 | 0 | 1 | |
Deferred principal | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 1 | 1 | 2 | 3 | |
Deferred principal | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In North America offices | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside North America(1) | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside North America(1) | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside North America(1) | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside North America(1) | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside North America(1) | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America(1) | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America(1) | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America(1) | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America(1) | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside North America(1) | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In offices outside North America(1) | |||||
Loans receivable | |||||
Post-modification recorded investment | 5 | 4 | 9 | 9 | |
Principal forgiveness | In offices outside North America(1) | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In offices outside North America(1) | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 3 | 2 | 6 | 5 | |
Principal forgiveness | In offices outside North America(1) | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 2 | 2 | 3 | 4 | |
Principal forgiveness | In offices outside North America(1) | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Loans | |||||
Loans, net of unearned income | $ 688,670 | $ 688,670 | $ 684,196 | ||
Corporate | |||||
Loans | |||||
Loans, net of unearned income | 362,675 | 362,675 | 353,709 | ||
Net unearned income | (815) | (815) | (822) | ||
Loans sold and/or reclassified to held-for-sale | 800 | $ 400 | 1,300 | $ 500 | |
Corporate | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 150,987 | 150,987 | 145,286 | ||
Corporate | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 83,279 | 83,279 | 83,868 | ||
Corporate | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 58,880 | 58,880 | 57,464 | ||
Corporate | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 1,477 | 1,477 | 1,531 | ||
Corporate | In North America offices(1) | |||||
Loans | |||||
Total loans | 188,390 | 188,390 | 184,488 | ||
Corporate | In North America offices(1) | Commercial and industrial | |||||
Loans | |||||
Total loans | 54,519 | 54,519 | 52,063 | ||
Corporate | In North America offices(1) | Financial institutions | |||||
Loans | |||||
Total loans | 47,610 | 47,610 | 48,447 | ||
Corporate | In North America offices(1) | Mortgage and real estate | |||||
Loans | |||||
Total loans | 51,321 | 51,321 | 50,124 | ||
Corporate | In North America offices(1) | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 33,555 | 33,555 | 32,425 | ||
Corporate | In North America offices(1) | Lease financing | |||||
Loans | |||||
Total loans | 1,385 | 1,385 | 1,429 | ||
Corporate | In offices outside North America(1) | |||||
Loans | |||||
Total loans | 174,285 | 174,285 | 169,221 | ||
Corporate | In offices outside North America(1) | Commercial and industrial | |||||
Loans | |||||
Total loans | 98,351 | 98,351 | 94,701 | ||
Corporate | In offices outside North America(1) | Financial institutions | |||||
Loans | |||||
Total loans | 37,523 | 37,523 | 36,837 | ||
Corporate | In offices outside North America(1) | Mortgage and real estate | |||||
Loans | |||||
Total loans | 7,577 | 7,577 | 7,376 | ||
Corporate | In offices outside North America(1) | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 27,333 | 27,333 | 25,684 | ||
Corporate | In offices outside North America(1) | Lease financing | |||||
Loans | |||||
Total loans | 92 | 92 | 103 | ||
Corporate | In offices outside North America(1) | Government and official institutions | |||||
Loans | |||||
Total loans | $ 3,409 | $ 3,409 | $ 4,520 |
LOANS - Corporate Lease Financi
LOANS - Corporate Lease Financing (Details) - Corporate $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | ||
Direct financing and leveraged leases, financing receivables | $ 1,500 | $ 1,500 |
Direct financing and leveraged leases, interest income | 21 | $ 42 |
Direct financing and leveraged leases, weighted average remaining lease term | 4 years | |
Direct financing and leveraged leases, residual value of leased assets | 900 | $ 900 |
Amount covered by residual value guarantees | $ 300 | $ 300 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Loans receivable | ||
Loans, net of unearned income | $ 688,670 | $ 684,196 |
Loans at fair value | 3,824 | 3,223 |
Corporate | ||
Loans receivable | ||
Past due and accruing | 1,237 | 852 |
Total non-accrual | 1,410 | 1,311 |
Total current | 356,224 | 348,343 |
Loans, net of unearned income | 362,675 | 353,709 |
Loans at fair value | $ 3,804 | 3,203 |
Number of days past due, non-accrual status | 90 days | |
Loans less than this number of days past due are considered current | 30 days | |
Corporate | Commercial and industrial | ||
Loans receivable | ||
Past due and accruing | $ 505 | 407 |
Total non-accrual | 1,064 | 919 |
Total current | 149,418 | 143,960 |
Loans, net of unearned income | 150,987 | 145,286 |
Corporate | Financial institutions | ||
Loans receivable | ||
Past due and accruing | 260 | 94 |
Total non-accrual | 36 | 102 |
Total current | 82,983 | 83,672 |
Loans, net of unearned income | 83,279 | 83,868 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Past due and accruing | 238 | 133 |
Total non-accrual | 204 | 215 |
Total current | 58,438 | 57,116 |
Loans, net of unearned income | 58,880 | 57,464 |
Corporate | Lease financing | ||
Loans receivable | ||
Past due and accruing | 19 | 15 |
Total non-accrual | 0 | 0 |
Total current | 1,458 | 1,516 |
Loans, net of unearned income | 1,477 | 1,531 |
Corporate | Other | ||
Loans receivable | ||
Past due and accruing | 215 | 203 |
Total non-accrual | 106 | 75 |
Total current | 63,927 | 62,079 |
Loans, net of unearned income | 64,248 | 62,357 |
Corporate | 30 to 89 Days Past Due | ||
Loans receivable | ||
Past due and accruing | 1,111 | 736 |
Corporate | 30 to 89 Days Past Due | Commercial and industrial | ||
Loans receivable | ||
Past due and accruing | 473 | 365 |
Corporate | 30 to 89 Days Past Due | Financial institutions | ||
Loans receivable | ||
Past due and accruing | 245 | 87 |
Corporate | 30 to 89 Days Past Due | Mortgage and real estate | ||
Loans receivable | ||
Past due and accruing | 234 | 128 |
Corporate | 30 to 89 Days Past Due | Lease financing | ||
Loans receivable | ||
Past due and accruing | 0 | 5 |
Corporate | 30 to 89 Days Past Due | Other | ||
Loans receivable | ||
Past due and accruing | 159 | 151 |
Corporate | Equal to greater than 90 days past due and accruing | ||
Loans receivable | ||
Past due and accruing | 126 | 116 |
Corporate | Equal to greater than 90 days past due and accruing | Commercial and industrial | ||
Loans receivable | ||
Past due and accruing | 32 | 42 |
Corporate | Equal to greater than 90 days past due and accruing | Financial institutions | ||
Loans receivable | ||
Past due and accruing | 15 | 7 |
Corporate | Equal to greater than 90 days past due and accruing | Mortgage and real estate | ||
Loans receivable | ||
Past due and accruing | 4 | 5 |
Corporate | Equal to greater than 90 days past due and accruing | Lease financing | ||
Loans receivable | ||
Past due and accruing | 19 | 10 |
Corporate | Equal to greater than 90 days past due and accruing | Other | ||
Loans receivable | ||
Past due and accruing | $ 56 | $ 52 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Loans receivable | ||
Loans, net of unearned income | $ 688,670 | $ 684,196 |
Loans at fair value | 3,824 | 3,223 |
Corporate | ||
Loans receivable | ||
Loans, net of unearned income | 362,675 | 353,709 |
Total non-accrual | 1,410 | 1,311 |
Loans at fair value | 3,804 | 3,203 |
Corporate | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 150,987 | 145,286 |
Total non-accrual | 1,064 | 919 |
Corporate | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 83,279 | 83,868 |
Total non-accrual | 36 | 102 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 58,880 | 57,464 |
Total non-accrual | 204 | 215 |
Corporate | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 1,477 | 1,531 |
Total non-accrual | 0 | 0 |
Corporate | Other | ||
Loans receivable | ||
Loans, net of unearned income | 64,248 | 62,357 |
Total non-accrual | 106 | 75 |
Corporate | Non-rated private bank loans managed on a delinquency basis | ||
Loans receivable | ||
Loans, net of unearned income | 28,885 | 27,602 |
Corporate | Investment grade | ||
Loans receivable | ||
Loans, net of unearned income | 263,222 | 259,992 |
Corporate | Investment grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 106,432 | 102,722 |
Corporate | Investment grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 72,625 | 73,080 |
Corporate | Investment grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 26,569 | 25,855 |
Corporate | Investment grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 945 | 1,036 |
Corporate | Investment grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 56,651 | 57,299 |
Corporate | Non-investment grade | ||
Loans receivable | ||
Loans, net of unearned income | 66,764 | 62,912 |
Corporate | Non-investment grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 43,491 | 41,645 |
Total non-accrual | 1,064 | 919 |
Corporate | Non-investment grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 10,618 | 10,686 |
Total non-accrual | 36 | 102 |
Corporate | Non-investment grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 3,222 | 3,793 |
Total non-accrual | 204 | 215 |
Corporate | Non-investment grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 532 | 496 |
Total non-accrual | 0 | 0 |
Corporate | Non-investment grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 7,491 | 4,981 |
Total non-accrual | $ 106 | $ 75 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing receivable impaired | |||||
Recorded investment | $ 1,410 | $ 1,410 | $ 1,311 | ||
Unpaid principal balance | 1,986 | 1,986 | 1,709 | ||
Related specific allowance | 203 | 203 | 263 | ||
Average carrying value | 1,436 | 1,535 | |||
Interest income recognized | 1 | $ 13 | 15 | $ 17 | |
Recorded investment | 616 | 616 | 803 | ||
Recorded investment | 794 | 794 | 508 | ||
Commercial and industrial | |||||
Financing receivable impaired | |||||
Recorded investment | 1,064 | 1,064 | 919 | ||
Unpaid principal balance | 1,320 | 1,320 | 1,070 | ||
Related specific allowance | 138 | 138 | 183 | ||
Average carrying value | 1,071 | 1,099 | |||
Interest income recognized | 1 | 15 | |||
Recorded investment | 452 | 452 | 603 | ||
Recorded investment | 612 | 612 | 316 | ||
Financial institutions | |||||
Financing receivable impaired | |||||
Recorded investment | 36 | 36 | 102 | ||
Unpaid principal balance | 57 | 57 | 123 | ||
Related specific allowance | 9 | 9 | 35 | ||
Average carrying value | 76 | 99 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 10 | 10 | 76 | ||
Recorded investment | 26 | 26 | 26 | ||
Mortgage and real estate | |||||
Financing receivable impaired | |||||
Recorded investment | 204 | 204 | 215 | ||
Unpaid principal balance | 416 | 416 | 323 | ||
Related specific allowance | 16 | 16 | 39 | ||
Average carrying value | 215 | 233 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 81 | 81 | 100 | ||
Recorded investment | 123 | 123 | 115 | ||
Lease financing | |||||
Financing receivable impaired | |||||
Recorded investment | 0 | 0 | 0 | ||
Unpaid principal balance | 0 | 0 | 28 | ||
Related specific allowance | 0 | 0 | 0 | ||
Average carrying value | 0 | 21 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 0 | 0 | 0 | ||
Recorded investment | 0 | 0 | 0 | ||
Other | |||||
Financing receivable impaired | |||||
Recorded investment | 106 | 106 | 75 | ||
Unpaid principal balance | 193 | 193 | 165 | ||
Related specific allowance | 40 | 40 | 6 | ||
Average carrying value | 74 | 83 | |||
Interest income recognized | 0 | 0 | |||
Recorded investment | 73 | 73 | 24 | ||
Recorded investment | $ 33 | $ 33 | $ 51 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | $ 51 | $ 41 | $ 71 | $ 44 |
Period within which default occurred post-modification | 1 year | |||
Number of days past due, default status | 60 days | |||
TDR balance | 552 | 598 | $ 552 | 598 |
TDR loans in payment default | 19 | 11 | 19 | 70 |
Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 42 | 39 | 58 | 41 |
TDR balance | 424 | 440 | 424 | 440 |
TDR loans in payment default | 19 | 11 | 19 | 70 |
Financial institutions | ||||
Financing receivable impaired | ||||
TDR balance | 10 | 34 | 10 | 34 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 3 | 2 | 7 | 3 |
TDR balance | 112 | 87 | 112 | 87 |
TDR loans in payment default | 0 | 0 | 0 | 0 |
Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 6 | 6 | ||
TDR balance | 6 | 37 | 6 | 37 |
TDR loans in payment default | 0 | 0 | $ 0 | 0 |
Commercial banking loans | ||||
Financing receivable impaired | ||||
Number of days past due, default status | 90 days | |||
TDRs involving changes in the amount and/or timing of principal payments | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 25 | 3 | $ 25 | 3 |
TDRs involving changes in the amount and/or timing of principal payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 19 | 3 | 19 | 3 |
TDRs involving changes in the amount and/or timing of principal payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 6 | 6 | ||
TDRs involving changes in the amount and/or timing of interest payments | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 4 | 0 | 4 |
TDRs involving changes in the amount and/or timing of interest payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 4 | 0 | 4 |
TDRs involving changes in the amount and/or timing of interest payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 0 | 0 | ||
TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 26 | 34 | 46 | 37 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 23 | 32 | 39 | 34 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | 3 | $ 2 | 7 | $ 3 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Other | ||||
Financing receivable impaired | ||||
Carrying value of TDRs modified during the period | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | $ 12,329 | $ 12,354 | $ 12,315 | $ 12,355 |
Gross credit losses | (2,354) | (2,109) | (4,699) | (4,405) |
Gross recoveries | 391 | 405 | 788 | 834 |
Net credit losses (NCLs) | (1,963) | (1,704) | (3,911) | (3,571) |
Net reserve builds (releases) | 53 | 31 | 120 | 133 |
Net specific reserve builds (releases) | 73 | 60 | 2 | (106) |
Total provision for loan losses | 2,089 | 1,795 | 4,033 | 3,598 |
Other, net | 11 | (319) | 29 | (256) |
Allowance for loan losses at end of period | 12,466 | 12,126 | 12,466 | 12,126 |
Allowance for credit losses on unfunded lending commitments | ||||
Allowance for credit losses on unfunded lending commitments at beginning of period | 1,391 | 1,290 | 1,367 | 1,258 |
Provision (release) for unfunded lending commitments | (15) | (4) | 9 | 24 |
Other, net | 0 | (8) | 0 | (4) |
Allowance for credit losses on unfunded lending commitments at end of period | 1,376 | 1,278 | 1,376 | 1,278 |
Total allowance for loans, leases and unfunded lending commitments | 13,842 | 13,404 | 13,842 | 13,404 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Other, net | 11 | (319) | 29 | (256) |
Consumer | ||||
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | 10,026 | 10,039 | 9,950 | 9,869 |
Gross credit losses | (2,271) | (2,089) | (4,543) | (4,246) |
Gross recoveries | 378 | 383 | 758 | 769 |
Net credit losses (NCLs) | (1,893) | (1,706) | (3,785) | (3,477) |
Net reserve builds (releases) | 15 | 61 | 75 | 182 |
Net specific reserve builds (releases) | 64 | (3) | 54 | (14) |
Other, net | 8 | (301) | 34 | (241) |
Allowance for loan losses at end of period | 10,113 | 9,796 | 10,113 | 9,796 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Transfer of real estate loan portfolios | (4) | (33) | (4) | (86) |
Transfer of other loan portfolios | 0 | (104) | 0 | (106) |
Sales or transfers of various consumer loan portfolios to HFS | (4) | (137) | (4) | (192) |
FX translation, consumer | 13 | (164) | 39 | (46) |
Other, net | 8 | (301) | 34 | (241) |
Corporate | ||||
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | 2,303 | 2,315 | 2,365 | 2,486 |
Gross credit losses | (83) | (20) | (156) | (159) |
Gross recoveries | 13 | 22 | 30 | 65 |
Net credit losses (NCLs) | (70) | 2 | (126) | (94) |
Net reserve builds (releases) | 38 | (30) | 45 | (49) |
Net specific reserve builds (releases) | 9 | 63 | (52) | (92) |
Other, net | 3 | (18) | (5) | (15) |
Allowance for loan losses at end of period | 2,353 | 2,330 | 2,353 | 2,330 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Other | 2 | (18) | (6) | (18) |
Other, net | $ 3 | $ (18) | $ (5) | $ (15) |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | $ 12,329 | $ 12,354 | $ 12,315 | $ 12,355 | ||
Charge-offs | (2,354) | (2,109) | (4,699) | (4,405) | ||
Recoveries | 391 | 405 | 788 | 834 | ||
Replenishment of net charge-offs | 1,963 | 1,704 | 3,911 | 3,571 | ||
Net reserve builds (releases) | 53 | 31 | 120 | 133 | ||
Net specific reserve builds (releases) | 73 | 60 | 2 | (106) | ||
Other | 11 | (319) | 29 | (256) | ||
Allowance for loan losses at end of period | 12,466 | 12,126 | 12,466 | 12,126 | ||
Allowance for loan losses | ||||||
Collectively evaluated in accordance with ASC 450 | $ 11,031 | $ 10,872 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 1,434 | 1,441 | ||||
Purchased credit impaired in accordance with ASC 310-30 | 1 | 2 | ||||
Total allowance for loan losses | 12,329 | 12,354 | 12,315 | 12,126 | 12,466 | 12,315 |
Loans, net of unearned income | ||||||
Collectively evaluated in accordance with ASC 450 | 678,027 | 674,347 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 6,696 | 6,498 | ||||
Held at fair value | 3,824 | 3,223 | ||||
Loans, net of unearned income | 688,670 | 684,196 | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||
Loans, net of unearned income | ||||||
Purchased credit impaired in accordance with ASC 310-30 | 123 | 128 | ||||
Corporate | ||||||
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | 2,303 | 2,315 | 2,365 | 2,486 | ||
Charge-offs | (83) | (20) | (156) | (159) | ||
Recoveries | 13 | 22 | 30 | 65 | ||
Replenishment of net charge-offs | 70 | (2) | 126 | 94 | ||
Net reserve builds (releases) | 38 | (30) | 45 | (49) | ||
Net specific reserve builds (releases) | 9 | 63 | (52) | (92) | ||
Other | 3 | (18) | (5) | (15) | ||
Allowance for loan losses at end of period | 2,353 | 2,330 | 2,353 | 2,330 | ||
Allowance for loan losses | ||||||
Collectively evaluated in accordance with ASC 450 | 2,150 | 2,102 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 203 | 263 | ||||
Purchased credit impaired in accordance with ASC 310-30 | 0 | 0 | ||||
Total allowance for loan losses | 2,303 | 2,315 | 2,353 | 2,330 | 2,353 | 2,365 |
Loans, net of unearned income | ||||||
Collectively evaluated in accordance with ASC 450 | 357,487 | 349,292 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 1,384 | 1,214 | ||||
Held at fair value | 3,804 | 3,203 | ||||
Loans, net of unearned income | 362,675 | 353,709 | ||||
Corporate | Receivables Acquired with Deteriorated Credit Quality | ||||||
Loans, net of unearned income | ||||||
Purchased credit impaired in accordance with ASC 310-30 | 0 | 0 | ||||
Consumer | ||||||
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | 10,026 | 10,039 | 9,950 | 9,869 | ||
Charge-offs | (2,271) | (2,089) | (4,543) | (4,246) | ||
Recoveries | 378 | 383 | 758 | 769 | ||
Replenishment of net charge-offs | 1,893 | 1,706 | 3,785 | 3,477 | ||
Net reserve builds (releases) | 15 | 61 | 75 | 182 | ||
Net specific reserve builds (releases) | 64 | (3) | 54 | (14) | ||
Other | 8 | (301) | 34 | (241) | ||
Allowance for loan losses at end of period | 10,113 | 9,796 | 10,113 | 9,796 | ||
Allowance for loan losses | ||||||
Collectively evaluated in accordance with ASC 450 | 8,881 | 8,770 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 1,231 | 1,178 | ||||
Purchased credit impaired in accordance with ASC 310-30 | 1 | 2 | ||||
Total allowance for loan losses | $ 10,026 | $ 10,039 | $ 10,113 | $ 9,796 | 10,113 | 9,950 |
Loans, net of unearned income | ||||||
Collectively evaluated in accordance with ASC 450 | 320,540 | 325,055 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 5,312 | 5,284 | ||||
Held at fair value | 20 | 20 | ||||
Loans, net of unearned income | 325,995 | 330,487 | ||||
Consumer | Receivables Acquired with Deteriorated Credit Quality | ||||||
Loans, net of unearned income | ||||||
Purchased credit impaired in accordance with ASC 310-30 | $ 123 | $ 128 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Goodwill | ||
Balance of goodwill at beginning of period | $ 22,037 | $ 22,046 |
Foreign exchange translation | 28 | (9) |
Balance of goodwill at end of period | 22,065 | 22,037 |
Global Consumer Banking | ||
Goodwill | ||
Balance of goodwill at beginning of period | 12,743 | 12,743 |
Foreign exchange translation | (15) | 0 |
Balance of goodwill at end of period | 12,728 | 12,743 |
Institutional Clients Group | ||
Goodwill | ||
Balance of goodwill at beginning of period | 9,294 | 9,303 |
Foreign exchange translation | 43 | (9) |
Balance of goodwill at end of period | $ 9,337 | $ 9,294 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill impairment | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 12,271 | $ 12,181 |
Accumulated amortization of Intangible assets (excluding MSRs) | 7,753 | 7,545 |
Net carrying amount of Intangible assets (excluding MSRs) | 4,518 | 4,636 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 508 | 584 |
Mortgage servicing rights (MSRs) | 508 | 584 |
Gross carrying amount of Intangible assets | 12,779 | 12,765 |
Accumulated amortization of Intangible assets | 7,753 | 7,545 |
