COVER PAGE
COVER PAGE | 6 Months Ended |
Jun. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2023 |
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 | 1,925,702,484 |
Entity Central Index Key | 0000831001 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Common Stock, par value $.01 per share | |
Entity Information [Line Items] | |
Trading Symbol | C |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Security Exchange Name | NYSE |
Depositary Shares, each representing 1/1,000th interest in a share of 7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J | |
Entity Information [Line Items] | |
Trading Symbol | C Pr J |
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 7.125% Fix/Float Rate Noncum Pref Stk, Ser J |
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] | |
Trading Symbol | C Pr K |
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 |
Security Exchange Name | NYSE |
7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/36Y |
Title of 12(b) Security | 7.625% TRUPs of Cap III (and registrant’s guaranty) |
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] | |
Trading Symbol | C N |
Title of 12(b) Security | 7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty) |
Security Exchange Name | NYSE |
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] | |
Trading Symbol | C/36A |
Title of 12(b) Security | MTN, Series N, Callable Step-Up Coupon Notes due Mar 2036 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes due February 26, 2036 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/36 |
Title of 12(b) Security | MTN, Series N, Callable Step-Up Coupon Notes due Feb 2036 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due December 18, 2035 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/35 |
Title of 12(b) Security | MTN, Series N, Callable Fixed Rate Notes Due Dec 2035 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/28 |
Title of 12(b) Security | MTN, Series N, Callable Fixed Rate Notes Due Apr 2028 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 17, 2026 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/26 |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Sept 2026 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 15, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/28A |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Sept 2028 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due October 6, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/28B |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Oct 2028 of CGMHI (and registrant’s guaranty) |
Security Exchange Name | NYSE |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due March 21, 2029 of CGMHI (and registrant’s guaranty with respect thereto) | |
Entity Information [Line Items] | |
Trading Symbol | C/29A |
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Mar 2029 of CGMHI (and registrant’s guaranty) |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Revenues | |||||
Interest revenue | $ 32,647 | $ 15,630 | $ 62,042 | $ 28,781 | |
Interest expense | 18,747 | 3,666 | 34,794 | 5,946 | |
Net interest income | 13,900 | 11,964 | 27,248 | 22,835 | |
Commissions and fees | 2,132 | 2,452 | 4,498 | 5,020 | |
Principal transactions | 2,528 | 4,525 | 6,467 | 9,115 | |
Administration and other fiduciary fees | 989 | 1,023 | 1,885 | 1,989 | |
Realized gains on sales of investments, net | 49 | (58) | 121 | 22 | |
Impairment losses on investments: | |||||
Impairment losses on investments and other assets | (71) | (96) | (157) | (186) | |
Provision (releases) for credit losses on AFS debt securities | [1] | 1 | 2 | 0 | 2 |
Net impairment losses recognized in earnings | (70) | (94) | (157) | (184) | |
Other revenue | (92) | (174) | 821 | 27 | |
Total non-interest revenues | 5,536 | 7,674 | 13,635 | 15,989 | |
Total revenues, net of interest expense | 19,436 | 19,638 | 40,883 | 38,824 | |
Provisions for credit losses and for benefits and claims | |||||
Provision for credit losses on loans | 1,761 | 1,384 | 3,498 | 1,644 | |
Provision (release) for credit losses on HTM debt securities | (4) | 20 | (21) | 18 | |
Provision for credit losses on other assets | 149 | 7 | 574 | 3 | |
Policyholder benefits and claims | 14 | 22 | 38 | 49 | |
Provision (release) for credit losses on unfunded lending commitments | (96) | (159) | (290) | 315 | |
Total provisions for credit losses and for benefits and claims | [2] | 1,824 | 1,274 | 3,799 | 2,029 |
Operating expenses | |||||
Compensation and benefits | 7,388 | 6,472 | 14,926 | 13,292 | |
Premises and equipment | 595 | 619 | 1,193 | 1,162 | |
Technology/communication | 2,309 | 2,068 | 4,436 | 4,084 | |
Advertising and marketing | 361 | 414 | 692 | 725 | |
Other operating | 2,917 | 2,820 | 5,612 | 6,295 | |
Total operating expenses | 13,570 | 12,393 | 26,859 | 25,558 | |
Income from continuing operations before income taxes | 4,042 | 5,971 | 10,225 | 11,237 | |
Provision for income taxes | 1,090 | 1,182 | 2,621 | 2,123 | |
Income from continuing operations | 2,952 | 4,789 | 7,604 | 9,114 | |
Discontinued operations | |||||
Income (loss) from discontinued operations | (1) | (262) | (2) | (264) | |
Benefit for income taxes | 0 | (41) | 0 | (41) | |
Income (loss) from discontinued operations, net of taxes | (1) | (221) | (2) | (223) | |
Net income before attribution to noncontrolling interests | 2,951 | 4,568 | 7,602 | 8,891 | |
Noncontrolling interests | 36 | 21 | 81 | 38 | |
Citigroup’s net income | $ 2,915 | $ 4,547 | $ 7,521 | $ 8,853 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [3] | $ 1.34 | $ 2.32 | $ 3.55 | $ 4.34 |
Income from discontinued operations, net of taxes (in dollars per share) | [3] | 0 | (0.11) | 0 | (0.11) |
Net income (in dollars per share) | [3] | $ 1.34 | $ 2.20 | $ 3.54 | $ 4.23 |
Weighted average common shares outstanding (in shares) | 1,942.8 | 1,941.5 | 1,943.2 | 1,956.6 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [3] | $ 1.33 | $ 2.30 | $ 3.52 | $ 4.32 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [3] | 0 | (0.11) | 0 | (0.11) |
Net income (in dollars per share) | [3] | $ 1.33 | $ 2.19 | $ 3.52 | $ 4.20 |
Adjusted weighted average diluted common shares outstanding (in shares) | 1,968.6 | 1,958.1 | 1,966.3 | 1,973.2 | |
[1]In accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue.[2]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.[3]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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||||
Citigroup’s net income | $ 2,915 | $ 4,547 | $ 7,521 | $ 8,853 | |
Add: Citigroup’s other comprehensive income | |||||
Net change in unrealized gains and losses on debt securities, net of taxes | [1],[2] | 126 | (1,501) | 962 | (5,778) |
Net change in debt valuation adjustment (DVA), net of taxes | [2],[3] | (619) | 1,967 | (944) | 2,760 |
Net change in cash flow hedges, net of taxes | [2] | 171 | (666) | 532 | (2,207) |
Benefit plans liability adjustment, net of taxes(4) | [2],[4] | (136) | (89) | (240) | 82 |
Net change in CTA, net of taxes and hedges | [2] | 23 | (1,630) | 864 | (1,644) |
Net change in excluded component of fair value hedges, net of taxes | [2] | 17 | 9 | (3) | 57 |
Net change in long-duration insurance contracts, net of taxes | [2] | (6) | 0 | (1) | 0 |
Citigroup’s total other comprehensive income (loss) | [2] | (424) | (1,910) | 1,170 | (6,730) |
Total Citigroup comprehensive income (loss) | 2,491 | 2,637 | 8,691 | 2,123 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 14 | (53) | 46 | (82) | |
Add: Net income (loss) attributable to noncontrolling interests | 36 | 21 | 81 | 38 | |
Total comprehensive income | $ 2,541 | $ 2,605 | $ 8,818 | $ 2,079 | |
[1]See Note 12[2]See Note 18.[3]See Note 22.[4]See Note 8. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 25,763 | $ 30,577 |
Deposits with banks, net of allowance | 271,145 | 311,448 |
Securities borrowed and purchased under agreements to resell (including $210,126 and $239,527 as of June 30, 2023 and December 31, 2022, respectively, at fair value), net of allowance | 337,103 | 365,401 |
Brokerage receivables, net of allowance | 60,850 | 54,192 |
Trading account assets (including $172,535 and $133,535 pledged to creditors as of June 30, 2023 and December 31, 2022, respectively) | 423,189 | 334,114 |
Investments: | ||
Available-for-sale debt securities (including $11,754 and $10,933 pledged to creditors as of June 30, 2023 and December 31, 2022, respectively) | 237,334 | 249,679 |
Held-to-maturity debt securities, net of allowance (fair value of which is $238,021 and $243,648 as of June 30, 2023 and December 31, 2022, respectively) (includes $21 and $0 pledged to creditors as of June 30, 2023 and December 31, 2022, respectively) | 262,066 | 268,863 |
Equity securities (including $729 and $895 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 7,745 | 8,040 |
Total investments | 507,145 | 526,582 |
Loans: | ||
Loans, net of unearned income | 660,612 | 657,221 |
Allowance for credit losses on loans (ACLL) | (17,496) | (16,974) |
Total loans, net | 643,116 | 640,247 |
Goodwill | 19,998 | 19,691 |
Intangible assets (including MSRs at fair value of $681 and $665 as of June 30, 2023 and December 31, 2022, respectively) | 4,576 | 4,428 |
Premises and equipment, net of depreciation and amortization | 27,818 | 26,253 |
Other assets (including $13,637 and $10,658 as of June 30, 2023 and December 31, 2022, respectively, at fair value), net of allowance | 102,972 | 103,743 |
Total assets | 2,423,675 | 2,416,676 |
Liabilities | ||
Deposits (including $2,598 and $1,875 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 1,319,867 | 1,365,954 |
Securities loaned and sold under agreements to repurchase (including $62,800 and $70,886 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 260,035 | 202,444 |
Brokerage payables (including $5,989 and $4,439 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 69,433 | 69,218 |
Trading account liabilities | 170,664 | 170,647 |
Short-term borrowings (including $5,622 and $6,222 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 40,430 | 47,096 |
Long-term debt (including $115,937 and $105,995 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 274,510 | 271,606 |
Other liabilities, plus allowances | 79,314 | 87,873 |
Total liabilities | 2,214,253 | 2,214,838 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of June 30, 2023—809,800 and as of December 31, 2022—759,800, at aggregate liquidation value | 20,245 | 18,995 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of June 30, 2023—3,099,691,671 and as of December 31, 2022—3,099,669,424 | 31 | 31 |
Additional paid-in capital | 108,579 | 108,458 |
Retained earnings | 199,976 | 194,734 |
Treasury stock, at cost: June 30, 2023—1,173,989,187 shares and December 31, 2022—1,162,682,999 shares | (74,247) | (73,967) |
Accumulated other comprehensive income (loss) (AOCI) | (45,865) | (47,062) |
Total Citigroup stockholders’ equity | 208,719 | 201,189 |
Noncontrolling interests | 703 | 649 |
Total equity | 209,422 | 201,838 |
Total liabilities and equity | 2,423,675 | 2,416,676 |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 69 | 61 |
Trading account assets (including $172,535 and $133,535 pledged to creditors as of June 30, 2023 and December 31, 2022, respectively) | 10,417 | 9,153 |
Investments: | ||
Total investments | 496 | 594 |
Loans: | ||
Loans, net of unearned income | 53,517 | 54,808 |
Allowance for credit losses on loans (ACLL) | (2,623) | (2,520) |
Total loans, net | 50,894 | 52,288 |
Other assets (including $13,637 and $10,658 as of June 30, 2023 and December 31, 2022, respectively, at fair value), net of allowance | 120 | 105 |
Total assets | 61,996 | 62,201 |
Liabilities | ||
Short-term borrowings (including $5,622 and $6,222 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 9,652 | 9,807 |
Long-term debt (including $115,937 and $105,995 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 7,930 | 10,324 |
Other liabilities, plus allowances | 853 | 622 |
Total liabilities | 18,435 | 20,753 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 374,591 | 368,067 |
Allowance for credit losses on loans (ACLL) | (14,866) | (14,119) |
Consumer | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | 34,786 | 35,026 |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 286,021 | 289,154 |
Allowance for credit losses on loans (ACLL) | (2,630) | (2,855) |
Corporate | Consolidated VIEs | ||
Loans: | ||
Loans, net of unearned income | $ 18,731 | $ 19,782 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Securities borrowed or purchased under agreements to resell, at fair value | $ 337,103 | $ 365,401 |
Trading account assets, pledged to creditors | 172,535 | 133,535 |
Available-for-sale securities, pledged to creditors | 11,754 | 10,933 |
Held-to-maturity debt securities, fair value | 238,021 | 243,648 |
Held-to-maturity debt securities, pledged to creditors | 21 | 0 |
Equity securities, at fair value | 729 | 895 |
Loans, net of unearned income, at fair value | 660,612 | 657,221 |
Mortgage servicing rights, at fair value | 681 | 665 |
Other assets, at fair value | 102,972 | 103,743 |
Securities loaned or sold under agreements to repurchase, at fair value | 260,035 | 202,444 |
Brokerage payables, at fair value | 69,433 | 69,218 |
Short-term borrowings, at fair value | 40,430 | 47,096 |
Long-term debt, at fair value | $ 274,510 | $ 271,606 |
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) | 809,800 | 759,800 |
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) | 3,099,691,671 | 3,099,669,424 |
Treasury stock (in shares) | 1,173,989,187 | 1,162,682,999 |
Recurring | ||
Deposits, at fair value | $ 2,598 | $ 1,875 |
Consumer | ||
Loans, net of unearned income, at fair value | 374,591 | 368,067 |
Corporate | ||
Loans, net of unearned income, at fair value | 286,021 | 289,154 |
Fair value | ||
Securities borrowed or purchased under agreements to resell, at fair value | 210,126 | 239,527 |
Other assets, at fair value | 13,637 | 10,658 |
Securities loaned or sold under agreements to repurchase, at fair value | 62,800 | 70,886 |
Brokerage payables, at fair value | 5,989 | 4,439 |
Short-term borrowings, at fair value | 5,622 | 6,222 |
Long-term debt, at fair value | 115,937 | 105,995 |
Fair value | Consumer | ||
Loans, net of unearned income, at fair value | 237 | 237 |
Fair value | Corporate | ||
Loans, net of unearned income, at fair value | $ 5,529 | $ 5,123 |
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 | Total Citigroup common stockholders’ equity | Common stock and additional paid-in capital (APIC) | Retained earnings | Retained earnings Cumulative Effect, Period of Adoption, Adjustment | [1] | Retained earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Treasury stock, at cost | Citigroup's accumulated other comprehensive income (loss) | Citigroup's accumulated other comprehensive income (loss) Cumulative Effect, Period of Adoption, Adjustment | Citigroup's accumulated other comprehensive income (loss) Cumulative Effect, Period of Adoption, Adjusted Balance | Noncontrolling interests | |||
Balance, beginning of period at Dec. 31, 2021 | $ 18,995 | $ 108,034 | $ 184,948 | $ 0 | $ 184,948 | $ (71,240) | $ (38,765) | $ 0 | $ (38,765) | $ 700 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 0 | ||||||||||||||||
Employee benefit plans | 206 | 502 | [2] | ||||||||||||||
Other | 1 | 1 | 1 | ||||||||||||||
Net income before attribution of noncontrolling interests | $ 8,891 | 8,853 | 38 | ||||||||||||||
Common dividends | [3] | (2,024) | |||||||||||||||
Preferred dividends | (517) | (517) | |||||||||||||||
Treasury stock acquired | [4] | (3,250) | |||||||||||||||
Transactions between Citigroup and noncontrolling-interest shareholders | (34) | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (11) | ||||||||||||||||
Citigroup’s total other comprehensive income | (6,730) | (82) | |||||||||||||||
Net change in noncontrolling interests | (88) | ||||||||||||||||
Balance, end of period at Jun. 30, 2022 | 199,626 | $ 199,014 | 18,995 | $ 180,019 | 108,241 | 191,261 | (73,988) | (45,495) | 612 | ||||||||
Balance, beginning of period at Mar. 31, 2022 | 18,995 | 108,081 | 187,962 | 0 | 187,962 | (73,744) | (43,585) | 0 | [1] | (43,585) | 644 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 0 | ||||||||||||||||
Employee benefit plans | 160 | 6 | [2] | ||||||||||||||
Other | 0 | 0 | 2 | ||||||||||||||
Net income before attribution of noncontrolling interests | 4,568 | 4,547 | 21 | ||||||||||||||
Common dividends | [3] | (1,010) | |||||||||||||||
Preferred dividends | (238) | (238) | |||||||||||||||
Treasury stock acquired | [4] | (250) | |||||||||||||||
Transactions between Citigroup and noncontrolling-interest shareholders | (1) | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (1) | ||||||||||||||||
Citigroup’s total other comprehensive income | (1,910) | (53) | |||||||||||||||
Net change in noncontrolling interests | (32) | ||||||||||||||||
Balance, end of period at Jun. 30, 2022 | 199,626 | 199,014 | 18,995 | 180,019 | 108,241 | 191,261 | (73,988) | (45,495) | 612 | ||||||||
Balance, beginning of period at Dec. 31, 2022 | 201,838 | 18,995 | 108,489 | 194,734 | 290 | 195,024 | (73,967) | (47,062) | 27 | (47,035) | 649 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 1,250 | ||||||||||||||||
Employee benefit plans | 126 | 720 | [2] | ||||||||||||||
Other | (5) | 0 | 8 | ||||||||||||||
Net income before attribution of noncontrolling interests | 7,602 | 7,521 | 81 | ||||||||||||||
Common dividends | [3] | (2,004) | |||||||||||||||
Preferred dividends | (565) | (565) | |||||||||||||||
Treasury stock acquired | [4] | (1,000) | |||||||||||||||
Transactions between Citigroup and noncontrolling-interest shareholders | 1 | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (82) | ||||||||||||||||
Citigroup’s total other comprehensive income | 1,170 | 46 | |||||||||||||||
Net change in noncontrolling interests | 54 | ||||||||||||||||
Balance, end of period at Jun. 30, 2023 | 209,422 | 208,719 | 20,245 | 188,474 | 108,610 | 199,976 | (74,247) | (45,865) | 703 | ||||||||
Balance, beginning of period at Mar. 31, 2023 | 20,245 | 108,400 | 198,353 | $ 0 | $ 198,353 | (73,262) | (45,441) | $ 0 | [1] | $ (45,441) | 724 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of new preferred stock | 0 | ||||||||||||||||
Employee benefit plans | 210 | 15 | [2] | ||||||||||||||
Other | 0 | 0 | (1) | ||||||||||||||
Net income before attribution of noncontrolling interests | 2,951 | 2,915 | 36 | ||||||||||||||
Common dividends | [3] | (1,004) | |||||||||||||||
Preferred dividends | (288) | (288) | |||||||||||||||
Treasury stock acquired | [4] | (1,000) | |||||||||||||||
Transactions between Citigroup and noncontrolling-interest shareholders | 1 | ||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | (71) | ||||||||||||||||
Citigroup’s total other comprehensive income | (424) | 14 | |||||||||||||||
Net change in noncontrolling interests | (21) | ||||||||||||||||
Balance, end of period at Jun. 30, 2023 | $ 209,422 | $ 208,719 | $ 20,245 | $ 188,474 | $ 108,610 | $ 199,976 | $ (74,247) | $ (45,865) | $ 703 | ||||||||
[1]See Note 1 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]Common dividends declared were $0.51 per share for each of the first and second quarters of 2023 and 2022.[4]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, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends declared (in dollars per share) | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Cash flows from operating activities of continuing operations | |||
Net income before attribution of noncontrolling interests | $ 7,602 | $ 8,891 | |
Net income attributable to noncontrolling interests | 81 | 38 | |
Citigroup’s net income | 7,521 | 8,853 | |
Income (loss) from discontinued operations, net of taxes | (2) | (223) | |
Income from continuing operations—excluding noncontrolling interests | 7,523 | 9,076 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations | |||
Net loss (gain) on sale of significant disposals | [1] | (1,059) | 0 |
Depreciation and amortization | 2,247 | 2,089 | |
Deferred income taxes | [2] | (852) | (228) |
Provisions for credit losses and for benefits and claims | [3] | 3,799 | 2,029 |
Realized gains from sales of investments | (121) | (22) | |
Impairment losses on investments and other assets | 157 | 186 | |
Goodwill impairment | 0 | 535 | |
Change in trading account assets | (89,164) | (8,974) | |
Change in trading account liabilities | 17 | 18,924 | |
Change in brokerage receivables net of brokerage payables | (6,443) | 8,898 | |
Change in loans held-for-sale (HFS) | 1,405 | 4,504 | |
Change in other assets | (4,884) | (3,222) | |
Change in other liabilities | (3,101) | (2,117) | |
Other, net | [2],[4] | 5,932 | (17,434) |
Total adjustments | (92,067) | 5,168 | |
Net cash provided by (used in) operating activities of continuing operations | (84,544) | 14,244 | |
Cash flows from investing activities of continuing operations | |||
Change in securities borrowed and purchased under agreements to resell | 28,298 | (34,046) | |
Change in loans | (8,750) | (14,790) | |
Proceeds from divestitures | [1] | 0 | 1,940 |
Proceeds from sales and securitizations of loans | 2,154 | 1,562 | |
Net payment due to transfer of net liabilities associated with divestitures | [1] | (29) | 0 |
Available-for-sale debt securities | |||
Purchases of investments | [2],[4] | (114,278) | (123,569) |
Proceeds from sales of investments | 29,897 | 79,952 | |
Proceeds from maturities of investments | [2],[4] | 105,204 | 60,777 |
Held-to-maturity debt securities | |||
Purchases of investments | (664) | (34,317) | |
Proceeds from maturities of investments | 4,369 | 5,821 | |
Capital expenditures on premises and equipment and capitalized software | (3,125) | (2,465) | |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 11 | 31 | |
Other, net | [2],[4] | (370) | (1,710) |
Net cash provided by (used in) investing activities of continuing operations | 42,717 | (60,814) | |
Cash flows from financing activities of continuing operations | |||
Dividends paid | (2,547) | (2,514) | |
Issuance of preferred stock | 1,245 | 0 | |
Redemption of preferred stock | 0 | 0 | |
Treasury stock acquired | (1,000) | (3,200) | |
Stock tendered for payment of withholding taxes | (322) | (334) | |
Change in securities loaned and sold under agreements to repurchase | 57,591 | 7,187 | |
Issuance of long-term debt | 32,689 | 60,304 | |
Payments and redemptions of long-term debt | (35,984) | (28,439) | |
Change in deposits | (46,087) | 25,360 | |
Change in short-term borrowings | (6,666) | 12,081 | |
Net cash provided by (used in) financing activities of continuing operations | (1,081) | 70,445 | |
Effect of exchange rate changes on cash and due from banks | (2,209) | (1,878) | |
Change in cash, due from banks and deposits with banks | (45,117) | 21,997 | |
Cash, due from banks and deposits with banks at beginning of period | 342,025 | 262,033 | |
Cash, due from banks and deposits with banks at end of period | 296,908 | 284,030 | |
Cash and due from banks (including segregated cash and other deposits) | 25,763 | 24,902 | |
Deposits with banks, net of allowance | 271,145 | 259,128 | |
Cash, due from banks and deposits with banks at end of period | 296,908 | 284,030 | |
Supplemental disclosure of cash flow information for continuing operations | |||
Cash paid during the period for income taxes | 3,031 | 1,661 | |
Cash paid during the period for interest | 31,803 | 6,284 | |
Non-cash investing and financing activities | |||
Transfer of investment securities from AFS to HTM | [1],[5],[6] | 3,324 | 0 |
Transfer of investment securities from AFS to HTM | [1],[5],[6] | 0 | 21,522 |
Decrease in net loans associated with divestitures reclassified to HFS | [1],[5],[6] | 0 | 17,758 |
Decrease in goodwill associated with divestitures reclassified to HFS | [1],[5],[6] | 0 | 873 |
Transfers to loans HFS (Other assets) from loans HFI | [1],[5],[6] | 4,730 | 1,874 |
Transfers from loans HFS (Other assets) to loans HFI | [1],[5],[6] | 322 | 0 |
Decrease in deposits associated with divestitures reclassified to HFS | [1] | 0 | 20,741 |
Decrease in long-term debt associated with divestitures reclassified to HFS | [1] | $ 0 | $ 0 |
[1]See Note 2 for further information on significant disposals.[2]2022 amounts have been revised to conform to the current-period presentation.[3]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.[4]Consistent with the revisions disclosed in “Statement of Cash Flows” in Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K, during the six months ended June 30, 2022, $16.1 billion of cash flows related to maturities of short-term negotiable certificates of deposit (NCDs) and $41 million of cash flows related to purchases of short-term NCDs were reclassified from purchases and maturities of AFS securities within investing activities to Other, net within operating activities. AOCI upon transfer. See Note 1. |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (Parenthetical) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) | ||
Proceeds from maturities of investments | $ 60,777 | [1],[2] |
Purchases of investments | 123,569 | [1],[2] |
Transfer of investment securities from HTM to AFS, amortized cost | 0 | [3],[4],[5] |
Other Noncash Income (Expense) | 17,434 | [1],[2] |
Certificates of deposit | Revision of Prior Period, Reclassification, Adjustment One | ||
Proceeds from maturities of investments | (16,100) | |
Other Noncash Income (Expense) | 16,100 | |
Certificates of deposit | Revision of Prior Period, Reclassification, Adjustment Two | ||
Purchases of investments | (41) | |
Other Noncash Income (Expense) | $ 41 | |
[1]2022 amounts have been revised to conform to the current-period presentation.[2]Consistent with the revisions disclosed in “Statement of Cash Flows” in Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K, during the six months ended June 30, 2022, $16.1 billion of cash flows related to maturities of short-term negotiable certificates of deposit (NCDs) and $41 million of cash flows related to purchases of short-term NCDs were reclassified from purchases and maturities of AFS securities within investing activities to Other, net within operating activities. AOCI upon transfer. See Note 1. |
BASIS OF PRESENTATION, UPDATED