Total intangible assets | 5,026 | 5,220 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 222 | 218 |
Accumulated amortization of Intangible assets (excluding MSRs) | 0 | 0 |
Net carrying amount of Intangible assets (excluding MSRs) | 222 | 218 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,666 | 5,733 |
Accumulated amortization of Intangible assets (excluding MSRs) | 3,964 | 3,936 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,702 | 1,797 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,375 | 5,225 |
Accumulated amortization of Intangible assets (excluding MSRs) | 2,959 | 2,791 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,416 | 2,434 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 428 | 419 |
Accumulated amortization of Intangible assets (excluding MSRs) | 427 | 415 |
Net carrying amount of Intangible assets (excluding MSRs) | 1 | 4 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 465 | 470 |
Accumulated amortization of Intangible assets (excluding MSRs) | 302 | 299 |
Net carrying amount of Intangible assets (excluding MSRs) | 163 | 171 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 33 | 32 |
Accumulated amortization of Intangible assets (excluding MSRs) | 30 | 29 |
Net carrying amount of Intangible assets (excluding MSRs) | 3 | 3 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 82 | 84 |
Accumulated amortization of Intangible assets (excluding MSRs) | 71 | 75 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 11 | $ 9 |
Customer Concentration Risk | American Airlines, Sears, The Home Depot, Costco and AT&T | Intangible Assets, Excluding Mortgage Servicing Rights | Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Concentration risk, percentage | 97.00% | 97.00% |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2018, Intangible assets (excluding MSRs) | $ 4,636 | |
Acquisitions/ divestitures | 0 | |
Amortization | (284) | |
FX translation and other | 166 | |
Net carrying amount at June 30, 2019, Intangible assets (excluding MSRs) | 4,518 | $ 4,636 |
Mortgage servicing rights (MSRs) | 508 | 584 |
Total intangible assets | 5,026 | 5,220 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2018, Intangible assets (excluding MSRs) | 218 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
FX translation and other | 4 | |
Net carrying amount at June 30, 2019, Intangible assets (excluding MSRs) | 222 | 218 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2018, Intangible assets (excluding MSRs) | 1,797 | |
Acquisitions/ divestitures | 0 | |
Amortization | (95) | |
FX translation and other | 0 | |
Net carrying amount at June 30, 2019, Intangible assets (excluding MSRs) | 1,702 | 1,797 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2018, Intangible assets (excluding MSRs) | 2,434 | |
Acquisitions/ divestitures | 0 | |
Amortization | (168) | |
FX translation and other | 150 | |
Net carrying amount at June 30, 2019, Intangible assets (excluding MSRs) | 2,416 | 2,434 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2018, Intangible assets (excluding MSRs) | 4 | |
Acquisitions/ divestitures | 0 | |
Amortization | (4) | |
FX translation and other | 1 | |
Net carrying amount at June 30, 2019, Intangible assets (excluding MSRs) | 1 | 4 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2018, Intangible assets (excluding MSRs) | 171 | |
Acquisitions/ divestitures | 0 | |
Amortization | (12) | |
FX translation and other | 4 | |
Net carrying amount at June 30, 2019, Intangible assets (excluding MSRs) | 163 | 171 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2018, Intangible assets (excluding MSRs) | 3 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
FX translation and other | 0 | |
Net carrying amount at June 30, 2019, Intangible assets (excluding MSRs) | 3 | 3 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2018, Intangible assets (excluding MSRs) | 9 | |
Acquisitions/ divestitures | 0 | |
Amortization | (5) | |
FX translation and other | 7 | |
Net carrying amount at June 30, 2019, Intangible assets (excluding MSRs) | $ 11 | $ 9 |
American Airlines, Sears, The Home Depot, Costco and AT&T | Customer Concentration Risk | Intangible Assets, Excluding Mortgage Servicing Rights | Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Concentration risk, percentage | 97.00% | 97.00% |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||
Commercial paper | $ 17,126 | $ 13,238 |
Other borrowings | 25,316 | 19,108 |
Total short-term borrowings | 42,442 | 32,346 |
Collateralized short-term advances from Federal Home Loan Bank | 15,500 | 9,500 |
Bank | ||
Short-term Debt [Line Items] | ||
Commercial paper | 12,895 | 13,238 |
Broker-dealer and other | ||
Short-term Debt [Line Items] | ||
Commercial paper | $ 4,231 | $ 0 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument | ||
Long-term debt, at fair value | $ 252,189 | $ 231,999 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 152,141 | 143,767 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 62,619 | 61,237 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 7,700 | 10,500 |
Broker-dealer and other | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 37,429 | $ 26,995 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Jun. 30, 2019USD ($)shares | Dec. 31, 2018USD ($) |
Trust Preferred Securities | ||
Trust preferred securities | $ 1,700 | $ 1,700 |
Liquidation value | 2,567 | |
Junior subordinated debentures owned by the Trust, amount | $ 2,573 | |
Citigroup Capital III | ||
Trust Preferred Securities | ||
Securities issued (in shares) | shares | 194,053 | |
Liquidation value | $ 194 | |
Coupon rate | 7.625% | |
Common shares issued to parent (in shares) | shares | 6,003 | |
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 | |
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 | $ 127 | |
Common shares issued to parent (in shares) | shares | 50 | |
Junior subordinated debentures owned by the Trust, amount | $ 127 | |
LIBOR | Citigroup Capital XIII | ||
Trust Preferred Securities | ||
Coupon rate - basis spread on variable rate | 0.0637 | |
LIBOR | Citigroup Capital XVIII | ||
Trust Preferred Securities | ||
Coupon rate - basis spread on variable rate | 0.008875 |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Change in Each Component of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | $ 197,074 | ||||||||
Balance, end of period | $ 198,110 | $ 200,968 | 198,110 | $ 200,968 | |||||
Net unrealized gains (losses) on debt securities | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (1,115) | (2,219) | (2,250) | (1,158) | |||||
Adjustment to opening balance, net of taxes | $ (3) | ||||||||
Adjusted balance, beginning of period | (1,161) | ||||||||
Other comprehensive income before reclassifications | 1,050 | (433) | 2,276 | (1,383) | |||||
Increase (decrease) due to amounts reclassified from AOCI | (347) | (65) | (438) | (173) | |||||
Total other comprehensive income | 703 | (498) | 1,838 | (1,556) | |||||
Balance, end of period | (412) | (2,717) | (412) | (2,717) | |||||
Debt valuation adjustment (DVA) | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (379) | (793) | 192 | (921) | |||||
Adjustment to opening balance, net of taxes | 0 | ||||||||
Adjusted balance, beginning of period | (921) | ||||||||
Other comprehensive income before reclassifications | (14) | 316 | (589) | 417 | |||||
Increase (decrease) due to amounts reclassified from AOCI | 17 | 2 | 21 | 29 | |||||
Total other comprehensive income | 3 | 318 | (568) | 446 | |||||
Balance, end of period | (376) | (475) | (376) | (475) | |||||
Cash flow hedges | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (442) | (920) | (728) | (698) | |||||
Adjustment to opening balance, net of taxes | 0 | ||||||||
Adjusted balance, beginning of period | (698) | ||||||||
Other comprehensive income before reclassifications | 414 | (36) | 600 | (279) | |||||
Increase (decrease) due to amounts reclassified from AOCI | 103 | (65) | 203 | (44) | |||||
Total other comprehensive income | 517 | (101) | 803 | (323) | |||||
Balance, end of period | 75 | (1,021) | 75 | (1,021) | |||||
Benefit plans | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (6,321) | (6,095) | (6,257) | (6,183) | |||||
Adjustment to opening balance, net of taxes | 0 | ||||||||
Adjusted balance, beginning of period | (6,183) | ||||||||
Other comprehensive income before reclassifications | (305) | 261 | (415) | 302 | |||||
Increase (decrease) due to amounts reclassified from AOCI | 52 | 40 | 98 | 87 | |||||
Total other comprehensive income | (253) | 301 | (317) | 389 | |||||
Balance, end of period | (6,574) | (5,794) | (6,574) | (5,794) | |||||
Foreign currency translation adjustment (CTA), net of hedges | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (28,012) | (24,588) | (28,070) | (25,708) | |||||
Adjustment to opening balance, net of taxes | 0 | ||||||||
Adjusted balance, beginning of period | (25,708) | ||||||||
Other comprehensive income before reclassifications | 91 | (2,867) | 149 | (1,747) | |||||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |||||
Total other comprehensive income | 91 | (2,867) | 149 | (1,747) | |||||
Balance, end of period | (27,921) | (27,455) | (27,921) | (27,455) | |||||
Excluded component of fair value hedges | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (39) | (4) | (57) | 0 | |||||
Adjustment to opening balance, net of taxes | 0 | ||||||||
Adjusted balance, beginning of period | 0 | ||||||||
Other comprehensive income before reclassifications | 44 | (28) | 62 | (32) | |||||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |||||
Total other comprehensive income | 44 | (28) | 62 | (32) | |||||
Balance, end of period | 5 | (32) | 5 | (32) | |||||
Accumulated other comprehensive income (loss) | |||||||||
Change in accumulated other comprehensive income (loss) | |||||||||
Balance, beginning of period | (36,308) | (34,619) | (37,170) | (34,668) | |||||
Adjustment to opening balance, net of taxes | $ 0 | $ 0 | $ 0 | (3) | $ (3) | ||||
Adjusted balance, beginning of period | $ (36,308) | $ (37,170) | $ (34,619) | $ (34,671) | $ (34,671) | ||||
Other comprehensive income before reclassifications | 1,280 | (2,787) | 2,083 | (2,722) | |||||
Increase (decrease) due to amounts reclassified from AOCI | (175) | (88) | (116) | (101) | |||||
Total other comprehensive income | 1,105 | (2,875) | 1,967 | (2,823) | |||||
Balance, end of period | $ (35,203) | $ (37,494) | $ (35,203) | $ (37,494) |
CHANGES IN ACCUMULATED OTHER _4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Schedule of Pre-Tax and After-Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | $ 197,074 | ||||||||
Balance, end of period | $ 198,110 | $ 200,968 | 198,110 | $ 200,968 | |||||
Citigroup's accumulated other comprehensive income (loss) | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Balance, beginning of period, pretax | (42,904) | (41,519) | (44,082) | (41,228) | |||||
Adjustment to opening balance, pretax | $ (4) | ||||||||
Adjusted balance, beginning of period, pretax | (41,232) | ||||||||
Other comprehensive income (loss), pretax | 1,432 | (2,888) | 2,610 | (3,175) | |||||
Balance, end of period, pretax | (41,472) | (44,407) | (41,472) | (44,407) | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Balance, beginning of period, tax effect | 6,596 | 6,900 | 6,912 | 6,560 | |||||
Adjustment to opening balance, tax effect | 1 | ||||||||
Adjusted balance, beginning of period, tax effect | 6,561 | ||||||||
Other comprehensive income (loss), tax effect | (327) | 13 | (643) | 352 | |||||
Balance, end of period, tax effect | 6,269 | 6,913 | 6,269 | 6,913 | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (36,308) | (34,619) | (37,170) | (34,668) | |||||
Adjustment to opening balance | $ 0 | $ 0 | $ 0 | (3) | $ (3) | ||||
Adjusted balance, beginning of period | $ (36,308) | $ (37,170) | $ (34,619) | (34,671) | $ (34,671) | ||||
Total other comprehensive income | 1,105 | (2,875) | 1,967 | (2,823) | |||||
Balance, end of period | (35,203) | (37,494) | (35,203) | (37,494) | |||||
Net unrealized gains (losses) on debt securities | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | 936 | (671) | 2,436 | (2,051) | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | (233) | 173 | (598) | 495 | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (1,115) | (2,219) | (2,250) | (1,158) | |||||
Adjustment to opening balance | (3) | ||||||||
Adjusted balance, beginning of period | (1,161) | ||||||||
Total other comprehensive income | 703 | (498) | 1,838 | (1,556) | |||||
Balance, end of period | (412) | (2,717) | (412) | (2,717) | |||||
Debt valuation adjustment (DVA) | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | 3 | 418 | (722) | 585 | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | 0 | (100) | 154 | (139) | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (379) | (793) | 192 | (921) | |||||
Adjustment to opening balance | 0 | ||||||||
Adjusted balance, beginning of period | (921) | ||||||||
Total other comprehensive income | 3 | 318 | (568) | 446 | |||||
Balance, end of period | (376) | (475) | (376) | (475) | |||||
Hedges | |||||||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (39) | (4) | (57) | 0 | |||||
Adjustment to opening balance | 0 | ||||||||
Adjusted balance, beginning of period | 0 | ||||||||
Total other comprehensive income | 44 | (28) | 62 | (32) | |||||
Balance, end of period | 5 | (32) | 5 | (32) | |||||
Benefit plans | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | (329) | 403 | (397) | 494 | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | 76 | (102) | 80 | (105) | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (6,321) | (6,095) | (6,257) | (6,183) | |||||
Adjustment to opening balance | 0 | ||||||||
Adjusted balance, beginning of period | (6,183) | ||||||||
Total other comprehensive income | (253) | 301 | (317) | 389 | |||||
Balance, end of period | (6,574) | (5,794) | (6,574) | (5,794) | |||||
Foreign currency translation adjustment | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | 83 | (2,869) | 152 | (1,739) | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | 8 | 2 | (3) | (8) | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Balance, beginning of period | (28,012) | (24,588) | (28,070) | (25,708) | |||||
Adjustment to opening balance | 0 | ||||||||
Adjusted balance, beginning of period | $ (25,708) | ||||||||
Total other comprehensive income | 91 | (2,867) | 149 | (1,747) | |||||
Balance, end of period | (27,921) | (27,455) | (27,921) | (27,455) | |||||
Cash flow hedges | Hedges | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | 680 | (132) | 1,058 | (422) | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | (163) | 31 | (255) | 99 | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Total other comprehensive income | 517 | (101) | 803 | (323) | |||||
Fair value hedges | Hedges | |||||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||||
Other comprehensive income (loss), pretax | 59 | (37) | 83 | (42) | |||||
Change in accumulated other comprehensive income (loss), tax effect | |||||||||
Other comprehensive income (loss), tax effect | (15) | 9 | (21) | 10 | |||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||||
Total other comprehensive income | $ 44 | $ (28) | $ 62 | $ (32) |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | $ (468) | $ (102) | $ (598) | $ (272) |
Income from continuing operations before income taxes | (6,165) | (5,945) | (12,177) | (12,035) |
Provision (benefits) for income taxes | 1,373 | 1,444 | 2,648 | 2,885 |
Income (loss) from continuing operations | (4,792) | (4,501) | (9,529) | (9,150) |
Realized gains (losses) on investment securities | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | (347) | (65) | (438) | (173) |
Realized gains (losses) on investment securities | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | (468) | (102) | (598) | (272) |
Gross impairment losses | 2 | 15 | 5 | 43 |
Income from continuing operations before income taxes | (466) | (87) | (593) | (229) |
Provision (benefits) for income taxes | 119 | 22 | 155 | 56 |
Income (loss) from continuing operations | (347) | (65) | (173) | |
Debt valuation adjustment (DVA) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 17 | 2 | 21 | 29 |
Debt valuation adjustment (DVA) | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | 22 | 2 | 27 | 37 |
Income from continuing operations before income taxes | 22 | 2 | 27 | 37 |
Provision (benefits) for income taxes | (5) | 0 | (6) | (8) |
Income (loss) from continuing operations | 17 | 2 | 29 | |
Hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 0 | 0 |
Hedges | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 136 | (86) | 268 | (57) |
Provision (benefits) for income taxes | (33) | 21 | (65) | 13 |
Income (loss) from continuing operations | (65) | (44) | ||
Hedges | (Gain) loss reclassified from AOCI | Interest rate contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 134 | (82) | 264 | (51) |
Hedges | (Gain) loss reclassified from AOCI | Foreign exchange contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 2 | (4) | 4 | (6) |
Pension liability adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 69 | 55 | 130 | 117 |
Total tax effect | (17) | (15) | (32) | (30) |
Total amounts reclassified out of AOCI, after-tax | 52 | 40 | 98 | 87 |
Prior service cost (benefit) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | (2) | (11) | (6) | (22) |
Net actuarial loss | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 69 | 64 | 134 | 133 |
Curtailment/settlement impact | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 2 | 2 | 2 | 6 |
Foreign currency translation adjustment | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Provision (benefits) for income taxes | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 0 | 0 | ||
Citigroup's accumulated other comprehensive income (loss) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | (239) | (116) | (168) | (132) |
Total tax effect | 64 | 28 | 52 | 31 |
Total amounts reclassified out of AOCI, after-tax | $ (175) | $ (88) | $ (116) | $ (101) |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 401,689 | $ 361,936 |
Consolidated VIE/SPE assets | 64,350 | 69,944 |
Significant unconsolidated VIE assets | 337,339 | 291,992 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 36,184 | 34,043 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,923 | 4,637 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 16,802 | 16,781 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 80 | 73 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 57,989 | 55,534 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 43,090 | 46,232 |
Consolidated VIE/SPE assets | 43,090 | 46,232 |
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 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 114,735 | 116,563 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 114,735 | 116,563 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,920 | 3,038 |
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 | 71 | 60 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,991 | 3,098 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 35,021 | 30,886 |
Consolidated VIE/SPE assets | 1,337 | 1,498 |
Significant unconsolidated VIE assets | 33,684 | 29,388 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 757 | 431 |
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 | 758 | 432 |
Citi-administered asset-backed commercial paper conduits | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 16,419 | 18,750 |
Consolidated VIE/SPE assets | 16,419 | 18,750 |
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 loan obligations (CLOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 19,062 | 21,837 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 19,062 | 21,837 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 4,945 | 5,891 |
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 | 8 | 9 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 4,953 | 5,900 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 144,436 | 99,433 |
Consolidated VIE/SPE assets | 660 | 628 |
Significant unconsolidated VIE assets | 143,776 | 98,805 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 24,532 | 21,640 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 842 | 715 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 9,873 | 9,757 |
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 | 35,247 | 32,112 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 7,841 | 7,998 |
Consolidated VIE/SPE assets | 1,623 | 1,776 |
Significant unconsolidated VIE assets | 6,218 | 6,222 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 13 | 9 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 4,085 | 4,262 |
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 | 4,098 | 4,271 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 18,479 | 18,044 |
Consolidated VIE/SPE assets | 0 | 3 |
Significant unconsolidated VIE assets | 18,479 | 18,041 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,620 | 2,813 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,081 | 3,922 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 2,809 | 2,738 |
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 | 9,510 | 9,473 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,183 | 858 |
Consolidated VIE/SPE assets | 955 | 614 |
Significant unconsolidated VIE assets | 228 | 244 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 169 | 172 |
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 | 2 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 169 | 174 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,054 | 1,272 |
Consolidated VIE/SPE assets | 264 | 440 |
Significant unconsolidated VIE assets | 790 | 832 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 15 | 12 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 20 | 1 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 1 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 35 | 14 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 369 | 63 |
Consolidated VIE/SPE assets | 2 | 3 |