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES | BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of June 30, 2023 and for the three- and six-month periods ended June 30, 2023 and 2022 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 within Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2022 (2022 Form 10-K) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (First Quarter of 2023 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 these Consolidated Financial Statements are unaudited. Throughout these Notes, “Citigroup,” “Citi” and “the Company” refer to Citigroup Inc. and its consolidated subsidiaries. Certain reclassifications and updates have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation. Cash equivalents are defined as those amounts included in Cash and due from banks and predominately all of Deposits with banks . Cash flows from risk management activities are classified in the same category as the related assets and liabilities. Amounts included in Cash and due from banks and Deposits with banks approximate fair value. UPDATED SIGNIFICANT ACCOUNTING POLICIES The accounting policies below have been updated from those disclosed in Citi’s 2022 Annual Report on Form 10-K (2022 Form 10-K) as a result of accounting standards adopted during the first quarter of 2023. See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K for a summary of all of Citigroup’s significant accounting policies. Allowances for Credit Losses (ACL) Beginning January 1, 2023, Citi adopted Accounting Standards Update (ASU) No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures under the methodology described below. For information about Citi’s accounting for troubled debt restructurings (TDRs) prior to January 1, 2023, see Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. ACCOUNTING CHANGES TDRs and Vintage Disclosures In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . Citi adopted the ASU on January 1, 2023. Citi adopted the guidance on the recognition and measurement of TDRs under the modified retrospective approach. Adopting these amendments resulted in a decrease to the ACLL of $352 million and an increase in other assets related to held-for-sale businesses of $44 million, with a corresponding increase to retained earnings of $290 million and a decrease in deferred tax assets of $106 million on January 1, 2023. The ACL for corporate loans was unaffected because the measurement approach used for corporate loans is not in the scope of this ASU. ASU 2022-02 eliminates the accounting and disclosure requirements for TDRs, including the requirement to measure the ACLL for TDRs using a discounted cash flow (DCF) approach. With the elimination of TDR accounting requirements, reasonably expected TDRs are no longer considered when determining the term over which to estimate expected credit losses. The ACLL for modified loans that are collateral dependent continues to be based on the fair value of the collateral. Consumer Loans Upon adoption of the ASU on January 1, 2023, Citi discontinued the use of a DCF approach for consumer loans formerly considered TDRs. Beginning January 1, 2023, Citi measures the ACLL for all consumer loans under approaches that do not incorporate discounting, primarily utilizing models that consider the borrowers’ probability of default, loss given default and exposure at default. In addition, upon adoption of the ASU, Citi collectively evaluates smaller-balance homogenous loans formerly considered TDRs for expected credit losses, whereas previously those loans had been individually evaluated. The ASU also requires disclosure of modifications of loans to borrowers experiencing financial difficulty if the modification involves principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension or a combination of those types of modifications. In addition, the ASU requires the disclosure of current-period gross write-offs by year of loan origination (vintage). The amendments related to disclosures are required to be applied prospectively beginning as of the date of adoption. See Note 13 for these new disclosures for periods beginning on and after January 1, 2023. Long-Duration Insurance Contracts In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts , which changes the existing recognition, measurement, presentation and disclosures for long-duration contracts issued by an insurance entity. Specifically, the guidance (i) improves the timeliness of recognizing changes in the liability for future policy benefits and prescribes the rate used to discount future cash flows for long-duration insurance contracts, (ii) simplifies and improves the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (iii) simplifies the amortization of deferred acquisition costs and (iv) introduces additional quantitative and qualitative disclosures. Citi has certain insurance subsidiaries, primarily in Mexico, that issue long-duration insurance contracts such as traditional life insurance policies and life-contingent annuity contracts that are impacted by the requirements of ASU 2018-12. Citi adopted the targeted improvements in ASU 2018-12 on January 1, 2023, resulting in a $39 million decrease in Other liabilities and a $27 million increase in AOCI , after-tax. FUTURE ACCOUNTING CHANGES Accounting for Investments in Tax Credit Structures In March 2023, the FASB issued ASU No. 2023‐02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The ASU expands the scope of tax equity investments eligible to apply the proportional amortization method of accounting. Under the proportional amortization method, the cost of an eligible investment is amortized in proportion to the income tax credits and other income tax benefits that are received by the investor, with the amortization of the investment and the income tax credits being presented net in the income statement as components of income tax expense (benefit). Prior to the issuance of this ASU, use of the proportional amortization method was limited to tax equity investments in Low‐Income Housing Tax Credit (LIHTC) structures, and all other tax equity investments were typically accounted for using the equity method of accounting, which resulted in investment income, gains and losses, and tax credits being presented gross on the income statement in their respective line items. The ASU will permit the Company to elect to use the proportional amortization method to account for all eligible tax equity investments, regardless of the tax credit program from which the income tax credits are received, if certain conditions are met. For public entities, the ASU is effective for fiscal years beginning after December 15, 2023, although early adoption is permitted in any interim period. However, if an entity adopts the amendments in an interim period, it shall adopt them as of the beginning of the fiscal year that includes that interim period. Adoption of the ASU must be applied on either a retrospective or a modified retrospective basis. Citi plans to adopt the ASU on January 1, 2024 and is currently evaluating the impact of the standard on tax equity investments. Citi does not expect a material impact to its results of operations as a result of adopting the standard. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The ASU was issued to address diversity in practice whereby certain entities included the impact of contractual restrictions when valuing equity securities, and it clarifies that a contractual restriction on the sale of an equity security should not be considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU also includes requirements for entities to disclose the fair value of equity securities subject to contractual sale restrictions, the nature and remaining duration of the restrictions and the circumstances that could cause a lapse in the restrictions. |
DISCONTINUED OPERATIONS, SIGNIF
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS Summary of Discontinued Operations The Company’s results from Discontinued operations consisted of residual activities related to the sales of the Egg Banking plc credit card business in 2011 and the German retail banking business in 2008. All Discontinued operations results are recorded within Corporate/Other . The following table summarizes financial information for all Discontinued operations : Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Total revenues, net of interest expense $ — $ (262) $ — $ (262) Income (loss) from discontinued operations $ (1) $ (262) $ (2) $ (264) Benefit for income taxes — (41) — (41) Income (loss) from discontinued operations, net of taxes $ (1) $ (221) $ (2) $ (223) During the second quarter of 2022, the Company finalized the settlement of certain liabilities related to its legacy consumer operation in the U.K. (the legacy operation), including an indemnification liability related to its sale of the Egg Banking business in 2011, which led to the substantial liquidation of the legacy operation. As a result, a CTA loss (net of hedges) in AOCI of approximately $400 million pretax ($345 million after-tax) related to the legacy operation was released to earnings in the second quarter of 2022. Out of the total CTA release, a $260 million pretax loss ($221 million after-tax loss) was attributable to the Egg Banking business noted above, reported in Discontinued operations , and therefore the corresponding CTA release was also reported in Discontinued operations during the second quarter of 2022. The remaining CTA release of a $140 million pretax loss ($124 million after-tax loss) related to Legacy Holdings Assets was reported as part of Continuing operations within Legacy Franchises . While the legacy operation was divested in multiple sales over the years, each transaction did not result in substantial liquidation given that Citi retained certain liabilities noted above, which were gradually settled over time until reaching the point of substantial liquidation during the second quarter of 2022, triggering the release of the CTA loss to earnings. Cash flows from Discontinued operations were not material for the periods presented. Significant Disposals As of June 30, 2023, Citi had entered into sale agreements for nine consumer banking businesses within Legacy Franchises . Australia closed in the second quarter of 2022, the Philippines closed in the third quarter of 2022, Bahrain, Malaysia and Thailand closed in the fourth quarter of 2022, and India and Vietnam closed in the first quarter of 2023. Entry of sale agreements for the Taiwan and Indonesia consumer banking businesses has resulted in the reclassification to HFS on the Consolidated Balance Sheet of approximately $14 billion in assets within Other assets , including approximately $8 billion of loans (net of allowance of $68 million), and approximately $11 billion in liabilities within Other liabilities , including approximately $11 billion in deposits. Of the nine sale agreements, the five below were identified as significant disposals as of June 30, 2023. The Taiwan sale has yet to close and is subject to regulatory approvals and other closing conditions. June 30, 2023 In millions of dollars Assets Liabilities Consumer banking business in Sale agreement date Closing date Cash and deposits with banks Loans (1) Goodwill Other assets, advances to/from subsidiaries Other assets Total assets Deposits Long-term debt Other liabilities Total liabilities Australia (2) 8/9/2021 6/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Philippines (3) 12/23/2021 8/1/2022 — — — — — — — — — — Thailand (4) 1/14/2022 11/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — India (5) 3/30/2022 3/1/2023 — — — — — — — — — — Taiwan (6) 1/28/2022 second half 2023 $ 96 $ 7,652 $ 196 $ 4,441 $ 185 $ 12,570 $ 9,657 $ — $ 236 $ 9,893 Income (loss) before taxes (7) Three Months Ended Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Australia (2) $ — $ 28 $ — $ 193 Philippines (3) — 14 — 65 Thailand (4) — 90 — 78 India (5) — 52 2 125 Taiwan (6) 35 50 91 96 (1) Loans, net of allowance as of June 30, 2023 includes $31 million for Taiwan. (2) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of Legacy Franchises . The business had approximately $9.4 billion in assets, including $9.3 billion of loans (net of allowance of $140 million) and excluding goodwill. The total amount of liabilities was $7.3 billion including $6.8 billion in deposits. The transaction generated a pretax loss on sale of approximately $760 million ($640 million after-tax), subject to closing adjustments, recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million CTA loss (net of hedges) ($470 million after-tax) already reflected in the AOCI component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from AOCI , resulting in a neutral CTA impact to Citi’s CET1 Capital. The income before taxes shown in the above table for Australia reflects Citi’s ownership through June 1, 2022. (3) On August 1, 2022, Citi completed the sale of its Philippines consumer banking business, which was part of Legacy Franchises . The business had approximately $1.8 billion in assets, including $1.2 billion of loans (net of allowance of $80 million) and excluding goodwill. The total amount of liabilities was $1.3 billion, including $1.2 billion in deposits. The sale resulted in a pretax gain on sale of approximately $618 million ($290 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for the Philippines reflects Citi’s ownership through August 1, 2022. (4) On November 1, 2022, Citi completed the sale of its Thailand consumer banking business, which was part of Legacy Franchises . The business had approximately $2.7 billion in assets, including $2.4 billion of loans (net of allowance of $67 million) and excluding goodwill. The total amount of liabilities was $1.0 billion, including $0.8 billion in deposits. The sale resulted in a pretax gain on sale of approximately $209 million ($115 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for Thailand reflects Citi’s ownership through November 1, 2022. (5) On March 1, 2023, Citi completed the sale of its India consumer banking business, which was part of Legacy Franchises . The business had approximately $5.2 billion in assets, including $3.4 billion of loans (net of allowance of $32 million) and excluding goodwill. The total amount of liabilities was $5.2 billion, including $5.1 billion in deposits. The sale resulted in a pretax gain on sale of approximately $1.1 billion ($727 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for India reflects Citi’s ownership through March 1, 2023. (6) This sale is expected to result in an after-tax gain upon closing. (7) Income before taxes for the period in which the individually significant component was classified as HFS for all prior periods presented. For Australia, excludes the pretax loss on sale. For the Philippines, Thailand and India, excludes the pretax gain on sale. Citi did not have any other significant disposals as of June 30, 2023. As of August 4, 2023, Citi had not entered into sale agreements for the remaining Legacy Franchises businesses to be sold, specifically the Poland consumer banking business and the Mexico Consumer/SBMM businesses. For a description of the Company’s significant disposal transactions in prior periods and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Other Business Exits Wind-Down of Korea Consumer Banking Business On October 25, 2021, Citi disclosed its decision to wind down and close its Korea consumer banking business, which is reported in the Legacy Franchises operating segment. In connection with the announcement, Citibank Korea Inc. (CKI) commenced a voluntary early termination program (Korea VERP). Due to the voluntary nature of this termination program, no liabilities for termination benefits are recorded until CKI makes formal offers to employees that are then irrevocably accepted by those employees. Related charges are recorded as Compensation and benefits . The following table summarizes the reserve charges related to the Korea VERP and other initiatives reported in the Legacy Franchises operating segment and Corporate/Other : In millions of dollars Employee termination costs Total Citigroup (pretax) Original charges in fourth quarter 2021 $ 1,052 Utilization (1) Foreign exchange 3 Balance at December 31, 2021 $ 1,054 Additional charges in first quarter 2022 $ 31 Utilization (347) Foreign exchange (24) Balance at March 31, 2022 $ 714 Additional charges (releases) $ (3) Utilization (670) Foreign exchange (41) Balance at June 30, 2022 $ — Note: There were no additional charges after June 30, 2022. The total cash charges for the wind-down were $1.1 billion through 2022, most of which were recognized in 2021. Citi does not expect to record any additional charges in connection with the Korea VERP. See Note 8 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K for details on the pension impact of the Korea wind-down. Wind-Down of Russia Consumer and Institutional Banking Businesses On August 25, 2022, Citi announced its decision to wind down its consumer banking and local commercial banking operations in Russia. As part of the wind-down, Citi is also actively pursuing sales of certain Russian consumer banking portfolios. On October 14, 2022, Citi disclosed that it will be ending nearly all of the institutional banking services it offers in Russia by the end of the first quarter of 2023. Going forward, Citi’s only operations in Russia will be those necessary to fulfill its remaining legal and regulatory obligations. On December 12, 2022, Citi completed the sale of a portfolio of ruble-denominated personal installment loans, totaling approximately $240 million in outstanding loan balances, to Uralsib, a Russian commercial bank, resulting in a pretax net loss of approximately $12 million. The net loss on sale of the loan portfolio included a $32 million adjustment to record the loans at lower of cost or fair value recognized in Other revenue. In addition, the sale of the loans resulted in a release in the allowance for credit losses on loans of approximately $20 million recognized in the Provision for credit losses on loans . During the second quarter of 2023, Citi recorded an incremental gain of $5 million related to post-closing contingency payments for the previously disclosed personal installment loan sale in Other revenue. The previously disclosed sale of a portfolio of ruble-denominated personal installment loans resulted in a pretax net loss on sale of approximately $7 million. Citi’s previously disclosed referral agreement with a Russian bank to settle a portfolio of ruble-denominated credit card loans, subject to customer consents, was signed in May 2023 and is in the execution phase. The outstanding amount with Citi is to be settled upon referral and refinancing. As a result, the portfolio will remain held-for-investment and will not be transferred to held-for-sale. During the second quarter of 2023, Citi recorded a pretax release of approximately $1 million and a pretax charge of approximately $2 million (approximately $29 million and $12 million program-to-date) as Compensation and benefits composed of severance costs, reported in Legacy Franchises and Institutional Clients Group , respectively. Citi also recorded a pretax charge of approximately $4 million (approximately $17 million program-to-date) as Other operating expenses composed of vendor termination and other costs, reported in Legacy Franchises . In connection with this wind-down, Citi expects to incur approximately $180 million in total estimated charges ($40 million in ICG and $140 million in Legacy Franchises , excluding the impact from any portfolio sales), of which approximately $58 million has been incurred program-to-date, largely driven by restructuring, vendor termination fees and other related charges. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS The operating segments and reporting units reflect how the CEO, who is the chief operating decision maker, manages the Company, including allocating resources and measuring performance. Citigroup’s activities are conducted through three operating segments: Institutional Clients Group (ICG) , Personal Banking and Wealth Management (PBWM) and Legacy Franchises , with Corporate/Other including activities not assigned to a specific operating segment, as well as discontinued operations. ICG consists of Services, Markets and Banking, providing corporate, institutional and public sector clients around the world with a full range of wholesale banking products and services. PBWM consists of U.S. Personal Banking and Global Wealth Management (Global Wealth), providing traditional banking services and credit cards to retail and small business customers primarily in the U.S., and financial services to clients from affluent to ultra-high-net-worth through banking, lending, mortgages, investment, custody and trust product offerings in 20 countries, including the U.S., Mexico and the four wealth management centers: Singapore, Hong Kong, the UAE and London. Legacy Franchises consists of Asia Consumer and Mexico Consumer/SBMM businesses that Citi intends to exit, and its remaining Legacy Holdings Assets . Corporate/Other includes activities not assigned to the operating segments, including certain unallocated costs of global functions, other corporate expenses and corporate treasury results, offsets to certain line-item reclassifications and eliminations, and unallocated taxes, as well as discontinued operations. Revenues and expenses directly associated with each respective business segment or component are included in determining respective operating results. Other revenues and expenses that are not directly attributable to a particular business segment or component are generally allocated from Corporate/Other based on respective net revenues, non-interest expenses or other relevant measures. As a result of revenues and expenses from transactions with other operating segments or components being treated as transactions with external parties for purposes of segment disclosures, the Company includes intersegment eliminations within Corporate/Other to reconcile the business segment results to Citi’s consolidated results. The accounting policies of these operating segments are the same as those disclosed in Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. The following tables present certain information regarding the Company’s continuing operations by operating segment and Corporate/Other : Three Months Ended June 30, In millions of dollars, except identifiable assets, average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income $ 5,623 $ 4,520 $ 5,963 $ 5,569 $ 1,345 $ 1,474 $ 969 $ 401 $ 13,900 $ 11,964 Non-interest revenue 4,818 6,899 432 460 578 461 (292) (146) 5,536 7,674 Total revenues, net of interest expense $ 10,441 $ 11,419 $ 6,395 $ 6,029 $ 1,923 $ 1,935 $ 677 $ 255 $ 19,436 $ 19,638 Operating expense 7,286 6,434 4,204 3,985 1,778 1,814 302 160 13,570 12,393 Provisions (releases) for credit losses 58 (202) 1,579 1,355 300 121 (113) — 1,824 1,274 Income (loss) from continuing operations before taxes $ 3,097 $ 5,187 $ 612 $ 689 $ (155) $ — $ 488 $ 95 $ 4,042 $ 5,971 Provision (benefits) for income taxes 878 1,209 118 136 (33) 15 127 (178) 1,090 1,182 Income (loss) from continuing operations $ 2,219 $ 3,978 $ 494 $ 553 $ (122) $ (15) $ 361 $ 273 $ 2,952 $ 4,789 Identifiable assets (June 30, 2023 and December 31, 2022) $ 1,765 $ 1,730 $ 473 $ 494 $ 92 $ 97 $ 94 $ 96 $ 2,424 $ 2,417 Average loans 278 297 339 317 37 43 — — 654 657 Average deposits 837 830 431 435 51 51 19 7 1,338 1,323 Six Months Ended June 30, In millions of dollars, except average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income $ 10,651 $ 8,304 $ 11,897 $ 10,954 $ 2,635 $ 2,982 $ 2,065 $ 595 $ 27,248 $ 22,835 Non-interest revenue 11,023 14,275 946 980 2,140 884 (474) (150) 13,635 15,989 Total revenues, net of interest expense $ 21,674 $ 22,579 $ 12,843 $ 11,934 $ 4,775 $ 3,866 $ 1,591 $ 445 $ 40,883 $ 38,824 Operating expense 14,259 13,157 8,458 7,874 3,530 4,107 612 420 26,859 25,558 Provisions for credit losses (14) 769 3,170 979 645 281 (2) — 3,799 2,029 Income (loss) from continuing operations before taxes $ 7,429 $ 8,653 $ 1,215 $ 3,081 $ 600 $ (522) $ 981 $ 25 $ 10,225 $ 11,237 Provision (benefits) for income taxes 1,912 2,017 232 668 116 (122) 361 (440) 2,621 2,123 Income (loss) from continuing operations $ 5,517 $ 6,636 $ 983 $ 2,413 $ 484 $ (400) $ 620 $ 465 $ 7,604 $ 9,114 Average loans $ 281 $ 293 $ 336 $ 315 $ 37 $ 45 $ — $ — $ 654 $ 653 Average deposits 845 828 433 441 51 53 22 6 1,351 1,328 |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 6 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 2023 2022 Interest revenue Consumer loans $ 8,962 $ 6,601 $ 17,586 $ 12,863 Corporate loans 5,094 2,894 9,753 5,348 Loan interest, including fees $ 14,056 $ 9,495 $ 27,339 $ 18,211 Deposits with banks 3,049 658 6,080 954 Securities borrowed and purchased under agreements to resell 6,254 805 11,428 1,199 Investments, including dividends 4,451 2,370 8,595 4,420 Trading account assets (1) 3,752 1,659 6,499 2,805 Other interest-earning assets (2) 1,085 643 2,101 1,192 Total interest revenue $ 32,647 $ 15,630 $ 62,042 $ 28,781 Interest expense Deposits $ 8,727 $ 1,420 $ 16,435 $ 2,291 Securities loaned and sold under agreements to repurchase 4,953 655 8,519 937 Trading account liabilities (1) 870 137 1,657 284 Short-term borrowings and other interest-bearing liabilities (3) 1,777 268 3,426 323 Long-term debt 2,420 1,186 4,757 2,111 Total interest expense $ 18,747 $ 3,666 $ 34,794 $ 5,946 Net interest income $ 13,900 $ 11,964 $ 27,248 $ 22,835 Provision for credit losses on loans 1,761 1,384 3,498 1,644 Net interest income after provision for credit losses on loans $ 12,139 $ 10,580 $ 23,750 $ 21,191 (1) Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue . Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities , respectively. (2) Includes assets from businesses held-for-sale (see Note 2) and Brokerage receivables . (3) Includes liabilities from businesses held-for-sale (see Note 2) and Brokerage payables |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [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, and administration and other fiduciary fees, see Note 5 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. The following tables present Commissions and fees revenue: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 598 $ — $ — $ 598 $ 1,324 $ — $ — $ 1,324 Brokerage commissions 360 182 34 576 774 359 78 1,211 Credit and bank card income Interchange fees 361 2,555 164 3,080 694 4,902 334 5,930 Card-related loan fees 17 37 66 120 30 80 128 238 Card rewards and partner payments (1) (202) (2,904) (91) (3,197) (376) (5,567) (183) (6,126) Deposit-related fees (2) 272 18 9 299 524 58 17 599 Transactional service fees 303 6 25 334 592 10 50 652 Corporate finance (3) 86 — — 86 185 3 — 188 Insurance distribution revenue — 61 27 88 — 119 61 180 Insurance premiums — 1 25 26 — 2 46 48 Loan servicing 8 11 4 23 17 26 7 50 Other 1 51 48 99 7 107 89 204 Total commissions and fees (4) $ 1,804 $ 18 $ 311 $ 2,132 $ 3,771 $ 99 $ 627 $ 4,498 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 845 $ — $ — $ 845 $ 1,753 $ — $ — $ 1,753 Brokerage commissions 393 213 53 659 853 454 121 1,428 Credit and bank card income Interchange fees 321 2,435 227 2,983 561 4,534 448 5,543 Card-related loan fees 11 73 79 163 20 137 160 317 Card rewards and partner payments (1) (165) (2,871) (160) (3,196) (282) (5,370) (332) (5,984) Deposit-related fees (2) 279 44 19 342 546 103 36 685 Transactional service fees 267 5 26 298 521 9 52 582 Corporate finance (3) 136 — — 136 252 3 — 255 Insurance distribution revenue — 56 33 89 — 108 69 177 Insurance premiums — 1 22 23 — 2 46 48 Loan servicing 7 12 4 23 19 22 7 48 Other 3 49 35 87 2 97 69 168 Total commissions and fees (4) $ 2,097 $ 17 $ 338 $ 2,452 $ 4,245 $ 99 $ 676 $ 5,020 (1) Citi’s consumer credit card programs have certain partner sharing agreements that vary by partner. These agreements are subject to contractually based performance thresholds that, if met, would require Citi to make ongoing payments to the partner. The threshold is based on the profitability of a program and is generally calculated based on predefined program revenues less predefined program expenses. In most of Citi’s partner sharing agreements, program expenses include net credit losses and, to the extent that an increase in net credit losses reduces Citi’s liability for the partners’ share for a given program year, would generally result in lower payments to partners in total for that year and vice versa. Further, in some instances, other partner payments are based on program sales and new account acquisitions. (2) Overdraft fees are accounted for under ASC 310. Citi eliminated overdraft fees, returned item fees and overdraft protection fees beginning in June 2022. Includes overdraft fees (prior to the elimination of overdraft fees in June 2022) of $0 and $28 million for the three months ended June 30, 2023 and 2022, respectively. (3) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (4) Commissions and fees include $(2,940) million and $(2,811) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2023 and 2022, respectively, and $(5,599) million and $(5,240) million for the six months ended June 30, 2023 and 2022, 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. The following tables present Administration and other fiduciary fees revenue: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 485 $ 22 $ 3 $ 510 $ 902 $ 42 $ 11 $ 955 Fiduciary fees 69 185 90 344 144 338 172 654 Guarantee fees 126 7 1 135 258 15 3 276 Total administration and other fiduciary fees (1) $ 680 $ 214 $ 94 $ 989 $ 1,304 $ 395 $ 186 $ 1,885 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 506 $ 22 $ 2 $ 530 $ 952 $ 45 $ 5 $ 1,002 Fiduciary fees 68 196 79 343 133 401 159 693 Guarantee fees 134 14 2 150 266 24 4 294 Total administration and other fiduciary fees (1) $ 708 $ 232 $ 83 $ 1,023 $ 1,351 $ 470 $ 168 $ 1,989 (1) Administration and other fiduciary fees include $135 million and $150 million for the three months ended June 30, 2023 and 2022, respectively, and $276 million and $294 million for the six months ended June 30, 2023 and 2022, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
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 and characterized below based on the primary risk managed by each trading desk (as such, the trading desks can be periodically reorganized and thus the risk categories). Not included in the table below is the impact of net interest income related to trading activities, which is an integral part of trading activities’ profitability (see Note 4 for information about net interest income 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 22. 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 2023 2022 2023 2022 Interest rate risks (1) $ 594 $ 1,418 $ 1,974 $ 2,688 Foreign exchange risks (2) 1,334 1,672 2,827 3,419 Equity risks (3) 205 345 839 1,276 Commodity and other risks (4) 469 612 967 1,063 Credit products and risks (5) (74) 478 (140) 669 Total $ 2,528 $ 4,525 $ 6,467 $ 9,115 (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, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
INCENTIVE PLANS | INCENTIVE PLANSFor additional information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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. Benefits earned during the period are reported in Compensation and benefits expenses and all other components of the net period benefit cost are reported in Other operating expenses in the Consolidated Statement of Income: 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 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 30 $ 30 $ — $ — $ — $ — Interest cost on benefit obligation 123 105 102 79 4 4 27 23 Expected return on assets (160) (154) (82) (66) (4) (3) (20) (18) Amortization of unrecognized: Prior service (benefit) — — (1) (1) (3) (3) (2) (1) Net actuarial loss (gain) 41 44 15 14 (2) (2) (5) 1 Curtailment (gain) (1) — — — (23) — — — — Settlement loss (gain) (1) — — 1 (10) — — — — Total net expense (benefit) $ 4 $ (5) $ 65 $ 23 $ (5) $ (4) $ — $ 5 (1) Curtailment and settlement relate to divestiture and wind-down 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 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 58 $ 64 $ — $ — $ 1 $ 1 Interest cost on benefit obligation 250 191 200 152 9 7 52 46 Expected return on assets (321) (308) (163) (132) (7) (6) (39) (38) Amortization of unrecognized: Prior service cost (benefit) 1 1 (3) (3) (5) (5) (4) (4) Net actuarial loss (gain) 79 100 34 27 (5) (3) (10) 2 Curtailment (gain) (1) — — (8) (23) — — — — Settlement loss (gain) (1) — — 4 (10) — — — — Total net expense (benefit) $ 9 $ (16) $ 122 $ 75 $ (8) $ (7) $ — $ 7 (1) Curtailment and settlement relate to divestiture and wind-down 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, 2023 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 $ 9,741 $ 6,375 $ 375 $ 1,013 Plans measured annually (19) (1,774) — (193) Projected benefit obligation at beginning of year—Significant Plans $ 9,722 $ 4,601 $ 375 $ 820 First-quarter activity 160 241 (1) 70 Projected benefit obligation at March 31, 2023—Significant Plans $ 9,882 $ 4,842 $ 374 $ 890 Service cost — 12 — — Interest cost on benefit obligation 122 84 4 23 Actuarial (gain) loss (157) 3 (20) 23 Benefits paid, net of participants’ contributions (230) (83) (11) (19) Foreign exchange impact and other — 163 — 48 Projected benefit obligation at period end—Significant Plans $ 9,617 $ 5,021 $ 347 $ 965 Change in plan assets Plan assets at fair value at beginning of year $ 10,145 $ 6,086 $ 253 $ 855 Plans measured annually — (1,226) — (7) Plan assets at fair value at beginning of year—Significant Plans $ 10,145 $ 4,860 $ 253 $ 848 First-quarter activity 143 225 5 73 Plan assets at fair value at March 31, 2023—Significant Plans $ 10,288 $ 5,085 $ 258 $ 921 Actual return on plan assets 86 (75) 2 (4) Company contributions, net of reimbursements 13 9 7 — Benefits paid, net of participants’ contributions (230) (83) (11) (19) Foreign exchange impact and other — 143 — 47 Plan assets at fair value at period end—Significant Plans $ 10,157 $ 5,079 $ 256 $ 945 Qualified plans (1) $ 1,063 $ 58 $ (91) $ (20) Nonqualified plans (2) (523) — — — Funded status of the plans at period end—Significant Plans $ 540 $ 58 $ (91) $ (20) Net amount recognized at period end Benefit asset $ 1,063 $ 737 $ — $ — Benefit liability (523) (679) (91) (20) Net amount recognized on the balance sheet—Significant Plans $ 540 $ 58 $ (91) $ (20) Amounts recognized in AOCI at period end (3) Prior service (expense) benefit $ — $ (2) $ 78 $ 36 Net actuarial (loss) gain (6,343) (1,561) 127 (335) Net amount recognized in equity (pretax)—Significant Plans $ (6,343) $ (1,563) $ 205 $ (299) Accumulated benefit obligation at period end—Significant Plans $ 9,617 $ 4,839 $ 347 $ 965 (1) The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2023 and no minimum required funding is expected for 2023. (2) The nonqualified plans of the Company are unfunded. (3) The framework for the Company’s pension oversight process includes monitoring of potential settlement charges for all plans. Settlement accounting is triggered when either the sum of all settlements (including lump-sum payments) for the year is greater than service plus interest costs or if more than 10% of the plan’s projected benefit obligation will be settled. Because some of Citi’s significant plans are frozen and have no material service cost, settlement accounting may apply in the future. The following table presents 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 June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Beginning of period balance, net of tax (1)(2) $ (5,859) $ (5,755) $ (5,681) $ (5,852) Actuarial assumptions changes and plan experience 154 (115) 1,499 3,024 Net asset (loss) due to difference between actual and expected returns (245) (62) (1,675) (3,137) Net amortization 45 88 52 116 Curtailment/settlement loss (gain) (3) 1 (4) (32) (32) Foreign exchange impact and other (111) (219) 83 133 Change in deferred taxes, net 20 72 (16) (22) Change, net of tax $ (136) $ (240) $ (89) $ 82 End of period balance, net of tax (1)(2) $ (5,995) $ (5,995) $ (5,770) $ (5,770) (1) See Note 18 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 divestiture activities. Plan Assumptions Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Significant Plans are as follows: During the period Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Jun. 30, 2022 Discount rate U.S. plans Qualified pension 5.15% 5.50% 3.80% Nonqualified pension 5.20 5.55 3.85 Postretirement 5.25 5.60 3.85 Non-U.S. plans Pension 2.05–10.65 2.20–10.60 1.10–10.00 Weighted average 7.64 7.55 5.55 Postretirement 10.70 10.60 10.10 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.00 Postretirement 5.70/3.00 5.70/3.00 5.00/1.50 Non-U.S. plans Pension 4.10–9.90 4.50–9.90 1.90–8.00 Weighted average 6.26 6.40 4.15 Postretirement 8.70 8.70 8.00 At period ended Jun. 30, 2023 Mar. 31, 2023 Jun. 30, 2022 Discount rate U.S. plans Qualified pension 5.40% 5.15% 4.80% Nonqualified pension 5.45 5.20 4.80 Postretirement 5.50 5.25 4.75 Non-U.S. plans Pension 1.80–10.40 2.05–10.65 2.00–10.75 Weighted average 7.72 7.64 6.68 Postretirement 10.40 10.70 10.75 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.00 Postretirement 5.70/3.00 5.70/3.00 5.00/1.50 Non-U.S. plans Pension 4.50–9.90 4.10–9.90 2.00–8.00 Weighted average 6.56 6.26 4.72 Postretirement 8.70 8.70 8.00 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, 2023 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 6 $ (7) Non-U.S. plans (1) 3 Postretirement Non-U.S. plans (1) 1 Contributions For the U.S. pension plans, there were no required minimum cash contributions during the first six months of 2023. The following table summarizes the Company’s actual contributions for the six months ended June 30, 2023 and 2022, as well as expected Company contributions for the remainder of 2023 and the actual contributions made in 2022: Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2023 2022 2023 2022 2023 2022 2023 2022 Company contributions (reimbursements) (2)(3) for the six months ended June 30 $ 28 $ 28 $ 60 $ 389 $ 20 $ (1) $ 5 $ 5 Company contributions made during the remainder of the year (3) — 27 — 105 — 15 — 4 Company contributions expected to be made during the remainder of the year 32 52 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. (3) 2022 benefit payments have increased due to the wind-down of Citi’s consumer banking business in Korea, as it is expected that employees who elected the VERP will be withdrawing their pension plan assets. Defined Contribution Plans The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 U.S. plans $ 137 $ 119 $ 275 $ 238 Non-U.S. plans 114 99 228 205 Post Employment Plans The following table summarizes the 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 June 30, In millions of dollars 2023 2022 2023 2022 Service-related expense Amortization of unrecognized: Net actuarial loss $ 1 $ 1 $ 1 $ 1 Total service-related expense $ 1 $ 1 $ 1 $ 1 Non-service-related expense — 1 5 6 Total net expense $ 1 $ 2 $ 6 $ 7 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 2023 2022 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 2,952 $ 4,789 $ 7,604 $ 9,114 Less: Noncontrolling interests from continuing operations 36 21 81 38 Net income from continuing operations (for EPS purposes) $ 2,916 $ 4,768 $ 7,523 $ 9,076 Income (loss) from discontinued operations, net of taxes (1) (221) (2) (223) Citigroup’s net income $ 2,915 $ 4,547 $ 7,521 $ 8,853 Less: Preferred dividends 288 238 565 517 Net income available to common shareholders $ 2,627 $ 4,309 $ 6,956 $ 8,336 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 33 35 68 60 Net income allocated to common shareholders for basic EPS $ 2,594 $ 4,274 $ 6,888 $ 8,276 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,942.8 1,941.5 1,943.2 1,956.6 Basic earnings per share (1) Income from continuing operations $ 1.34 $ 2.32 $ 3.55 $ 4.34 Discontinued operations — (0.11) — (0.11) Net income per share—basic $ 1.34 $ 2.20 $ 3.54 $ 4.23 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 2,594 $ 4,274 $ 6,888 $ 8,276 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 15 11 26 19 Net income allocated to common shareholders for diluted EPS $ 2,609 $ 4,285 $ 6,914 $ 8,295 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,942.8 1,941.5 1,943.2 1,956.6 Effect of dilutive securities Options (2) — — — — Other employee plans 25.8 16.6 23.1 16.6 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (3) 1,968.6 1,958.1 1,966.3 1,973.2 Diluted earnings per share (1) Income from continuing operations $ 1.33 $ 2.30 $ 3.52 $ 4.32 Discontinued operations — (0.11) — (0.11) Net income per share—diluted (4) $ 1.33 $ 2.19 $ 3.52 $ 4.20 (1) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (2) During the second quarters of 2023 and 2022, no significant options to purchase shares of common stock were outstanding. (3) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. (4) Due to rounding, income from continuing operations and discontinued operations may not sum to net income per share—diluted. |
SECURITIES BORROWED, LOANED AND
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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, 2022 Securities purchased under agreements to resell $ 266,952 $ 291,272 Deposits paid for securities borrowed 70,177 74,165 Total, net (1) $ 337,129 $ 365,437 Allowance for credit losses on securities purchased and borrowed (2) (26) (36) Total, net of allowance $ 337,103 $ 365,401 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, 2022 Securities sold under agreements to repurchase $ 247,294 $ 183,827 Deposits received for securities loaned 12,741 18,617 Total, net (1) $ 260,035 $ 202,444 (1) The above tables do not include securities-for-securities lending transactions of $5.9 billion and $4.4 billion at June 30, 2023 and December 31, 2022, 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 . (2) See Note 14 for further information. 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 the Company elected the fair value option, as described in Notes 22 and 23. 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 23. 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 posts or obtains 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 amounts 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 has 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, 2023 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 485,998 $ 219,046 $ 266,952 $ 242,215 $ 24,737 Deposits paid for securities borrowed 86,876 16,699 70,177 12,418 57,759 Total $ 572,874 $ 235,745 $ 337,129 $ 254,633 $ 82,496 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 466,340 $ 219,046 $ 247,294 $ 151,953 $ 95,341 Deposits received for securities loaned 29,440 16,699 12,741 1,893 10,848 Total $ 495,780 $ 235,745 $ 260,035 $ 153,846 $ 106,189 As of December 31, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 403,663 $ 112,391 $ 291,272 $ 204,077 $ 87,195 Deposits paid for securities borrowed 88,817 14,652 74,165 13,844 60,321 Total $ 492,480 $ 127,043 $ 365,437 $ 217,921 $ 147,516 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 296,218 $ 112,391 $ 183,827 $ 71,635 $ 112,192 Deposits received for securities loaned 33,269 14,652 18,617 2,542 16,075 Total $ 329,487 $ 127,043 $ 202,444 $ 74,177 $ 128,267 (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 amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of June 30, 2023 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 $ 277,705 $ 107,162 $ 25,550 $ 55,923 $ 466,340 Deposits received for securities loaned 21,543 304 645 6,948 29,440 Total $ 299,248 $ 107,466 $ 26,195 $ 62,871 $ 495,780 As of December 31, 2022 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 $ 138,710 $ 86,819 $ 25,119 $ 45,570 $ 296,218 Deposits received for securities loaned 25,388 267 2,121 5,493 33,269 Total $ 164,098 $ 87,086 $ 27,240 $ 51,063 $ 329,487 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of June 30, 2023 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 185,547 $ 544 $ 186,091 State and municipal securities 1,465 — 1,465 Foreign government securities 176,437 593 177,030 Corporate bonds 16,729 246 16,975 Equity securities 21,548 27,561 49,109 Mortgage-backed securities 54,842 314 55,156 Asset-backed securities 2,906 — 2,906 Other 6,866 182 7,048 Total $ 466,340 $ 29,440 $ 495,780 As of December 31, 2022 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 99,979 $ 106 $ 100,085 State and municipal securities 1,911 — 1,911 Foreign government securities 123,826 13 123,839 Corporate bonds 14,308 45 14,353 Equity securities 9,749 33,096 42,845 Mortgage-backed securities 36,225 — 36,225 Asset-backed securities 1,755 — 1,755 Other 8,465 9 8,474 Total $ 296,218 $ 33,269 $ 329,487 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 6 Months Ended |
Jun. 30, 2023 | |
Broker-Dealer [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 2022 Form 10-K. Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2022 Receivables from customers $ 16,305 $ 15,462 Receivables from brokers, dealers and clearing organizations 44,545 38,730 Total brokerage receivables (1) $ 60,850 $ 54,192 Payables to customers $ 50,450 $ 55,747 Payables to brokers, dealers and clearing organizations 18,983 13,471 Total brokerage payables (1) $ 69,433 $ 69,218 |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS For additional information regarding Citi’s investment portfolios, including evaluating investments for impairment, see Note 13 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. The following table presents Citi’s investments by category: In millions of dollars June 30, December 31, 2022 Debt securities available-for-sale (AFS) $ 237,334 $ 249,679 Debt securities held-to-maturity (HTM) (1) 262,066 268,863 Marketable equity securities carried at fair value (2) 296 429 Non-marketable equity securities carried at fair value (2)(5) 433 466 Non-marketable equity securities measured using the measurement alternative (3) 1,618 1,676 Non-marketable equity securities carried at cost (4) 5,398 5,469 Total investments (6) $ 507,145 $ 526,582 (1) Carried at adjusted amortized cost basis, net of any ACL. (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. See “Non-Marketable Equity Securities Not Carried at Fair Value” below. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. (5) Includes $24 million and $27 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at June 30, 2023 and December 31, 2022, respectively. (6) Not included in the balances above is approximately $2 billion of accrued interest receivable at June 30, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the quarters ended June 30, 2023 and 2022. The following table presents interest and dividend income on investments: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Taxable interest $ 4,284 $ 2,274 $ 8,284 $ 4,287 Interest exempt from U.S. federal income tax 84 38 169 43 Dividend income 83 58 142 90 Total interest and dividend income on investments $ 4,451 $ 2,370 $ 8,595 $ 4,420 The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Gross realized investment gains $ 91 $ 27 $ 179 $ 180 Gross realized investment losses (42) (85) (58) (158) Net realized gains (losses) on sales of investments $ 49 $ (58) $ 121 $ 22 Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: June 30, 2023 December 31, 2022 In millions of dollars Amortized Gross Gross Allowance for credit losses Fair Amortized Gross Gross Allowance for credit losses Fair Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed (2)(3) $ 15,578 $ 82 $ 697 $ — $ 14,963 $ 12,009 $ 8 $ 755 $ — $ 11,262 Residential 340 — 3 — 337 488 — 3 — 485 Commercial 2 — — — 2 2 — — — 2 Total mortgage-backed securities $ 15,920 $ 82 $ 700 $ — $ 15,302 $ 12,499 $ 8 $ 758 $ — $ 11,749 U.S. Treasury and federal agency securities U.S. Treasury $ 84,250 $ 23 $ 2,030 $ — $ 82,243 $ 94,732 $ 50 $ 2,492 $ — $ 92,290 Agency obligations — — — — — — — — — — Total U.S. Treasury and federal agency securities $ 84,250 $ 23 $ 2,030 $ — $ 82,243 $ 94,732 $ 50 $ 2,492 $ — $ 92,290 State and municipal $ 2,305 $ 24 $ 127 $ — $ 2,202 $ 2,363 $ 19 $ 159 $ — $ 2,223 Foreign government 126,967 356 2,053 — 125,270 135,648 569 2,940 — 133,277 Corporate 5,596 13 277 5 5,327 5,146 19 246 3 4,916 Asset-backed securities (1) 842 7 3 — 846 1,022 12 4 — 1,030 Other debt securities 6,145 2 3 — 6,144 4,198 1 5 — 4,194 Total debt securities AFS $ 242,025 $ 507 $ 5,193 $ 5 $ 237,334 $ 255,608 $ 678 $ 6,604 $ 3 $ 249,679 (1) The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. 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. See Note 20 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2) In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer . See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. (3) Amortized cost includes unallocated portfolio layer cumulative basis adjustments of $(0.2) billion as of June 30, 2023. Gross unrealized gains and gross unrealized losses on mortgage-backed securities excluding the effect of unallocated portfolio layer cumulative basis adjustments were $32 million and $848 million, respectively, as of June 30, 2023. The following table presents 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 Gross Fair Gross Fair Gross June 30, 2023 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed (1) $ 2,276 $ 73 $ 9,385 $ 624 $ 11,661 $ 697 Residential 331 3 — — 331 3 Commercial — — 2 — 2 — Total mortgage-backed securities $ 2,607 $ 76 $ 9,387 $ 624 $ 11,994 $ 700 U.S. Treasury and federal agency securities U.S. Treasury $ 20,820 $ 743 $ 48,429 $ 1,287 $ 69,249 $ 2,030 Total U.S. Treasury and federal agency securities $ 20,820 $ 743 $ 48,429 $ 1,287 $ 69,249 $ 2,030 State and municipal $ 414 $ 14 $ 847 $ 113 $ 1,261 $ 127 Foreign government 63,765 1,446 19,543 607 83,308 2,053 Corporate 2,893 220 1,583 57 4,476 277 Asset-backed securities 640 3 — — 640 3 Other debt securities 1,491 3 — — 1,491 3 Total debt securities AFS $ 92,630 $ 2,505 $ 79,789 $ 2,688 $ 172,419 $ 5,193 December 31, 2022 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,908 $ 412 $ 3,290 $ 343 $ 11,198 $ 755 Residential 158 3 1 — 159 3 Commercial 1 — 1 — 2 — Total mortgage-backed securities $ 8,067 $ 415 $ 3,292 $ 343 $ 11,359 $ 758 U.S. Treasury and federal agency securities U.S. Treasury $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 State and municipal $ 896 $ 31 $ 707 $ 128 $ 1,603 $ 159 Foreign government 82,900 2,332 14,220 608 97,120 2,940 Corporate 3,082 209 784 37 3,866 246 Asset-backed securities 708 4 — — 708 4 Other debt securities 2,213 5 — — 2,213 5 Total debt securities AFS $ 138,567 $ 3,997 $ 53,695 $ 2,607 $ 192,262 $ 6,604 (1) Gross unrealized losses on mortgage-backed securities excluding the effect of unallocated portfolio layer cumulative basis adjustments were $82 million and $767 million for less than 12 months and 12 months or longer, respectively. The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2023 December 31, 2022 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 4 $ 4 $ 42 $ 44 After 1 but within 5 years 403 393 523 513 After 5 but within 10 years 500 473 468 440 After 10 years 15,214 14,432 11,466 10,752 Total (2) $ 16,121 $ 15,302 $ 12,499 $ 11,749 U.S. Treasury and federal agency securities Due within 1 year $ 25,343 $ 25,156 $ 25,935 $ 25,829 After 1 but within 5 years 58,339 56,565 68,455 66,166 After 5 but within 10 years 568 522 342 295 After 10 years — — — — Total $ 84,250 $ 82,243 $ 94,732 $ 92,290 State and municipal Due within 1 year $ 14 $ 12 $ 19 $ 18 After 1 but within 5 years 93 92 94 92 After 5 but within 10 years 279 275 305 302 After 10 years 1,919 1,823 1,945 1,811 Total $ 2,305 $ 2,202 $ 2,363 $ 2,223 Foreign government Due within 1 year $ 55,587 $ 55,384 $ 64,795 $ 64,479 After 1 but within 5 years 66,904 65,612 67,935 66,150 After 5 but within 10 years 3,897 3,725 2,491 2,250 After 10 years 579 549 427 398 Total $ 126,967 $ 125,270 $ 135,648 $ 133,277 All other (3) Due within 1 year $ 5,763 $ 5,759 $ 4,452 $ 4,441 After 1 but within 5 years 6,174 5,962 5,162 4,988 After 5 but within 10 years 588 583 695 693 After 10 years 58 13 57 18 Total $ 12,583 $ 12,317 $ 10,366 $ 10,140 Total debt securities AFS (2) $ 242,226 $ 237,334 $ 255,608 $ 249,679 (1) Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. See Note 20 for more information about mortgage- and asset-backed securitizations in which the Company has other involvement. (2) Amortized cost excludes unallocated portfolio layer cumulative basis adjustments of $(0.2) billion as of June 30, 2023. (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 Amortized cost, net (1) Gross Gross Fair June 30, 2023 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 83,541 $ 6 $ 9,708 $ 73,839 Non-U.S. residential 362 — — 362 Commercial 1,145 — 149 996 Total mortgage-backed securities $ 85,048 $ 6 $ 9,857 $ 75,197 U.S. Treasury securities $ 134,944 $ — $ 13,091 $ 121,853 State and municipal 9,181 35 628 8,588 Foreign government 2,360 — 93 2,267 Asset-backed securities (2) 30,533 — 417 30,116 Total debt securities HTM, net $ 262,066 $ 41 $ 24,086 $ 238,021 December 31, 2022 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 90,063 $ 58 $ 10,033 $ 80,088 Non-U.S. residential 445 — — 445 Commercial 1,114 5 1 1,118 Total mortgage-backed securities $ 91,622 $ 63 $ 10,034 $ 81,651 U.S. Treasury securities $ 134,961 $ — $ 13,722 $ 121,239 State and municipal 9,237 34 764 8,507 Foreign government 2,075 — 93 1,982 Asset-backed securities (2) 30,968 4 703 30,269 Total debt securities HTM, net $ 268,863 $ 101 $ 25,316 $ 243,648 (1) Amortized cost is reported net of ACL of $99 million and $120 million at June 30, 2023 and December 31, 2022, respectively. (2) 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. See Note 20 for mortgage- and asset-backed securitizations in which the Company has other involvement. (3) In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer . See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2023 December 31, 2022 In millions of dollars Amortized cost (1) Fair value Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 15 $ 15 $ 27 $ 27 After 1 but within 5 years 690 655 520 505 After 5 but within 10 years 1,254 1,141 1,496 1,374 After 10 years 83,089 73,386 89,579 79,745 Total $ 85,048 $ 75,197 $ 91,622 $ 81,651 U.S. Treasury securities Due within 1 year $ 3,149 $ 3,077 $ 3,148 $ 3,017 After 1 but within 5 years 120,838 109,351 86,617 79,104 After 5 but within 10 years 10,957 9,425 45,196 39,118 After 10 years — — — — Total $ 134,944 $ 121,853 $ 134,961 $ 121,239 State and municipal Due within 1 year $ 36 $ 35 $ 22 $ 21 After 1 but within 5 years 104 102 102 100 After 5 but within 10 years 1,222 1,183 1,002 967 After 10 years 7,819 7,268 8,111 7,419 Total $ 9,181 $ 8,588 $ 9,237 $ 8,507 Foreign government Due within 1 year $ 163 $ 161 $ 143 $ 139 After 1 but within 5 years 2,197 2,106 1,932 1,843 After 5 but within 10 years — — — — After 10 years — — — — Total $ 2,360 $ 2,267 $ 2,075 $ 1,982 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 12,232 12,141 11,751 11,583 After 10 years 18,301 17,975 19,217 18,686 Total $ 30,533 $ 30,116 $ 30,968 $ 30,269 Total debt securities HTM $ 262,066 $ 238,021 $ 268,863 $ 243,648 (1) Amortized cost is reported net of ACL of $99 million and $120 million at June 30, 2023 and December 31, 2022, respectively. (2) Includes corporate and asset-backed securities. HTM Debt Securities Delinquency and Non-Accrual Details Citi did not have any HTM debt securities that were delinquent or on non-accrual status at June 30, 2023 or December 31, 2022. There were no purchased credit-deteriorated HTM debt securities held by the Company as of June 30, 2023 or December 31, 2022. Evaluating Investments for Impairment—AFS Debt Securities Overview The Company conducts periodic reviews of all AFS debt securities with unrealized losses to evaluate whether the impairment resulted from expected credit losses or from other factors and to evaluate the Company’s intent to sell such securities. For more information on evaluating investments for impairment, see Note 13 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Recognition and Measurement of Impairment The following table presents total impairment on AFS investments recognized in earnings: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Impairment losses related to debt securities that the Company does not intend to sell Total impairment 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 $ — $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company 43 90 94 180 Total impairment losses recognized in earnings $ 43 $ 90 $ 94 $ 180 Allowance for Credit Losses on AFS Debt Securities The allowance for credit losses on AFS securities held that the Company does not intend to sell nor will likely be required to sell was $5 million and $3 million as of June 30, 2023 and December 31, 2022, respectively. 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. For details on impairment indicators that are considered, see Note 13 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. When the qualitative assessment indicates that the equity security is impaired, its fair value is determined. If the fair value of the investment is less than its carrying value, the investment is written down to fair value through earnings. Below is the carrying value of non-marketable equity securities measured using the measurement alternative at June 30, 2023 and December 31, 2022 : In millions of dollars June 30, 2023 December 31, 2022 Measurement alternative: Carrying value $ 1,618 $ 1,676 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 June 30, In millions of dollars 2023 2022 2023 2022 Measurement alternative (1) : Impairment losses $ 28 $ 6 $ 63 $ 6 Downward changes for observable prices — — 20 — Upward changes for observable prices 3 48 33 134 (1) See Note 22 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars June 30, 2023 Measurement alternative: Impairment losses $ 282 Downward changes for observable prices 26 Upward changes for observable prices 900 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended June 30, 2023 and 2022, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost. |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
LOANS | LOANSCitigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the operating segment and component that manage the loans in addition to the nature of the obligor, with corporate loans generally made for corporate institutional and public sector clients around the world and consumer loans to retail and small business customers. For additional information regarding Citi’s corporate and consumer loans, including related accounting policies, see Note 1 and Notes 1 and 14 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Corporate Loans Corporate loans represent loans and leases managed by ICG and the Mexico SBMM component of Legacy Franchises. 