Significant unconsolidated VIE assets | 367 | 60 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 213 | 37 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 15 | 23 |
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 | 228 | 60 |
Mortgage-backed securities | ||
Funded and Unfunded Exposure | ||
Outstanding balance of mortgage loans securitized | $ 7,000 | $ 7,000 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 16,802 | $ 16,781 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 4,085 | 4,262 |
Liquidity facilities | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 4,085 | 4,262 |
Liquidity facilities | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 12,717 | 12,519 |
Loan / equity commitments | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 9,873 | 9,757 |
Loan / equity commitments | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 2,809 | 2,738 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 20 | 1 |
Loan / equity commitments | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 15 | $ 23 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Variable Interest Entity | |||
Cash and due from banks | $ 24,997 | $ 23,645 | $ 21,077 |
Trading account assets | 306,831 | 256,117 | |
Investments | 349,702 | 358,607 | |
Total loans, net of allowance | 676,204 | 671,881 | |
Other | 115,359 | 109,273 | |
Total assets | 1,988,226 | 1,917,383 | |
Unconsolidated VIEs | |||
Variable Interest Entity | |||
Cash and due from banks | 0 | 0 | |
Trading account assets | 3,100 | 3,000 | |
Investments | 10,000 | 10,700 | |
Total loans, net of allowance | 27,500 | 24,500 | |
Other | 600 | 500 | |
Total assets | $ 41,200 | $ 38,700 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) $ in Billions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)trust | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Securitized credit card receivables | |||||
Number of trusts to hold securitized credit card receivables | trust | 2 | ||||
Ownership interests in principal amount of trust credit card receivables | |||||
Sold to investors via trust-issued securities | $ 24.8 | $ 24.8 | $ 27.3 | ||
Retained by Citigroup as trust-issued securities | 7.2 | 7.2 | 7.6 | ||
Retained by Citigroup via non-certificated interests | 11.2 | 11.2 | 11.3 | ||
Total ownership interests in principal amount of trust credit card receivables | 43.2 | 43.2 | $ 46.2 | ||
Credit card securitizations | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | 0 | $ 1.1 | 0 | $ 3.9 | |
Pay down of maturing notes | $ 0 | $ (2.6) | $ (2.5) | $ (5.4) |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) - USD ($) $ in Billions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 2 years 9 months 18 days | 3 years |
Term notes issued to third parties | $ 23.3 | $ 25.8 |
Term notes retained by Citigroup affiliates | 5.3 | 5.7 |
Total Master Trust liabilities | $ 28.6 | $ 31.5 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 2 years 2 months 12 days | 2 years 8 months 12 days |
Term notes issued to third parties | $ 1.5 | $ 1.5 |
Term notes retained by Citigroup affiliates | 1.9 | 1.9 |
Total Master Trust liabilities | $ 3.4 | $ 3.4 |
SECURITIZATIONS AND VARIABLE _8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 1,100 | $ 1,000 | $ 2,100 | $ 2,200 | |
Proceeds from new securitizations | 1,200 | 1,100 | 2,200 | 2,300 | |
Purchases of previously transferred financial assets | 100 | 100 | 100 | 200 | |
Gains recognized on the securitization | 5 | $ 6 | 5 | $ 11 | |
Carrying value of retained interests | $ 487 | $ 487 | $ 564 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 5 years 10 months 24 days | 7 years 8 months 12 days | 6 years | 7 years 8 months 12 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 5 years 9 months 18 days | 6 years 4 months 24 days | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | $ (14) | $ (14) | $ (16) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (27) | (27) | (32) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (23) | (23) | (21) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (45) | $ (45) | $ (41) | ||
Mortgage securitizations - U.S. agency sponsored | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 7.40% | 9.40% | 7.00% | 9.90% | |
Constant prepayment rate (as a percent) | 15.70% | 5.70% | 14.80% | 5.10% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 8.00% | 7.80% | |||
Constant prepayment rate (as a percent) | 13.10% | 9.10% | |||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 6,100 | $ 1,000 | $ 8,800 | $ 1,000 | |
Proceeds from new securitizations | 6,100 | 1,000 | 8,800 | 2,600 | |
Purchases of previously transferred financial assets | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | 26 | $ 7 | 43 | $ 18 | |
Senior interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 804 | $ 804 | $ 300 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 3 years 2 months 12 days | 6 years 8 months 12 days | 6 years 7 months 6 days | 6 years 9 months 18 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 7 years 10 months 24 days | 6 years 7 months 6 days | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | $ 0 | $ 0 | $ 0 | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (1) | (1) | 0 | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | $ 0 | ||
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 (as a percent) | 3.20% | 3.80% | 3.50% | 3.60% | |
Constant prepayment rate (as a percent) | 5.70% | 8.00% | 5.80% | 9.80% | |
Anticipated net credit losses (as a percent) | 3.00% | 4.60% | 4.40% | 4.90% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 7.50% | 9.30% | |||
Constant prepayment rate (as a percent) | 3.10% | 8.00% | |||
Anticipated net credit losses (as a percent) | 9.00% | 40.00% | |||
Subordinated interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 63 | $ 63 | $ 51 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Weighted average life (in years) | 15 years 7 months 6 days | 3 years 4 months 24 days | 16 years 1 month 6 days | 3 years | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Weighted average life (in years) | 24 years 3 months 18 days | ||||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | $ (1) | $ (1) | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (1) | (1) | 0 | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | $ 0 | ||
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 (as a percent) | 5.30% | 3.50% | 5.50% | 3.20% | |
Constant prepayment rate (as a percent) | 5.90% | 8.00% | 5.90% | 9.90% | |
Anticipated net credit losses (as a percent) | 3.70% | 4.60% | 3.70% | 3.30% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 4.90% | 0.00% | |||
Constant prepayment rate (as a percent) | 4.20% | 0.00% | |||
Anticipated net credit losses (as a percent) | 0.00% | 0.00% | |||
Personal loan | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | $ 200 | ||||
Carrying value of retained interests | $ 168 | $ 168 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Residential mortgage | |||||
Variable Interest Entity | |||||
Securitized assets | $ 11,400 | $ 11,400 | $ 5,200 | ||
Liquidation losses | 9 | $ 18 | 20 | $ 32 | |
Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 14,400 | 14,400 | 13,100 | ||
Liquidation losses | 0 | 0 | 0 | 0 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | 25,800 | 25,800 | 18,300 | ||
Liquidation losses | 9 | $ 18 | 20 | $ 32 | |
90 days past due | Residential mortgage | |||||
Variable Interest Entity | |||||
Securitized assets | 300 | 300 | 400 | ||
90 days past due | Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 0 | 0 | 0 | ||
90 days past due | Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | $ 300 | $ 300 | $ 400 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | $ 508 | $ 596 | $ 508 | $ 596 | |
Principal amount of loans and other financial instruments | 60,000 | 63,000 | 60,000 | 63,000 | |
Capitalized MSRs | |||||
Balance, at beginning of period | 551 | 587 | 584 | 558 | |
Originations | 16 | 15 | 28 | 32 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | (37) | 11 | (64) | 57 | |
Other changes | (22) | (16) | (40) | (33) | |
Sale of MSRs | 0 | (1) | 0 | (18) | |
Balance, as of June 30 | 508 | 596 | 508 | 596 | |
MSR fees | |||||
Servicing fees | 35 | 43 | 76 | 89 | |
Late fees | 2 | 1 | 4 | 2 | |
Ancillary fees | 0 | 3 | 1 | 6 | |
Total MSR fees | 37 | 47 | 81 | 97 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | $ 16 | ||||
Original par value of re-securitizations deals in which the entity holds a retained interest | 271 | ||||
U.S. government-sponsored agency guaranteed | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 2,500 | 2,500 | 2,500 | ||
Securities transferred to re-securitization entities | 6,900 | $ 6,600 | 14,500 | $ 13,600 | |
Market value of retained interest related to re-securitization transaction | 1,100 | 1,100 | 1,400 | ||
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 69,900 | $ 69,900 | $ 70,900 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 17,126,000,000 | $ 13,238,000,000 |
Citi-administered asset-backed commercial paper conduits | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 16,400,000,000 | 18,800,000,000 |
Incremental funding commitments with clients | $ 16,300,000,000 | $ 14,000,000,000 |
Weighted average life of commercial paper issued by conduits | 43 days | 53 days |
Citi-administered asset-backed commercial paper conduits | 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 | 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 | $ 1,500,000,000 | $ 1,700,000,000 |
Commercial paper | $ 3,500,000,000 | $ 5,500,000,000 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Debt and Loan Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Carrying value of retained interests | $ 1,765 | $ 3,142 |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 337,339 | $ 291,992 |
Maximum exposure to unconsolidated VIEs | 57,989 | 55,534 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 143,776 | 98,805 |
Maximum exposure to unconsolidated VIEs | 35,247 | 32,112 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 28,770 | 23,918 |
Maximum exposure to unconsolidated VIEs | 6,803 | 6,928 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 8,701 | 6,973 |
Maximum exposure to unconsolidated VIEs | 7,254 | 5,744 |
Hedge funds and equities | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 485 | 388 |
Maximum exposure to unconsolidated VIEs | 53 | 53 |
Airplanes, ships and other assets | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 105,820 | 67,526 |
Maximum exposure to unconsolidated VIEs | $ 21,137 | $ 19,387 |
SECURITIZATIONS AND VARIABLE_14
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) - Municipal securities tender option bond trusts (TOBs) - USD ($) $ in Billions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Variable Interest Entity | ||
Liquidity agreements, customer TOB trust | $ 4.1 | $ 4.3 |
Notional amount of offsetting reimbursement agreements | 2 | 2.3 |
Liquidity agreements, other trusts | $ 7 | $ 6.1 |
Maximum | ||
Variable Interest Entity | ||
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | 25.00% |
DERIVATIVES - Derivative Notion
DERIVATIVES - Derivative Notionals (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 404,520 | $ 376,831 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 301,560 | 273,636 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 301,560 | 273,636 |
Hedging instruments under ASC 815 | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 102,050 | 102,393 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 59,644 | 57,153 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 41,395 | 41,410 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 494 | 1,726 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 517 | 2,104 |
Hedging instruments under ASC 815 | Equity contracts | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 910 | 802 |
Hedging instruments under ASC 815 | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 910 | 802 |
Hedging instruments under ASC 815 | Commodity and other contracts | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Trading derivatives | ||
Derivatives | ||
Derivative notionals | 52,437,720 | 46,221,407 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 33,786,742 | 28,321,891 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 21,499,304 | 18,138,686 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 6,717,597 | 4,632,257 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 2,924,051 | 3,018,469 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 2,645,790 | 2,532,479 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 15,681,275 | 14,963,895 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 6,894,570 | 6,738,158 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 5,769,581 | 5,115,504 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,498,054 | 1,566,717 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,519,070 | 1,543,516 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,146,715 | 1,065,326 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 237,294 | 217,580 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 58,086 | 52,053 |
Other derivative instruments, Trading derivatives | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 490,146 | 454,675 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 361,189 | 341,018 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 409,126 | 349,707 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 80,780 | 79,133 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 161,555 | 146,647 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written or Sold | ||
Derivatives | ||
Derivative notionals | 84,958 | 62,629 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 81,833 | 61,298 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,413,862 | 1,520,588 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 666,733 | 724,939 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $ 747,129 | $ 795,649 |
DERIVATIVES - Derivative Mark-t
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables Narrative (Details) - Rule Changes Adopted by Clearing Organizations - USD ($) $ in Billions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives | ||
Reduction of derivative assets | $ 160 | $ 100 |
Reduction of derivative liabilities | $ 160 | $ 100 |
DERIVATIVES - Derivative Mark_2
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting of cash collateral received | $ (47,136) | $ (38,608) |
Less: Netting of cash collateral paid | (37,933) | (29,911) |
Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 398,533 | 392,299 |
Cash collateral paid, net of amount used to offset derivative liabilities | 14,134 | 11,518 |
Less: Netting agreements to assets | (311,423) | (311,089) |
Less: Netting of cash collateral received | (47,136) | (38,608) |
Total trading account derivatives, assets | 54,108 | 54,120 |
Less: Cash collateral received | (752) | (767) |
Less: Non-cash collateral received | (13,600) | (13,509) |
Total Net receivables | 39,756 | 39,844 |
Cash collateral paid, gross | 52,067 | 41,429 |
Does not meet applicable offsetting guidance, assets | 5,000 | 5,000 |
Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (242,000) | (296,000) |
Less: Netting agreements to liabilities | (296,000) | |
Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (61,000) | (4,000) |
Less: Netting agreements to liabilities | (4,000) | |
Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (8,000) | (11,000) |
Less: Netting agreements to liabilities | (11,000) | |
Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 385,088 | 379,030 |
Cash collateral received, net of amount used to offset derivative assets | 14,041 | 13,906 |
Less: Netting agreements to liabilities | (311,423) | (311,089) |
Less: Netting of cash collateral paid | (37,933) | (29,911) |
Total derivative liabilities | 49,773 | 51,936 |
Less: Cash collateral paid | (110) | (164) |
Less: Non-cash collateral paid | (14,185) | (13,354) |
Total Net payables | 35,478 | 38,418 |
Cash collateral received, gross | 61,177 | 52,514 |
Does not meet applicable offsetting guidance, liabilities | 5,000 | 7,000 |
Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (297,000) | |
Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (4,000) | |
Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (10,000) | |
Derivative instruments designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 5,157 | 3,271 |
Derivative instruments designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 922 | 965 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,785 | 1,869 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 523 | 1,631 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,262 | 238 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 233 | 225 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 138 | 172 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 95 | 53 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,372 | 1,402 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,372 | 1,402 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | 0 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 689 | 740 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 684 | 736 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 5 | 4 |
Derivatives instruments not designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 393,376 | 389,028 |
Derivatives instruments not designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 384,166 | 378,065 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 211,859 | 169,763 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 205,779 | 161,183 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 5,860 | 8,489 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 220 | 91 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 190,528 | 154,602 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 183,048 | 146,909 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 7,317 | 7,594 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 163 | 99 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 128,602 | 161,052 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 126,634 | 159,099 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,931 | 1,900 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 37 | 53 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 132,141 | 158,615 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 130,424 | 156,904 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,661 | 1,671 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 56 | 40 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 27,188 | 29,893 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 16,911 | 18,253 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 83 | 17 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 10,194 | 11,623 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 31,794 | 33,808 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 21,437 | 21,527 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 53 | 32 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 10,304 | 12,249 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 14,740 | 17,555 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 14,042 | 16,661 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 698 | 894 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 17,783 | 20,689 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 17,212 | 19,894 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 571 | 795 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 10,987 | 10,765 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 9,886 | 6,967 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,101 | 3,798 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 11,920 | 10,351 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 10,721 | 6,155 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | $ 1,199 | $ 4,196 |
DERIVATIVES - Gains (Losses) In
DERIVATIVES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ 106 | $ (532) | $ 75 | $ (30) |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | 35 | (15) | 62 | (43) |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ 71 | $ (517) | $ 13 | $ 13 |
DERIVATIVES - Fair Value Hedges
DERIVATIVES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | $ (352) | $ 322 | $ (114) | $ 499 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 352 | (347) | 114 | (595) |
Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges | (113) | 34 | (98) | 58 |
Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 1,853 | (518) | 2,816 | 360 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (1,783) | 520 | (2,662) | (346) |
Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges | (4) | (5) | (4) | (5) |
Interest rate contracts | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 | 0 |
Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | 0 |
Interest rate contracts | Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 1,853 | (518) | 2,816 | 360 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (1,783) | 520 | (2,662) | (346) |
Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges | (4) | (5) | (4) | (5) |
Foreign exchange contracts | ||||
Gain (loss) on fair value hedges | ||||
Amount of cross currency basis included in AOCI | 59 | (37) | 83 | (42) |
Foreign exchange contracts | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (180) | 320 | (12) | 499 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 180 | (347) | 12 | (596) |
Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges | (118) | 33 | (121) | 56 |
Foreign exchange contracts | Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 | 0 |
Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | 0 |
Commodity and other contracts | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (172) | 2 | (102) | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 172 | 0 | 102 | 1 |
Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges | 5 | 1 | 23 | 2 |