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 $ 59,790 $ 56,176 Financial institutions 36,268 43,399 Mortgage and real estate (2) 17,495 17,829 Installment and other 22,153 23,767 Lease financing 224 308 Total $ 135,930 $ 141,479 In offices outside North America (1) Commercial and industrial $ 95,836 $ 93,967 Financial institutions 21,701 21,931 Mortgage and real estate (2) 6,076 4,179 Installment and other 23,395 23,347 Lease financing 49 46 Governments and official institutions 3,034 4,205 Total $ 150,091 $ 147,675 Corporate loans, net of unearned income (3)(4)(5) $ 286,021 $ 289,154 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material. (2) Loans secured primarily by real estate. (3) Corporate loans are net of unearned income of ($795) million and ($797) million at June 30, 2023 and December 31, 2022, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. (4) Not included in the balances above is approximately $2 billion of accrued interest receivable at June 30, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. (5) Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the three months ended June 30, 2023 and 2022. Corporate Loan Delinquencies and Non-Accrual Details at June 30, 2023 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 500 $ 197 $ 697 $ 856 $ 151,038 $ 152,591 Financial institutions 10 11 21 93 57,480 57,594 Mortgage and real estate 6 24 30 291 23,180 23,501 Lease financing — — — — 273 273 Other 56 35 91 21 46,421 46,533 Loans at fair value 5,529 Total $ 572 $ 267 $ 839 $ 1,261 $ 278,392 $ 286,021 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2022 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 763 $ 594 $ 1,357 $ 860 $ 145,586 $ 147,803 Financial institutions 233 102 335 152 64,420 64,907 Mortgage and real estate 30 12 42 33 21,874 21,949 Lease financing — 1 1 10 343 354 Other 145 18 163 67 48,788 49,018 Loans at fair value 5,123 Total $ 1,171 $ 727 $ 1,898 $ 1,122 $ 281,011 $ 289,154 (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 collectibility 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) The Total loans column includes loans at fair value, which are not included in the various delinquency columns, and therefore the tables’ total rows will not cross-foot. Corporate Loans Credit Quality Indicators Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) June 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Investment grade (3) Commercial and industrial (4) $ 40,041 $ 8,089 $ 5,285 $ 2,809 $ 3,151 $ 8,415 $ 37,929 $ 105,719 Financial institutions (4) 6,390 4,490 3,816 572 708 2,087 30,865 48,928 Mortgage and real estate 1,731 4,803 3,752 3,639 1,791 2,259 131 18,106 Other (5) 2,174 6,621 1,335 958 734 4,797 26,251 42,870 Total investment grade $ 50,336 $ 24,003 $ 14,188 $ 7,978 $ 6,384 $ 17,558 $ 95,176 $ 215,623 Non-investment grade (3) Accrual Commercial and industrial (4) $ 14,071 $ 6,408 $ 2,351 $ 1,666 $ 907 $ 3,657 $ 16,956 $ 46,016 Financial institutions (4) 3,421 1,552 892 23 437 176 2,072 8,573 Mortgage and real estate 608 544 782 510 725 1,419 516 5,104 Other (5) 559 756 478 372 497 108 1,145 3,915 Non-accrual Commercial and industrial (4) 5 81 59 9 52 159 491 856 Financial institutions — 3 35 — 8 — 47 93 Mortgage and real estate 3 — 38 8 103 86 53 291 Other (5) 1 4 1 — — 11 4 21 Total non-investment grade $ 18,668 $ 9,348 $ 4,636 $ 2,588 $ 2,729 $ 5,616 $ 21,284 $ 64,869 Loans at fair value (6) $ 5,529 Corporate loans, net of unearned income $ 69,004 $ 33,351 $ 18,824 $ 10,566 $ 9,113 $ 23,174 $ 116,460 $ 286,021 Recorded investment in loans (1) Term loans by year of origination (7) Revolving line of credit arrangements (2) December 31, 2022 In millions of dollars 2022 2021 2020 2019 2018 Prior Investment grade (3) Commercial and industrial (4) $ 40,639 $ 6,124 $ 3,620 $ 3,458 $ 2,617 $ 7,048 $ 38,358 $ 101,864 Financial institutions (4) 11,850 3,877 835 922 333 1,327 37,462 56,606 Mortgage and real estate 4,436 3,236 4,010 2,619 1,127 1,706 152 17,286 Other (5) 7,649 2,687 1,439 643 2,119 3,832 26,805 45,174 Total investment grade $ 64,574 $ 15,924 $ 9,904 $ 7,642 $ 6,196 $ 13,913 $ 102,777 $ 220,930 Non-investment grade (3) Accrual Commercial and industrial (4) $ 17,278 $ 3,139 $ 1,973 $ 1,331 $ 965 $ 3,546 $ 16,848 $ 45,080 Financial institutions (4) 4,708 630 197 254 47 240 2,073 8,149 Mortgage and real estate 582 835 429 729 783 801 472 4,631 Other (5) 1,244 559 391 413 1 219 1,292 4,119 Non-accrual Commercial and industrial (4) 1 12 99 115 49 105 479 860 Financial institutions 41 34 — — — — 77 152 Mortgage and real estate 10 4 — — — 19 — 33 Other (5) 6 — 26 8 10 11 16 77 Total non-investment grade $ 23,870 $ 5,213 $ 3,115 $ 2,850 $ 1,855 $ 4,941 $ 21,257 $ 63,101 Loans at fair value (6) $ 5,123 Corporate loans, net of unearned income $ 88,444 $ 21,137 $ 13,019 $ 10,492 $ 8,051 $ 18,854 $ 124,034 $ 289,154 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) There were no significant revolving line of credit arrangements that converted to term loans during the quarter. (3) Held-for-investment loans are accounted for on an amortized cost basis. (4) Includes certain short-term loans with less than one year in tenor. (5) Other includes installment and other, lease financing and loans to government and official institutions. (6) Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other. (7) In the first quarter of 2023, Citi identified that at December 31, 2022 certain loans originated prior to 2022 were disclosed as originating in 2022. The table above has been revised to reflect the correct origination year. Citi evaluated the effect of the revision, both qualitatively and quantitatively, and concluded that the impact of the revision was not material. The impact of the revision increased (decreased) the year of origination amounts as follows: $(24.9) billion, $2.0 billion, $3.2 billion, $4.6 billion, $4.1 billion and $11.0 billion for 2022, 2021, 2020, 2019, 2018 and prior, respectively. Corporate Gross Credit Losses The table below details gross credit losses recognized during the six months ended June 30, 2023, by year of loan origination: For the Six Months Ended June 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Revolving line of credit arrangement Total Commercial and industrial $ 8 $ — $ — $ 1 $ — $ 2 $ 48 $ 59 Financial institutions — — — — — — 33 33 Mortgage and real estate — — — 1 — 2 — 3 Other (1) — — — — — — 30 30 Total $ 8 $ — $ — $ 2 $ — $ 4 $ 111 $ 125 (1) Other includes installment and other, lease financing and loans to government and official institutions. Non-Accrual Corporate Loans June 30, 2023 December 31, 2022 In millions of dollars Recorded investment (1)(2) Related specific Recorded investment (1)(2) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 528 $ 221 $ 583 $ 268 Financial institutions 87 48 149 51 Mortgage and real estate 153 25 33 4 Other 1 1 — — Total non-accrual corporate loans with specific allowances $ 769 $ 295 $ 765 $ 323 Non-accrual corporate loans without specific allowances Commercial and industrial $ 328 N/A $ 277 N/A Financial institutions 6 N/A 3 N/A Mortgage and real estate 138 N/A — N/A Lease financing — N/A 10 N/A Other 20 N/A 67 N/A Total non-accrual corporate loans without specific allowances $ 492 N/A $ 357 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) Interest income recognized for the three and six months ended June 30, 2023 was $13 million and $24 million, respectively, and for the three and six months ended June 30, 2022 was $11 million and $23 million, respectively. N/A Not applicable Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty Citi seeks to modify certain corporate loans to borrowers experiencing financial difficulty to reduce Citi’s exposure to loss, often providing the borrower with an opportunity to work through financial difficulties. Each modification is unique to the borrower’s individual circumstances. The following table details corporate loan modifications granted during the three and six months ended June 30, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification. For the Three and Six Months Ended June 30, 2023 In millions of dollars, except for weighted average term extension Total modifications balance at June 30, 2023 (1)(2)(3) Term Combination: Term extension and payment delay (5) Weighted average term extension Three Months Ended June 30, 2023 Commercial and industrial $ 66 $ 65 $ 1 22 Financial institutions — — — — Mortgage and real estate 47 46 1 24 Other (4) — — — — Total $ 113 $ 111 $ 2 Six Months Ended June 30, 2023 Commercial and industrial $ 121 $ 95 $ 26 21 Financial institutions — — — — Mortgage and real estate 49 48 1 23 Other (4) — — — — Total $ 170 $ 143 $ 27 (1) The above table reflects activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of June 30, 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $492 million as of June 30, 2023. (3) The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification. (4) Other includes installment and other, lease financing and loans to government and official institutions. (5) Payment delays either for principal or interest payments had an immaterial financial impact. The following table presents the Company’s three and six months ended June 30, 2022 corporate troubled debt restructurings (TDRs), under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023: For the Three and Six Months Ended June 30, 2022 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 Three Months Ended June 30, 2022 Commercial and industrial $ 3 $ — $ — $ 3 Other (3) 23 — — 23 Total $ 26 $ — $ — $ 26 Six Months Ended June 30, 2022 Commercial and industrial $ 15 $ — $ — $ 15 Other (3) 23 1 — 22 Total $ 38 $ 1 $ — $ 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 uncollectible 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. (3) Other includes installment and other, lease financing and loans to government and official institutions. Performance of Modified Corporate Loans The following table presents the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the six months ended June 30, 2023: As of June 30, 2023 (1) In millions of dollars Total Current 30–89 days past due 90+ days Commercial and industrial $ 121 $ 121 $ — $ — Financial institutions — — — — Mortgage and real estate 49 49 — — Other (2) — — — — Total $ 170 $ 170 $ — $ — (1) Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification. (2) Other includes installment and other, lease financing and loans to government and official institutions. Defaults of Modified Corporate Loans No modified corporate loans to borrowers experiencing financial difficulty defaulted during the three and six months ended June 30, 2023. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. For a modified corporate loan that is not collateral dependent, expected default rates are considered in the loan’s individually assessed ACL. The following table presents the Company’s three and six months ended June 30, 2022 corporate TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due: TDR loans that re-defaulted within one year of modification during the In millions of dollars TDR balances at June 30, 2022 Three Months Ended Six Months Ended Commercial and industrial $ 148 $ — $ — Mortgage and real estate 16 — — Other (1) 39 — — Total (2) $ 203 $ — $ — (1) Other includes installment and other, lease financing and loans to government and official institutions. (2) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. Consumer Loans Consumer loans represent loans and leases managed primarily by PBWM and Legacy Franchises (except Mexico SBMM). The tables below present details about these loans, including the following loan categories: • Residential first mortgages and Home equity loans in North America offices primarily represent secured mortgage lending to customers of Retail banking and Global Wealth (primarily Private bank and Citigold). • Credit cards in North America offices primarily represent unsecured credit card lending to customers of Branded cards and Retail services. • Personal, small business and other loans in North America are primarily composed of classifiably managed loans to customers of Global Wealth (mostly within the Private bank) who are typically high credit quality borrowers that historically experienced minimal delinquencies and credit losses. Loans to these borrowers are generally well collateralized in the form of liquid securities and other forms of collateral. • Residential mortgage loans in offices outside North America primarily represent secured mortgage lending to customers of Global Wealth (primarily Private bank and Citigold) as well as customers of Legacy Franchises . • Credit cards in offices outside North America primarily represent unsecured credit card lending to customers of PBWM and Legacy Franchises , primarily in Asia and Mexico. • Personal, small business and other loans in offices outside North America are primarily composed of secured and unsecured loans to customers of PBWM and Legacy Franchises . A significant portion of PBWM loans is classifiably managed and represents loans to high credit quality Private bank customers who have historically experienced minimal delinquencies and credit losses. Loans to these borrowers are generally well collateralized in the form of liquid securities and other forms of collateral. The following tables provide Citi’s consumer loans by type: Consumer Loans, Delinquencies and Non-Accrual Status at June 30, 2023 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total loans Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 101,780 $ 371 $ 285 $ 244 $ 102,680 $ 101 $ 380 $ 481 $ 139 Home equity loans (8)(9) 3,869 35 96 — 4,000 46 139 185 — Credit cards 149,487 1,741 1,723 — 152,951 — — — 1,723 Personal, small business and other (10) 37,038 89 29 5 37,161 4 34 38 7 Total $ 292,174 $ 2,236 $ 2,133 $ 249 $ 296,792 $ 151 $ 553 $ 704 $ 1,869 In offices outside North America (6) Residential mortgages (7) $ 26,950 $ 48 $ 92 $ — $ 27,090 $ — $ 328 $ 328 $ 18 Credit cards 13,344 180 190 — 13,714 — 172 172 60 Personal, small business and other (10) 36,848 108 39 — 36,995 — 117 117 — Total $ 77,142 $ 336 $ 321 $ — $ 77,799 $ — $ 617 $ 617 $ 78 Total Citigroup (11)(12) $ 369,316 $ 2,572 $ 2,454 $ 249 $ 374,591 $ 151 $ 1,170 $ 1,321 $ 1,947 Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2022 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 95,023 $ 421 $ 316 $ 279 $ 96,039 $ 86 $ 434 $ 520 $ 163 Home equity loans (8)(9) 4,407 38 135 — 4,580 51 151 202 — Credit cards 147,717 1,511 1,415 — 150,643 — — — 1,415 Personal, small business and other (10) 37,635 88 22 7 37,752 3 23 26 11 Total $ 284,782 $ 2,058 $ 1,888 $ 286 $ 289,014 $ 140 $ 608 $ 748 $ 1,589 In offices outside North America (6) Residential mortgages (7) $ 27,946 $ 62 $ 106 $ — $ 28,114 $ — $ 305 $ 305 $ 13 Credit cards 12,659 147 149 — 12,955 — 127 127 56 Personal, small business and other (10) 37,869 105 10 — 37,984 — 137 137 — Total $ 78,474 $ 314 $ 265 $ — $ 79,053 $ — $ 569 $ 569 $ 69 Total Citigroup (11)(12) $ 363,256 $ 2,372 $ 2,153 $ 286 $ 368,067 $ 140 $ 1,177 $ 1,317 $ 1,658 (1) Loans less than 30 days past due are presented as current. (2) Includes $237 million and $237 million at June 30, 2023 and December 31, 2022, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $30.6 billion and $17.9 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at June 30, 2023. Excludes delinquencies on $31.5 billion and $17.8 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at December 31, 2022. (4) Loans modified under Citi’s COVID-19 consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification. Most modified loans in North America would not be reported as 30–89 or 90+ days past due for the duration of the programs (which have various durations, and certain of which may be renewed). (5) Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.1 billion and $0.2 billion at June 30, 2023 and December 31, 2022, respectively. (6) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (7) Includes approximately $0.2 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $20.4 billion of residential mortgages outside North America related to the Global Wealth business at June 30, 2023. Includes approximately $0.1 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to the Global Wealth business at December 31, 2022. (8) Includes approximately $0.1 billion and $0.1 billion at June 30, 2023 and December 31, 2022, respectively, of home equity loans in process of foreclosure. (9) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (10) Includes loans related to the Global Wealth business: $33.1 billion in North America, approximately $30.6 billion of which are classifiably managed, and as of June 30, 2023 approximately 99% were rated investment grade; and $26.0 billion outside North America, approximately $17.9 billion of which are classifiably managed, and as of June 30, 2023 approximately 93% were rated investment grade. Includes loans related to the Global Wealth business: $34.0 billion in North America, approximately $31.5 billion of which are classifiably managed, and as of December 31, 2022 approximately 98% were rated investment grade; and $26.6 billion outside North America, approximately $17.8 billion of which are classifiably managed, and as of December 31, 2022 approximately 94% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. (11) Consumer loans are net of unearned income of $769 million and $712 million at June 30, 2023 and December 31, 2022, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. (12) Not included in the balances above are approximately $1 billion and $1 billion of accrued interest receivable at June 30, 2023 and December 31, 2022, respectively, which are included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). When a loan becomes non-accrual or, if not subject to a non-accrual policy, is charged off per the Company’s charge-off policy, any accrued interest receivable is also reversed against the interest income. During the three and six months ended June 30, 2023, the Company reversed accrued interest of approximately $0.3 billion and $0.5 billion, respectively, primarily related to credit card loans. During the three and six months ended June 30, 2022, the Company reversed accrued interest of approximately $0.2 billion and $0.3 billion, respectively, primarily related to credit card loans. Interest Income Recognized for Non-Accrual Consumer Loans In millions of dollars Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 In North America offices (1) Residential first mortgages $ 3 $ 3 $ 6 $ 6 Home equity loans 1 1 3 2 Credit cards — — — — Personal, small business and other 1 1 1 1 Total $ 5 $ 5 $ 10 $ 9 In offices outside North America (1) Residential mortgages $ 4 $ — $ 5 $ — Credit cards — — — — Personal, small business and other — — — — Total $ 4 $ — $ 5 $ — Total Citigroup $ 9 $ 5 $ 15 $ 9 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. During the three and six months ended June 30, 2023, the Company sold and/or reclassified to held-for-sale $2 million and $1.8 billion of consumer loans, respectively. During the three and six months ended June 30, 2022, the Company sold and/or reclassified to held-for-sale $367 million and $374 million of consumer loans, respectively. The increase was due to the reclassification of a portfolio to HFS in the first quarter of 2023. The Company did not have significant purchases of consumer loans classified as held-for-investment for the three and six months ended June 30, 2023 or 2022. Loans held by a business for sale are not included in the above since they have been reclassified to Other assets . See Note 2 for additional information regarding Citigroup’s businesses held-for-sale. Consumer Credit Scores (FICO) The following tables provide details on the Fair Isaac Corporation (FICO) scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. With respect to Citi’s consumer loan portfolio outside of the U.S. as of June 30, 2023 and December 31, 2022 ($79.3 billion and $80.5 billion, respectively), various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (for additional information on loans outside of the U.S., see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio. FICO score distribution — U.S. portfolio (1)(2) June 30, 2023 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2023 $ 151 $ 2,704 $ 5,671 2022 717 6,659 13,618 2021 602 5,747 12,540 2020 393 4,360 10,860 2019 312 2,345 5,350 Prior 2,185 7,099 13,907 Total residential first mortgages $ 4,360 $ 28,914 $ 61,946 $ — $ 7,460 $ 102,680 Home equity loans (pre-reset) $ 490 $ 1,212 $ 1,736 Home equity loans (post-reset) 71 76 45 Home equity term loans 92 137 108 2023 — — — 2022 — — — 2021 — 1 1 2020 1 2 2 2019 1 1 1 Prior 90 133 104 Total home equity loans $ 653 $ 1,425 $ 1,889 $ — $ 33 $ 4,000 Credit cards $ 29,111 $ 59,069 $ 60,712 Revolving loans converted to term loans (5) 913 357 54 Total credit cards (6) $ 30,024 $ 59,426 $ 60,766 $ — $ 2,136 $ 152,352 Personal, small business and other 2023 $ 10 $ 45 $ 105 2022 268 515 712 2021 80 129 151 2020 11 14 20 2019 13 14 16 Prior 126 181 135 Total personal, small business and other (7)(8) $ 508 $ 898 $ 1,139 $ 30,596 $ 3,101 $ 36,242 Total $ 35,545 $ 90,663 $ 125,740 $ 30,596 $ 12,730 $ 295,274 FICO score distribution—U.S. portfolio (1)(2) December 31, 2022 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2022 $ 691 $ 7,530 $ 12,928 2021 639 5,933 12,672 2020 431 4,621 10,936 2019 321 2,505 5,445 2018 302 1,072 1,899 Prior 2,020 6,551 12,649 Total residential first mortgages $ 4,404 $ 28,212 $ 56,529 $ 6,894 $ 96,039 Home equity line of credit (pre-reset) $ 552 $ 1,536 $ 1,876 Home equity line of credit (post-reset) 62 65 40 Home equity term loans 106 151 117 2022 — — — 2021 — 1 1 2020 1 2 2 2019 1 2 2 2018 1 2 1 Prior 103 144 111 Total home equity loans $ 720 $ 1,752 $ 2,033 $ 75 $ 4,580 Credit cards $ 27,901 $ 58,213 $ 60,896 Revolving loans converted to term loans (5) 766 354 54 Total credit cards (6) $ 28,667 $ 58,567 $ 60,950 $ 1,914 $ 150,098 Personal, small business and other 2022 $ 247 $ 546 $ 800 2021 96 170 210 2020 15 20 30 2019 21 23 28 2018 10 10 9 Prior 126 190 144 Total personal, small business and other (7)(8) $ 515 $ 959 $ 1,221 $ 31,478 $ 2,639 $ 36,812 Total $ 34,306 $ 89,490 $ 120,733 $ 31,478 $ 11,522 $ 287,529 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) FICO scores are updated on either a monthly or quarterly basis. For updates that are made only quarterly, certain current-period loans by year of origination are greater than those disclosed in the prior periods. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. (3) These personal, small business and other loans without a FICO score available include $30.6 billion and $31.5 billion of Private bank loans as of June 30, 2023 and December 31, 2022, respectively, which are classifiably managed within Global Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of June 30, 2023 and December 31, 2022, approximately 99% and 98% of these loans, respectively, were rated investment grade. (4) FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized. (5) Not included in the tables above are $63 million and $75 million of revolving credit card loans outside of the U.S. that were converted to term loans as of June 30, 2023 and December 31, 2022, respectively. (6) Excludes $599 million and $545 million of balances related to Canada for June 30, 2023 and December 31, 2022, respectively. (7) Excludes $919 million and $940 million of balances related to Canada for June 30, 2023 and December 31, 2022, respectively. (8) Includes approximately $49 million and $67 million of personal revolving loans that were converted to term loans for June 30, 2023 and December 31, 2022, respectively. Consumer Gross Credit Losses The following table provides details on gross credit losses recognized during the six months ended June 30, 2023, by year of loan origination: In millions of dollars Six Months Ended June 30, 2023 Residential first mortgages 2023 $ — 2022 1 2021 — 2020 1 2019 3 Prior 20 Total residential first mortgages $ 25 Home equity line of credit (pre-reset) $ 2 Home equity line of credit (post-reset) — Home equity term loans 1 Total home equity loans $ 3 Credit cards $ 2,925 Revolving loans converted to term loans 87 Total credit cards $ 3,012 Personal, small business and other 2023 $ 69 2022 89 2021 56 2020 23 2019 27 Prior 84 Total personal, small business and other $ 348 Total Citigroup $ 3,388 Loan-to-Value (LTV) Ratios—U.S. Consumer Mortgages LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data. The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. 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 — U.S. portfolio June 30, 2023 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2023 $ 6,634 $ 1,975 $ 6 2022 16,146 5,916 43 2021 18,846 1,096 33 2020 16,451 362 1 2019 8,395 226 26 Prior 25,029 318 78 Total residential first mortgages $ 91,50 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2023 | |
Credit Loss [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Allowance for credit losses on loans (ACLL) at beginning of period $ 17,169 $ 15,393 $ 16,974 $ 16,455 Adjustments to opening balance (1) Financial instruments—TDRs and vintage disclosures (1) $ — $ — $ (352) $ — Adjusted ACLL at beginning of period $ 17,169 $ 15,393 $ 16,622 $ 16,455 Gross credit losses on loans $ (1,879) $ (1,212) $ (3,513) $ (2,452) Gross recoveries on loans 375 362 707 730 Net credit losses on loans (NCLs) $ (1,504) $ (850) $ (2,806) $ (1,722) Replenishment of NCLs $ 1,504 $ 850 $ 2,806 $ 1,722 Net reserve builds (releases) for loans 290 520 687 (260) Net specific reserve builds (releases) for loans (33) 14 5 182 Total provision for credit losses on loans (PCLL) $ 1,761 $ 1,384 $ 3,498 $ 1,644 Other, net (see table below) 70 25 182 (425) ACLL at end of period $ 17,496 $ 15,952 $ 17,496 $ 15,952 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (2) $ 1,959 $ 2,343 $ 2,151 $ 1,871 Provision (release) for credit losses on unfunded lending commitments (96) (159) (290) 315 Other, net (1) 9 1 7 ACLUC at end of period (2) $ 1,862 $ 2,193 $ 1,862 $ 2,193 Total allowance for credit losses on loans, leases and unfunded lending commitments (3) $ 19,358 $ 18,145 $ 19,358 $ 18,145 Other, net details Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Reclasses of consumer ACLL to HFS (4) $ — $ — $ — $ (350) FX translation and other 70 25 182 (75) Other, net $ 70 $ 25 $ 182 $ (425) (1) See Note 1 in Citi’s First Quarter of 2023 Form 10-Q for a description of the impact of adopting ASU 2022-02 on the ACL. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (3) See below for ACL on HTM debt securities and Other assets . (4) See Note 2. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended June 30, 2023 June 30, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,780 $ 14,389 $ 17,169 $ 3,025 $ 12,368 $ 15,393 Charge-offs (86) (1,793) (1,879) (57) (1,155) (1,212) Recoveries 11 364 375 34 328 362 Replenishment of NCLs 75 1,429 1,504 23 827 850 Net reserve builds (releases) (119) 409 290 (128) 648 520 Net specific reserve builds (releases) (33) — (33) 49 (35) 14 Other 2 68 70 23 2 25 Ending balance $ 2,630 $ 14,866 $ 17,496 $ 2,969 $ 12,983 $ 15,952 Six Months Ended June 30, 2023 June 30, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,855 $ 14,119 $ 16,974 $ 2,415 $ 14,040 $ 16,455 Adjustments to opening balance: Financial instruments—TDRs and vintage disclosures (1) — (352) (352) — — — Adjusted ACLL at beginning of period $ 2,855 $ 13,767 $ 16,622 $ 2,415 $ 14,040 $ 16,455 Charge-offs $ (125) $ (3,388) $ (3,513) $ (105) $ (2,347) $ (2,452) Recoveries 28 679 707 51 679 730 Replenishment of NCLs 97 2,709 2,806 54 1,668 1,722 Net reserve builds (releases) (209) 896 687 249 (509) (260) Net specific reserve builds (releases) (28) 33 5 273 (91) 182 Other 12 170 182 32 (457) (425) Ending balance $ 2,630 $ 14,866 $ 17,496 $ 2,969 $ 12,983 $ 15,952 June 30, 2023 December 31, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated (1) $ 2,335 $ 14,827 $ 17,162 $ 2,532 $ 13,521 $ 16,053 Individually evaluated 295 39 334 323 596 919 Purchased credit deteriorated — — — — 2 2 Total ACLL $ 2,630 $ 14,866 $ 17,496 $ 2,855 $ 14,119 $ 16,974 Loans, net of unearned income Collectively evaluated (1) $ 279,231 $ 374,201 $ 653,432 $ 282,909 $ 364,795 $ 647,704 Individually evaluated 1,261 39 1,300 1,122 2,921 4,043 Purchased credit deteriorated — 114 114 — 114 114 Held at fair value 5,529 237 5,766 5,123 237 5,360 Total loans, net of unearned income $ 286,021 $ 374,591 $ 660,612 $ 289,154 $ 368,067 $ 657,221 (1) See Note 1 in Citi’s First Quarter of 2023 Form 10-Q for a description of the effect of adopting ASU 2022-02 on the ACL and for Citi’s updated accounting policy for collectively evaluating the ACL for consumer loans formerly considered TDRs. 2Q23 Changes in the ACL The total allowance for credit losses on loans, leases and unfunded lending commitments as of June 30, 2023 was $19,358 million, a slight increase from $19,125 million at December 31, 2022. The increase in the ACLL was primarily driven by growth in card balances in Branded cards and Retail services and an increase in transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law, partially offset by a decrease in the ACLL of $352 million from the adoption of ASU 2022-02 for the recognition and measurement of TDRs (see Note 1) and an improved macroeconomic outlook. Consumer ACLL Citi’s total consumer allowance for credit losses on loans (ACLL) as of June 30, 2023 was $14,866 million, an increase from $14,119 million at December 31, 2022. The increase was primarily driven by growth in U.S. cards balances, partially offset by a decrease to the ACLL of $352 million from the adoption of ASU 2022-02 for the recognition and measurement of TDRs. Corporate ACLL Citi’s total corporate ACLL as of June 30, 2023 was $2,630 million, a decrease from $2,855 million at December 31, 2022. The decrease was primarily driven by an improved macroeconomic outlook. ACLUC As of June 30, 2023, Citi’s total ACLUC, included in Other liabilities , was $1,862 million, a decrease from $2,151 million at December 31, 2022. The decrease was primarily driven by an improved macroeconomic outlook. Allowance for Credit Losses on HTM Debt Securities Three Months Ended June 30, 2023 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 2 $ 98 $ 3 $ 1 $ 104 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 3 (6) (1) — (4) Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 3 $ (6) $ (1) $ — $ (4) Other, net $ — $ — $ — $ (1) $ (1) Allowance for credit losses on HTM debt securities $ 5 $ 92 $ 2 $ — $ 99 Six Months Ended June 30, 2023 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 1 $ 113 $ 3 $ 3 $ 120 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 5 (21) (1) (4) (21) Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 5 $ (21) $ (1) $ (4) $ (21) Other, net $ (1) $ — $ — $ 1 $ — Allowance for credit losses on HTM debt securities $ 5 $ 92 $ 2 $ — $ 99 Three Months Ended June 30, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 4 $ 79 $ 2 $ — $ 85 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) (2) 14 1 7 20 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (2) $ 14 $ 1 $ 7 $ 20 Allowance for credit losses on HTM debt securities $ 2 $ 93 $ 3 $ 7 $ 105 Six Months Ended June 30, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 6 $ 75 $ 4 $ 2 $ 87 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (4) 18 (1) 5 18 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (4) $ 18 $ (1) $ 5 $ 18 Allowance for credit losses on HTM debt securities $ 2 $ 93 $ 3 $ 7 $ 105 Allowance for Credit Losses on Other Assets Three Months Ended June 30, 2023 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements All other assets (1) Total Allowance for credit losses on other assets $ 135 $ 30 $ 363 $ 528 Gross credit losses — — (24) (24) Gross recoveries — — 5 5 Net credit losses (NCLs) $ — $ — $ (19) $ (19) Replenishment of NCLs $ — $ — $ 19 $ 19 Net reserve builds (releases) (114) — 244 130 Total provision for credit losses $ (114) $ — $ 263 $ 149 Other, net $ — $ (4) $ 5 $ 1 Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 Six Months Ended June 30, 2023 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements All other assets (1) Total Allowance for credit losses on other assets $ 51 $ 36 $ 36 $ 123 Gross credit losses — — (35) (35) Gross recoveries — — 5 5 Net credit losses (NCLs) $ — $ — $ (30) $ (30) Replenishment of NCLs $ — $ — $ 30 $ 30 Net reserve builds (releases) (29) (3) 576 544 Total provision for credit losses $ (29) $ (3) $ 606 $ 574 Other, net $ (1) $ (7) $ — $ (8) Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 (1) Primarily an increase related to transfer risk associated with exposures outside of the U.S. driven by safety and soundness considerations under U.S. banking law. Three Months Ended June 30, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 15 $ 4 $ — $ 24 $ 43 Gross credit losses — — — (8) (8) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (6) $ (6) Replenishment of NCLs $ — $ — $ — $ 6 $ 6 Net reserve builds (releases) 2 (8) — 7 1 Total provision for credit losses $ 2 $ (8) $ — $ 13 $ 7 Other, net $ — $ 31 $ — $ (1) $ 30 Allowance for credit losses on other assets $ 17 $ 27 $ — $ 30 $ 74 Six Months Ended June 30, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 21 $ 6 $ — $ 26 $ 53 Gross credit losses — — — (15) (15) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (13) $ (13) Replenishment of NCLs $ — $ — $ — $ 13 $ 13 Net reserve builds (releases) (4) (10) — 4 (10) Total provision for credit losses $ (4) $ (10) $ — $ 17 $ 3 Other, net $ — $ 31 $ — $ — $ 31 Allowance for credit losses on other assets $ 17 $ 27 $ — $ 30 $ 74 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
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 Institutional Clients Group Personal Banking and Wealth Management Legacy Franchises Total Balance at December 31, 2022 $ 8,986 $ 9,741 $ 964 $ 19,691 Foreign currency translation 42 69 80 191 Balance at March 31, 2023 $ 9,028 $ 9,810 $ 1,044 $ 19,882 Foreign currency translation 13 48 55 116 Balance at June 30, 2023 $ 9,041 $ 9,858 $ 1,099 $ 19,998 Citi tests goodwill impairment annually as of October 1 (the annual test) and conducts interim assessments between the annual test if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. No such events or circumstances were identified as part of the qualitative assessment performed as of June 30, 2023. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 16 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. While the inherent risk related to uncertainty is embedded in the key assumptions used in the valuations of the reporting units, the economic and business environments continue to evolve as Citi’s management implements its strategic refresh. If management’s future estimates of key economic and market assumptions were to differ from its current assumptions, Citi could potentially experience material goodwill impairment charges in the future. Intangible Assets The components of intangible assets were as follows: June 30, 2023 December 31, 2022 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,290 $ 1,012 $ 5,513 $ 4,426 $ 1,087 Credit card contract-related intangibles (2) 4,193 1,612 2,581 3,903 1,518 2,385 Other customer relationships 355 271 84 373 283 90 Present value of future profits 37 36 1 32 31 1 Indefinite-lived intangible assets 217 — 217 192 — 192 Other — — — 65 57 8 Intangible assets (excluding MSRs) $ 10,104 $ 6,209 $ 3,895 $ 10,078 $ 6,315 $ 3,763 Mortgage servicing rights (MSRs) (3) 681 — 681 665 — 665 Total intangible assets $ 10,785 $ 6,209 $ 4,576 $ 10,743 $ 6,315 $ 4,428 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2022 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2023 Purchased credit card relationships (1) $ 1,087 $ — $ (75) $ — $ — $ 1,012 Credit card contract-related intangibles (2) 2,385 290 (94) — — 2,581 Other customer relationships 90 11 (12) — (5) 84 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 192 — — — 25 217 Other 8 — (8) — — — Intangible assets (excluding MSRs) $ 3,763 $ 301 $ (189) $ — $ 20 $ 3,895 Mortgage servicing rights (MSRs) (3) 665 681 Total intangible assets $ 4,428 $ 4,576 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years. (3) See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended June 30, 2023. |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
DEPOSITS | DEPOSITS Deposits consisted of the following: June 30, December 31, In millions of dollars 2023 (1) 2022 Non-interest-bearing deposits in U.S. offices $ 109,844 $ 122,655 Interest-bearing deposits in U.S. offices (including $998 and $903 as of June 30, 2023 and December 31, 2022, respectively, at fair value) 590,700 607,470 Non-interest-bearing deposits in offices outside the U.S. 91,899 95,182 Interest-bearing deposits in offices outside the U.S. (including $1,600 and $972 as of June 30, 2023 and December 31, 2022, respectively, at fair value) 527,424 540,647 Total deposits $ 1,319,867 $ 1,365,954 (1) For information on time deposits that met or exceeded the insured limit at December 31, 2022, see Note 17 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. For additional information on Citi’s deposits, see Citi’s 2022 Form 10-K. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 18 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Short-Term Borrowings In millions of dollars June 30, December 31, Commercial paper Bank (1) $ 11,108 $ 11,185 Broker-dealer and other (2) 9,814 14,345 Total commercial paper $ 20,922 $ 25,530 Other borrowings (3) 19,508 21,566 Total $ 40,430 $ 47,096 (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, 2023 and December 31, 2022, collateralized short-term advances from Federal Home Loan Banks were $10.0 billion and $12.0 billion, respectively. Long-Term Debt In millions of dollars June 30, December 31, 2022 Citigroup Inc. (1) $ 163,043 $ 166,257 Bank (2) 19,101 21,113 Broker-dealer and other (3) 92,366 84,236 Total $ 274,510 $ 271,606 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2023 and December 31, 2022, collateralized long-term advances from the Federal Home Loan Banks were $7.5 billion and $7.3 billion, respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.6 billion at June 30, 2023 and December 31, 2022. The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2023: Junior subordinated debentures owned by trust Trust Issuance Securities Liquidation value (1) Coupon rate (2) Common Notional amount Maturity Redeemable 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 Oct. 2010 89,840,000 2,246 3 mo. LIBOR (3) + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Total obligated $ 2,440 $ 2,446 Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII. (1) Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. (3) The coupon rate will transition to 3-month term SOFR +26.161 bps +637 bps at the start of the next distribution period. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 6 Months Ended |
Jun. 30, 2023 | |
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: In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) CTA, net of hedges (4) Excluded component of fair value hedges Long-duration insurance contracts (5) Accumulated Three Months Ended Balance, March 31, 2023 $ (5,162) $ 517 $ (2,161) $ (5,859) $ (32,796) $ (12) $ 32 $ (45,441) Other comprehensive income before reclassifications 133 (613) (206) (170) 23 27 (6) (812) Increase (decrease) due to amounts reclassified from AOCI (7) (6) 377 34 — (10) — 388 Change, net of taxes $ 126 $ (619) $ 171 $ (136) $ 23 $ 17 $ (6) $ (424) Balance at June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) Six Months Ended June 30, 2023 Balance, December 31, 2022 $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ — $ (47,062) Adjustment to opening balance, net of taxes (6) — — — — — — 27 27 Adjusted balance, beginning of period $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ 27 $ (47,035) Other comprehensive income before reclassifications 988 (940) (200) (302) 864 11 (1) 420 Increase (decrease) due to amounts reclassified from AOCI (26) (4) 732 62 — (14) — 750 Change, net of taxes $ 962 $ (944) $ 532 $ (240) $ 864 $ (3) $ (1) $ 1,170 Balance at June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) CTA, net of hedges (4) Excluded component of fair value hedges Long-duration insurance contracts Accumulated Three Months Ended June 30, 2022 Balance, March 31, 2022 $ (4,891) $ (394) $ (1,440) $ (5,681) $ (31,180) $ 1 $ — $ (43,585) Other comprehensive income before reclassifications (1,612) 1,968 (515) (271) (1,975) 4 — (2,401) Increase (decrease) due to amounts reclassified from AOCI 111 (1) (151) 182 345 5 — 491 Change, net of taxes $ (1,501) $ 1,967 $ (666) $ (89) $ (1,630) $ 9 $ — $ (1,910) Balance at June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ — $ (45,495) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ (614) $ (1,187) $ 101 $ (5,852) $ (31,166) $ (47) $ — $ (38,765) Other comprehensive income before reclassifications (5,895) 2,761 (1,839) 21 (1,989) 50 — (6,891) Increase (decrease) due to amounts reclassified from AOCI 117 (1) (368) 61 345 7 — 161 Change, net of taxes $ (5,778) $ 2,760 $ (2,207) $ 82 $ (1,644) $ 57 $ — $ (6,730) Balance at June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ — $ (45,495) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 22. (2) Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets. (3) Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans, annual actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income. (4) Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Russian ruble and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2023. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Polish zloty, Chilean peso, Euro, Russian ruble, Japanese yen and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2023. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Chilean peso, Mexican peso, Japanese yen and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2022. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Japanese yen, Indian rupee, British pound sterling and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2022. 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) Reflects the change in the liability for future policyholder benefits for certain long-duration life-contingent annuity contracts that are issued by a regulated Citi insurance subsidiary in Mexico and reported within Legacy Franchises . The amount reflects the change in the liability after discounting using an upper-medium grade fixed income instrument yield that reflects the duration characteristics of the liability. As of June 30, 2023, the balance of the liability for future policyholder benefits, which is recorded within Other Liabilities , for this insurance subsidiary was approximately $560 million. (6) See Note 1. The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended June 30, 2023 Balance, March 31, 2023 $ (53,443) $ 8,002 $ (45,441) Change in net unrealized gains (losses) on debt securities 210 (84) 126 Debt valuation adjustment (DVA) (837) 218 (619) Cash flow hedges 233 (62) 171 Benefit plans (156) 20 (136) Foreign currency translation adjustment (CTA) 15 8 23 Excluded component of fair value hedges 22 (5) 17 Long-duration insurance contracts (8) 2 (6) Change $ (521) $ 97 $ (424) Balance at June 30, 2023 $ (53,964) $ 8,099 $ (45,865) Six Months Ended June 30, 2023 Balance, December 31, 2022 $ (55,253) $ 8,191 $ (47,062) Adjustment to opening balance (2) 39 (12) 27 Adjusted balance, beginning of period $ (55,214) $ 8,179 $ (47,035) Change in net unrealized gains (losses) on debt securities 1,323 (361) 962 DVA (1,270) 326 (944) Cash flow hedges 712 (180) 532 Benefit plans (312) 72 (240) CTA 803 61 864 Excluded component of fair value hedges (4) 1 (3) Long-duration insurance contracts (2) 1 (1) Change $ 1,250 $ (80) $ 1,170 Balance at June 30, 2023 $ (53,964) $ 8,099 $ (45,865) In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended June 30, 2022 Balance, March 31, 2022 $ (51,807) $ 8,222 $ (43,585) Change in net unrealized gains (losses) on debt securities (1,990) 489 (1,501) DVA 2,592 (625) 1,967 Cash flow hedges (886) 220 (666) Benefit plans (73) (16) (89) CTA (1,414) (216) (1,630) Excluded component of fair value hedges 12 (3) 9 Long-duration insurance contracts — — — Change $ (1,759) $ (151) $ (1,910) Balance, June 30, 2022 $ (53,566) $ 8,071 $ (45,495) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ (45,383) $ 6,618 $ (38,765) Change in net unrealized gains (losses) on debt securities (7,614) 1,836 (5,778) DVA 3,642 (882) 2,760 Cash flow hedges (2,908) 701 (2,207) Benefit plans 104 (22) 82 CTA (1,483) (161) (1,644) Excluded component of fair value hedges 76 (19) 57 Long-duration insurance contracts — — — Change $ (8,183) $ 1,453 $ (6,730) Balance, June 30, 2022 $ (53,566) $ 8,071 $ (45,495) (1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount. (2) See Note 1. 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 Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Realized (gains) losses on sales of investments $ (49) $ 58 $ (121) $ (22) Gross impairment losses 43 90 94 180 Subtotal, pretax $ (6) $ 148 $ (27) $ 158 Tax effect (1) (37) 1 (41) Net realized (gains) losses on investments, after-tax (1) $ (7) $ 111 $ (26) $ 117 Realized DVA (gains) losses on fair value option liabilities, pretax $ (7) $ (1) $ (4) $ (1) Tax effect 1 — — — Net realized DVA, after-tax $ (6) $ (1) $ (4) $ (1) Interest rate contracts $ 495 $ (199) $ 964 $ (485) Foreign exchange contracts 1 1 2 2 Subtotal, pretax $ 496 $ (198) $ 966 $ (483) Tax effect (119) 47 (234) 115 Amortization of cash flow hedges, after-tax (2) $ 377 $ (151) $ 732 $ (368) Amortization of unrecognized: Prior service cost (benefit) $ (5) $ (5) $ (11) $ (11) Net actuarial loss 51 58 100 128 Curtailment/settlement impact (3) 1 183 (4) (33) Subtotal, pretax $ 47 $ 236 $ 85 $ 84 Tax effect (13) (54) (23) (23) Amortization of benefit plans, after-tax (3) $ 34 $ 182 $ 62 $ 61 Excluded component of fair value hedges, pretax $ (13) $ 7 $ (19) $ 10 Tax effect 3 (2) 5 (3) Excluded component of fair value hedges, after-tax $ (10) $ 5 $ (14) $ 7 Long-duration insurance contracts, pretax $ — $ — $ — $ — Tax effect — — — — Long-duration insurance contracts, after-tax $ — $ — $ — $ — CTA, pretax $ — $ 397 $ — $ 397 Tax effect — (52) — (52) CTA, after-tax (4) $ — $ 345 $ — $ 345 Total amounts reclassified out of AOCI , pretax $ 517 $ 589 $ 1,001 $ 165 Total tax effect (129) (98) (251) (4) Total amounts reclassified out of AOCI , after-tax $ 388 $ 491 $ 750 $ 161 (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 for additional details. (2) See Note 21 for additional details. (3) See Note 8 for additional details. (4) The pretax amount is reclassified to Discontinued operations and Other revenue in the Consolidated Statement of Income, and results from the substantial liquidation of a legacy U.K. consumer operation. See Note 2 for additional details. |
PREFERRED STOCK
PREFERRED STOCK | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
PREFERRED STOCK | PREFERRED STOCK The following table summarizes the Company’s preferred stock outstanding: Redemption Carrying value (in millions of dollars) Issuance date Redeemable by issuer beginning Dividend Number June 30, December 31, Series A (1) October 29, 2012 January 30, 2023 3-month LIBOR+ 4.068% $ 1,000 1,500,000 $ 1,500 $ 1,500 Series B (2) December 13, 2012 February 15, 2023 3-month LIBOR+ 4.230% 1,000 750,000 750 750 Series D (3) April 30, 2013 May 15, 2023 3-month LIBOR+ 3.466% 1,000 1,250,000 1,250 1,250 Series J (4) September 19, 2013 September 30, 2023 7.125 25 38,000,000 950 950 Series K (5) October 31, 2013 November 15, 2023 6.875 25 59,800,000 1,495 1,495 Series M (6) April 30, 2014 May 15, 2024 6.300 1,000 1,750,000 1,750 1,750 Series P (7) April 24, 2015 May 15, 2025 5.950 1,000 2,000,000 2,000 2,000 Series T (8) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (9) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 1,500 Series V (10) January 23, 2020 January 30, 2025 4.700 1,000 1,500,000 1,500 1,500 Series W (11) December 10, 2020 December 10, 2025 4.000 1,000 1,500,000 1,500 1,500 Series X (12) February 18, 2021 February 18, 2026 3.875 1,000 2,300,000 2,300 2,300 Series Y (13) October 27, 2021 November 15, 2026 4.150 1,000 1,000,000 1,000 1,000 Series Z (14) March 7, 2023 May 15, 2028 7.375 1,000 1,250,000 1,250 — $ 20,245 $ 18,995 (1) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Beginning in the second quarter of 2023, dividends are payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The dividend rate will transition to 3-month term SOFR plus 0.26161% + 4.068% at the start of the next dividend period. (2) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Beginning in the second quarter of 2023, dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. As previously announced, Citi will be redeeming Series B in its entirety on August 15, 2023. (3) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. Beginning in the third quarter of 2023, dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The dividend rate will transition to 3-month term SOFR plus 0.26161% + 3.466% at the start of the next dividend period. (4) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until, but excluding, September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. Beginning in the fourth quarter of 2023, dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The dividend rate will transition to 3-month term SOFR plus 0.26161% + 4.040% at the start of the next dividend period. (5) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (6) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (7) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (8) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (9) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 12 and September 12 at a fixed rate until, but excluding, September 12, 2024, thereafter payable quarterly on March 12, June 12, September 12 and December 12 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (10) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on January 30 and July 30 at a fixed rate until, but excluding, January 30, 2025, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (11) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 10, June 10, September 10 and December 10 at a fixed rate until, but excluding, December 10, 2025, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (12) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 18, May 18, August 18 and November 18 at a fixed rate until, but excluding, February 18, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (14) Issued as depositary shares, each representing a 1/25 th |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2023 | |
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 23 to the Consolidated Financial Statements in Citi’s 2022 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, 2023 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 31,666 $ 31,666 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 125,515 — 125,515 2,093 — — 138 2,231 Non-agency-sponsored 66,721 — 66,721 3,191 — — — 3,191 Citi-administered asset-backed commercial paper conduits 18,600 18,600 — — — — — — Collateralized loan obligations (CLOs) 5,916 — 5,916 2,525 — — — 2,525 Asset-based financing (5) 180,279 10,931 169,348 39,875 955 11,636 — 52,466 Municipal securities tender option bond trusts (TOBs) 1,527 596 931 16 — 681 — 697 Municipal investments 21,653 3 21,650 2,463 3,031 2,941 — 8,435 Client intermediation 487 97 390 75 — — — 75 Investment funds 490 103 387 4 7 78 1 90 Total $ 452,854 $ 61,996 $ 390,858 $ 50,242 $ 3,993 $ 15,336 $ 139 $ 69,710 As of December 31, 2022 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 32,021 $ 32,021 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,358 — 117,358 2,052 — — 48 2,100 Non-agency-sponsored 67,704 — 67,704 3,294 — — — 3,294 Citi-administered asset-backed commercial paper conduits 19,621 19,621 — — — — — — Collateralized loan obligations (CLOs) 7,600 — 7,600 2,601 — — — 2,601 Asset-based financing (5) 242,348 9,672 232,676 40,121 1,022 10,726 — 51,869 Municipal securities tender option bond trusts (TOBs) 2,155 672 1,483 2 — 1,108 — 1,110 Municipal investments 22,167 3 22,164 2,731 3,143 3,420 — 9,294 Client intermediation 482 121 361 58 — — 13 71 Investment funds 534 91 443 2 5 68 — 75 Other — — — — — — — — Total $ 511,990 $ 62,201 $ 449,789 $ 50,861 $ 4,170 $ 15,322 $ 61 $ 70,414 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2023 and December 31, 2022 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. (5) Included within this line are loans to third-party-sponsored private equity funds, which represent $11 billion and $69 billion in unconsolidated VIE assets and $534 million and $498 million in maximum exposure to loss as of June 30, 2023 and December 31, 2022, respectively. The previous tables do not include: • 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 third-party-sponsored private equity funds to which the Company provides secured credit facilities. The Company has no decision-making power and does not consolidate these funds, some of which may meet the definition of a VIE. The Company’s maximum exposure to loss is generally limited to a loan or lending-related commitment. As of June 30, 2023 and December 31, 2022, the Company’s maximum exposure to loss related to these transactions was $16.8 billion and $33.6 billion, respectively (for more information on these positions, see Note 13 and Note 27 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K); • 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 (see Notes 12 and 21 for more information on these positions); • 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 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 classification of the asset (e.g., loan or security) and the associated accounting model ascribed to that classification. 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. The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi’s Consolidated Balance Sheet. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs and are in excess of those obligations. In addition, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities in the table below include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup. June 30, 2023 December 31, In millions of dollars (Unaudited) 2022 Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs Cash and due from banks $ 69 $ 61 Trading account assets 10,417 9,153 Investments 496 594 Loans, net of unearned income Consumer 34,786 35,026 Corporate 18,731 19,782 Loans, net of unearned income $ 53,517 $ 54,808 Allowance for credit losses on loans (ACLL) (2,623) (2,520) Total loans, net $ 50,894 $ 52,288 Other assets 120 105 Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs $ 61,996 $ 62,201 June 30, 2023 December 31, In millions of dollars (Unaudited) 2022 Liabilities of consolidated VIEs for which creditors or beneficial interest holders Short-term borrowings $ 9,652 $ 9,807 Long-term debt 7,930 10,324 Other liabilities 853 622 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders $ 18,435 $ 20,753 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, 2023 December 31, 2022 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ — $ — $ — Asset-based financing — 11,636 — 10,726 Municipal securities tender option bond trusts (TOBs) 681 — 1,108 — Municipal investments — 2,941 — 3,420 Investment funds — 78 — 68 Other — — — — Total funding commitments $ 681 $ 14,655 $ 1,108 $ 14,214 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, 2023 December 31, 2022 Cash $ — $ — Trading account assets 1.6 1.6 Investments 8.5 8.6 Total loans, net of allowance 43.5 44.2 Other 0.6 0.6 Total assets $ 54.2 $ 55.0 Credit Card Securitizations The Company’s primary credit card securitization activity is through two trusts—Citibank Credit Card Master Trust and Citibank Omni Trust. These trusts are consolidated entities given Citi’s continuing involvement. For additional information, see Note 22 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. There were no material cash flows arising from either proceeds from new securitizations or paydowns of maturing notes during the six months ended June 30, 2023 and 2022. Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended June 30, 2023 2022 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 1.6 $ 1.0 $ 1.9 $ 8.6 Proceeds from new securitizations 1.6 0.9 1.8 8.4 Contractual servicing fees received — — — — Cash flows received on retained interests and other net cash flows — 0.1 — — Purchases of previously transferred financial assets — — — — Six Months Ended June 30, 2023 2022 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 2.3 $ 2.3 $ 4.0 $ 10.2 Proceeds from new securitizations 2.4 2.0 3.9 10.0 Contractual servicing fees received 0.1 — — — Cash flows received on retained interests and other net cash flows — 0.1 — — Purchases of previously transferred financial assets — — — — Note: Excludes broker-dealer re-securitization transactions. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $0.2 million and $0.3 million for the three and six months ended June 30, 2023, respectively. Gains recognized on the securitization of non-agency-sponsored mortgages were $11.3 million and $13.7 million for the three and six months ended June 30, 2023, respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $0.3 million and $0.6 million for the three and six months ended June 30, 2022, respectively. Gains recognized on the securitization of non-agency-sponsored mortgages were $35 million and $73.7 million for the three and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior (2) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (3) $ 684 $ 1,043 $ 959 $ 659 $ 1,119 $ 943 (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) Senior interests in non-agency-sponsored mortgages include $1.7 million related to personal loan securitizations at June 30, 2023. (3) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 22 for more information about fair value measurements. 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, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 2023 2022 2023 2022 Securitized assets Residential mortgages (1) $ 30 $ 30.8 $ 0.5 $ 0.5 $ — $ (0.3) $ 2.3 $ 1.2 Commercial and other 28.7 28.8 — — — — — — Total $ 58.7 $ 59.6 $ 0.5 $ 0.5 $ — $ (0.3) $ 2.3 $ 1.2 (1) Securitized assets include $0.1 billion of personal loan securitizations as of June 30, 2023. Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $681 million and $600 million at June 30, 2023 and 2022, respectively. The MSRs correspond to principal loan balances of $51 billion and $49 billion as of June 30, 2023 and 2022, respectively. The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Balance, beginning of period $ 658 $ 520 $ 665 $ 404 Originations 19 35 31 69 Changes in fair value of MSRs due to changes in inputs and assumptions 22 59 19 158 Other changes (1) (18) (14) (34) (31) Sales of MSRs — — — — Balance, as of June 30 $ 681 $ 600 $ 681 $ 600 (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 2023 2022 2023 2022 Servicing fees $ 32 $ 30 $ 65 $ 59 Late fees 1 1 2 2 Total MSR fees $ 33 $ 31 $ 67 $ 61 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 three months ended June 30, 2023 and 2022. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of June 30, 2023 and December 31, 2022, Citi held no retained interests in private label re-securitization transactions structured by Citi. The Company also re-securitizes U.S. government-agency-guaranteed mortgage-backed (agency) securities. During the three and six months ended June 30, 2023, Citi transferred agency securities with a fair value of approximately $3.3 billion and $8.6 billion, respectively, to re-securitization entities, compared to approximately $5.6 billion and $14.9 billion for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.4 billion (including $402 million related to re-securitization transactions executed in 2023), compared to $1.4 billion as of December 31, 2022 (including $801 million related to re-securitization transactions executed in 2022), which is recorded in Trading account assets . The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of June 30, 2023 and December 31, 2022 were approximately $86.8 billion and $79.4 billion, respectively. As of June 30, 2023 and December 31, 2022, the Company did not consolidate any private label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits At June 30, 2023 and December 31, 2022, the commercial paper conduits administered by Citi had approximately $18.6 billion and $19.6 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $16.1 billion and $13.9 billion, respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At June 30, 2023 and December 31, 2022, the weighted average remaining lives of the commercial paper issued by the conduits were approximately 66 and 64 days, respectively. Each asset purchased by the conduit is structured with transaction-specific credit enhancement features provided by the third-party client seller, including over-collateralization, cash and excess spread collateral accounts, direct recourse or third-party guarantees. These credit enhancements are sized with the objective of approximating a credit rating of A or above, based on Citi’s internal risk ratings. In addition to the transaction-specific credit enhancements, the conduits, other than the government-guaranteed loan conduit, have obtained letters of credit from the Company, which equal at least 8% to 10% of the conduit’s assets with a minimum of $350 million. The letters of credit provided by the Company to the conduits total approximately $1.9 billion and $1.9 billion as of June 30, 2023 and December 31, 2022, respectively. The net result across multiseller 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, 2023 and December 31, 2022, the Company owned $7.7 billion and $8.6 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. Municipal Securities Tender Option Bond (TOB) Trusts At June 30, 2023 and December 31, 2022, none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company. At June 30, 2023 and December 31, 2022, liquidity agreements provided with respect to customer TOB trusts totaled $0.7 billion and $1.1 billion, respectively, of which $0.5 billion and $0.7 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 $1.4 billion and $1.4 billion as of June 30, 2023 and December 31, 2022, respectively. These liquidity agreements and letters of credit are offset by reimbursement agreements with various term-out provisions. 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 presented 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, 2023 December 31, 2022 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 43,836 $ 9,100 $ 43,236 $ 8,806 Corporate loans 21,396 14,535 23,120 15,077 Other (including investment funds, airlines and shipping) 104,116 28,831 166,320 27,986 Total $ 169,348 $ 52,466 $ 232,676 $ 51,869 |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2023 | |