Commodity and other contracts | Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 | 0 |
Net gain (loss), on the hedging derivatives, excluded from assessment of the effectiveness of fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 |
DERIVATIVES - Cumulative Basis
DERIVATIVES - Cumulative Basis Adjustment (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Debt securities AFS, carrying amount of hedged asset/liability | $ 110,515 | $ 81,632 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | 360 | (196) |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 628 | 295 |
Long-term debt, carrying amount of hedged asset/liability | 162,894 | 149,054 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | 4,548 | 1,211 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | 1,407 | $ 869 |
Cumulative basis adjustment associated with hedging relationships | 172 | |
Amount of designated hedged items | 2,000 | |
Amortized cost basis of closed portfolios used in hedging relations | $ 26,400 |
DERIVATIVES - Cash Flow Hedges
DERIVATIVES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | $ 544 | $ (217) | $ 790 | $ (545) |
Total gain (loss) recognized in AOCI | 680 | (123) | 1,058 | (422) |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ 91 | |||
Maximum length of time hedged in cash flow hedge | 10 years | |||
Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | 545 | (222) | $ 799 | (544) |
Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | (1) | 5 | (9) | (1) |
Other | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (2) | (6) | (4) | (4) |
Other | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | 0 | 0 | 0 | 0 |
Other | Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (2) | (6) | (4) | (4) |
Net interest revenue | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (134) | (88) | (264) | (119) |
Net interest revenue | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (134) | (88) | (264) | (119) |
Net interest revenue | Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | $ 0 | $ 0 | $ 0 | $ 0 |
DERIVATIVES - Net Investment He
DERIVATIVES - Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Investment Hedging | ||||
Derivative gain (losses) | ||||
Gain (loss) recognized in OCI, effective portion, net | $ (134) | $ 1,633 | $ (298) | $ 1,143 |
DERIVATIVES - Credit Derivative
DERIVATIVES - Credit Derivatives (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)agency | Dec. 31, 2018USD ($) | |
Credit Risk Derivatives | ||
Fair values, Receivable | $ 10,987 | $ 10,765 |
Fair values, Payable | 11,920 | 10,351 |
Notionals, Protection purchased | 747,129 | 795,649 |
Notionals, Protection sold | 666,733 | 724,939 |
Fair value of derivative in liability position | 30,000 | 33,000 |
Fair value of collateral already posted | $ 29,000 | 33,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 700 | |
Collateral to be segregated | 100 | |
Aggregate cash obligations and collateral requirements | 800 | |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 3,931 | 5,126 |
Fair values, Payable | 8,377 | 5,882 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 7,056 | 5,639 |
Fair values, Payable | 3,543 | 4,469 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 1,733 | 2,037 |
Fair values, Payable | 2,493 | 2,063 |
Notionals, Protection purchased | 240,625 | 251,994 |
Notionals, Protection sold | 206,633 | 225,597 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 7,542 | 6,720 |
Fair values, Payable | 7,760 | 6,414 |
Notionals, Protection purchased | 452,460 | 493,096 |
Notionals, Protection sold | 417,738 | 456,409 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 1,712 | 2,008 |
Fair values, Payable | 1,667 | 1,874 |
Notionals, Protection purchased | 54,044 | 50,559 |
Notionals, Protection sold | 42,362 | 42,933 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 5,027 | 4,725 |
Fair values, Payable | 5,281 | 4,544 |
Notionals, Protection purchased | 590,084 | 637,790 |
Notionals, Protection sold | 515,070 | 568,849 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 5,960 | 6,040 |
Fair values, Payable | 6,639 | 5,807 |
Notionals, Protection purchased | 157,045 | 157,859 |
Notionals, Protection sold | 151,663 | 156,090 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 10,384 | 10,030 |
Fair values, Payable | 10,526 | 9,755 |
Notionals, Protection purchased | 720,153 | 771,865 |
Notionals, Protection sold | 655,896 | 712,623 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 603 | 735 |
Fair values, Payable | 1,394 | 596 |
Notionals, Protection purchased | 26,976 | 23,784 |
Notionals, Protection sold | 10,837 | 12,316 |
Banks | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 4,748 | 4,785 |
Fair values, Payable | 4,551 | 4,432 |
Notionals, Protection purchased | 206,498 | 214,842 |
Notionals, Protection sold | 204,392 | 218,273 |
Broker-dealers | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 1,535 | 1,706 |
Fair values, Payable | 1,470 | 1,612 |
Notionals, Protection purchased | 59,717 | 62,904 |
Notionals, Protection sold | 61,717 | 63,014 |
Non-financial | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 77 | 64 |
Fair values, Payable | 119 | 87 |
Notionals, Protection purchased | 2,323 | 2,687 |
Notionals, Protection sold | 1,567 | 1,192 |
Insurance and other financial institutions | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 4,627 | 4,210 |
Fair values, Payable | 5,780 | 4,220 |
Notionals, Protection purchased | 478,591 | 515,216 |
Notionals, Protection sold | 399,057 | 442,460 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 6,000 | 4,100 |
Fair value of derecognized assets | 6,100 | 4,100 |
Fair value gross derivative assets | 90 | 55 |
Trading derivatives, liability | $ 57 | $ 9 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (866) | $ (866) | $ (1,085) | ||
Asset FVA | (563) | (563) | (544) | ||
Citigroup (own-credit) CVA | 375 | 375 | 482 | ||
Liability FVA | 105 | 105 | 135 | ||
Total CVA—derivative instruments | (949) | (949) | $ (1,012) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | 28 | $ 0 | 102 | $ 23 | |
Asset FVA | (39) | 40 | (19) | 49 | |
Own-credit CVA | (13) | 24 | (105) | 99 | |
Liability FVA | 18 | 22 | (30) | 15 | |
Total CVA—derivative instruments | (6) | 86 | (52) | 186 | |
DVA related to own FVO liabilities | 3 | 418 | (722) | 585 | |
Total CVA and DVA | $ (3) | $ 504 | $ (774) | $ 771 |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | $ (128,302) | $ (87,424) |
Trading account assets | 306,831 | 256,117 |
Netting of cash collateral received | (47,136) | (38,608) |
Investments | 349,702 | 358,607 |
Loans at fair value | 3,824 | 3,223 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (128,302) | (87,424) |
Netting of cash collateral paid | (37,933) | (29,911) |
Fair value | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 196 | 207 |
Fair value | Accounting Standards Update 2015-07 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 200 | 200 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 263,621 | 214,685 |
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | (85,513) | (66,984) |
Federal funds sold and securities borrowed and purchased under agreements to resell | 178,108 | 147,701 |
Investments | 274,512 | 288,940 |
Loans at fair value | 3,824 | 3,223 |
Mortgage servicing rights | 508 | 584 |
Assets before netting | 1,230,452 | 1,134,034 |
Netting, Assets, total of netting agreements and cash collateral received | (444,072) | (416,681) |
Total assets | 786,380 | 717,353 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 2,639 | 1,475 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 130,650 | 111,494 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (85,513) | (66,984) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 45,137 | 44,510 |
Securities sold, not yet purchased | 86,484 | 90,822 |
Trading liabilities | 86,521 | 92,369 |
Short-term borrowings | 5,291 | 4,483 |
Long-term debt | 49,488 | 38,229 |
Total liabilities, Gross | 690,517 | 656,892 |
Total liabilities, Netting | (434,869) | (407,984) |
Total liabilities | 255,648 | 248,908 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 385,088 | 379,030 |
Cash collateral received | 14,041 | 13,906 |
Total trading derivatives and cash collateral, liability | 399,129 | 392,936 |
Netting agreements | (311,423) | (311,089) |
Netting of cash collateral paid | (37,933) | (29,911) |
Netting, Liabilities, total of netting agreements and cash collateral received | (349,356) | (341,000) |
Total derivative liabilities | 49,773 | 51,936 |
Cash collateral received, gross | 61,177 | 52,514 |
Recurring | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 190,761 | 154,827 |
Recurring | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 132,830 | 159,355 |
Recurring | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 31,794 | 33,808 |
Recurring | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 17,783 | 20,689 |
Recurring | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 11,920 | 10,351 |
Recurring | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Netting of cash collateral paid | 0 | |
Netting, Liabilities, total of netting agreements and cash collateral received | 0 | |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 16,799 | 15,906 |
Total other assets and cash collateral, gross | 16,799 | 15,906 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 37 | 1,547 |
Recurring | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 27,223 | 24,246 |
Investments | 37,860 | 43,020 |
Recurring | Residential mortgage | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 671 | 977 |
Investments | 910 | 1,313 |
Recurring | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,535 | 1,400 |
Investments | 115 | 172 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 29,429 | 26,623 |
Investments | 38,885 | 44,505 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 43,313 | 31,242 |
Investments | 109,509 | 117,222 |
Recurring | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,848 | 3,982 |
Investments | 6,170 | 9,206 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 84,065 | 64,519 |
Investments | 101,740 | 100,691 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 17,551 | 15,896 |
Investments | 12,323 | 11,599 |
Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 60,865 | 43,803 |
Investments | 533 | 220 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,146 | 2,913 |
Investments | 618 | 843 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 11,506 | 13,019 |
Investments | 4,190 | 3,972 |
Recurring | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 544 | 682 |
Recurring | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 252,723 | 201,997 |
Recurring | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 398,533 | 392,299 |
Cash collateral paid | 14,134 | 11,518 |
Trading derivative, asset, gross net cash collateral paid | 412,667 | 403,817 |
Netting agreements | (311,423) | (311,089) |
Netting of cash collateral received | (47,136) | (38,608) |
Total trading derivatives, netting | (358,559) | (349,697) |
Trading derivatives | 54,108 | 54,120 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Cash collateral paid, gross | 52,067 | 41,429 |
Recurring | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 213,644 | 171,632 |
Recurring | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 131,974 | 162,454 |
Recurring | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 27,188 | 29,893 |
Recurring | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 14,740 | 17,555 |
Recurring | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 10,987 | 10,765 |
Recurring | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total trading derivatives, netting | 0 | 0 |
Total other assets and cash collateral, gross | 22,597 | 20,788 |
Other assets | 22,597 | 20,788 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0 | 0 |
Investments | 171,062 | 170,445 |
Loans at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 340,285 | $ 294,151 |
Total as a percentage of gross assets | 28.00% | 26.20% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 0 | $ 0 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 0 | 0 |
Securities sold, not yet purchased | 73,084 | 78,872 |
Trading liabilities | 73,084 | 78,872 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, Gross | $ 90,260 | $ 95,133 |
Total as a percentage of gross liabilities | 13.30% | 14.80% |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 507 | $ 422 |
Recurring | Level 1 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 211 | 71 |
Recurring | Level 1 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 296 | 351 |
Recurring | Level 1 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 16,669 | 15,839 |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Residential mortgage | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 38,082 | 26,439 |
Investments | 101,889 | 107,577 |
Recurring | Level 1 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 59,912 | 43,309 |
Investments | 64,001 | 58,252 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,288 | 1,026 |
Investments | 5,115 | 4,410 |
Recurring | Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 51,566 | 36,342 |
Investments | 57 | 206 |
Recurring | Level 1 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 10 | 3 |
Investments | 0 | 0 |
Recurring | Level 1 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Recurring | Level 1 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 151,858 | 107,119 |
Recurring | Level 1 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 696 | 748 |
Recurring | Level 1 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 332 | 101 |
Recurring | Level 1 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 364 | 647 |
Recurring | Level 1 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 16,669 | 15,839 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 263,499 | 214,570 |
Investments | 101,753 | 116,758 |
Loans at fair value | 3,405 | 2,946 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 865,780 | $ 818,051 |
Total as a percentage of gross assets | 71.20% | 72.90% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 1,457 | $ 980 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 129,565 | 110,511 |
Securities sold, not yet purchased | 13,372 | 11,364 |
Trading liabilities | 13,409 | 12,911 |
Short-term borrowings | 5,137 | 4,446 |
Long-term debt | 34,550 | 25,659 |
Total liabilities, Gross | $ 563,450 | $ 528,228 |
Total as a percentage of gross liabilities | 83.30% | 82.10% |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 379,203 | $ 373,654 |
Recurring | Level 2 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 188,797 | 152,931 |
Recurring | Level 2 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 132,354 | 159,003 |
Recurring | Level 2 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 29,835 | 32,330 |
Recurring | Level 2 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 16,907 | 19,904 |
Recurring | Level 2 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 11,310 | 9,486 |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 129 | 67 |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 37 | 1,547 |
Recurring | Level 2 | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 27,036 | 24,090 |
Investments | 37,829 | 42,988 |
Recurring | Level 2 | Residential mortgage | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 540 | 709 |
Investments | 910 | 1,313 |
Recurring | Level 2 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,482 | 1,323 |
Investments | 115 | 172 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 29,058 | 26,122 |
Investments | 38,854 | 44,473 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 5,231 | 4,802 |
Investments | 7,620 | 9,645 |
Recurring | Level 2 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,671 | 3,782 |
Investments | 5,144 | 8,498 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 24,133 | 21,179 |
Investments | 37,662 | 42,371 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 14,809 | 14,510 |
Investments | 7,152 | 7,033 |
Recurring | Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 9,176 | 7,308 |
Investments | 476 | 14 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,735 | 1,429 |
Investments | 559 | 656 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 10,756 | 12,198 |
Investments | 4,190 | 3,972 |
Recurring | Level 2 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 96 | 96 |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 97,569 | 91,330 |
Recurring | Level 2 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 393,626 | 387,498 |
Recurring | Level 2 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 211,668 | 169,860 |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 131,595 | 162,108 |
Recurring | Level 2 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 26,355 | 28,903 |
Recurring | Level 2 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 13,717 | 16,788 |
Recurring | Level 2 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 10,291 | 9,839 |
Recurring | Level 2 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 5,928 | 4,949 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 122 | 115 |
Investments | 1,697 | 1,737 |
Loans at fair value | 419 | 277 |
Mortgage servicing rights | 508 | 584 |
Assets before netting | $ 10,253 | $ 10,314 |
Total as a percentage of gross assets | 0.80% | 0.90% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 1,182 | $ 495 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 1,085 | 983 |
Securities sold, not yet purchased | 28 | 586 |
Trading liabilities | 28 | 586 |
Short-term borrowings | 154 | 37 |
Long-term debt | 14,938 | 12,570 |
Total liabilities, Gross | $ 22,766 | $ 19,625 |
Total as a percentage of gross liabilities | 3.40% | 3.10% |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 5,378 | $ 4,954 |
Recurring | Level 3 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,753 | 1,825 |
Recurring | Level 3 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 476 | 352 |
Recurring | Level 3 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,663 | 1,127 |
Recurring | Level 3 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 876 | 785 |
Recurring | Level 3 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 610 | 865 |
Recurring | Level 3 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 1 | 0 |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 187 | 156 |
Investments | 31 | 32 |
Recurring | Level 3 | Residential mortgage | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 131 | 268 |
Investments | 0 | 0 |
Recurring | Level 3 | Commercial and other | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 53 | 77 |
Investments | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 371 | 501 |
Investments | 31 | 32 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 1 |
Investments | 0 | 0 |
Recurring | Level 3 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 177 | 200 |
Investments | 1,026 | 708 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 20 | 31 |
Investments | 77 | 68 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 454 | 360 |
Investments | 56 | 156 |
Recurring | Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 123 | 153 |
Investments | 0 | 0 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,411 | 1,484 |
Investments | 59 | 187 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 740 | 818 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities measured using the measurement alternative | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 448 | 586 |
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,296 | 3,548 |
Recurring | Level 3 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 4,211 | 4,053 |
Recurring | Level 3 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,644 | 1,671 |
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 379 | 346 |
Recurring | Level 3 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 469 | 343 |
Recurring | Level 3 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,023 | 767 |
Recurring | Level 3 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 696 | 926 |
Recurring | Level 3 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
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 | $ (1,077) | $ (4,427) | $ (901) | $ (4,979) |
Net realized/unrealized gains (losses) included in principal transactions | (178) | 230 | (502) | 318 |
Transfers into Level 3 | (74) | (34) | (279) | (133) |
Transfers out of Level 3 | 204 | 269 | 497 | 792 |
Purchases | 47 | 18 | 109 | 61 |
Issuances | (69) | 0 | (116) | 0 |
Sales | 6 | (9) | (30) | (31) |
Settlements | (26) | 78 | 55 | 97 |
Balance at end of period, asset (liability), net | (1,167) | (3,875) | (1,167) | (3,875) |
Unrealized gains (losses) still held | (157) | 738 | (770) | 508 |
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 | (116) | (6) | (154) | (422) |
Net realized/unrealized gains (losses) included in principal transactions | (68) | 206 | (119) | 587 |
Transfers into Level 3 | (59) | 0 | (74) | 5 |
Transfers out of Level 3 | 137 | (109) | 164 | (72) |
Purchases | (21) | 1 | (15) | 8 |
Issuances | 19 | 0 | 31 | 0 |
Sales | 8 | 0 | 8 | (16) |
Settlements | (9) | (6) | 50 | (4) |
Balance at end of period, asset (liability), net | (109) | 86 | (109) | 86 |
Unrealized gains (losses) still held | (101) | 270 | (85) | 529 |
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 | 46 | 88 | (6) | 130 |
Net realized/unrealized gains (losses) included in principal transactions | (109) | 167 | (49) | 105 |
Transfers into Level 3 | 15 | (12) | 0 | (13) |
Transfers out of Level 3 | 9 | (5) | 24 | 3 |
Purchases | 0 | 6 | 3 | 7 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (2) | (5) | (6) | (5) |
Settlements | (56) | 0 | (63) | 12 |
Balance at end of period, asset (liability), net | (97) | 239 | (97) | 239 |
Unrealized gains (losses) still held | (124) | 146 | (165) | 27 |