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 23 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Information pertaining to Citigroup’s derivatives 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. 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 ASC 815 Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 256,131 $ 255,280 $ 26,965,401 $ 23,780,711 Futures and forwards — — 3,494,099 2,966,025 Written options — — 2,598,919 1,937,025 Purchased options — — 2,425,954 1,881,291 Total interest rate contracts $ 256,131 $ 255,280 $ 35,484,373 $ 30,565,052 Foreign exchange contracts Swaps $ 42,117 $ 48,678 $ 7,613,604 $ 6,746,070 Futures, forwards and spot 47,752 43,666 3,869,688 3,350,341 Written options — — 838,598 789,077 Purchased options — — 829,662 783,591 Total foreign exchange contracts $ 89,869 $ 92,344 $ 13,151,552 $ 11,669,079 Equity contracts Swaps $ — $ — $ 273,483 $ 266,115 Futures and forwards — — 87,637 76,935 Written options — — 558,215 482,266 Purchased options — — 444,663 387,766 Total equity contracts $ — $ — $ 1,363,998 $ 1,213,082 Commodity and other contracts Swaps $ — $ — $ 82,002 $ 90,884 Futures and forwards 1,586 1,571 177,615 165,314 Written options — — 50,931 45,862 Purchased options — — 51,882 48,197 Total commodity and other contracts $ 1,586 $ 1,571 $ 362,430 $ 350,257 Credit derivatives (1) Protection sold $ — $ — $ 725,634 $ 593,136 Protection purchased — — 789,558 641,639 Total credit derivatives $ — $ — $ 1,515,192 $ 1,234,775 Total derivative notionals $ 347,586 $ 349,195 $ 51,877,545 $ 45,032,245 (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, 2023 and December 31, 2022. 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. 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 has occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. Derivative Mark-to-Market (MTM) Receivables/Payables Derivatives classified in (1)(2) In millions of dollars at June 30, 2023 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 414 $ 18 Cleared 126 18 Interest rate contracts $ 540 $ 36 Over-the-counter $ 1,620 $ 1,306 Cleared 1 — Foreign exchange contracts $ 1,621 $ 1,306 Total derivatives instruments designated as ASC 815 hedges $ 2,161 $ 1,342 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 120,857 $ 114,712 Cleared 47,014 49,212 Exchange traded 283 251 Interest rate contracts $ 168,154 $ 164,175 Over-the-counter $ 157,724 $ 150,913 Cleared 511 601 Exchange traded — 5 Foreign exchange contracts $ 158,235 $ 151,519 Over-the-counter $ 22,029 $ 27,163 Cleared 36 6 Exchange traded 25,020 24,412 Equity contracts $ 47,085 $ 51,581 Over-the-counter $ 15,640 $ 16,678 Exchange traded 886 992 Commodity and other contracts $ 16,526 $ 17,670 Over-the-counter $ 6,566 $ 6,607 Cleared 4,273 4,121 Credit derivatives $ 10,839 $ 10,728 Total derivatives instruments not designated as ASC 815 hedges $ 400,839 $ 395,673 Total derivatives $ 403,000 $ 397,015 Less: Netting agreements (3) $ (312,754) $ (312,754) Less: Netting cash collateral received/paid (4) (18,645) (28,221) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 71,601 $ 56,040 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (723) $ (2,793) Less: Non-cash collateral received/paid (3,841) (10,406) Total net receivables/payables (5) $ 67,037 $ 42,841 (1) The derivative fair values are also presented in Note 22. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $241 billion, $48 billion and $24 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (5) The net receivables/payables include approximately $14 billion of derivative asset and $9 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. Derivatives classified in (1)(2) In millions of dollars at December 31, 2022 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 468 $ 1 Cleared 129 101 Interest rate contracts $ 597 $ 102 Over-the-counter $ 2,288 $ 1,766 Cleared 3 3 Foreign exchange contracts $ 2,291 $ 1,769 Total derivatives instruments designated as ASC 815 hedges $ 2,888 $ 1,871 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 126,844 $ 119,854 Cleared 50,515 52,566 Exchange traded 248 98 Interest rate contracts $ 177,607 $ 172,518 Over-the-counter $ 184,869 $ 183,578 Cleared 502 643 Exchange traded 1 5 Foreign exchange contracts $ 185,372 $ 184,226 Over-the-counter $ 19,674 $ 21,871 Cleared 1 4 Exchange traded 22,732 21,908 Equity contracts $ 42,407 $ 43,783 Over-the-counter $ 27,285 $ 24,912 Exchange traded 1,039 1,406 Commodity and other contracts $ 28,324 $ 26,318 Over-the-counter $ 6,836 $ 5,807 Cleared 1,553 1,970 Credit derivatives $ 8,389 $ 7,777 Total derivatives instruments not designated as ASC 815 hedges $ 442,099 $ 434,622 Total derivatives $ 444,987 $ 436,493 Less: Netting agreements (3) $ (346,545) $ (346,545) Less: Netting cash collateral received/paid (4) (23,136) (30,032) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 75,306 $ 59,916 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (1,455) $ (2,272) Less: Non-cash collateral received/paid (5,923) (13,475) Total net receivables/payables (5) $ 67,928 $ 44,169 (1) The derivative fair values are also presented in Note 22. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $276 billion, $49 billion and $22 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (5) The net receivables/payables include approximately $14 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the three and six months ended June 30, 2023 and 2022, 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 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 presented 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 2023 2022 2023 2022 Interest rate contracts $ (22) $ 72 $ (34) $ 144 Foreign exchange (6) (4) (64) (81) Total $ (28) $ 68 $ (98) $ 63 Fair Value Hedges For additional information regarding Citi’s fair value hedges, see Note 23 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. 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, 2023 2022 2023 2022 In millions of dollars Other revenue Net interest income Other revenue Net interest income Other Net interest income Other revenue Net interest income Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (491) $ — $ (1,717) $ — $ (492) $ — $ (6,383) Foreign exchange hedges 738 — (1,234) — 1,286 — (1,659) — Commodity hedges (4) 183 — (257) — (325) — 615 — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ 921 $ (491) $ (1,491) $ (1,717) $ 961 $ (492) $ (1,044) $ (6,383) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 488 $ — $ 1,646 $ — $ 481 $ — $ 6,243 Foreign exchange hedges (738) — 1,233 — (1,286) — 1,657 — Commodity hedges (4) (183) — 257 — 325 — (615) — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ (921) $ 488 $ 1,490 $ 1,646 $ (961) $ 481 $ 1,042 $ 6,243 Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ (5) $ — $ — $ — $ (11) Foreign exchange hedges (2) 2 — 73 — 24 — 104 — Commodity hedges (3)(4) 52 — (26) — 101 — 23 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 54 $ — $ 47 $ (5) $ 125 $ — $ 127 $ (11) (1) Gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense . The accrued interest income on fair value hedges is recorded in Net interest income and is excluded from this table. Amounts included both hedges of AFS securities and long-term debt on a net basis, which largely offset in the current period. (2) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. Amounts related to cross-currency basis, which are recognized in AOCI , are not reflected in the table above. The amount of cross-currency basis included in AOCI was $22 million and $(4) million for the three and six months ended June 30, 2023 and $12 million and $76 million for the three and six months ended June 30, 2022, respectively. (3) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The quarter ended June 30, 2023 includes gain (loss) of approximately $41 million and $11 million under the mark-to-market approach and amortization approach, respectively. The quarter ended June 30, 2022 includes gain (loss) of approximately $(28) million and $2 million under the mark-to-market approach and amortization approach, respectively. (4) The gain (loss) amounts for commodity hedges are included in Principal transactions for periods beginning 2023. 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. This cumulative basis adjustment becomes part of the carrying amount of 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, 2023 and December 31, 2022, along with the cumulative basis adjustments included in the carrying value of those hedged assets and liabilities that would reverse through earnings in future periods. In millions of dollars Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability (1) Cumulative basis adjustment increasing (decreasing) the carrying amount Active De-designated As of June 30, 2023 Debt securities AFS (2)(4) $ 87,804 $ (2,936) $ (360) Long-term debt 130,665 (3,522) (4,816) As of December 31, 2022 Debt securities AFS (3)(4) $ 98,837 $ (2,976) $ (333) Long-term debt 144,549 (5,040) (3,399) (1) Excludes physical commodities inventories with a carrying value of approximately $8 billion as of June 30, 2023, which includes cumulative basis adjustments of approximately $540 million for active hedges. (2) These amounts include a cumulative basis adjustment of $(201) million for active hedges and $(283) million for de-designated hedges as of June 30, 2023, related to certain financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $7 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $13 billion as of June 30, 2023) in a portfolio layer hedging relationship. (3) These amounts include a cumulative basis adjustment of $(91) million for active hedges and $(309) million for de-designated hedges as of December 31, 2022, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $3 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $11 billion as of December 31, 2022) in a last-of-layer hedging relationship. (4) Carrying amount represents the amortized cost. 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, 2023 is approximately $(1.3) billion. The maximum length of time over which forecasted cash flows are hedged is 13 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 18. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ (280) $ (681) $ (259) $ (2,441) Foreign exchange contracts 17 (7) 5 16 Total gain (loss) recognized in AOCI $ (263) $ (688) $ (254) $ (2,425) Other Net Other Other Net interest Other Net Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ (495) $ — $ 199 $ — $ (964) $ — $ 485 Foreign exchange contracts (1) — (1) — (2) — (2) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ (495) $ (1) $ 199 $ (2) $ (964) $ (2) $ 485 Net pretax change in cash flow hedges included within AOCI $ 233 $ (886) $ 712 $ (2,908) (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest income in the Consolidated Statement of Income. Net Investment Hedges Citigroup uses foreign currency forwards, cross-currency swaps, options and foreign currency-denominated debt instruments to manage the foreign exchange risk associated with Citigroup’s equity investments in several non-U.S.-dollar-functional-currency foreign subsidiaries. Citi records the change in the fair value of these hedging instruments and the translation adjustment for the investments in these foreign subsidiaries in Foreign currency translation adjustment (CTA) within AOCI . The pretax gain (loss) recorded in CTA within AOCI , related to net investment hedges, was $(272) million and $(948) million for the three and six months ended June 30, 2023 and $836 million and $641 million for the three and six months ended June 30, 2022, respectively. June 30, 2022 includes a $47 million pretax loss related to net investment hedges that was reclassified from AOCI into earnings (recorded in Other revenue ). 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, 2023 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 10,015 $ 10,352 $ 768,300 $ 721,289 Total return swaps and other 824 376 21,258 4,345 Total by instrument $ 10,839 $ 10,728 $ 789,558 $ 725,634 By rating of reference entity Investment grade $ 5,491 $ 4,977 $ 619,717 $ 574,059 Non-investment grade 5,348 5,751 169,841 151,575 Total by rating of reference entity $ 10,839 $ 10,728 $ 789,558 $ 725,634 By maturity Within 1 year $ 1,242 $ 1,642 $ 164,261 $ 146,723 From 1 to 5 years 7,503 7,102 570,605 538,159 After 5 years 2,094 1,984 54,692 40,752 Total by maturity $ 10,839 $ 10,728 $ 789,558 $ 725,634 (1) The fair value amount receivable is composed of $4,249 million under protection purchased and $6,590 million under protection sold. (2) The fair value amount payable is composed of $7,011 million under protection purchased and $3,717 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2022 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 6,867 $ 7,360 $ 623,981 $ 586,504 Total return swaps and other 1,522 417 17,658 6,632 Total by instrument $ 8,389 $ 7,777 $ 641,639 $ 593,136 By rating of reference entity Investment grade $ 3,796 $ 2,970 $ 499,339 $ 462,873 Non-investment grade 4,593 4,807 142,300 130,263 Total by rating of reference entity $ 8,389 $ 7,777 $ 641,639 $ 593,136 By maturity Within 1 year $ 1,753 $ 1,801 $ 147,031 $ 148,721 From 1 to 5 years 4,577 4,134 443,113 407,293 After 5 years 2,059 1,842 51,495 37,122 Total by maturity $ 8,389 $ 7,777 $ 641,639 $ 593,136 (1) The fair value amount receivable is composed of $5,094 million under protection purchased and $3,295 million under protection sold. (2) The fair value amount payable is composed of $3,573 million under protection purchased and $4,204 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 June 30, 2023 and December 31, 2022 was $16 billion and $18 billion, respectively. The Company posted $14 billion and $15 billion as collateral for this exposure in the normal course of business as of June 30, 2023 and December 31, 2022, 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, 2023, the Company could be required to post an additional $0.8 billion as either collateral or settlement of the derivative transactions. In addition, the Company could be required to segregate with third-party custodians collateral previously received from existing derivative counterparties in the amount of $16 million 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), the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $2.7 billion and $1.4 billion as of June 30, 2023 and December 31, 2022, respectively. At June 30, 2023, the fair value of these previously derecognized assets was $2.7 billion. The fair value of the total return swaps as of June 30, 2023 was $39 million recorded as gross derivative assets and $24 million recorded as gross derivative liabilities. At December 31, 2022, the fair value of these previously derecognized assets was $1.4 billion, and the fair value of the total return swaps was $27 million recorded as gross derivative assets and $32 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, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT For additional information regarding fair value measurement at Citi, see Note 25 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. Fair Value Hierarchy ASC 820-10 specifies a hierarchy of inputs based on whether the inputs are observable or unobservable. Observable inputs are developed using market data and reflect market participant assumptions, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in the market. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable . As required under the fair value hierarchy, the Company considers relevant and observable market inputs in its valuations where possible. The fair value hierarchy classification approach typically utilizes rules-based and data-driven selection criteria to determine whether an instrument is classified as Level 1, Level 2 or Level 3: • The determination of whether an instrument is quoted in an active market and therefore considered a Level 1 instrument is based upon the frequency of observed transactions and the quality of independent market data available on the measurement date. • A Level 2 classification is assigned where there is observability of prices/market inputs to models, or where any unobservable inputs are not significant to the valuation. The determination of whether an input is considered observable is based on the availability of independent market data and its corroboration, for example through observed transactions in the market. • Otherwise, an instrument is classified as Level 3. 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, 2023 and December 31, 2022: Credit and funding In millions of dollars June 30, December 31, Counterparty CVA $ (651) $ (816) Asset FVA (502) (622) Citigroup (own credit) CVA 456 607 Liability FVA 219 263 Total CVA and FVA—derivative instruments $ (478) $ (568) 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 Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Counterparty CVA $ 4 $ (94) $ (30) $ (201) Asset FVA 100 (46) 94 (151) Own credit CVA (114) 182 (149) 298 Liability FVA (17) 68 (44) 90 Total CVA and FVA—derivative instruments $ (27) $ 110 $ (129) $ 36 DVA related to own FVO liabilities (1) $ (837) $ 2,592 $ (1,270) $ 3,642 Total CVA, DVA and FVA $ (864) $ 2,702 $ (1,399) $ 3,678 (1) See Note 20 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. 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, 2023 and December 31, 2022. The Company may hedge positions Fair Value Levels In millions of dollars at June 30, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 428,174 $ 140 $ 428,314 $ (218,188) $ 210,126 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 55,299 659 55,958 — 55,958 Residential 1 2,936 145 3,082 — 3,082 Commercial — 784 182 966 — 966 Total trading mortgage-backed securities $ 1 $ 59,019 $ 986 $ 60,006 $ — $ 60,006 U.S. Treasury and federal agency securities $ 88,273 $ 2,321 $ — $ 90,594 $ — $ 90,594 State and municipal — 2,092 3 2,095 — 2,095 Foreign government 56,090 36,045 81 92,216 — 92,216 Corporate 1,695 16,623 581 18,899 — 18,899 Equity securities 55,898 11,400 285 67,583 — 67,583 Asset-backed securities — 1,560 539 2,099 — 2,099 Other trading assets (2) 5 16,613 1,478 18,096 — 18,096 Total trading non-derivative assets $ 201,962 $ 145,673 $ 3,953 $ 351,588 $ — $ 351,588 Trading derivatives Interest rate contracts $ 21 $ 166,402 $ 2,271 $ 168,694 Foreign exchange contracts — 158,360 1,496 159,856 Equity contracts 31 45,762 1,292 47,085 Commodity contracts — 15,418 1,108 16,526 Credit derivatives — 9,984 855 10,839 Total trading derivatives—before netting and collateral $ 52 $ 395,926 $ 7,022 $ 403,000 Netting agreements $ (312,754) Netting of cash collateral received (18,645) Total trading derivatives—after netting and collateral $ 52 $ 395,926 $ 7,022 $ 403,000 $ (331,399) $ 71,601 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 14,931 $ 32 $ 14,963 $ — $ 14,963 Residential — 312 25 337 — 337 Commercial — 2 — 2 — 2 Total investment mortgage-backed securities $ — $ 15,245 $ 57 $ 15,302 $ — $ 15,302 U.S. Treasury and federal agency securities $ 81,878 $ 344 $ 21 $ 82,243 $ — $ 82,243 State and municipal — 1,695 507 2,202 — 2,202 Foreign government 50,928 73,928 414 125,270 — 125,270 Corporate 2,590 2,447 290 5,327 — 5,327 Marketable equity securities 164 119 13 296 — 296 Asset-backed securities — 845 1 846 — 846 Other debt securities — 6,087 57 6,144 — 6,144 Non-marketable equity securities (3) — 5 404 409 — 409 Total investments $ 135,560 $ 100,715 $ 1,764 $ 238,039 $ — $ 238,039 Table continues on the next page. In millions of dollars at June 30, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 5,525 $ 241 $ 5,766 $ — $ 5,766 Mortgage servicing rights — — 681 681 — 681 Non-trading derivatives and other financial assets measured on a recurring basis $ 5,793 $ 7,771 $ 73 $ 13,637 $ — $ 13,637 Total assets $ 343,367 $ 1,083,784 $ 13,874 $ 1,441,025 $ (549,587) $ 891,438 Total as a percentage of gross assets (4) 23.8% 75.2% 1.0% Liabilities Interest-bearing deposits $ — $ 2,572 $ 26 $ 2,598 $ — $ 2,598 Securities loaned and sold under agreements to repurchase — 213,804 627 214,431 (151,631) 62,800 Trading account liabilities Securities sold, not yet purchased 98,359 16,195 62 114,616 — 114,616 Other trading liabilities — 4 4 8 — 8 Total trading account liabilities $ 98,359 $ 16,199 $ 66 $ 114,624 $ — $ 114,624 Trading derivatives Interest rate contracts $ 19 $ 159,959 $ 4,233 $ 164,211 Foreign exchange contracts — 152,029 796 152,825 Equity contracts 27 48,699 2,855 51,581 Commodity contracts — 16,892 778 17,670 Credit derivatives — 9,718 1,010 10,728 Total trading derivatives—before netting and collateral $ 46 $ 387,297 $ 9,672 $ 397,015 Netting agreements $ (312,754) Netting of cash collateral paid (28,221) Total trading derivatives—after netting and collateral $ 46 $ 387,297 $ 9,672 $ 397,015 $ (340,975) $ 56,040 Short-term borrowings $ — $ 5,326 $ 296 $ 5,622 $ — $ 5,622 Long-term debt — 78,733 37,204 115,937 — 115,937 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 5,793 $ 173 $ 23 $ 5,989 $ — $ 5,989 Total liabilities $ 104,198 $ 704,104 $ 47,914 $ 856,216 $ (492,606) $ 363,610 Total as a percentage of gross liabilities (4) 12.2 % 82.2 % 5.6 % (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 23. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Amounts exclude $24 million 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). (4) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. Fair Value Levels In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 350,145 $ 149 $ 350,294 $ (110,767) $ 239,527 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,878 600 35,478 — 35,478 Residential 1 1,821 166 1,988 — 1,988 Commercial — 798 145 943 — 943 Total trading mortgage-backed securities $ 1 $ 37,497 $ 911 $ 38,409 $ — $ 38,409 U.S. Treasury and federal agency securities $ 63,067 $ 4,513 $ 1 $ 67,581 $ — $ 67,581 State and municipal — 2,256 7 2,263 — 2,263 Foreign government 38,383 25,850 119 64,352 — 64,352 Corporate 1,593 11,955 394 13,942 — 13,942 Equity securities 43,990 10,179 192 54,361 — 54,361 Asset-backed securities — 1,597 668 2,265 — 2,265 Other trading assets (2) 24 14,963 648 15,635 — 15,635 Total trading non-derivative assets $ 147,058 $ 108,810 $ 2,940 $ 258,808 $ — $ 258,808 Trading derivatives Interest rate contracts $ 297 $ 174,156 $ 3,751 $ 178,204 Foreign exchange contracts — 186,897 766 187,663 Equity contracts 20 40,683 1,704 42,407 Commodity contracts — 26,823 1,501 28,324 Credit derivatives — 7,484 905 8,389 Total trading derivatives—before netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 Netting agreements $ (346,545) Netting of cash collateral received (3) (23,136) Total trading derivatives—after netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 $ (369,681) $ 75,306 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 11,232 $ 30 $ 11,262 $ — $ 11,262 Residential — 444 41 485 — 485 Commercial — 2 — 2 — 2 Total investment mortgage-backed securities $ — $ 11,678 $ 71 $ 11,749 $ — $ 11,749 U.S. Treasury and federal agency securities $ 91,851 $ 439 $ — $ 92,290 $ — $ 92,290 State and municipal — 1,637 586 2,223 — 2,223 Foreign government 58,419 74,250 608 133,277 — 133,277 Corporate 2,230 2,343 343 4,916 — 4,916 Marketable equity securities 254 165 10 429 — 429 Asset-backed securities — 1,029 1 1,030 — 1,030 Other debt securities — 4,194 — 4,194 — 4,194 Non-marketable equity securities (4) — 9 430 439 — 439 Total investments $ 152,754 $ 95,744 $ 2,049 $ 250,547 $ — $ 250,547 Table continues on the next page. In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,999 $ 1,361 $ 5,360 $ — $ 5,360 Mortgage servicing rights — — 665 665 — 665 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,310 $ 6,291 $ 57 $ 10,658 $ — $ 10,658 Total assets $ 304,439 $ 1,001,032 $ 15,848 $ 1,321,319 $ (480,448) $ 840,871 Total as a percentage of gross assets (5) 23.0% 75.8% 1.2% Liabilities Interest-bearing deposits $ — $ 1,860 $ 15 $ 1,875 $ — $ 1,875 Securities loaned and sold under agreements to repurchase — 155,822 1,031 156,853 (85,967) 70,886 Trading account liabilities Securities sold, not yet purchased 97,559 13,111 50 110,720 — 110,720 Other trading liabilities — 8 3 11 — 11 Total trading account liabilities $ 97,559 $ 13,119 $ 53 $ 110,731 $ — $ 110,731 Trading derivatives Interest rate contracts $ 175 $ 169,049 $ 3,396 $ 172,620 Foreign exchange contracts — 185,279 716 185,995 Equity contracts 70 40,905 2,808 43,783 Commodity contracts 2 25,093 1,223 26,318 Credit derivatives — 6,715 1,062 7,777 Total trading derivatives—before netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 Netting agreements $ (346,545) Netting of cash collateral paid (3) (30,032) Total trading derivatives—after netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 $ (376,577) $ 59,916 Short-term borrowings $ — $ 6,184 $ 38 $ 6,222 $ — $ 6,222 Long-term debt — 69,878 36,117 105,995 — 105,995 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 4,197 $ 240 $ 2 $ 4,439 $ — $ 4,439 Total liabilities $ 102,003 $ 674,144 $ 46,461 $ 822,608 $ (462,544) $ 360,064 Total as a percentage of gross liabilities (5) 12.4 % 82.0 % 5.6 % (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 23. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (4) Amounts exclude $27 million of investments measured at 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. 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, 2023 and 2022. 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 gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 153 $ (10) $ — $ — $ (2) $ — $ — $ — $ (1) $ 140 $ (8) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 658 (32) — 93 (124) 147 — (83) — 659 (24) Residential 162 (2) — 35 (43) 39 — (46) — 145 (3) Commercial 163 (10) — 48 (18) 31 — (32) — 182 (7) Total trading mortgage-backed securities $ 983 $ (44) $ — $ 176 $ (185) $ 217 $ — $ (161) $ — $ 986 $ (34) U.S. Treasury and federal agency securities $ 1 $ (1) $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 23 (1) — — — — — (19) — 3 — Foreign government 53 (1) — 8 (2) 49 — (26) — 81 (1) Corporate 296 46 — 196 (51) 256 — (162) — 581 88 Marketable equity securities 225 6 — 14 (2) 66 — (24) — 285 5 Asset-backed securities 567 (1) — 74 (18) 197 — (280) — 539 (5) Other trading assets 1,094 373 — 16 (74) 178 — (109) — 1,478 378 Total trading non-derivative assets $ 3,242 $ 377 $ — $ 484 $ (332) $ 963 $ — $ (781) $ — $ 3,953 $ 431 Trading derivatives, net (4) Interest rate contracts $ 260 $ (1,550) $ — $ (167) $ (669) $ (17) $ — $ 13 $ 168 $ (1,962) $ (1,486) Foreign exchange contracts 76 503 — 121 50 27 — (42) (35) 700 438 Equity contracts (1,582) (486) — (16) 572 (7) — (21) (23) (1,563) (494) Commodity contracts 230 188 — 74 (83) 9 — (9) (79) 330 18 Credit derivatives (21) (154) — (20) 36 — — — 4 (155) (215) Total trading derivatives, net (4) $ (1,037) $ (1,499) $ — $ (8) $ (94) $ 12 $ — $ (59) $ 35 $ (2,650) $ (1,739) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 28 $ — $ 1 $ — $ — $ 4 $ — $ (1) $ — $ 32 $ (1) Residential 25 — — — — — — — — 25 — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 53 $ — $ 1 $ — $ — $ 4 $ — $ (1) $ — $ 57 $ (1) U.S. Treasury and federal agency securities $ 51 $ — $ — $ — $ — $ — $ — $ (30) $ — $ 21 $ — State and municipal 521 — (8) — (2) — — (4) — 507 (8) Foreign government 551 — 7 15 (17) 363 — (505) — 414 7 Corporate 291 — (4) — — 23 — (20) — 290 (4) Marketable equity securities 12 — 1 — — — — — — 13 (7) Asset-backed securities 1 — — — — — — — — 1 — Other debt securities 4 — 1 — (5) 57 — — — 57 — Non-marketable equity securities 409 — (14) — — 10 — (1) — 404 5 Total investments $ 1,893 $ — $ (16) $ 15 $ (24) $ 457 $ — $ (561) $ — $ 1,764 $ (8) Loans $ 640 $ — $ (281) $ 2 $ (119) $ — $ — $ — $ (1) $ 241 $ (146) Mortgage servicing rights 658 — 21 — — — 19 — (17) 681 22 Other financial assets measured at fair value on a recurring basis 52 — 1 — (1) 21 — — — 73 — Liabilities Interest-bearing deposits $ 16 $ (7) $ — $ — $ — $ — $ 13 $ — $ (10) $ 26 $ (7) Securities loaned and sold under agreements to repurchase 809 1 — — (24) 511 — — (668) 627 1 Trading account liabilities Securities sold, not yet purchased 72 2 — 5 (15) 33 — — (31) 62 4 Other trading liabilities 1 — — 3 — — — — — 4 (1) Short-term borrowings 281 13 — 19 (11) — 21 — (1) 296 (4) Long-term debt 36,581 893 — 2,130 (1,263) — 808 — (159) 37,204 591 Other financial liabilities measured on a recurring basis 20 — (1) — (1) — 3 — — 23 (1) (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2023. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 149 $ 3 $ — $ — $ (2) $ 137 $ — $ — $ (147) $ 140 $ 5 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 600 (10) — 185 (266) 370 — (220) — 659 (35) Residential 166 (1) — 61 (62) 100 — (119) — 145 (13) Commercial 145 (15) — 104 (31) 50 — (71) — 182 (13) Total trading mortgage-backed securities $ 911 $ (26) $ — $ 350 $ (359) $ 520 $ — $ (410) $ — $ 986 $ (61) U.S. Treasury and federal agency securities $ 1 $ (1) $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 7 (3) — 19 — — — (20) — 3 — Foreign government 119 6 — 8 (27) 61 — (86) — 81 5 Corporate 394 76 — 210 (178) 352 — (273) — 581 153 Marketable equity securities 192 9 — 26 (8) 97 — (31) — 285 10 Asset-backed securities 668 14 — 79 (81) 318 — (459) — 539 — Other trading assets 648 401 — 261 (76) 468 — (224) — 1,478 411 Total trading non-derivative assets $ 2,940 $ 476 $ — $ 953 $ (729) $ 1,816 $ — $ (1,503) $ — $ 3,953 $ 518 Trading derivatives, net (4) Interest rate contracts $ 355 $ (1,689) $ — $ (202) $ (659) $ (13) $ — $ 13 $ 233 $ (1,962) $ (1,713) Foreign exchange contracts 50 546 — 104 48 102 — (81) (69) 700 497 Equity contracts (1,104) (878) — (67) 806 (253) — (44) (23) (1,563) (624) Commodity contracts 278 (137) — 174 240 (58) — (12) (155) 330 (148) Credit derivatives (157) (146) — (3) 136 2 — — 13 (155) (203) Total trading derivatives, net (4) $ (578) $ (2,304) $ — $ 6 $ 571 $ (220) $ — $ (124) $ (1) $ (2,650) $ (2,191) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ (1) $ — $ — $ 4 $ — $ (1) $ — $ 32 $ (4) Residential 41 — — — — — — (16) — 25 — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 71 $ — $ (1) $ — $ — $ 4 $ — $ (17) $ — $ 57 $ (4) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ 51 $ — $ (30) $ — $ 21 $ — State and municipal 586 — 9 1 (77) 1 — (13) — 507 5 Foreign government 608 — 5 25 (18) 523 — (729) — 414 8 Corporate 343 — (1) — (61) 81 — (72) — 290 (4) Marketable equity securities 10 — 3 — — — — — — 13 — Asset-backed securities 1 — — — — — — — — 1 — Other debt securities — — — — (5) 62 — — — 57 — Non-marketable equity securities 430 — (18) 2 — 16 — (26) — 404 5 Total investments $ 2,049 $ — $ (3) $ 28 $ (161) $ 738 $ — $ (887) $ — $ 1,764 $ 10 Loans $ 1,361 $ — $ (264) $ 2 $ (309) $ — $ 106 $ — $ (655) $ 241 $ (133) Mortgage servicing rights 665 — 18 — — — 31 — (33) 681 20 Other financial assets measured at fair value on a recurring basis 57 — (2) — (2) 22 — (2) — 73 — Liabilities Interest-bearing deposits $ 15 $ (7) $ (2) $ — $ (1) $ — $ 13 $ — $ (10) $ 26 $ (7) Securities loaned and sold under agreements to repurchase 1,031 (6) — — (24) 1,335 — — (1,721) 627 — Trading account liabilities Securities sold, not yet purchased 50 (13) — 11 (31) 64 — — (45) 62 6 Other trading liabilities 3 2 — 3 — — — — — 4 — Short-term borrowings 38 40 — 19 (16) — 297 — (2) 296 (9) Long-term debt 36,117 (227) — 3,228 (6,106) — 4,344 — (606) 37,204 964 Other financial liabilities measured on a recurring basis 2 — 1 — (1) — 23 — — 23 (1) (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2023. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Level 3 Fair Value Transfers The following were the significant Level 3 transfers for the period December 31, 2022 to June 30, 2023: • During the three and six months ended June 30, 2023, transfers of Long-term debt were $2.1 billion and $3.2 billion from Level 2 to Level 3, respectively. Of the $3.2 billion transfer, approximately $2.9 billion related to interest rate option volatility inputs becoming unobservable and/or significant relative to their overall valuation, and $0.3 billion related to equity and credit derivative inputs (in addition to other volatility inputs, e.g., interest rate volatility inputs) becoming unobservable and/or significant to their overall valuation. In other instances, market changes have resulted in some inputs becoming more observable, and some unobservable inputs becoming less significant to the overall valuation of the instruments (e.g., when an option becomes deep-in or deep-out of the money). This has primarily resulted in $1.3 billion and $6.1 billion of certain structured long-term debt products being transferred from Level 3 to Level 2 during the three and six months ended June 30, 2023, respectively. The following were the significant Level 3 transfers for the period December 31, 2021 to June 30, 2022: • During the three and six months ended June 30, 2022, transfers of Long-term debt were $3.3 billion and $6.7 billion, respectively, from Level 2 to Level 3. Of the $6.7 billion transfer in the six months ended June 30, 2022, approximately $4.5 billion related to interest rate option volatility inputs becoming unobservable and/or significant relative to their overall valuation, and $2.2 billion related to equity and credit derivative inputs (in addition to other volatility inputs, e.g., interest rate volatility inputs) becoming unobservable and/or significant to their overall valuation. In other instances, market changes have resulted in some inputs becoming more observable, and some unobservable inputs becoming less significant to the overall valuation of the instruments (e.g., when an option becomes deep-in or deep-out of the money). This has primarily resulted in $2.6 billion and $3.5 billion of certain structured long-term debt products being transferred from Level 3 to Level 2 during the three and six months ended June 30, 2022, respectively. 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 those listed. As of June 30, 2023 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 $ 140 Model-based Interest rate 1.23 % 1.23 % 1.23 % Credit spread 15 bps 15 bps 15 bps Mortgage-backed securities $ 726 Yield analysis Yield 4.46 % 19.42 % 9.45 % 310 Price-based Price $ 1.11 $ 102.74 $ 53.57 State and municipal, foreign government, corporate and other debt securities $ 2,349 Price-based Price $ 0.01 $ 114.74 $ 83.15 973 Model-based Credit spread 35 bps 508 bps 275 bps Forward price 17.46 % 218.96 % 102.59 % Commodity volatility 8.79 % 166.93 % 27.52 % Commodity correlation (21.00) % 95.73 % 43.10 % Marketable equity securities (5) $ 241 Price-based Price $ — $ 10,165.30 $ 171.81 34 Model-based WAL 3 years 3 years 3 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Asset-backed securities $ 463 Price-based Price $ 5.45 $ 140.00 $ 70.87 77 Yield analysis Yield 6.12 % 11.91 % 8.58 % Non-marketable equities $ 298 Comparables analysis Illiquidity discount 10.00 % 12.00 % 10.08 % 57 Cash flow PE ratio 13.80x 15.40x 14.23x Discount to price 8.50 % 33.00 % 17.28 % Revenue multiple 3.70x 13.77x 10.94x Derivatives—gross (6) Interest rate contracts (gross) $ 6,435 Model-based IR normal volatility 0.28 % 15.00 % 1.20 % Interest rate 2.57 % 5.24 % 3.13 % Foreign exchange contracts (gross) $ 1,916 Model-based IR normal volatility 0.28 % 44.99 % 1.71 % Equity contracts (gross) (7) $ 4,062 Model-based Equity volatility — % 279.49 % 33.30 % Equity forward 72.62 % 265.04 % 105.44 % Equity-FX correlation (90.00) % 70.00 % (11.24) % WAL 3 years 3 years 3 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Equity-IR correlation (22.00) % 60.00 % 30.04 % Commodity and other contracts (gross) $ 1,772 Model-based Commodity correlation (21.00) % 95.73 % 43.10 % Commodity volatility 8.79 % 166.93 % 27.52 % Forward price 17.46 % 463.41 % 104.70 % Credit derivatives (gross) $ 1,307 Model-based Credit spread 7 bps 520 bps 95 bps 510 Price-based Recovery rate 6.00 % 75.00 % 37.52 % Credit correlation 30.00 % 90.00 % 50.34 % Price $ 3.66 $ 99.49 $ 36.20 Upfront points (0.64) % 99.00 % 54.49 % Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 95 Price-based Price $ 0.01 $ 106.50 $ 87.76 As of June 30, 2023 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Loans and leases $ 234 Price-based Price $ 69.49 $ 106.96 $ 72.06 Forward price 17.46 % 383.18 % 109.86 % Commodity volatility 8.79 % 166.93 % 27.52 % Commodity correlation (21.00) % 95.73 % 43.10 % Mortgage servicing rights $ 597 Cash flow Yield — % 12.00 % 5.12 % 85 Model-based WAL 3.84 years 9.17 years 7.71 years Liabilities Interest-bearing deposits $ 26 Model-based Forward price 100.00 % 100.00 % 100.00 % Securities loaned and sold under agreements to repurchase $ 627 Model-based Interest rate 3.96 % 5.53 % 4.24 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 60 Price-based Price $ — $ 10,616 $ 72 Short-term borrowings and long-term debt $ 37,378 Model-based IR normal volatility 0.28 % 13.00 % 1.07 % As of December 31, 2022 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 $ 146 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 2.61 % 2.61 % 2.61 % Mortgage-backed securities $ 228 Price-based Price $ 1.04 $ 99.71 $ 51.51 732 Yield analysis Yield 4.41 % 20.30 % 9.74 % State and municipal, foreign government, corporate and other debt securities $ 2,360 Price-based Price $ 0.01 $ 994.68 $ 245.85 Marketable equity securities (5) $ 147 Price-based Price $ — $ 9,087.76 $ 114.29 31 Model-based WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Asset-backed securities $ 304 Price-based Price $ 10.50 $ 145.00 $ 74.97 308 Yield analysis Yield 5.76 % 18.58 % 9.34 % Non-marketable equities $ 287 Comparables analysis Illiquidity discount 8.60 % 17.00 % 10.16 % 101 Price-based PE ratio 14.00x 15.70x 15.16x Cost of capital 8.10 % 17.50 % 10.44 % Revenue multiple 3.60x 13.90x 12.40x Derivatives—gross (6) Interest rate contracts (gross) $ 7,108 Model-based IR normal volatility 0.33 % 1.82 % 0.96 % Foreign exchange contracts (gross) $ 1,437 Model-based IR normal volatility 0.33 % 1.47 % 0.67 % IR basis (4.23) % 9.68 % (0.03) % Equity volatility 0.05 % 300.72 % 33.91 % Credit spread 116 bps 626 bps 594 bps Equity contracts (gross) (7) $ 4,430 Model-based Equity volatility 0.05 % 300.72 % 41.47 % Equity forward 68.34 % 271.61 % 103.50 % Equity-FX correlation (95.00) % 50.00 % (16.33) % Equity-Equity correlation (3.98) % 98.68 % 85.63 % WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Equity-IR correlation (18.83) % 60.00 % 32.37 % Commodity and other contracts (gross) $ 2,724 Model-based Forward price 14.27 % 385.50 % 106.08 % Commodity volatility 10.43 % 151.50 % 33.55 % Commodity correlation (32.00) % 91.94 % 36.70 % Credit derivatives (gross) $ 1,520 Model-based Credit spread 2.50 bps 955.10 bps 101.27 bps 439 Price-based Recovery rate 25.00 % 75.00 % 42.27 % Credit correlation 25.00 % 80.00 % 42.38 % Price $ 31.71 $ 99.00 $ 78.75 Credit spread volatility 35.58 % 64.79 % 40.47 % Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 57 Price-based Price $ 80.16 $ 105.32 $ 92.65 Loans and leases $ 1,059 Model-based Equity volatility 0.05 % 300.72 % 42.62 % 304 Price-based Forward price 14.27 % 324.85 % 105.07 % Price $ 0.01 $ 100.53 $ 84.77 Equity forward 68.34 % 271.61 % 103.49 % Mortgage servicing rights $ 580 Cash flow Yield (0.40) % 13.20 % 5.36 % 84 Model-based WAL 3.92 years 9.33 years 7.71 years Liabilities Interest-bearing deposits $ 15 Model-ba |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 6 Months Ended |
Jun. 30, 2023 | |
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 otherwise be revoked once an election is made. The changes in fair value are recorded in current earnings. Movements in DVA are reported as a component of AOCI . The Company has elected fair value accounting for its mortgage servicing rights (MSRs). See Note 20 for additional details on Citi’s MSRs. Additional discussion regarding other applicable areas in which fair value elections were made is presented in Note 22. 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 2023 2022 2023 2022 Assets Securities borrowed and purchased under agreements to resell $ (95) $ (21) $ (10) $ (83) Trading account assets 18 (177) 79 (238) Loans Certain corporate loans 635 (1,523) 326 (1,855) Certain consumer loans (4) — 1 (1) Total loans $ 631 $ (1,523) $ 327 $ (1,856) Other assets MSRs $ 22 $ 60 $ 19 $ 158 Certain mortgage loans HFS (1) (18) (144) (10) (330) Total other assets $ 4 $ (84) $ 9 $ (172) Total assets $ 558 $ (1,805) $ 405 $ (2,349) Liabilities Interest-bearing deposits $ 82 $ (168) $ (52) $ (123) Securities loaned and sold under agreements to repurchase 49 19 (19) 96 Trading account liabilities 77 191 152 (449) Short-term borrowings (2) 230 1,064 88 1,196 Long-term debt (2) (2,147) 9,642 (6,496) 15,713 Total liabilities $ (1,709) $ 10,748 $ (6,327) $ 16,433 (1) Includes gains (losses) associated with interest rate lock commitments for originated loans for which the Company has elected the fair value option. (2) Includes DVA that is included in AOCI . See Notes 18 and 22. 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. 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 18 for additional information. Among other variables, the fair value of liabilities for which the fair value option has been elected (other than non-recourse debt 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 non-derivative liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were a loss of $(837) million and gain of $2,592 million for the three months ended June 30, 2023 and 2022, respectively, and a loss of $(1,270) million and gain of $3,642 million for the six months ended June 30, 2023 and 2022, 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 Uncollateralized 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 uncollateralized short-term borrowings held primarily by broker-dealer entities in the United States, the 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, 2023 December 31, 2022 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 4,482 $ 5,766 $ 6,011 $ 5,360 Aggregate unpaid principal balance in excess of (less than) fair value 161 156 167 51 Balance of non-accrual loans or loans more than 90 days past due — 2 — 2 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — — In addition to the amounts reported above, $651 million and $729 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of June 30, 2023 and December 31, 2022, 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 three months ended June 30, 2023 and 2022 due to instrument-specific credit risk totaled to a loss of $25 million and $(47) million, respectively. Changes in fair value due to instrument-specific credit risk are estimated based on changes in borrower-specific credit spreads and recovery assumptions. Certain Investments in Unallocated Precious Metals Citigroup invests in unallocated precious metals accounts (e.g., gold, silver, platinum and palladium) as part of its commodity trading activities. Under ASC 815, the investment is bifurcated into a debt host contract and a commodity derivative instrument. Citigroup elects the fair value option for the debt host contract, and reports the 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 $0.6 billion and $0.3 billion at June 30, 2023 and December 31, 2022, respectively. As part of its commodity 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. 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, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 1,069 $ 793 Aggregate fair value in excess of (less than) unpaid principal balance (7) (10) Balance of non-accrual loans or loans more than 90 days past due 3 1 Aggregate unpaid principal balance in excess of fair value for non-accrual loans — — 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, 2023 and 2022 due to instrument-specific credit risk. Changes in fair value due to instrument-specific credit risk are estimated based on changes in the borrower default, prepayment and recovery forecasts in addition to instrument-specific credit spread. 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 Debt Liabilities The Company has elected the fair value option for certain debt liabilities, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions are classified as Long-term debt or Short-term borrowings on the Company’s Consolidated Balance Sheet. The following table provides information about the carrying value of notes carried at fair value, disaggregated by type of risk: In billions of dollars June 30, 2023 December 31, 2022 Interest rate linked $ 57.3 $ 53.4 Foreign exchange linked 0.1 0.1 Equity linked 48.9 42.5 Commodity linked 4.8 5.0 Credit linked 4.8 5.0 Total $ 115.9 $ 106.0 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 are reported in Principal transactions . Changes in the fair value of these liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions . The following table provides information about long-term debt carried at fair value: In millions of dollars June 30, 2023 December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 115,937 $ 105,995 Aggregate unpaid principal balance in excess of (less than) fair value (1,922) (2,944) The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2023 December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 5,622 $ 6,222 Aggregate unpaid principal balance in excess of (less than) fair value (14) (9) |
GUARANTEES AND COMMITMENTS
GUARANTEES AND COMMITMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Guarantees and Commitments [Abstract] | |
GUARANTEES AND COMMITMENTS | GUARANTEES AND COMMITMENTS Citi provides a variety of guarantees and indemnifications to its customers to enhance their credit standing and enable them to complete a wide range 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 these tables, see Note 27 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. The following tables present information about Citi’s guarantees at June 30, 2023 and December 31, 2022: Maximum potential amount of future payments In billions of dollars at June 30, 2023 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 21.5 $ 63.1 $ 84.6 $ 780 Performance guarantees 4.7 5.9 10.6 48 Derivative instruments considered to be guarantees 14.8 31.4 46.2 338 Loans sold with recourse 0.6 1.2 1.8 13 Securities lending indemnifications (1) 108.6 — 108.6 — Credit card merchant processing (2) 128.3 — 128.3 1 Credit card arrangements with partners 0.1 0.4 0.5 6 Other 1.2 8.4 9.6 41 Total $ 279.8 $ 110.4 $ 390.2 $ 1,227 Maximum potential amount of future payments In billions of dollars at December 31, 2022 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 31.3 $ 58.3 $ 89.6 $ 905 Performance guarantees 6.1 5.6 11.7 65 Derivative instruments considered to be guarantees 18.5 30.0 48.5 353 Loans sold with recourse — 1.7 1.7 13 Securities lending indemnifications (1) 95.9 — 95.9 — Credit card merchant processing (2) 129.6 — 129.6 1 Credit card arrangements with partners — 0.6 0.6 7 Other 0.1 8.4 8.5 32 Total $ 281.5 $ 104.6 $ 386.1 $ 1,376 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At June 30, 2023 and December 31, 2022, this maximum potential exposure was estimated to be approximately $128 billion and $130 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 sellers taking back any loans that become delinquent. In addition to the amounts presented 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 agencies and, to a lesser extent, private investors. The repurchase reserve was approximately $10 million and $10 million at June 30, 2023 and December 31, 2022, respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. Credit Card Arrangements with Partners Citi, in one 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, 2023 and December 31, 2022, the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. Value-Transfer Networks (Including Exchanges and Clearing Houses) (VTNs) 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 certain narrow cases, to the full pro rata share. The maximum exposure is difficult to estimate as this would require an assessment of claims that have not yet occurred; however, 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, 2023 or December 31, 2022 for potential obligations that could arise from Citi’s involvement with VTN associations. Long-Term Care (LTC) Insurance Indemnification Citi has an indemnification contingency to Brighthouse Financial in connection with Citi’s sale of an insurance subsidiary. A liability under this indemnification agreement is currently remote because Brighthouse Financial would become responsible for LTC policyholder claims only when both the reinsurance provided by other parties ceases and trust assets set aside to meet these claims are not adequate. However, should events occur causing both the reinsurance protection and trust collateral to become insufficient to cover Brighthouse Financial’s LTC policyholder claims, Citi will be required to either estimate and disclose a reasonably possible loss or range of loss to the extent that such an estimate can be made, or to accrue for such liability if the event becomes probable and estimable. Citi continues to closely monitor its potential exposure under this indemnification obligation. For additional information, see Note 27 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. 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) derivatives 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 21 for a discussion of Citi’s derivatives activities that are reflected in its Consolidated Financial Statements. As a clearing member, Citi collects and remits cash and securities collateral (margin) between its clients and the respective CCP. 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 derivatives 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 $18.3 billion and $18.0 billion as of June 30, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.2 billion and $1.4 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 $51.5 billion and $51.8 billion at June 30, 2023 and December 31, 2022, respectively. Securities and other marketable assets held as collateral amounted to $73.4 billion and $63.7 billion at June 30, 2023 and December 31, 2022, respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. In addition, letters of credit in favor of Citi held as collateral amounted to $3.0 billion and $3.7 billion at June 30, 2023 and December 31, 2022, 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 on 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, 2023 Investment Non-investment Not Total Financial standby letters of credit $ 73.0 $ 10.1 $ 1.5 $ 84.6 Loans sold with recourse — — 1.8 1.8 Other 1.1 8.5 — 9.6 Total $ 74.1 $ 18.6 $ 3.3 $ 96.0 Maximum potential amount of future payments In billions of dollars at December 31, 2022 Investment Non-investment Not Total Financial standby letters of credit $ 77.9 $ 10.4 $ 1.3 $ 89.6 Loans sold with recourse — — 1.7 1.7 Other — 8.5 — 8.5 Total $ 77.9 $ 18.9 $ 3.0 $ 99.8 Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. (1) June 30, December 31, 2022 Commercial and similar letters of credit $ 457 $ 4,412 $ 4,869 $ 5,316 One- to four-family residential mortgages 1,728 849 2,577 2,394 Revolving open-end loans secured by one- to four-family residential properties 5,656 668 6,324 6,380 Commercial real estate, construction and land development 13,399 1,596 14,995 15,170 Credit card lines 612,136 76,513 688,649 683,232 Commercial and other consumer loan commitments 199,231 108,309 307,540 297,399 Other commitments and contingencies 5,333 272 5,605 5,673 Total $ 837,940 $ 192,619 $ 1,030,559 $ 1,015,564 (1) Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed. 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, 2023 and December 31, 2022, Citigroup had approximately $150.4 billion and $111.6 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $117.5 billion and $37.3 billion of unsettled repurchase and securities lending agreements, respectively. See Note 10 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. 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 may include minimum reserve requirements at certain central banks and cash segregated to satisfy rules regarding the protection of customer assets as required by Citigroup broker-dealers’ primary regulators, including the SEC, the Commodity 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, 2022 Cash and due from banks $ 3,860 $ 4,820 Deposits with banks, net of allowance 12,262 12,156 Total $ 16,122 $ 16,976 In addition to the restricted cash amounts presented above, at June 30, 2023 and December 31, 2022, approximately $2.8 billion and $1.8 billion, respectively, was held at the Deposit Insurance Agency and Russia National Settlements Depository and was subject to restrictions imposed by the Russian government. These restricted amounts are reported within Other assets on the Consolidated Balance Sheet. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
LEASES | 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 may contain renewal and extension options and early termination features; however, these options do not impact the lease term unless the Company is reasonably certain that it will exercise options. These leases have a weighted-average remaining lease term of approximately six years as of June 30, 2023. For additional information regarding Citi’s leases, see Notes 1 and 28 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. The following table presents information on the right-of-use (ROU) asset and lease liabilities included in Premises and equipment and Other liabilities , respectively: In millions of dollars June 30, December 31, ROU asset $ 2,827 $ 2,892 Lease liability 3,016 3,076 The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. In addition, variable lease costs are recognized in the period in which the obligation for those payments is incurred. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The following information supplements and amends, as applicable, the disclosure in Note 25 to the Consolidated Financial Statements in Citi’s First Quarter 2023 Form 10-Q and in Note 29 to the Consolidated Financial Statements in Citi’s 2022 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 any litigation, regulatory, or 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. With respect to previously incurred loss contingencies for which recovery is expected, Citi applies loss recovery accounting when disputes and uncertainties affecting recognition are resolved. 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 but not probable, 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 for which an estimate can be made. At June 30, 2023, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.3 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 only have preliminary or incomplete 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 amounts accrued in relation to matters for 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 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 any litigation, regulatory, and tax matters disclosed herein, see Note 29 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. FDIC Special Assessment On May 11, 2023, the FDIC issued a notice of proposed rulemaking that would implement a special assessment—primarily upon large banks—to recover the uninsured deposit losses from the failures of Silicon Valley Bank and Signature Bank. The FDIC estimated that of the cost of the failures of Silicon Valley Bank and Signature Bank, approximately $15.8 billion was attributable to the protection of uninsured depositors, an estimate that will be periodically adjusted. The FDIC has proposed collecting the special assessment at an annual rate of approximately 12.5 basis points of uninsured deposits over eight quarterly assessment periods beginning in 2024. There is sufficient uncertainty around the final FDIC regulation that would impact both the timing and amount. If the final rule for the FDIC special assessment is enacted as proposed, which is expected before the end of 2023, Citi estimates that the impact would be significant, potentially a pretax charge of up to $1.5 billion. This amount is not included in the reasonably possible loss estimate above. Foreign Exchange Matters Antitrust and Other Litigation : On May 23, 2023, in ALLIANZ GLOBAL INVESTORS GMBH AND OTHERS v. BARCLAYS BANK PLC AND OTHERS, the High Court of Justice in London formally discontinued the case in light of a March 29, 2023 settlement agreement. Additional information concerning this action is publicly available in court filings under the case number CL-2018-000840 in the High Court and under the case number 1430/5/7/22 (T) in the Competition Appeal Tribunal. On May 18, 2023, in ALLIANZ GLOBAL INVESTORS, ET AL. v. BANK OF AMERICA CORP., ET AL., the United States District Court for the Southern District of New York approved a stipulation dismissing all remaining claims in the case with prejudice. Additional information concerning this action is publicly available in court filings under the docket number 18-CV-10364 (S.D.N.Y.) (Schofield, J.). On July 25, 2023, the English Court of Appeal issued its judgment in MICHAEL O’HIGGINS FX CLASS REPRESENTATIVE LIMITED v. BARCLAYS BANK PLC AND OTHERS and PHILLIP EVANS v. BARCLAYS BANK PLC AND OTHERS on the claimants’ appeal from the Competition Appeal Tribunal’s March 31, 2022 judgment on certification and directed that the case proceed upon an opt-out basis with Phillip Evans having carriage of the claims. Additional information concerning these actions is publicly available in court filings under the case numbers 1329/7/7/19 and 1336/7/7/19 in the Competition Appeal Tribunal and CA-2022-002002 and CA-2022-002003 in the Court of Appeal. On April 13, 2023, in NYPL v. JPMORGAN CHASE & CO., ET AL., plaintiffs filed an appeal from the dismissal of the case by the district court to the United States Court of Appeals for the Second Circuit. Additional information concerning this action is publicly available in court filings under the docket numbers 15-CV-2290 (N.D. Cal.) (Chhabria, J.), 15-CV-9300 (S.D.N.Y.) (Schofield, J.), 22-698 (2d Cir.), and 23-619 (2d Cir.). Madoff-Related Litigation On May 5, 2023, in FAIRFIELD SENTRY LTD., ET AL. v. ZURICH CAPITAL MARKETS COMPANY, ET AL, the British Virgin Islands liquidators of Fairfield Sentry Limited voluntarily dismissed the pending claims against Citi (Switzerland) AG and Citivic Nominees Ltd. without prejudice. The claims previously dismissed against Citi (Switzerland) AG and Citivic Nominees Ltd. remain subject to the pending consolidated direct appeal in the United States Court of Appeals for the Second Circuit and are unaffected by the liquidators’ voluntary dismissal. Additional information is publicly available in court filings under the docket number 10-3634 (Bankr. S.D.N.Y.) (Mastando, J.). On July 5, 2023, in FAIRFIELD SENTRY LTD., ET AL. v. CITIGROUP GLOBAL MARKETS LTD., ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. ZURICH CAPITAL MARKETS COMPANY, ET AL.; and FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK NA LONDON, ET AL. the United States Court of Appeals for the Second Circuit granted CGML, Citibank (Switzerland) AG, Citivic Nominees Ltd., and Citibank, NA London leave to appeal the district court’s decision permitting a single claim to proceed against them and consolidated the interlocutory appeals with the liquidators’ pending consolidated direct appeal. Additional information is publicly available in court filings under the docket numbers 22-2101 (consolidated lead appeal), 23-549, 23-572, 23-573, 23-975, 23-982, and 23-987 (2d Cir.). Sovereign Securities Matters Regulatory Actions : On May 24, 2023, the UK Competition & Markets Authority (CMA) announced that it has provisionally found that Citigroup, CGML and four other banks unlawfully shared information related to the buying and selling of British pound sterling-denominated government bonds issued by the United Kingdom. The CMA further announced that Citigroup and CGML applied for leniency and had entered into a settlement agreement with the CMA. Antitrust and Other Litigation : On June 16, 2023, purchasers of British pound sterling-denominated government bonds issued by the United Kingdom filed a proposed class action against CGMI, CGML and others, captioned OKLAHOMA FIREFIGHTERS PENSION AND RETIREMENT SYSTEM v. DEUTSCHE BANK AKTIENGESELLSCHAFT (F/K/A DEUTSCHE BANK AG), ET AL., in the United States District Court for the Southern District of New York. Plaintiffs allege that defendants engaged in a conspiracy to inflate prices of United Kingdom government bonds in secondary markets. Plaintiffs assert a claim under the Sherman Act and seek treble damages and attorneys’ fees. Additional information relating to this action is publicly available in court filings under the docket number 1:23-cv-05095 (JGK). Settlement Payments Payments required in any settlement agreements described above have been made or are covered by existing litigation or other accruals. |