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 | (1,345) | (1,741) | (784) | (2,027) |
Net realized/unrealized gains (losses) included in principal transactions | 183 | 34 | (111) | (102) |
Transfers into Level 3 | (38) | (16) | (192) | (73) |
Transfers out of Level 3 | 100 | 279 | 109 | 751 |
Purchases | 2 | 4 | 1 | 17 |
Issuances | (88) | 0 | (147) | 0 |
Sales | (2) | (4) | 0 | (11) |
Settlements | (6) | (2) | (70) | (1) |
Balance at end of period, asset (liability), net | (1,194) | (1,446) | (1,194) | (1,446) |
Unrealized gains (losses) still held | 193 | 469 | (338) | 203 |
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 | 304 | (1,909) | (18) | (1,861) |
Net realized/unrealized gains (losses) included in principal transactions | (243) | (141) | 37 | (174) |
Transfers into Level 3 | 9 | 4 | 6 | (43) |
Transfers out of Level 3 | (4) | 90 | 6 | 98 |
Purchases | 66 | 7 | 120 | 27 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (12) | 0 | (46) | 0 |
Settlements | 27 | 43 | 42 | 47 |
Balance at end of period, asset (liability), net | 147 | (1,906) | 147 | (1,906) |
Unrealized gains (losses) still held | (135) | (118) | 153 | (32) |
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 | 34 | (859) | 61 | (799) |
Net realized/unrealized gains (losses) included in principal transactions | 59 | (36) | (260) | (98) |
Transfers into Level 3 | (1) | (10) | (19) | (9) |
Transfers out of Level 3 | (38) | 14 | 194 | 12 |
Purchases | 0 | 0 | 0 | 2 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 14 | 0 | 14 | 1 |
Settlements | 18 | 43 | 96 | 43 |
Balance at end of period, asset (liability), net | 86 | (848) | 86 | (848) |
Unrealized gains (losses) still held | 10 | (29) | (335) | (219) |
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 1,047 | 292 | 495 | 286 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (39) | (3) | (49) | 23 |
Transfers into Level 3, liabilities | 2 | 0 | 3 | 12 |
Transfers out of Level 3, liabilities | (18) | 0 | (22) | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 129 | 25 | 803 | 45 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (17) | 0 | (146) | 0 |
Balance at end of period, liability | 1,182 | 320 | 1,182 | 320 |
Unrealized gains (losses) still held, liabilities | (211) | 6 | 182 | 60 |
Federal funds purchased and securities loaned and sold under agreement to repurchase | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 1,041 | 857 | 983 | 726 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (42) | 25 | (38) | 39 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 2 | 0 | 1 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | 4 | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 96 | 0 | 243 |
Sales, liability | 0 | 0 | 1 | 0 |
Settlements, liability | 0 | 38 | 58 | 36 |
Balance at end of period, liability | 1,085 | 966 | 1,085 | 966 |
Unrealized gains (losses) still held, liabilities | (13) | (16) | 24 | (29) |
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 | 15 | 48 | 586 | 22 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (6) | (142) | 118 | (247) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 15 | 4 | 16 | 7 |
Transfers out of Level 3, liabilities | (6) | (12) | (447) | (31) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 6 | 0 | 9 |
Settlements, liability | (2) | 1 | (9) | (65) |
Balance at end of period, liability | 28 | 189 | 28 | 189 |
Unrealized gains (losses) still held, liabilities | (1) | 50 | 0 | 46 |
Trading account liabilities | Other trading liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 0 | 0 | 0 | 5 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 5 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | 0 | 0 | 0 | 0 |
Balance at end of period, liability | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, liabilities | 0 | 0 | 0 | 0 |
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 170 | 81 | 37 | 18 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 2 | (6) | 25 | 1 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 3 | 9 | 48 |
Transfers out of Level 3, liabilities | (25) | (21) | (31) | (21) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 12 | 24 | 165 | 49 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (1) | (3) | (1) | (3) |
Balance at end of period, liability | 154 | 90 | 154 | 90 |
Unrealized gains (losses) still held, liabilities | (2) | (10) | 2 | 9 |
Long-term debt | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 13,734 | 13,484 | 12,570 | 13,082 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (819) | (7) | (1,226) | (243) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 747 | 815 | 1,624 | 1,755 |
Transfers out of Level 3, liabilities | (1,360) | (540) | (2,961) | (1,304) |
Purchases, liability | 20 | 0 | 20 | 36 |
Issuance, liability | 900 | 4 | 6,850 | 7 |
Sales, liability | (1) | 0 | (4) | (44) |
Settlements, liability | 79 | 11 | (4,387) | 6 |
Balance at end of period, liability | 14,938 | 13,781 | 14,938 | 13,781 |
Unrealized gains (losses) still held, liabilities | (1,023) | (92) | 769 | 735 |
Other financial liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 0 | 3 | 0 | 8 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 4 | (2) | 4 | (2) |
Transfers into Level 3, liabilities | 5 | 1 | 5 | 1 |
Transfers out of Level 3, liabilities | 0 | (5) | 0 | (10) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 0 | 2 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | 0 | (1) | 0 | (3) |
Balance at end of period, liability | 1 | 0 | 1 | 0 |
Unrealized gains (losses) still held, liabilities | 0 | 0 | 0 | 4 |
Federal funds sold and securities borrowed and purchased under agreements to resell | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 66 | 16 | 115 | 16 |
Net realized/unrealized gains (losses) included in principal transactions | 5 | 1 | 1 | 19 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 2 | 49 | 5 | 49 |
Transfers out of Level 3, assets | 0 | 0 | (4) | 0 |
Purchases, assets | 49 | 0 | 94 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | (89) | (18) |
Balance at end of period, asset | 122 | 66 | 122 | 66 |
Unrealized gains (losses) still held, assets | 0 | 0 | 3 | 10 |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3,544 | 3,418 | 3,548 | 3,274 |
Net realized/unrealized gains (losses) included in principal transactions | 353 | 9 | 413 | 350 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 68 | 121 | 126 | 374 |
Transfers out of Level 3, assets | (200) | (147) | (377) | (464) |
Purchases, assets | 637 | 888 | 1,421 | 1,709 |
Issuance, assets | 5 | 0 | (24) | 5 |
Sales, assets | (1,104) | (691) | (1,799) | (1,645) |
Settlements, assets | (7) | (4) | (12) | (9) |
Balance at end of period, asset | 3,296 | 3,594 | 3,296 | 3,594 |
Unrealized gains (losses) still held, assets | 57 | 238 | 69 | 305 |
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 | 154 | 206 | 156 | 163 |
Net realized/unrealized gains (losses) included in principal transactions | 6 | 1 | 6 | 2 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 1 | 3 | 1 | 89 |
Transfers out of Level 3, assets | (2) | (41) | (27) | (90) |
Purchases, assets | 42 | 37 | 90 | 153 |
Issuance, assets | (1) | 0 | (1) | 0 |
Sales, assets | (13) | (107) | (38) | (218) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 187 | 99 | 187 | 99 |
Unrealized gains (losses) still held, assets | 4 | 1 | 7 | 1 |
Trading non-derivative assets | Residential mortgage | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 128 | 143 | 268 | 164 |
Net realized/unrealized gains (losses) included in principal transactions | 10 | (17) | 11 | 5 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 17 | 23 | 22 | 58 |
Transfers out of Level 3, assets | (9) | (11) | (40) | (88) |
Purchases, assets | 61 | 45 | 130 | 91 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (76) | (51) | (260) | (98) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 131 | 132 | 131 | 132 |
Unrealized gains (losses) still held, assets | 15 | (4) | 15 | (4) |
Trading non-derivative assets | Commercial and other | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 69 | 35 | 77 | 57 |
Net realized/unrealized gains (losses) included in principal transactions | 2 | (2) | 4 | (1) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 3 | 7 | 5 | 11 |
Transfers out of Level 3, assets | (34) | (2) | (35) | (37) |
Purchases, assets | 38 | 23 | 62 | 38 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (25) | (10) | (60) | (17) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 53 | 51 | 53 | 51 |
Unrealized gains (losses) still held, assets | (6) | (1) | (5) | 3 |
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 | 351 | 384 | 501 | 384 |
Net realized/unrealized gains (losses) included in principal transactions | 18 | (18) | 21 | 6 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 21 | 33 | 28 | 158 |
Transfers out of Level 3, assets | (45) | (54) | (102) | (215) |
Purchases, assets | 141 | 105 | 282 | 282 |
Issuance, assets | (1) | 0 | (1) | 0 |
Sales, assets | (114) | (168) | (358) | (333) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 371 | 282 | 371 | 282 |
Unrealized gains (losses) still held, assets | 13 | (4) | 17 | 0 |
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 | 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 | 0 | 6 | 0 | 6 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 1 | 0 | 1 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | (1) | 0 |
Balance at end of period, asset | 0 | 7 | 0 | 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 | 178 | 211 | 200 | 274 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 4 | (1) | 10 |
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 | (19) | (44) |
Purchases, assets | 0 | 13 | 1 | 13 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1) | (2) | (4) | (27) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 177 | 226 | 177 | 226 |
Unrealized gains (losses) still held, assets | 0 | 2 | 0 | 1 |
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 | 39 | 21 | 31 | 16 |
Net realized/unrealized gains (losses) included in principal transactions | 2 | (1) | 1 | (1) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 9 | 2 |
Transfers out of Level 3, assets | 0 | (5) | 0 | (5) |
Purchases, assets | 0 | 32 | 3 | 46 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (21) | (11) | (24) | (22) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 20 | 36 | 20 | 36 |
Unrealized gains (losses) still held, assets | 1 | (1) | 1 | (1) |
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 378 | 252 | 360 | 275 |
Net realized/unrealized gains (losses) included in principal transactions | 255 | 52 | 345 | 95 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 41 | 12 | 62 | 61 |
Transfers out of Level 3, assets | (5) | (19) | (31) | (91) |
Purchases, assets | 109 | 245 | 178 | 279 |
Issuance, assets | 0 | 0 | (33) | 0 |
Sales, assets | (322) | (22) | (425) | (99) |
Settlements, assets | (2) | 0 | (2) | 0 |
Balance at end of period, asset | 454 | 520 | 454 | 520 |
Unrealized gains (losses) still held, assets | 55 | 248 | 34 | 251 |
Trading non-derivative assets | Marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 127 | 237 | 153 | 120 |
Net realized/unrealized gains (losses) included in principal transactions | 13 | 7 | 3 | 82 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (2) | 16 | (1) | 17 |
Transfers out of Level 3, assets | 0 | (5) | (11) | (20) |
Purchases, assets | 48 | 74 | 57 | 242 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (63) | (36) | (78) | (148) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 123 | 293 | 123 | 293 |
Unrealized gains (losses) still held, assets | (28) | 30 | (25) | 26 |
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 | 1,429 | 1,597 | 1,484 | 1,590 |
Net realized/unrealized gains (losses) included in principal transactions | 20 | 17 | (6) | 75 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 6 | 27 | 13 | 45 |
Transfers out of Level 3, assets | (15) | (32) | (47) | (47) |
Purchases, assets | 242 | 373 | 463 | 689 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (271) | (294) | (496) | (664) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1,411 | 1,688 | 1,411 | 1,688 |
Unrealized gains (losses) still held, assets | 10 | (16) | 57 | 39 |
Trading non-derivative assets | Other | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,042 | 716 | 818 | 615 |
Net realized/unrealized gains (losses) included in principal transactions | 45 | (52) | 50 | 83 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 2 | 27 | 15 | 85 |
Transfers out of Level 3, assets | (135) | (32) | (167) | (42) |
Purchases, assets | 97 | 45 | 437 | 157 |
Issuance, assets | 6 | 0 | 10 | 5 |
Sales, assets | (312) | (158) | (414) | (352) |
Settlements, assets | (5) | (4) | (9) | (9) |
Balance at end of period, asset | 740 | 542 | 740 | 542 |
Unrealized gains (losses) still held, assets | 6 | (21) | (15) | (11) |
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,384 | 1,737 | 2,437 | |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 54 | 122 | (51) | |
Transfers into Level 3 | 18 | 115 | 38 | |
Transfers out of Level 3, assets | (585) | (679) | (366) | |
Purchases, assets | 256 | 1,034 | 231 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (430) | (611) | (245) | |
Settlements, assets | 0 | (21) | (52) | |
Balance at end of period, asset | 1,697 | 1,992 | 1,697 | 1,992 |
Unrealized gains (losses) still held, assets | 45 | 76 | (69) | |
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 | 32 | 23 | 32 | 24 |
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) | 11 | (1) | 10 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 31 | 34 | 31 | 34 |
Unrealized gains (losses) still held, assets | (1) | 12 | (3) | (12) |
Investments | Residential mortgage | ||||
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 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Commercial and other | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 5 | 0 | 3 |
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 | 2 |
Transfers into Level 3 | 0 | 1 | 0 | 1 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 6 | 0 | 6 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 32 | 28 | 32 | 27 |
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) | 11 | (1) | 12 |
Transfers into Level 3 | 0 | 1 | 0 | 1 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 31 | 40 | 31 | 40 |
Unrealized gains (losses) still held, assets | (1) | 12 | (3) | (12) |
Investments | U.S. Treasury and federal agency securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
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 | 910 | 682 | 708 | 737 |
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 | 42 | 3 | 94 | (13) |
Transfers into Level 3 | 11 | 0 | 14 | 0 |
Transfers out of Level 3, assets | 0 | (9) | 0 | (18) |
Purchases, assets | 236 | 111 | 421 | 140 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (173) | (25) | (211) | (84) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1,026 | 762 | 1,026 | 762 |
Unrealized gains (losses) still held, assets | 48 | 3 | 84 | (22) |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 71 | 70 | 68 | 92 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 5 | (3) | 1 | (4) |
Transfers into Level 3 | 0 | 1 | 0 | 1 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (2) |
Purchases, assets | 17 | 5 | 56 | 62 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (16) | (19) | (48) | (95) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 77 | 54 | 77 | 54 |
Unrealized gains (losses) still held, assets | 1 | (3) | 1 | (3) |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 60 | 76 | 156 | 71 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | (1) |
Transfers into Level 3 | 0 | 0 | 0 | 3 |
Transfers out of Level 3, assets | 0 | (2) | (94) | (2) |
Purchases, assets | 0 | 0 | 0 | 3 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (4) | (6) | (6) | (6) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 56 | 68 | 56 | 68 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 1 | 0 | 2 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (1) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 1 | 0 | 1 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 806 | 497 | 187 | 827 |
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 | 10 | (25) | 8 | (15) |
Transfers into Level 3 | 1 | 1 | 95 | 3 |
Transfers out of Level 3, assets | (585) | (2) | (585) | (344) |
Purchases, assets | 0 | 11 | 550 | 11 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (173) | (26) | (196) | (26) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 59 | 456 | 59 | 456 |
Unrealized gains (losses) still held, assets | 9 | (25) | 9 | (25) |
Investments | Other | ||||
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 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
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 | 505 | 586 | 681 | |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (2) | 20 | (30) | |
Transfers into Level 3 | 6 | 6 | 30 | |
Transfers out of Level 3, assets | 0 | 0 | 0 | |
Purchases, assets | 3 | 7 | 15 | |
Issuance, assets | 0 | 0 | 0 | |
Sales, assets | (64) | (150) | (33) | |
Settlements, assets | 0 | (21) | (52) | |
Balance at end of period, asset | 448 | 611 | 448 | 611 |
Unrealized gains (losses) still held, assets | (12) | (15) | (7) | |
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 373 | 554 | 277 | 550 |
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 | 63 | (274) | 108 | (255) |
Transfers into Level 3 | 3 | 0 | 128 | 0 |
Transfers out of Level 3, assets | 0 | 60 | (70) | 59 |
Purchases, assets | 5 | 47 | 11 | 51 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (25) | (6) | (35) | (22) |
Settlements, assets | 0 | 0 | 0 | (2) |
Balance at end of period, asset | 419 | 381 | 419 | 381 |
Unrealized gains (losses) still held, assets | 174 | 40 | 294 | 175 |
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 551 | 587 | 584 | 558 |
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 | (37) | 11 | (64) | 57 |
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 | 16 | 15 | 28 | 32 |
Sales, assets | 0 | (1) | 0 | (18) |
Settlements, assets | (22) | (16) | (40) | (33) |
Balance at end of period, asset | 508 | 596 | 508 | 596 |
Unrealized gains (losses) still held, assets | (34) | 11 | (60) | 57 |
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 | 0 | 13 | 0 | 16 |
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 | 9 | 14 | 25 | 22 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 4 | (11) | 4 | (11) |
Purchases, assets | 0 | 0 | 0 | 4 |
Issuance, assets | (3) | 0 | (5) | 12 |
Sales, assets | (4) | (4) | (8) | (4) |
Settlements, assets | (6) | (12) | (16) | (39) |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | $ 0 | $ 14 | $ 0 | $ 33 |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward Narrative (Details) - Long-term debt - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | $ 747 | $ 815 | $ 1,624 | $ 1,755 |
Transfers out of Level 3, liabilities | $ 1,360 | $ 540 | $ 2,961 | $ 1,304 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Jun. 30, 2019USD ($)year | Dec. 31, 2018USD ($)year |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 1,273,000,000 | $ 1,109,000,000 |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 122,000,000 | 115,000,000 |
State and municipal, foreign government, corporate and other debt securities | 1,093,000,000 | 938,000,000 |
Marketable equity securities | 41,000,000 | 45,000,000 |
Loans and leases | 379,000,000 | 248,000,000 |
Mortgage servicing rights | 83,000,000 | 84,000,000 |
Interest-bearing deposits | 1,182,000,000 | 495,000,000 |
Securities loaned and sold under agreement to repurchase | 1,085,000,000 | 983,000,000 |
Securities sold, not yet purchased | 509,000,000 | |
Short-term borrowings and long-term debt | 15,232,000,000 | 12,289,000,000 |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 1,261,000,000 | 1,212,000,000 |
Marketable equity securities | 81,000,000 | 108,000,000 |
Asset-backed securities | 1,429,000,000 | 1,608,000,000 |
Non-marketable equities | 152,000,000 | 255,000,000 |
Loans and leases | 29,000,000 | |
Mortgage-backed securities | 162,000,000 | 313,000,000 |
Securities sold, not yet purchased | 27,000,000 | 77,000,000 |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 220,000,000 | 198,000,000 |
Comparable analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 262,000,000 | 293,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 424,000,000 | $ 500,000,000 |
Minimum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0035 | 0.0035 |
Loans and leases | 0.0110 | 0.0138 |
Minimum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.0177 | 0.0252 |
Securities loaned and sold under agreement to repurchase | 0.0177 | 0.0252 |
Minimum | Model-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0 | |
Minimum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0100 | 0.0100 |
Short-term borrowings and long-term debt | 0.0100 | 0.0100 |
Minimum | Model-based | Level 3 | IR Normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.0015 | 0.0016 |
Minimum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.27 | |
Interest-bearing deposits | 0.0300 | |
Short-term borrowings and long-term debt | 0.0300 | |
Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.6466 | |
Securities sold, not yet purchased | 0.1530 | |
Short-term borrowings and long-term debt | 0.2615 | 0.6466 |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1 | 1.47 |
Mortgage servicing rights | year | 3.4 | 3.55 |
Minimum | Price-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0030 | |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities, value | $ 0 | $ 0 |
Marketable equity securities, value | 0.01 | 0 |
Asset-backed securities | $ 2.75 | 2.75 |
Non-marketable equities | 8.18 | |
Non-marketable equities | 2.38 | |
Loans and leases | 55.83 | |
Mortgage-backed securities | $ 15 | $ 11.25 |
Securities sold, not yet purchased | 0 | |
Minimum | Price-based | Level 3 | Appraised value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 381,810 | |
Minimum | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 3.15 | 2.25 |
Minimum | Price-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.8139) | |
Minimum | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 0 | |
Minimum | Price-based | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 5 | |
Minimum | Price-based | Level 3 | Net operating income multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 24.70 | |
Minimum | Price-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.0300 | |
Minimum | Price-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.0892 | |
Minimum | Price-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.5190) | |
Minimum | Price-based | Level 3 | Equity-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.4000) | |
Minimum | Price-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.8627) | |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0194 | 0.0227 |
Minimum | Comparable analysis | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0 | |
Minimum | Comparable analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 8.10 | |
Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0477 | 0.0460 |
Maximum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0470 | 0.0446 |
Loans and leases | 0.0110 | 0.0255 |
Maximum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.0367 | 0.0743 |
Securities loaned and sold under agreement to repurchase | 0.0253 | 0.0321 |
Maximum | Model-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0 | |
Maximum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.2000 | 0.2000 |
Short-term borrowings and long-term debt | 0.2000 | 0.2000 |
Maximum | Model-based | Level 3 | IR Normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.8037 | 0.8631 |
Maximum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.37 | |
Interest-bearing deposits | 0.7839 | |
Short-term borrowings and long-term debt | 0.7839 | |
Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1.4445 | |
Securities sold, not yet purchased | 5.8507 | |
Short-term borrowings and long-term debt | 3.4340 | 1.4445 |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1 | 1.47 |
Mortgage servicing rights | year | 7.1 | 7.45 |
Maximum | Price-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0047 | |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities, value | $ 1,127.39 | $ 103.75 |
Marketable equity securities, value | 41,284 | 20,255 |
Asset-backed securities | $ 100 | 101.03 |
Non-marketable equities | 1,540 | |
Non-marketable equities | 1,073.80 | |
Loans and leases | 110 | |
Mortgage-backed securities | $ 125.81 | $ 110.35 |
Securities sold, not yet purchased | 2,164.17 | |
Maximum | Price-based | Level 3 | Appraised value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 33,710,000 | |
Maximum | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 26.12 | 16.50 |
Maximum | Price-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 1 | |
Maximum | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 0.1000 | |
Maximum | Price-based | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 34 | |
Maximum | Price-based | Level 3 | Net operating income multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 24.70 | |
Maximum | Price-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.7839 | |
Maximum | Price-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.5986 | |
Maximum | Price-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.9211 | |
Maximum | Price-based | Level 3 | Equity-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.7037 | |
Maximum | Price-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.7000 | |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0772 | 0.0870 |
Maximum | Comparable analysis | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1 | |
Maximum | Comparable analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 19.40 | |
Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1626 | 0.1200 |
Weighted Average | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0241 | 0.0238 |
Loans and leases | 0.0110 | 0.0147 |
Weighted Average | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.0290 | 0.0508 |
Securities loaned and sold under agreement to repurchase | 0.0201 | 0.0287 |
Weighted Average | Model-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0 | |
Weighted Average | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.1050 | 0.1050 |
Short-term borrowings and long-term debt | 0.1050 | 0.1050 |
Weighted Average | Model-based | Level 3 | IR Normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.4402 | 0.5661 |
Weighted Average | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.32 | |
Interest-bearing deposits | 0.4349 | |
Short-term borrowings and long-term debt | 0.4324 | |
Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.9855 | |
Securities sold, not yet purchased | 1.0569 | |
Short-term borrowings and long-term debt | 1.1853 | 0.9858 |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | year | 1 | 1.47 |
Mortgage servicing rights | year | 5.8 | 6.39 |
Weighted Average | Price-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0032 | |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities, value | $ 77.56 | $ 91.39 |
Marketable equity securities, value | 5,730.26 | 1,247.85 |
Asset-backed securities | $ 78.27 | 66.18 |
Non-marketable equities | 773.53 | |
Non-marketable equities | 420.24 | |
Loans and leases | 92.40 | |
Mortgage-backed securities | $ 86.87 | $ 90.07 |
Securities sold, not yet purchased | 86.14 | |
Weighted Average | Price-based | Level 3 | Appraised value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 14,639,552 | |
Weighted Average | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 11.76 | 7.06 |
Weighted Average | Price-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.3404 | |
Weighted Average | Price-based | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | $ 0.0230 | |
Weighted Average | Price-based | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 9.73 | |
Weighted Average | Price-based | Level 3 | Net operating income multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 24.70 | |
Weighted Average | Price-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.4349 | |
Weighted Average | Price-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.2034 | |
Weighted Average | Price-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.4071 | |
Weighted Average | Price-based | Level 3 | Equity-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.3080 | |
Weighted Average | Price-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.0120) | |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0323 | 0.0374 |
Weighted Average | Comparable analysis | Level 3 | Revenue multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.0066 | |
Weighted Average | Comparable analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 11.72 | |
Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0800 | 0.0779 |
Interest rate contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 3,307,000,000 | $ 3,467,000,000 |
Interest rate contracts | Minimum | Model-based | Level 3 | Inflation volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0022 | 0.0022 |
Interest rate contracts | Minimum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0100 | 0.0100 |
Interest rate contracts | Minimum | Model-based | Level 3 | IR Normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0015 | 0.0016 |
Interest rate contracts | Maximum | Model-based | Level 3 | Inflation volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0267 | 0.0265 |
Interest rate contracts | Maximum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2000 | 0.2000 |
Interest rate contracts | Maximum | Model-based | Level 3 | IR Normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8037 | 0.8631 |
Interest rate contracts | Weighted Average | Model-based | Level 3 | Inflation volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0079 | 0.0077 |
Interest rate contracts | Weighted Average | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1050 | 0.1050 |
Interest rate contracts | Weighted Average | Model-based | Level 3 | IR Normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4953 | 0.5624 |
Foreign exchange contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 796,000,000 | $ 626,000,000 |
Foreign exchange contracts | Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 73,000,000 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0032 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0450 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR Normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0309 | 0.0315 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.5100) | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0039 | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0698 | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.5100) | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | |
Foreign exchange contracts | Minimum | Cash flow | Level 3 | IR basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0065) | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0535 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1133 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR Normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.80 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1504 | 0.1735 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0676 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0748 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | |
Foreign exchange contracts | Maximum | Cash flow | Level 3 | IR basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0011 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0381 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0924 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR Normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.24 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0983 | 0.1137 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3310 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5000 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0087 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0723 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3269 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5000 | |
Foreign exchange contracts | Weighted Average | Cash flow | Level 3 | IR basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0017) | |
Equity contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 2,130,000,000 | $ 1,467,000,000 |
Equity contracts | Minimum | Model-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.4861) | (0.8139) |
Equity contracts | Minimum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0287 | 0.0300 |
Equity contracts | Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5957 | 0.6466 |
Equity contracts | Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.47 | |
Equity contracts | Minimum | Model-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.7500) | (0.8627) |
Equity contracts | Maximum | Model-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9811 | 1 |
Equity contracts | Maximum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8826 | 0.7839 |
Equity contracts | Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.2982 | 1.4445 |
Equity contracts | Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.47 | |
Equity contracts | Maximum | Model-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3727 | 0.7000 |
Equity contracts | Weighted Average | Model-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7294 | 0.3549 |
Equity contracts | Weighted Average | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4813 | 0.3753 |
Equity contracts | Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.1902 | 0.9855 |
Equity contracts | Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.47 | |
Equity contracts | Weighted Average | Model-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.2058) | (0.0120) |
Commodity contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 1,900,000,000 | $ 1,552,000,000 |
Commodity contracts | Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2615 | 0.1530 |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1008 | 0.0892 |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.4055) | (0.5190) |
Commodity contracts | Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3.4340 | 5.8507 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9316 | 0.5986 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8950 | 0.9211 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.1196 | 1.4508 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2497 | 0.2034 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4581 | 0.4071 |
Credit derivatives | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 708,000,000 | $ 1,089,000,000 |
Credit derivatives | Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 597,000,000 | $ 701,000,000 |
Credit derivatives | Minimum | Model-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0500 | |
Credit derivatives | Minimum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0499 | |
Credit derivatives | Minimum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0004 | |
Credit derivatives | Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 12 | $ 16.59 |
Credit derivatives | Minimum | Price-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2500 | |
Credit derivatives | Minimum | Price-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0741 | |
Credit derivatives | Minimum | Price-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2000 | 0.0500 |
Credit derivatives | Minimum | Cash flow | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0002 | |
Credit derivatives | Maximum | Model-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8500 | |
Credit derivatives | Maximum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9977 | |
Credit derivatives | Maximum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0334 | |
Credit derivatives | Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 98 | $ 98 |
Credit derivatives | Maximum | Price-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8500 | |
Credit derivatives | Maximum | Price-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9904 | |
Credit derivatives | Maximum | Price-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | 0.6500 |
Credit derivatives | Maximum | Cash flow | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1127 | |
Credit derivatives | Weighted Average | Model-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4106 | |
Credit derivatives | Weighted Average | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5834 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0070 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 69.20 | $ 81.19 |
Credit derivatives | Weighted Average | Price-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4366 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5895 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4100 | 0.4640 |
Credit derivatives | Weighted Average | Cash flow | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0087 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 7,574 | $ 7,212 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 2,391 | 3,261 |
Other real estate owned | 37 | 62 |
Loans | 172 | 139 |
Non-marketable equity securities measured using the measurement alternative | 108 | 192 |
Total assets | 2,708 | 3,654 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 1,243 | 1,794 |
Other real estate owned | 13 | 16 |
Loans | 310 | 251 |
Non-marketable equity securities measured using the measurement alternative | 17 | 69 |
Total assets | 1,583 | 2,130 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 3,634 | 5,055 |
Other real estate owned | 50 | 78 |
Loans | 482 | 390 |
Non-marketable equity securities measured using the measurement alternative | 125 | 261 |
Total assets | $ 4,291 | $ 5,784 |
FAIR VALUE MEASUREMENT - Valu_2
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) - Nonrecurring | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (55,000,000) | $ (42,000,000) | $ 2,000,000 | $ 62,000,000 | |
Level 3 | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 1,243,000,000 | 1,243,000,000 | $ 1,794,000,000 | ||
Level 3 | Price-based | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 839,000,000 | 839,000,000 | 1,729,000,000 | ||
Other real estate owned | 9,000,000 | 9,000,000 | 15,000,000 | ||
Loans | 59,000,000 | 59,000,000 | |||
Alternative investment funds, fair value | 66,000,000 | ||||
Level 3 | Recovery analysis | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 2,000,000 | ||||
Loans | 62,000,000 | 62,000,000 | 251,000,000 | ||
Price | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 82.90 | 82.90 | 0.79 | ||
Loans | 2.65 | 2.65 | |||
Non-marketable equity securities measured using the measurement alternative | 45.80 | ||||
Price | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 100 | 100 | 100 | ||
Loans | 63 | 63 | |||
Non-marketable equity securities measured using the measurement alternative | 1,514 | ||||
Price | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 96.67 | 96.67 | 69.52 | ||
Loans | 30.48 | 30.48 | |||
Non-marketable equity securities measured using the measurement alternative | 570.26 | ||||
Price | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 56.30 | ||||
Loans | 2.60 | ||||
Price | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 83.08 | ||||
Loans | 85.04 | ||||
Price | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 58.27 | ||||
Loans | 28.21 | ||||
Appraised value | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 2,953,240 | 2,953,240 | 8,394,102 | ||
Appraised value | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 8,394,102 | 8,394,102 | 8,394,102 | ||
Appraised value | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | $ 6,978,072 | $ 6,978,072 | $ 8,394,102 | ||
Discount to price | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.1300 | ||||
Discount to price | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.1300 | ||||
Discount to price | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.1300 | ||||
Price | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 0.8525 | 0.8525 | 0.3060 | ||
Price | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 0.9950 | 0.9950 | 1 | ||
Price | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 0.9560 | 0.9560 | 0.5051 | ||
Loans held-for-sale | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (14,000,000) | (7,000,000) | $ (1,000,000) | (8,000,000) | |
Other real estate owned | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (1,000,000) | (1,000,000) | 0 | (1,000,000) | |
Loans | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (44,000,000) | (33,000,000) | (62,000,000) | (33,000,000) | |
Non-marketable equity securities measured using the measurement alternative | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | 4,000,000 | $ (1,000,000) | 65,000,000 | $ 104,000,000 | |
Investment Security One | Level 3 | Price-based | |||||
Valuation techniques and inputs | |||||
Alternative investment funds, fair value | 17,000,000 | 17,000,000 | |||
Investment Security One | Price | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equity securities measured using the measurement alternative | 13.78 | 13.78 | |||
Investment Security One | Price | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equity securities measured using the measurement alternative | 13.78 | 13.78 | |||
Investment Security One | Price | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equity securities measured using the measurement alternative | $ 13.78 | $ 13.78 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||||||
Loans | $ 3,824 | $ 3,223 | ||||
Liabilities | ||||||
Deposits | 1,045,607 | 1,013,170 | ||||
Allowance for loan losses | 12,466 | $ 12,329 | 12,315 | $ 12,126 | $ 12,354 | $ 12,355 |
Corporate | ||||||
Assets | ||||||
Loans | 3,804 | 3,203 | ||||
Liabilities | ||||||
Allowance for loan losses | 2,353 | $ 2,303 | 2,365 | $ 2,330 | $ 2,315 | $ 2,486 |
Carrying value | ||||||
Assets | ||||||
Investments | 74,400 | 68,900 | ||||
Securities borrowed and purchased under agreements to resell | 81,700 | 123,000 | ||||
Loans | 670,900 | 667,100 | ||||
Other financial assets | 281,000 | 249,700 | ||||
Liabilities | ||||||
Deposits | 1,043,000 | 1,011,700 | ||||
Securities loaned and sold under agreements to repurchase | 136,000 | 133,300 | ||||
Long-term debt | 202,600 | 193,800 | ||||
Other financial liabilities | 121,800 | 103,800 | ||||
Fair value | ||||||
Assets | ||||||
Investments | 75,300 | 68,500 | ||||
Securities borrowed and purchased under agreements to resell | 81,700 | 123,000 | ||||
Loans | 675,600 | 666,900 | ||||
Other financial assets | 281,400 | 250,100 | ||||
Liabilities | ||||||
Deposits | 1,039,800 | 1,009,500 | ||||
Securities loaned and sold under agreements to repurchase | 136,000 | 133,300 | ||||
Long-term debt | 212,200 | 193,700 | ||||
Other financial liabilities | 121,800 | 103,800 | ||||
Fair value | Level 1 | ||||||
Assets | ||||||
Investments | 1,900 | 1,000 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 187,600 | 172,300 | ||||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Other financial liabilities | 0 | 0 | ||||
Fair value | Level 2 | ||||||
Assets | ||||||
Investments | 71,000 | 65,400 | ||||
Securities borrowed and purchased under agreements to resell | 81,500 | 121,600 | ||||
Loans | 9,600 | 5,600 | ||||
Other financial assets | 15,600 | 15,800 | ||||
Liabilities | ||||||
Deposits | 837,500 | 847,100 | ||||
Securities loaned and sold under agreements to repurchase | 136,000 | 133,300 | ||||
Long-term debt | 197,800 | 178,400 | ||||
Other financial liabilities | 20,200 | 17,200 | ||||
Fair value | Level 3 | ||||||
Assets | ||||||
Investments | 2,400 | 2,100 | ||||
Securities borrowed and purchased under agreements to resell | 200 | 1,400 | ||||
Loans | 666,000 | 661,300 | ||||
Other financial assets | 78,200 | 62,000 | ||||
Liabilities | ||||||
Deposits | 202,300 | 162,400 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 14,400 | 15,300 | ||||
Other financial liabilities | 101,600 | 86,600 | ||||
Fair value | Level 3 | Corporate | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | 8,000 | 7,800 | ||||
Lease financing | ||||||
Liabilities | ||||||
Lease finance receivables | $ 1,500 | $ 1,600 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Securities borrowed and purchased under agreements to resell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | $ 6 | $ 19 | $ 35 | $ 3 |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 45 | (85) | 212 | (101) |
Investments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 0 | 0 | 0 | 0 |
Certain corporate loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (80) | (3) | (213) | (126) |
Certain consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 0 | 0 | 0 | 0 |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (80) | (3) | (213) | (126) |
MSRs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (37) | 11 | (64) | 57 |
Certain mortgage loans HFS | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 21 | 10 | 37 | 12 |
Total other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (16) | 21 | (27) | 69 |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (45) | (48) | 7 | (155) |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (43) | 10 | (134) | 38 |
Securities loaned and sold under agreements to repurchase | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 51 | (15) | 86 | (126) |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 2 | (15) | 13 | (21) |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 94 | (59) | (81) | 118 |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (1,113) | 921 | (3,794) | 1,539 |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | $ (1,009) | $ 842 | $ (3,910) | $ 1,548 |
FAIR VALUE ELECTIONS - Valuatio
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value Option Quantitative Disclosures | |||||
Gain (loss) on change in estimated fair value of debt liabilities due to change in company's own credit risk | $ 3 | $ 418 | $ (722) | $ 585 | |
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) | 53 | $ (20) | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 410 | 410 | 435 | ||
Balance of non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 779 | 779 | 741 | ||
Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 | 1 | ||
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 debt host contracts across unallocated precious metals accounts | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 800 | 800 | 400 | ||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 9,600 | 9,600 | |||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 7,200 | 7,200 | |||
Mortgage receivable | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 21 | 21 | 21 | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 8,448 | 8,448 | 10,108 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 3,824 | 3,824 | 3,224 | ||
Carrying amount | Loans held-for-sale | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 648 | 648 | 556 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 1,057 | $ 1,057 | $ 1,137 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 45,100 | $ 35,700 |
Long-term debt | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 1,357 | 3,814 |
Long-term debt | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 49,488 | 38,229 |
Short-term borrowings | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 729 | 861 |
Short-term borrowings | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 5,291 | 4,483 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 21,500 | 17,300 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 1,000 | 500 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 19,500 | 14,800 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 1,200 | 1,200 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 1,900 | $ 1,900 |
GUARANTEES, LEASES AND COMMIT_3
GUARANTEES, LEASES AND COMMITMENTS - Guarantees (Details) | Jun. 30, 2019USD ($)trust | Dec. 31, 2018USD ($)trust |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 275,300,000,000 | $ 256,600,000,000 |
Expire after 1 year | 167,900,000,000 | 196,500,000,000 |
Total amount outstanding | 443,200,000,000 | 453,100,000,000 |
Carrying value | $ 757,000,000 | $ 939,000,000 |
Number of trusts funded by the reinsurer | trust | 2 | 2 |
Fair value of securities in trusts funded by reinsurer relating to indemnification | $ 8,300,000,000 | $ 7,500,000,000 |
Liability related to long-term care insurance indemnification | 0 | 0 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 71,000,000,000 | 55,000,000,000 |
Securities and other marketable assets held as collateral | 55,000,000,000 | 55,000,000,000 |
Letters of credit in favor of the Company held as collateral | 4,000,000,000 | 4,100,000,000 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 32,900,000,000 | 32,100,000,000 |
Expire after 1 year | 66,200,000,000 | 67,500,000,000 |
Total amount outstanding | 99,100,000,000 | 99,600,000,000 |
Carrying value | 132,000,000 | 131,000,000 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 7,700,000,000 | 7,700,000,000 |
Expire after 1 year | 4,300,000,000 | 4,200,000,000 |
Total amount outstanding | 12,000,000,000 | 11,900,000,000 |
Carrying value | 27,000,000 | 29,000,000 |
Derivative instruments deemed to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 39,300,000,000 | 23,500,000,000 |
Expire after 1 year | 63,600,000,000 | 87,400,000,000 |
Total amount outstanding | 102,900,000,000 | 110,900,000,000 |
Carrying value | 413,000,000 | 567,000,000 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 1,300,000,000 | 1,200,000,000 |
Total amount outstanding | 1,300,000,000 | 1,200,000,000 |
Carrying value | 8,000,000 | 9,000,000 |
Repurchase reserve for Consumer mortgages representations and warranties | 43,000,000 | 49,000,000 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 105,300,000,000 | 98,300,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 105,300,000,000 | 98,300,000,000 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 90,000,000,000 | 94,700,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 90,000,000,000 | 94,700,000,000 |
Carrying value | 0 | 0 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 100,000,000 | 300,000,000 |
Expire after 1 year | 800,000,000 | 800,000,000 |
Total amount outstanding | 900,000,000 | 1,100,000,000 |
Carrying value | 136,000,000 | 162,000,000 |
Custody indemnifications and other | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 31,700,000,000 | 35,400,000,000 |
Total amount outstanding | 31,700,000,000 | 35,400,000,000 |
Carrying value | 41,000,000 | 41,000,000 |
Futures and over-the-counter derivatives clearing | ||
Maximum potential amount of future payments | ||
Amount of cash initial margin collected and remitted | $ 14,100,000,000 | $ 13,800,000,000 |
GUARANTEES, LEASES AND COMMIT_4
GUARANTEES, LEASES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Jun. 30, 2019 | Dec. 31, 2018 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 443.2 | $ 453.1 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 100.4 | 102.7 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 26.3 | 27.2 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 316.5 | 323.2 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 99.1 | 99.6 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 71.6 | 71.3 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 11.7 | 11.9 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 15.8 | 16.4 |
Performance guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12 | 11.9 |
Performance guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 9.7 | 9.2 |
Performance guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 2 | 2.1 |
Performance guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.3 | 0.6 |
Derivative instruments deemed to be guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 102.9 | 110.9 |
Derivative instruments deemed to be guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Derivative instruments deemed to be guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Derivative instruments deemed to be guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 110.9 | |
Loans sold with recourse | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.3 | 1.2 |
Loans sold with recourse | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Loans sold with recourse | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Loans sold with recourse | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.2 | |
Securities lending indemnifications | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 105.3 | 98.3 |
Securities lending indemnifications | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Securities lending indemnifications | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Securities lending indemnifications | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 98.3 | |
Credit card merchant processing | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 90 | 94.7 |
Credit card merchant processing | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card merchant processing | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card arrangements with partners | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.9 | 1.1 |
Credit card arrangements with partners | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card arrangements with partners | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card arrangements with partners | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.1 | |
Custody indemnifications and other | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 31.7 | 35.4 |
Custody indemnifications and other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 19.1 | 22.2 |
Custody indemnifications and other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.6 | 13.2 |
Custody indemnifications and other | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 0 | $ 0 |
GUARANTEES, LEASES AND COMMIT_5
GUARANTEES, LEASES AND COMMITMENTS - Leases (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Operating lease ROU asset | $ 2,900 | $ 2,900 |
Operating lease, liability | 3,102 | 3,102 |
Sublease income | 14 | 35 |
Operating lease expense | 265 | 537 |
Operating cash outflows related to operating leases | 252 | 486 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remaining 2019 | 436 | 436 |
2020 | 716 | 716 |
2021 | 592 | 592 |
2022 | 464 | 464 |
2023 | 355 | 355 |
Thereafter | 930 | 930 |
Total future lease payments | 3,493 | 3,493 |
Less imputed interest (based on weighted-average discount rate of 3.7%) | (391) | (391) |
Lease liability | $ 3,102 | $ 3,102 |
Operating lease, weighted average discount rate | 3.70% | 3.70% |
Weighted Average | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 6 years | 6 years |
GUARANTEES, LEASES AND COMMIT_6
GUARANTEES, LEASES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Guarantor Obligations | ||
Credit commitments | $ 1,051,027 | $ 1,030,242 |
Unsettled reverse repurchase and securities borrowing agreements | 52,500 | 36,100 |
Unsettled repurchase and securities lending agreements | 61,100 | 30,700 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 5,413 | 5,461 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 4,150 | 2,671 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 11,052 | 11,374 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 13,559 | 11,293 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 708,484 | 696,007 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 304,921 | 300,115 |
Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 3,448 | $ 3,321 |
U.S. | ||
Guarantor Obligations | ||
Credit commitments | 840,535 | |
U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 928 | |
U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 2,367 | |
U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 9,769 | |
U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 12,054 | |
U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 613,905 | |
U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 198,479 | |
U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 3,033 | |
Outside of U.S. | ||
Guarantor Obligations | ||
Credit commitments | 210,492 | |
Outside of U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 4,485 | |
Outside of U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,783 | |
Outside of U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 1,283 | |
Outside of U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 1,505 | |
Outside of U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 94,579 | |
Outside of U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 106,442 | |
Outside of U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | $ 415 |
GUARANTEES, LEASES AND COMMIT_7
GUARANTEES, LEASES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 32,143 | $ 31,208 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 2,624 | 4,000 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 29,519 | $ 27,208 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Billions | Jun. 06, 2019CHF (SFr) | May 16, 2019EUR (€) | Jun. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |||
Loss contingency, portion not accrued | $ 1.2 | ||
Fine paid as part of settlement agreement | SFr 28,500,000 | € 310,776,000 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | ||||
Dividends from subsidiaries | $ 0 | $ 0 | $ 0 | $ 0 |
Interest revenue | 19,712 | 17,550 | 38,788 | 33,882 |
Interest revenue—intercompany | 0 | 0 | 0 | 0 |
Interest expense | 7,762 | 5,885 | 15,079 | 11,045 |
Interest expense—intercompany | 0 | 0 | 0 | 0 |
Net interest revenue | 11,950 | 11,665 | 23,709 | 22,837 |
Commissions and fees | 2,881 | 3,111 | 5,807 | 6,141 |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 |
Principal transactions | 1,874 | 2,126 | 4,678 | 5,368 |
Principal transactions—intercompany | 0 | 0 | 0 | 0 |
Other income | 2,053 | 1,567 | 3,140 | 2,995 |
Other income—intercompany | 0 | 0 | 0 | 0 |
Total non-interest revenues | 6,808 | 6,804 | 13,625 | 14,504 |
Total revenues, net of interest expense | 18,758 | 18,469 | 37,334 | 37,341 |
Provisions for credit losses and for benefits and claims | 2,093 | 1,812 | 4,073 | 3,669 |
Operating expenses | ||||
Compensation and benefits | 5,381 | 5,452 | 11,039 | 11,259 |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 |
Other operating | 5,119 | 5,260 | 10,045 | 10,378 |
Other operating—intercompany | 0 | 0 | 0 | 0 |
Total operating expenses | 10,500 | 10,712 | 21,084 | 21,637 |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 6,165 | 5,945 | 12,177 | 12,035 |
Provision for income taxes | 1,373 | 1,444 | 2,648 | 2,885 |
Income from continuing operations | 4,792 | 4,501 | 9,529 | 9,150 |
Loss from discontinued operations, net of taxes | 17 | 15 | 15 | 8 |
Net income before attribution of noncontrolling interests | 4,809 | 4,516 | 9,544 | 9,158 |
Noncontrolling interests | 10 | 26 | 35 | 48 |
Citigroup’s net income | 4,799 | 4,490 | 9,509 | 9,110 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | 1,105 | (2,875) | 1,967 | (2,823) |
Citigroup’s total comprehensive income | 5,904 | 1,615 | 11,476 | 6,287 |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 20 | (57) | 7 | (43) |
Add: Net income attributable to noncontrolling interests | 10 | 26 | 35 | 48 |
Total comprehensive income (loss) | 5,934 | 1,584 | 11,518 | 6,292 |
Reportable legal entities | Citigroup parent company | ||||
Revenues | ||||
Dividends from subsidiaries | 5,049 | 3,115 | 14,216 | 8,700 |
Interest revenue | 0 | 14 | 0 | 66 |
Interest revenue—intercompany | 1,327 | 1,225 | 2,652 | 2,355 |
Interest expense | 1,278 | 813 | 2,549 | 2,051 |
Interest expense—intercompany | 202 | 716 | 514 | 975 |
Net interest revenue | (153) | (290) | (411) | (605) |
Commissions and fees | 0 | 0 | 0 | 0 |
Commissions and fees—intercompany | 0 | (1) | (1) | (1) |
Principal transactions | (565) | (1,206) | (1,390) | (175) |
Principal transactions—intercompany | 791 | (472) | 1,238 | (858) |
Other income | (368) | 1,480 | (49) | 552 |
Other income—intercompany | 9 | (121) | (25) | (66) |
Total non-interest revenues | (133) | (320) | (227) | (548) |
Total revenues, net of interest expense | 4,763 | 2,505 | 13,578 | 7,547 |
Provisions for credit losses and for benefits and claims | 0 | 0 | 0 | 0 |
Operating expenses | ||||
Compensation and benefits | 4 | 1 | 37 | 135 |
Compensation and benefits—intercompany | 17 | 29 | 43 | 63 |
Other operating | 9 | (52) | 14 | (9) |
Other operating—intercompany | 5 | 13 | 10 | 25 |
Total operating expenses | 35 | (9) | 104 | 214 |
Equity in undistributed income of subsidiaries | (146) | 1,485 | (4,349) | 1,039 |
Income (loss) from continuing operations before income taxes | 4,582 | 3,999 | 9,125 | 8,372 |
Provision for income taxes | (217) | (491) | (384) | (738) |
Income from continuing operations | 4,799 | 4,490 | 9,509 | 9,110 |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income before attribution of noncontrolling interests | 4,799 | 4,490 | 9,509 | 9,110 |
Noncontrolling interests | 0 | 0 | 0 | 0 |
Citigroup’s net income | 4,799 | 4,490 | 9,509 | 9,110 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | 1,105 | (2,875) | 1,967 | (2,823) |
Citigroup’s total comprehensive income | 5,904 | 1,615 | 11,476 | 6,287 |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | 5,904 | 1,615 | 11,476 | 6,287 |
Reportable legal entities | CGMHI | ||||
Revenues | ||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 |
Interest revenue | 3,184 | 2,398 | 5,756 | 4,053 |
Interest revenue—intercompany | 518 | 399 | 1,021 | 782 |
Interest expense | 1,911 | 1,314 | 3,735 | 2,327 |
Interest expense—intercompany | 1,152 | 896 | 2,227 | 1,668 |
Net interest revenue | 639 | 587 | 815 | 840 |
Commissions and fees | 1,309 | 1,347 | 2,616 | 2,599 |
Commissions and fees—intercompany | 94 | 91 | 215 | 91 |
Principal transactions | 1,142 | (697) | 108 | 224 |
Principal transactions—intercompany | (675) | 1,279 | 1,361 | 1,471 |
Other income | 498 | 188 | 597 | 341 |
Other income—intercompany | 14 | (19) | 56 | 31 |
Total non-interest revenues | 2,382 | 2,189 | 4,953 | 4,757 |
Total revenues, net of interest expense | 3,021 | 2,776 | 5,768 | 5,597 |
Provisions for credit losses and for benefits and claims | 0 | (24) | 0 | (24) |
Operating expenses | ||||
Compensation and benefits | 1,166 | 1,282 | 2,450 | 2,547 |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 |
Other operating | 540 | 578 | 1,093 | 1,126 |
Other operating—intercompany | 582 | 693 | 1,164 | 1,271 |
Total operating expenses | 2,288 | 2,553 | 4,707 | 4,944 |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 733 | 247 | 1,061 | 677 |
Provision for income taxes | 8 | 619 | 148 | 684 |
Income from continuing operations | 725 | (372) | 913 | (7) |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income before attribution of noncontrolling interests | 725 | (372) | 913 | (7) |
Noncontrolling interests | 0 | 0 | 0 | 0 |
Citigroup’s net income | 725 | (372) | 913 | (7) |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (12) | (72) | (301) | 10 |
Citigroup’s total comprehensive income | 713 | (444) | 612 | 3 |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | 713 | (444) | 612 | 3 |
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||
Revenues | ||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 |
Interest revenue | 16,528 | 15,138 | 33,032 | 29,763 |
Interest revenue—intercompany | (1,845) | (1,624) | (3,673) | (3,137) |
Interest expense | 4,573 | 3,758 | 8,795 | 6,667 |
Interest expense—intercompany | (1,354) | (1,612) | (2,741) | (2,643) |
Net interest revenue | 11,464 | 11,368 | 23,305 | 22,602 |
Commissions and fees | 1,572 | 1,764 | 3,191 | 3,542 |
Commissions and fees—intercompany | (94) | (90) | (214) | (90) |
Principal transactions | 1,297 | 4,029 | 5,960 | 5,319 |
Principal transactions—intercompany | (116) | (807) | (2,599) | (613) |
Other income | 1,923 | (101) | 2,592 | 2,102 |
Other income—intercompany | (23) | 140 | (31) | 35 |
Total non-interest revenues | 4,559 | 4,935 | 8,899 | 10,295 |
Total revenues, net of interest expense | 16,023 | 16,303 | 32,204 | 32,897 |
Provisions for credit losses and for benefits and claims | 2,093 | 1,836 | 4,073 | 3,693 |
Operating expenses | ||||
Compensation and benefits | 4,211 | 4,169 | 8,552 | 8,577 |
Compensation and benefits—intercompany | (17) | (29) | (43) | (63) |
Other operating | 4,570 | 4,734 | 8,938 | 9,261 |
Other operating—intercompany | (587) | (706) | (1,174) | (1,296) |
Total operating expenses | 8,177 | 8,168 | 16,273 | 16,479 |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 5,753 | 6,299 | 11,858 | 12,725 |
Provision for income taxes | 1,582 | 1,316 | 2,884 | 2,939 |
Income from continuing operations | 4,171 | 4,983 | 8,974 | 9,786 |
Loss from discontinued operations, net of taxes | 17 | 15 | 15 | 8 |
Net income before attribution of noncontrolling interests | 4,188 | 4,998 | 8,989 | 9,794 |
Noncontrolling interests | 10 | 26 | 35 | 48 |
Citigroup’s net income | 4,178 | 4,972 | 8,954 | 9,746 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | 734 | 5,401 | 1,733 | 2,245 |
Citigroup’s total comprehensive income | 4,912 | 10,373 | 10,687 | 11,991 |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 20 | (57) | 7 | (43) |
Add: Net income attributable to noncontrolling interests | 10 | 26 | 35 | 48 |
Total comprehensive income (loss) | 4,942 | 10,342 | 10,729 | 11,996 |
Consolidating adjustments | ||||
Revenues | ||||
Dividends from subsidiaries | (5,049) | (3,115) | (14,216) | (8,700) |
Interest revenue | 0 | 0 | 0 | 0 |
Interest revenue—intercompany | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Interest expense—intercompany | 0 | 0 | 0 | 0 |
Net interest revenue | 0 | 0 | 0 | 0 |
Commissions and fees | 0 | 0 | 0 | 0 |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 |
Principal transactions | 0 | 0 | 0 | 0 |
Principal transactions—intercompany | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Other income—intercompany | 0 | 0 | 0 | 0 |
Total non-interest revenues | 0 | 0 | 0 | 0 |
Total revenues, net of interest expense | (5,049) | (3,115) | (14,216) | (8,700) |
Provisions for credit losses and for benefits and claims | 0 | 0 | 0 | 0 |
Operating expenses | ||||
Compensation and benefits | 0 | 0 | 0 | 0 |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 |
Other operating | 0 | 0 | 0 | 0 |
Other operating—intercompany | 0 | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 | 0 |
Equity in undistributed income of subsidiaries | 146 | (1,485) | 4,349 | (1,039) |
Income (loss) from continuing operations before income taxes | (4,903) | (4,600) | (9,867) | (9,739) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Income from continuing operations | (4,903) | (4,600) | (9,867) | (9,739) |
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income before attribution of noncontrolling interests | (4,903) | (4,600) | (9,867) | (9,739) |
Noncontrolling interests | 0 | 0 | 0 | 0 |
Citigroup’s net income | (4,903) | (4,600) | (9,867) | (9,739) |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (722) | (5,329) | (1,432) | (2,255) |
Citigroup’s total comprehensive income | (5,625) | (9,929) | (11,299) | (11,994) |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | $ (5,625) | $ (9,929) | $ (11,299) | $ (11,994) |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||||||
Cash and due from banks | $ 24,997 | $ 23,645 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks | 178,246 | 164,460 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Securities borrowed and purchased under agreements to resell (including $178,108 and $147,701 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 259,769 | 270,684 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 306,831 | 256,117 | ||||
Trading account assets—intercompany | 0 | 0 | ||||
Investments | 349,702 | 358,607 | ||||
Loans, net of unearned income | 688,670 | 684,196 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | (12,466) | $ (12,329) | (12,315) | $ (12,126) | $ (12,354) | $ (12,355) |
Total loans, net | 676,204 | 671,881 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 192,477 | 171,989 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | 1,988,226 | 1,917,383 | ||||
Liabilities and equity | ||||||
Deposits | 1,045,607 | 1,013,170 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $45,137 and $44,510 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 181,133 | 177,768 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||||
Trading account liabilities | 136,294 | 144,305 | ||||
Trading account liabilities—intercompany | 0 | 0 | ||||
Short-term borrowings | 42,442 | 32,346 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 252,189 | 231,999 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 132,451 | 120,721 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | 198,110 | 197,074 | $ 200,968 | |||
Total liabilities and equity | 1,988,226 | 1,917,383 | ||||
Other | 115,359 | 109,273 | ||||
Citigroup parent company | ||||||
Liabilities and equity | ||||||
Long-term debt | 152,141 | 143,767 | ||||
Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Other | 51,900 | 34,700 | ||||
Reportable legal entities | Citigroup parent company | ||||||
Assets | ||||||
Cash and due from banks | 0 | 1 | ||||
Cash and due from banks—intercompany | 15 | 19 | ||||
Deposits with banks | 0 | 0 | ||||
Deposits with banks—intercompany | 3,000 | 3,000 | ||||
Securities borrowed and purchased under agreements to resell (including $178,108 and $147,701 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 0 | 0 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 323 | 302 | ||||
Trading account assets—intercompany | 1,682 | 627 | ||||
Investments | 1 | 7 | ||||
Loans, net of unearned income | 0 | 0 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans, net | 0 | 0 | ||||
Advances to subsidiaries | 146,408 | 143,119 | ||||
Investments in subsidiaries | 202,418 | 205,337 | ||||
Other assets | 11,700 | 9,861 | ||||
Other assets—intercompany | 3,726 | 3,037 | ||||
Total assets | 369,273 | 365,310 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $45,137 and $44,510 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||||
Trading account liabilities | 6 | 1 | ||||
Trading account liabilities—intercompany | 3,159 | 410 | ||||
Short-term borrowings | 244 | 207 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 152,141 | 143,768 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 12,887 | 21,471 | ||||
Other liabilities | 3,243 | 3,010 | ||||
Other liabilities—intercompany | 234 | 223 | ||||
Stockholders’ equity | 197,359 | 196,220 | ||||
Total liabilities and equity | 369,273 | 365,310 | ||||
Reportable legal entities | CGMHI | ||||||
Assets | ||||||
Cash and due from banks | 689 | 689 | ||||
Cash and due from banks—intercompany | 3,790 | 3,545 | ||||
Deposits with banks | 4,420 | 4,915 | ||||
Deposits with banks—intercompany | 5,701 | 6,528 | ||||
Securities borrowed and purchased under agreements to resell (including $178,108 and $147,701 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 204,516 | 212,720 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 18,767 | 20,074 | ||||
Trading account assets | 175,750 | 146,233 | ||||
Trading account assets—intercompany | 2,034 | 1,728 | ||||
Investments | 609 | 224 | ||||
Loans, net of unearned income | 1,955 | 1,292 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans, net | 1,955 | 1,292 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 70,341 | 59,734 | ||||
Other assets—intercompany | 51,954 | 44,255 | ||||
Total assets | 540,526 | 501,937 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $45,137 and $44,510 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 155,278 | 155,830 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 42,564 | 21,109 | ||||
Trading account liabilities | 93,842 | 95,571 | ||||
Trading account liabilities—intercompany | 1,832 | 1,398 | ||||
Short-term borrowings | 8,633 | 3,656 | ||||
Short-term borrowings—intercompany | 20,190 | 11,343 | ||||
Long-term debt | 34,394 | 25,986 | ||||
Long-term debt—intercompany | 72,039 | 73,884 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 68,497 | 66,732 | ||||
Other liabilities—intercompany | 9,978 | 13,763 | ||||
Stockholders’ equity | 33,279 | 32,665 | ||||
Total liabilities and equity | 540,526 | 501,937 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||||
Assets | ||||||
Cash and due from banks | 24,308 | 22,955 | ||||
Cash and due from banks—intercompany | (3,805) | (3,564) | ||||
Deposits with banks | 173,826 | 159,545 | ||||
Deposits with banks—intercompany | (8,701) | (9,528) | ||||
Securities borrowed and purchased under agreements to resell (including $178,108 and $147,701 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 55,253 | 57,964 | ||||
Securities borrowed and purchased under resale agreements—intercompany | (18,767) | (20,074) | ||||
Trading account assets | 130,758 | 109,582 | ||||
Trading account assets—intercompany | (3,716) | (2,355) | ||||
Investments | 349,092 | 358,376 | ||||
Loans, net of unearned income | 686,715 | 682,904 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | (12,466) | (12,315) | ||||
Total loans, net | 674,249 | 670,589 | ||||
Advances to subsidiaries | (146,408) | (143,119) | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 110,436 | 102,394 | ||||
Other assets—intercompany | (55,680) | (47,292) | ||||
Total assets | 1,280,845 | 1,255,473 | ||||
Liabilities and equity | ||||||
Deposits | 1,045,607 | 1,013,170 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $45,137 and $44,510 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 25,855 | 21,938 | ||||
Securities loaned and sold under repurchase agreements—intercompany | (42,564) | (21,109) | ||||
Trading account liabilities | 42,446 | 48,733 | ||||
Trading account liabilities—intercompany | (4,991) | (1,808) | ||||
Short-term borrowings | 33,565 | 28,483 | ||||
Short-term borrowings—intercompany | (20,190) | (11,343) | ||||
Long-term debt | 65,654 | 62,245 | ||||
Long-term debt—intercompany | (72,039) | (73,884) | ||||
Advances from subsidiaries | (12,887) | (21,471) | ||||
Other liabilities | 60,711 | 50,979 | ||||
Other liabilities—intercompany | (10,212) | (13,986) | ||||
Stockholders’ equity | 169,890 | 173,526 | ||||
Total liabilities and equity | 1,280,845 | 1,255,473 | ||||
Consolidating adjustments | ||||||
Assets | ||||||
Cash and due from banks | 0 | 0 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks | 0 | 0 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Securities borrowed and purchased under agreements to resell (including $178,108 and $147,701 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 0 | 0 | ||||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 0 | 0 | ||||
Trading account assets—intercompany | 0 | 0 | ||||
Investments | 0 | 0 | ||||
Loans, net of unearned income | 0 | 0 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans, net | 0 | 0 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | (202,418) | (205,337) | ||||
Other assets | 0 | 0 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | (202,418) | (205,337) | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase (including $45,137 and $44,510 as of June 30, 2019 and December 31, 2018, respectively, at fair value) | 0 | 0 | ||||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||||
Trading account liabilities | 0 | 0 | ||||
Trading account liabilities—intercompany | 0 | 0 | ||||
Short-term borrowings | 0 | 0 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | (202,418) | (205,337) | ||||
Total liabilities and equity | (202,418) | (205,337) | ||||
Up to 30 days | Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Placements with term of less than 30 days | $ 26,700 | $ 22,400 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities of continuing operations | $ (37,756) | $ 8,319 | |||
Cash flows from investing activities of continuing operations | |||||
Purchases of investments | (118,132) | (81,871) | |||
Proceeds from sales of investments | 63,595 | 41,808 | |||
Proceeds from maturities of investments | 57,684 | 44,846 | |||
Change in loans | (7,803) | (10,132) | |||
Proceeds from sales and securitizations of loans | 2,249 | 3,217 | |||
Change in securities borrowed and purchased under agreements to resell | 10,915 | (33,048) | |||
Changes in investments and advances—intercompany | 0 | 0 | |||
Other investing activities | (3,210) | (1,449) | |||
Net cash provided by (used in) investing activities of continuing operations | 5,298 | (36,629) | |||
Cash flows from financing activities of continuing operations | |||||
Dividends paid | (2,650) | (2,232) | |||
Redemption of preferred stock | (480) | (218) | |||
Treasury stock acquired | (7,518) | (4,686) | |||
Proceeds (repayments) from issuance of long-term debt, net | 13,421 | 5,670 | |||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | |||
Change in deposits | 32,437 | 36,908 | |||
Change in securities loaned and sold under agreements to repurchase | 3,365 | 21,551 | |||
Change in short-term borrowings | 10,096 | (7,219) | |||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | |||
Capital contributions from parent | 0 | ||||
Other financing activities | (359) | (475) | |||
Net cash provided by financing activities of continuing operations | 48,312 | 49,299 | |||
Effect of exchange rate changes on cash and due from banks | (716) | (603) | |||
Change in cash and due from banks and deposits with banks | 15,138 | 20,386 | |||
Cash, due from banks and deposits with banks at beginning of period | 188,105 | 180,516 | |||
Cash, due from banks and deposits with banks at end of period | 203,243 | 200,902 | |||
Cash and due from banks | $ 24,997 | $ 23,645 | $ 21,077 | ||
Deposits with banks | 178,246 | 164,460 | 179,825 | ||
Cash and due from banks and deposits with banks at end of period | 188,105 | 180,516 | 203,243 | 188,105 | 200,902 |
Supplemental disclosure of cash flow information for continuing operations | |||||
Cash paid during the year for income taxes | 2,814 | 2,239 | |||
Cash paid during the period for interest | 14,000 | 9,957 | |||
Non-cash investing activities | |||||
Transfers to loans HFS from loans | 3,600 | 2,900 | |||
Transfers to OREO and other repossessed assets | 55 | ||||
Reportable legal entities | Citigroup parent company | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities of continuing operations | 17,500 | 5,156 | |||
Cash flows from investing activities of continuing operations | |||||
Purchases of investments | 0 | (7,955) | |||
Proceeds from sales of investments | 4 | 7,634 | |||
Proceeds from maturities of investments | 0 | 0 | |||
Change in loans | 0 | 0 | |||
Proceeds from sales and securitizations of loans | 0 | 0 | |||
Change in securities borrowed and purchased under agreements to resell | 0 | 0 | |||
Changes in investments and advances—intercompany | (3,336) | (4,780) | |||
Other investing activities | 0 | 212 | |||
Net cash provided by (used in) investing activities of continuing operations | (3,332) | (4,889) | |||
Cash flows from financing activities of continuing operations | |||||
Dividends paid | (2,650) | (2,232) | |||
Redemption of preferred stock | (480) | (218) | |||
Treasury stock acquired | (7,518) | (4,686) | |||
Proceeds (repayments) from issuance of long-term debt, net | 5,418 | (1,167) | |||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | |||
Change in deposits | 0 | 0 | |||
Change in securities loaned and sold under agreements to repurchase | 0 | 0 | |||
Change in short-term borrowings | 0 | 32 | |||
Net change in short-term borrowings and other advances—intercompany | (8,584) | 497 | |||
Capital contributions from parent | 0 | ||||
Other financing activities | (359) | (475) | |||
Net cash provided by financing activities of continuing operations | (14,173) | (8,249) | |||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | |||
Change in cash and due from banks and deposits with banks | (5) | (7,982) | |||
Cash, due from banks and deposits with banks at beginning of period | 3,020 | 11,013 | |||
Cash, due from banks and deposits with banks at end of period | 3,015 | 3,031 | |||
Cash and due from banks | 15 | 31 | |||
Deposits with banks | 3,000 | 3,000 | |||
Cash and due from banks and deposits with banks at end of period | 3,020 | 11,013 | 3,015 | 3,020 | 3,031 |
Supplemental disclosure of cash flow information for continuing operations | |||||
Cash paid during the year for income taxes | 154 | 941 | |||
Cash paid during the period for interest | 1,753 | 1,729 | |||
Non-cash investing activities | |||||
Transfers to loans HFS from loans | 0 | 0 | |||
Transfers to OREO and other repossessed assets | 0 | ||||
Reportable legal entities | CGMHI | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities of continuing operations | (39,793) | 1,207 | |||
Cash flows from investing activities of continuing operations | |||||
Purchases of investments | 0 | 0 | |||
Proceeds from sales of investments | 0 | 0 | |||
Proceeds from maturities of investments | 0 | 0 | |||
Change in loans | 0 | 0 | |||
Proceeds from sales and securitizations of loans | 0 | 0 | |||
Change in securities borrowed and purchased under agreements to resell | 9,511 | (30,331) | |||
Changes in investments and advances—intercompany | (10,607) | (1,872) | |||
Other investing activities | (32) | (26) | |||
Net cash provided by (used in) investing activities of continuing operations | (1,128) | (32,229) | |||
Cash flows from financing activities of continuing operations | |||||
Dividends paid | 0 | 0 | |||
Redemption of preferred stock | 0 | 0 | |||
Treasury stock acquired | 0 | 0 | |||
Proceeds (repayments) from issuance of long-term debt, net | 10,817 | 5,805 | |||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | (3,941) | (1,025) | |||
Change in deposits | 0 | 0 | |||
Change in securities loaned and sold under agreements to repurchase | 20,903 | 26,367 | |||
Change in short-term borrowings | 4,977 | (459) | |||
Net change in short-term borrowings and other advances—intercompany | 7,088 | 1,704 | |||
Capital contributions from parent | (663) | ||||
Other financing activities | 0 | 0 | |||
Net cash provided by financing activities of continuing operations | 39,844 | 31,729 | |||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | |||
Change in cash and due from banks and deposits with banks | (1,077) | 707 | |||
Cash, due from banks and deposits with banks at beginning of period | 15,677 | 12,695 | |||
Cash, due from banks and deposits with banks at end of period | 14,600 | 13,402 | |||
Cash and due from banks | 4,479 | 4,242 | |||
Deposits with banks | 10,121 | 9,160 | |||
Cash and due from banks and deposits with banks at end of period | 15,677 | 12,695 | 14,600 | 15,677 | 13,402 |
Supplemental disclosure of cash flow information for continuing operations | |||||
Cash paid during the year for income taxes | 119 | 42 | |||
Cash paid during the period for interest | 6,577 | 3,676 | |||
Non-cash investing activities | |||||
Transfers to loans HFS from loans | 0 | 0 | |||
Transfers to OREO and other repossessed assets | 0 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities of continuing operations | (15,463) | 1,956 | |||
Cash flows from investing activities of continuing operations | |||||
Purchases of investments | (118,132) | (73,916) | |||
Proceeds from sales of investments | 63,591 | 34,174 | |||
Proceeds from maturities of investments | 57,684 | 44,846 | |||
Change in loans | (7,803) | (10,132) | |||
Proceeds from sales and securitizations of loans | 2,249 | 3,217 | |||
Change in securities borrowed and purchased under agreements to resell | 1,404 | (2,717) | |||
Changes in investments and advances—intercompany | 13,943 | 6,652 | |||
Other investing activities | (3,178) | (1,635) | |||
Net cash provided by (used in) investing activities of continuing operations | 9,758 | 489 | |||
Cash flows from financing activities of continuing operations | |||||
Dividends paid | 0 | 0 | |||
Redemption of preferred stock | 0 | 0 | |||
Treasury stock acquired | 0 | 0 | |||
Proceeds (repayments) from issuance of long-term debt, net | (2,814) | 1,032 | |||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 3,941 | 1,025 | |||
Change in deposits | 32,437 | 36,908 | |||
Change in securities loaned and sold under agreements to repurchase | (17,538) | (4,816) | |||
Change in short-term borrowings | 5,119 | (6,792) | |||
Net change in short-term borrowings and other advances—intercompany | 1,496 | (2,201) | |||
Capital contributions from parent | 663 | ||||
Other financing activities | 0 | 0 | |||
Net cash provided by financing activities of continuing operations | 22,641 | 25,819 | |||
Effect of exchange rate changes on cash and due from banks | (716) | (603) | |||
Change in cash and due from banks and deposits with banks | 16,220 | 27,661 | |||
Cash, due from banks and deposits with banks at beginning of period | 169,408 | 156,808 | |||
Cash, due from banks and deposits with banks at end of period | 185,628 | 184,469 | |||
Cash and due from banks | 20,503 | 16,804 | |||
Deposits with banks | 165,125 | 167,665 | |||
Cash and due from banks and deposits with banks at end of period | 169,408 | 156,808 | 185,628 | 169,408 | 184,469 |
Supplemental disclosure of cash flow information for continuing operations | |||||
Cash paid during the year for income taxes | 2,541 | 1,256 | |||
Cash paid during the period for interest | 5,670 | 4,552 | |||
Non-cash investing activities | |||||
Transfers to loans HFS from loans | 3,600 | 2,900 | |||
Transfers to OREO and other repossessed assets | 55 | ||||
Consolidating adjustments | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities of continuing operations | 0 | 0 | |||
Cash flows from investing activities of continuing operations | |||||
Purchases of investments | 0 | 0 | |||
Proceeds from sales of investments | 0 | 0 | |||
Proceeds from maturities of investments | 0 | 0 | |||
Change in loans | 0 | 0 | |||
Proceeds from sales and securitizations of loans | 0 | 0 | |||
Change in securities borrowed and purchased under agreements to resell | 0 | 0 | |||
Changes in investments and advances—intercompany | 0 | 0 | |||
Other investing activities | 0 | 0 | |||
Net cash provided by (used in) investing activities of continuing operations | 0 | 0 | |||
Cash flows from financing activities of continuing operations | |||||
Dividends paid | 0 | 0 | |||
Redemption of preferred stock | 0 | 0 | |||
Treasury stock acquired | 0 | 0 | |||
Proceeds (repayments) from issuance of long-term debt, net | 0 | 0 | |||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | |||
Change in deposits | 0 | 0 | |||
Change in securities loaned and sold under agreements to repurchase | 0 | 0 | |||
Change in short-term borrowings | 0 | 0 | |||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | |||
Capital contributions from parent | 0 | ||||
Other financing activities | 0 | 0 | |||
Net cash provided by financing activities of continuing operations | 0 | 0 | |||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | |||
Change in cash and due from banks and deposits with banks | 0 | 0 | |||
Cash, due from banks and deposits with banks at beginning of period | 0 | 0 | |||
Cash, due from banks and deposits with banks at end of period | 0 | 0 | |||
Cash and due from banks | 0 | 0 | |||
Deposits with banks | 0 | 0 | |||
Cash and due from banks and deposits with banks at end of period | 0 | 0 | $ 0 | $ 0 | $ 0 |
Supplemental disclosure of cash flow information for continuing operations | |||||
Cash paid during the year for income taxes | 0 | 0 | |||
Cash paid during the period for interest | 0 | 0 | |||
Non-cash investing activities | |||||
Transfers to loans HFS from loans | $ 0 | 0 | |||
Transfers to OREO and other repossessed assets | $ 0 |