SUBSIDIARY GUARANTEES
SUBSIDIARY GUARANTEES | 6 Months Ended |
Jun. 30, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
SUBSIDIARY GUARANTEES | SUBSIDIARY GUARANTEESCitigroup Inc. has fully and unconditionally guaranteed the payments due on debt securities issued by Citigroup Global Markets Holdings Inc. (CGMHI), a wholly owned subsidiary, under the Senior Debt Indenture dated as of March 8, 2016, between CGMHI, Citigroup Inc. and The Bank of New York Mellon, as trustee. In addition, Citigroup Capital III and Citigroup Capital XIII (collectively, the Capital Trusts), each of which is a wholly owned finance subsidiary of Citigroup Inc., have issued trust preferred securities. Citigroup Inc. has guaranteed the payments due on the trust preferred securities to the extent that the Capital Trusts have insufficient available funds to make payments on the trust preferred securities. The guarantee, together with Citigroup Inc.’s other obligations with respect to the trust preferred securities, effectively provides a full and unconditional guarantee of amounts due on the trust preferred securities (see Note 17 for additional information). No other subsidiary of Citigroup Inc. guarantees the debt securities issued by CGMHI or the trust preferred securities issued by the Capital Trusts. Summarized financial information for Citigroup Inc. and CGMHI is presented in the tables below: SUMMARIZED INCOME STATEMENT Six Months Ended June 30, 2023 In millions of dollars Citigroup parent company CGMHI Total revenues, net of interest expense $ 6,584 $ 5,960 Total operating expenses 99 5,911 Provision for credit losses — 23 Equity in undistributed income of subsidiaries 581 — Income (loss) from continuing operations before income taxes $ 7,066 $ 26 Provision (benefit) for income taxes (455) 54 Net income $ 7,521 $ (28) SUMMARIZED BALANCE SHEET June 30, 2023 December 31, 2022 In millions of dollars Citigroup parent company CGMHI Citigroup parent company CGMHI Cash and deposits with banks $ 3,016 $ 21,506 $ 3,015 $ 27,122 Securities borrowed and purchased under resale agreements — 276,820 — 306,273 Trading account assets 262 271,512 306 209,957 Advances to subsidiaries 152,188 — 146,843 — Investments in subsidiary bank holding company 175,277 — 172,721 — Investments in non-bank subsidiaries 48,010 — 48,295 — Other assets 15,896 171,046 13,788 163,819 Total assets $ 394,649 $ 740,884 $ 384,968 $ 707,171 Securities loaned and sold under agreements to repurchase $ — $ 292,491 $ — $ 245,916 Trading account liabilities 578 114,874 604 115,929 Short-term borrowings — 26,731 — 43,850 Long-term debt 163,043 186,966 166,257 172,068 Advances from subsidiaries 19,579 — 14,562 — Other liabilities 2,730 81,446 2,356 90,570 Stockholders’ equity 208,719 38,376 201,189 38,838 Total liabilities and equity $ 394,649 $ 740,884 $ 384,968 $ 707,171 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Citigroup’s net income | $ 2,915 | $ 4,547 | $ 7,521 | $ 8,853 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION, UPDATE_2
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited Consolidated Financial Statements as of June 30, 2023 and for the three- and six-month periods ended June 30, 2023 and 2022 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 within Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2022 (2022 Form 10-K) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (First Quarter of 2023 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 these Consolidated Financial Statements are unaudited. Throughout these Notes, “Citigroup,” “Citi” and “the Company” refer to Citigroup Inc. and its consolidated subsidiaries. |
Reclassifications | Certain reclassifications and updates have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation. |
Cash and Cash Equivalants | Cash equivalents are defined as those amounts included in Cash and due from banks and predominately all of Deposits with banks . Cash flows from risk management activities are classified in the same category as the related assets and liabilities. Amounts included in Cash and due from banks and Deposits with banks approximate fair value. |
Allowances for Credit Losses (ACL) | Allowances for Credit Losses (ACL) Beginning January 1, 2023, Citi adopted Accounting Standards Update (ASU) No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures under the methodology described below. For information about Citi’s accounting for troubled debt restructurings (TDRs) prior to January 1, 2023, see Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. |
Accounting Changes | ACCOUNTING CHANGES TDRs and Vintage Disclosures In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . Citi adopted the ASU on January 1, 2023. Citi adopted the guidance on the recognition and measurement of TDRs under the modified retrospective approach. Adopting these amendments resulted in a decrease to the ACLL of $352 million and an increase in other assets related to held-for-sale businesses of $44 million, with a corresponding increase to retained earnings of $290 million and a decrease in deferred tax assets of $106 million on January 1, 2023. The ACL for corporate loans was unaffected because the measurement approach used for corporate loans is not in the scope of this ASU. ASU 2022-02 eliminates the accounting and disclosure requirements for TDRs, including the requirement to measure the ACLL for TDRs using a discounted cash flow (DCF) approach. With the elimination of TDR accounting requirements, reasonably expected TDRs are no longer considered when determining the term over which to estimate expected credit losses. The ACLL for modified loans that are collateral dependent continues to be based on the fair value of the collateral. Consumer Loans Upon adoption of the ASU on January 1, 2023, Citi discontinued the use of a DCF approach for consumer loans formerly considered TDRs. Beginning January 1, 2023, Citi measures the ACLL for all consumer loans under approaches that do not incorporate discounting, primarily utilizing models that consider the borrowers’ probability of default, loss given default and exposure at default. In addition, upon adoption of the ASU, Citi collectively evaluates smaller-balance homogenous loans formerly considered TDRs for expected credit losses, whereas previously those loans had been individually evaluated. The ASU also requires disclosure of modifications of loans to borrowers experiencing financial difficulty if the modification involves principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension or a combination of those types of modifications. In addition, the ASU requires the disclosure of current-period gross write-offs by year of loan origination (vintage). The amendments related to disclosures are required to be applied prospectively beginning as of the date of adoption. See Note 13 for these new disclosures for periods beginning on and after January 1, 2023. Long-Duration Insurance Contracts In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts , which changes the existing recognition, measurement, presentation and disclosures for long-duration contracts issued by an insurance entity. Specifically, the guidance (i) improves the timeliness of recognizing changes in the liability for future policy benefits and prescribes the rate used to discount future cash flows for long-duration insurance contracts, (ii) simplifies and improves the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (iii) simplifies the amortization of deferred acquisition costs and (iv) introduces additional quantitative and qualitative disclosures. Citi has certain insurance subsidiaries, primarily in Mexico, that issue long-duration insurance contracts such as traditional life insurance policies and life-contingent annuity contracts that are impacted by the requirements of ASU 2018-12. Citi adopted the targeted improvements in ASU 2018-12 on January 1, 2023, resulting in a $39 million decrease in Other liabilities and a $27 million increase in AOCI , after-tax. FUTURE ACCOUNTING CHANGES Accounting for Investments in Tax Credit Structures In March 2023, the FASB issued ASU No. 2023‐02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The ASU expands the scope of tax equity investments eligible to apply the proportional amortization method of accounting. Under the proportional amortization method, the cost of an eligible investment is amortized in proportion to the income tax credits and other income tax benefits that are received by the investor, with the amortization of the investment and the income tax credits being presented net in the income statement as components of income tax expense (benefit). Prior to the issuance of this ASU, use of the proportional amortization method was limited to tax equity investments in Low‐Income Housing Tax Credit (LIHTC) structures, and all other tax equity investments were typically accounted for using the equity method of accounting, which resulted in investment income, gains and losses, and tax credits being presented gross on the income statement in their respective line items. The ASU will permit the Company to elect to use the proportional amortization method to account for all eligible tax equity investments, regardless of the tax credit program from which the income tax credits are received, if certain conditions are met. For public entities, the ASU is effective for fiscal years beginning after December 15, 2023, although early adoption is permitted in any interim period. However, if an entity adopts the amendments in an interim period, it shall adopt them as of the beginning of the fiscal year that includes that interim period. Adoption of the ASU must be applied on either a retrospective or a modified retrospective basis. Citi plans to adopt the ASU on January 1, 2024 and is currently evaluating the impact of the standard on tax equity investments. Citi does not expect a material impact to its results of operations as a result of adopting the standard. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The ASU was issued to address diversity in practice whereby certain entities included the impact of contractual restrictions when valuing equity securities, and it clarifies that a contractual restriction on the sale of an equity security should not be considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU also includes requirements for entities to disclose the fair value of equity securities subject to contractual sale restrictions, the nature and remaining duration of the restrictions and the circumstances that could cause a lapse in the restrictions. |
DISCONTINUED OPERATIONS, SIGN_2
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | The following table summarizes financial information for all Discontinued operations : Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Total revenues, net of interest expense $ — $ (262) $ — $ (262) Income (loss) from discontinued operations $ (1) $ (262) $ (2) $ (264) Benefit for income taxes — (41) — (41) Income (loss) from discontinued operations, net of taxes $ (1) $ (221) $ (2) $ (223) June 30, 2023 In millions of dollars Assets Liabilities Consumer banking business in Sale agreement date Closing date Cash and deposits with banks Loans (1) Goodwill Other assets, advances to/from subsidiaries Other assets Total assets Deposits Long-term debt Other liabilities Total liabilities Australia (2) 8/9/2021 6/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Philippines (3) 12/23/2021 8/1/2022 — — — — — — — — — — Thailand (4) 1/14/2022 11/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — India (5) 3/30/2022 3/1/2023 — — — — — — — — — — Taiwan (6) 1/28/2022 second half 2023 $ 96 $ 7,652 $ 196 $ 4,441 $ 185 $ 12,570 $ 9,657 $ — $ 236 $ 9,893 Income (loss) before taxes (7) Three Months Ended Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Australia (2) $ — $ 28 $ — $ 193 Philippines (3) — 14 — 65 Thailand (4) — 90 — 78 India (5) — 52 2 125 Taiwan (6) 35 50 91 96 (1) Loans, net of allowance as of June 30, 2023 includes $31 million for Taiwan. (2) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of Legacy Franchises . The business had approximately $9.4 billion in assets, including $9.3 billion of loans (net of allowance of $140 million) and excluding goodwill. The total amount of liabilities was $7.3 billion including $6.8 billion in deposits. The transaction generated a pretax loss on sale of approximately $760 million ($640 million after-tax), subject to closing adjustments, recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million CTA loss (net of hedges) ($470 million after-tax) already reflected in the AOCI component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from AOCI , resulting in a neutral CTA impact to Citi’s CET1 Capital. The income before taxes shown in the above table for Australia reflects Citi’s ownership through June 1, 2022. (3) On August 1, 2022, Citi completed the sale of its Philippines consumer banking business, which was part of Legacy Franchises . The business had approximately $1.8 billion in assets, including $1.2 billion of loans (net of allowance of $80 million) and excluding goodwill. The total amount of liabilities was $1.3 billion, including $1.2 billion in deposits. The sale resulted in a pretax gain on sale of approximately $618 million ($290 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for the Philippines reflects Citi’s ownership through August 1, 2022. (4) On November 1, 2022, Citi completed the sale of its Thailand consumer banking business, which was part of Legacy Franchises . The business had approximately $2.7 billion in assets, including $2.4 billion of loans (net of allowance of $67 million) and excluding goodwill. The total amount of liabilities was $1.0 billion, including $0.8 billion in deposits. The sale resulted in a pretax gain on sale of approximately $209 million ($115 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for Thailand reflects Citi’s ownership through November 1, 2022. (5) On March 1, 2023, Citi completed the sale of its India consumer banking business, which was part of Legacy Franchises . The business had approximately $5.2 billion in assets, including $3.4 billion of loans (net of allowance of $32 million) and excluding goodwill. The total amount of liabilities was $5.2 billion, including $5.1 billion in deposits. The sale resulted in a pretax gain on sale of approximately $1.1 billion ($727 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for India reflects Citi’s ownership through March 1, 2023. (6) This sale is expected to result in an after-tax gain upon closing. (7) Income before taxes for the period in which the individually significant component was classified as HFS for all prior periods presented. For Australia, excludes the pretax loss on sale. For the Philippines, Thailand and India, excludes the pretax gain on sale. |
Schedule of reserve charges | The following table summarizes the reserve charges related to the Korea VERP and other initiatives reported in the Legacy Franchises operating segment and Corporate/Other : In millions of dollars Employee termination costs Total Citigroup (pretax) Original charges in fourth quarter 2021 $ 1,052 Utilization (1) Foreign exchange 3 Balance at December 31, 2021 $ 1,054 Additional charges in first quarter 2022 $ 31 Utilization (347) Foreign exchange (24) Balance at March 31, 2022 $ 714 Additional charges (releases) $ (3) Utilization (670) Foreign exchange (41) Balance at June 30, 2022 $ — Note: There were no additional charges after June 30, 2022. |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Information regarding the Company's operations by segment | The following tables present certain information regarding the Company’s continuing operations by operating segment and Corporate/Other : Three Months Ended June 30, In millions of dollars, except identifiable assets, average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income $ 5,623 $ 4,520 $ 5,963 $ 5,569 $ 1,345 $ 1,474 $ 969 $ 401 $ 13,900 $ 11,964 Non-interest revenue 4,818 6,899 432 460 578 461 (292) (146) 5,536 7,674 Total revenues, net of interest expense $ 10,441 $ 11,419 $ 6,395 $ 6,029 $ 1,923 $ 1,935 $ 677 $ 255 $ 19,436 $ 19,638 Operating expense 7,286 6,434 4,204 3,985 1,778 1,814 302 160 13,570 12,393 Provisions (releases) for credit losses 58 (202) 1,579 1,355 300 121 (113) — 1,824 1,274 Income (loss) from continuing operations before taxes $ 3,097 $ 5,187 $ 612 $ 689 $ (155) $ — $ 488 $ 95 $ 4,042 $ 5,971 Provision (benefits) for income taxes 878 1,209 118 136 (33) 15 127 (178) 1,090 1,182 Income (loss) from continuing operations $ 2,219 $ 3,978 $ 494 $ 553 $ (122) $ (15) $ 361 $ 273 $ 2,952 $ 4,789 Identifiable assets (June 30, 2023 and December 31, 2022) $ 1,765 $ 1,730 $ 473 $ 494 $ 92 $ 97 $ 94 $ 96 $ 2,424 $ 2,417 Average loans 278 297 339 317 37 43 — — 654 657 Average deposits 837 830 431 435 51 51 19 7 1,338 1,323 Six Months Ended June 30, In millions of dollars, except average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income $ 10,651 $ 8,304 $ 11,897 $ 10,954 $ 2,635 $ 2,982 $ 2,065 $ 595 $ 27,248 $ 22,835 Non-interest revenue 11,023 14,275 946 980 2,140 884 (474) (150) 13,635 15,989 Total revenues, net of interest expense $ 21,674 $ 22,579 $ 12,843 $ 11,934 $ 4,775 $ 3,866 $ 1,591 $ 445 $ 40,883 $ 38,824 Operating expense 14,259 13,157 8,458 7,874 3,530 4,107 612 420 26,859 25,558 Provisions for credit losses (14) 769 3,170 979 645 281 (2) — 3,799 2,029 Income (loss) from continuing operations before taxes $ 7,429 $ 8,653 $ 1,215 $ 3,081 $ 600 $ (522) $ 981 $ 25 $ 10,225 $ 11,237 Provision (benefits) for income taxes 1,912 2,017 232 668 116 (122) 361 (440) 2,621 2,123 Income (loss) from continuing operations $ 5,517 $ 6,636 $ 983 $ 2,413 $ 484 $ (400) $ 620 $ 465 $ 7,604 $ 9,114 Average loans $ 281 $ 293 $ 336 $ 315 $ 37 $ 45 $ — $ — $ 654 $ 653 Average deposits 845 828 433 441 51 53 22 6 1,351 1,328 |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 2023 2022 Interest revenue Consumer loans $ 8,962 $ 6,601 $ 17,586 $ 12,863 Corporate loans 5,094 2,894 9,753 5,348 Loan interest, including fees $ 14,056 $ 9,495 $ 27,339 $ 18,211 Deposits with banks 3,049 658 6,080 954 Securities borrowed and purchased under agreements to resell 6,254 805 11,428 1,199 Investments, including dividends 4,451 2,370 8,595 4,420 Trading account assets (1) 3,752 1,659 6,499 2,805 Other interest-earning assets (2) 1,085 643 2,101 1,192 Total interest revenue $ 32,647 $ 15,630 $ 62,042 $ 28,781 Interest expense Deposits $ 8,727 $ 1,420 $ 16,435 $ 2,291 Securities loaned and sold under agreements to repurchase 4,953 655 8,519 937 Trading account liabilities (1) 870 137 1,657 284 Short-term borrowings and other interest-bearing liabilities (3) 1,777 268 3,426 323 Long-term debt 2,420 1,186 4,757 2,111 Total interest expense $ 18,747 $ 3,666 $ 34,794 $ 5,946 Net interest income $ 13,900 $ 11,964 $ 27,248 $ 22,835 Provision for credit losses on loans 1,761 1,384 3,498 1,644 Net interest income after provision for credit losses on loans $ 12,139 $ 10,580 $ 23,750 $ 21,191 (1) Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue . Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities , respectively. (2) Includes assets from businesses held-for-sale (see Note 2) and Brokerage receivables . (3) Includes liabilities from businesses held-for-sale (see Note 2) and Brokerage payables |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of commissions, fees, administration and other fiduciary fees revenue | The following tables present Commissions and fees revenue: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 598 $ — $ — $ 598 $ 1,324 $ — $ — $ 1,324 Brokerage commissions 360 182 34 576 774 359 78 1,211 Credit and bank card income Interchange fees 361 2,555 164 3,080 694 4,902 334 5,930 Card-related loan fees 17 37 66 120 30 80 128 238 Card rewards and partner payments (1) (202) (2,904) (91) (3,197) (376) (5,567) (183) (6,126) Deposit-related fees (2) 272 18 9 299 524 58 17 599 Transactional service fees 303 6 25 334 592 10 50 652 Corporate finance (3) 86 — — 86 185 3 — 188 Insurance distribution revenue — 61 27 88 — 119 61 180 Insurance premiums — 1 25 26 — 2 46 48 Loan servicing 8 11 4 23 17 26 7 50 Other 1 51 48 99 7 107 89 204 Total commissions and fees (4) $ 1,804 $ 18 $ 311 $ 2,132 $ 3,771 $ 99 $ 627 $ 4,498 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Investment banking $ 845 $ — $ — $ 845 $ 1,753 $ — $ — $ 1,753 Brokerage commissions 393 213 53 659 853 454 121 1,428 Credit and bank card income Interchange fees 321 2,435 227 2,983 561 4,534 448 5,543 Card-related loan fees 11 73 79 163 20 137 160 317 Card rewards and partner payments (1) (165) (2,871) (160) (3,196) (282) (5,370) (332) (5,984) Deposit-related fees (2) 279 44 19 342 546 103 36 685 Transactional service fees 267 5 26 298 521 9 52 582 Corporate finance (3) 136 — — 136 252 3 — 255 Insurance distribution revenue — 56 33 89 — 108 69 177 Insurance premiums — 1 22 23 — 2 46 48 Loan servicing 7 12 4 23 19 22 7 48 Other 3 49 35 87 2 97 69 168 Total commissions and fees (4) $ 2,097 $ 17 $ 338 $ 2,452 $ 4,245 $ 99 $ 676 $ 5,020 (1) Citi’s consumer credit card programs have certain partner sharing agreements that vary by partner. These agreements are subject to contractually based performance thresholds that, if met, would require Citi to make ongoing payments to the partner. The threshold is based on the profitability of a program and is generally calculated based on predefined program revenues less predefined program expenses. In most of Citi’s partner sharing agreements, program expenses include net credit losses and, to the extent that an increase in net credit losses reduces Citi’s liability for the partners’ share for a given program year, would generally result in lower payments to partners in total for that year and vice versa. Further, in some instances, other partner payments are based on program sales and new account acquisitions. (2) Overdraft fees are accounted for under ASC 310. Citi eliminated overdraft fees, returned item fees and overdraft protection fees beginning in June 2022. Includes overdraft fees (prior to the elimination of overdraft fees in June 2022) of $0 and $28 million for the three months ended June 30, 2023 and 2022, respectively. (3) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (4) Commissions and fees include $(2,940) million and $(2,811) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2023 and 2022, respectively, and $(5,599) million and $(5,240) million for the six months ended June 30, 2023 and 2022, 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. The following tables present Administration and other fiduciary fees revenue: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 485 $ 22 $ 3 $ 510 $ 902 $ 42 $ 11 $ 955 Fiduciary fees 69 185 90 344 144 338 172 654 Guarantee fees 126 7 1 135 258 15 3 276 Total administration and other fiduciary fees (1) $ 680 $ 214 $ 94 $ 989 $ 1,304 $ 395 $ 186 $ 1,885 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 In millions of dollars ICG PBWM Legacy Franchises Total ICG PBWM Legacy Franchises Total Custody fees $ 506 $ 22 $ 2 $ 530 $ 952 $ 45 $ 5 $ 1,002 Fiduciary fees 68 196 79 343 133 401 159 693 Guarantee fees 134 14 2 150 266 24 4 294 Total administration and other fiduciary fees (1) $ 708 $ 232 $ 83 $ 1,023 $ 1,351 $ 470 $ 168 $ 1,989 (1) Administration and other fiduciary fees include $135 million and $150 million for the three months ended June 30, 2023 and 2022, respectively, and $276 million and $294 million for the six months ended June 30, 2023 and 2022, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. |
PRINCIPAL TRANSACTIONS (Tables)
PRINCIPAL TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 2023 2022 Interest rate risks (1) $ 594 $ 1,418 $ 1,974 $ 2,688 Foreign exchange risks (2) 1,334 1,672 2,827 3,419 Equity risks (3) 205 345 839 1,276 Commodity and other risks (4) 469 612 967 1,063 Credit products and risks (5) (74) 478 (140) 669 Total $ 2,528 $ 4,525 $ 6,467 $ 9,115 (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, 2023 | |
Retirement Benefits [Abstract] | |
Components of net (benefit) expense | The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans. Benefits earned during the period are reported in Compensation and benefits expenses and all other components of the net period benefit cost are reported in Other operating expenses in the Consolidated Statement of Income: 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 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 30 $ 30 $ — $ — $ — $ — Interest cost on benefit obligation 123 105 102 79 4 4 27 23 Expected return on assets (160) (154) (82) (66) (4) (3) (20) (18) Amortization of unrecognized: Prior service (benefit) — — (1) (1) (3) (3) (2) (1) Net actuarial loss (gain) 41 44 15 14 (2) (2) (5) 1 Curtailment (gain) (1) — — — (23) — — — — Settlement loss (gain) (1) — — 1 (10) — — — — Total net expense (benefit) $ 4 $ (5) $ 65 $ 23 $ (5) $ (4) $ — $ 5 (1) Curtailment and settlement relate to divestiture and wind-down 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 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 58 $ 64 $ — $ — $ 1 $ 1 Interest cost on benefit obligation 250 191 200 152 9 7 52 46 Expected return on assets (321) (308) (163) (132) (7) (6) (39) (38) Amortization of unrecognized: Prior service cost (benefit) 1 1 (3) (3) (5) (5) (4) (4) Net actuarial loss (gain) 79 100 34 27 (5) (3) (10) 2 Curtailment (gain) (1) — — (8) (23) — — — — Settlement loss (gain) (1) — — 4 (10) — — — — Total net expense (benefit) $ 9 $ (16) $ 122 $ 75 $ (8) $ (7) $ — $ 7 (1) Curtailment and settlement relate to divestiture and wind-down activities. The following table summarizes the 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 June 30, In millions of dollars 2023 2022 2023 2022 Service-related expense Amortization of unrecognized: Net actuarial loss $ 1 $ 1 $ 1 $ 1 Total service-related expense $ 1 $ 1 $ 1 $ 1 Non-service-related expense — 1 5 6 Total net expense $ 1 $ 2 $ 6 $ 7 |
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, 2023 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 $ 9,741 $ 6,375 $ 375 $ 1,013 Plans measured annually (19) (1,774) — (193) Projected benefit obligation at beginning of year—Significant Plans $ 9,722 $ 4,601 $ 375 $ 820 First-quarter activity 160 241 (1) 70 Projected benefit obligation at March 31, 2023—Significant Plans $ 9,882 $ 4,842 $ 374 $ 890 Service cost — 12 — — Interest cost on benefit obligation 122 84 4 23 Actuarial (gain) loss (157) 3 (20) 23 Benefits paid, net of participants’ contributions (230) (83) (11) (19) Foreign exchange impact and other — 163 — 48 Projected benefit obligation at period end—Significant Plans $ 9,617 $ 5,021 $ 347 $ 965 Change in plan assets Plan assets at fair value at beginning of year $ 10,145 $ 6,086 $ 253 $ 855 Plans measured annually — (1,226) — (7) Plan assets at fair value at beginning of year—Significant Plans $ 10,145 $ 4,860 $ 253 $ 848 First-quarter activity 143 225 5 73 Plan assets at fair value at March 31, 2023—Significant Plans $ 10,288 $ 5,085 $ 258 $ 921 Actual return on plan assets 86 (75) 2 (4) Company contributions, net of reimbursements 13 9 7 — Benefits paid, net of participants’ contributions (230) (83) (11) (19) Foreign exchange impact and other — 143 — 47 Plan assets at fair value at period end—Significant Plans $ 10,157 $ 5,079 $ 256 $ 945 Qualified plans (1) $ 1,063 $ 58 $ (91) $ (20) Nonqualified plans (2) (523) — — — Funded status of the plans at period end—Significant Plans $ 540 $ 58 $ (91) $ (20) Net amount recognized at period end Benefit asset $ 1,063 $ 737 $ — $ — Benefit liability (523) (679) (91) (20) Net amount recognized on the balance sheet—Significant Plans $ 540 $ 58 $ (91) $ (20) Amounts recognized in AOCI at period end (3) Prior service (expense) benefit $ — $ (2) $ 78 $ 36 Net actuarial (loss) gain (6,343) (1,561) 127 (335) Net amount recognized in equity (pretax)—Significant Plans $ (6,343) $ (1,563) $ 205 $ (299) Accumulated benefit obligation at period end—Significant Plans $ 9,617 $ 4,839 $ 347 $ 965 (1) The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2023 and no minimum required funding is expected for 2023. (2) The nonqualified plans of the Company are unfunded. (3) The framework for the Company’s pension oversight process includes monitoring of potential settlement charges for all plans. Settlement accounting is triggered when either the sum of all settlements (including lump-sum payments) for the year is greater than service plus interest costs or if more than 10% of the plan’s projected benefit obligation will be settled. Because some of Citi’s significant plans are frozen and have no material service cost, settlement accounting may apply in the future. |
Change in accumulated other comprehensive income (loss) | The following table presents 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 June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Beginning of period balance, net of tax (1)(2) $ (5,859) $ (5,755) $ (5,681) $ (5,852) Actuarial assumptions changes and plan experience 154 (115) 1,499 3,024 Net asset (loss) due to difference between actual and expected returns (245) (62) (1,675) (3,137) Net amortization 45 88 52 116 Curtailment/settlement loss (gain) (3) 1 (4) (32) (32) Foreign exchange impact and other (111) (219) 83 133 Change in deferred taxes, net 20 72 (16) (22) Change, net of tax $ (136) $ (240) $ (89) $ 82 End of period balance, net of tax (1)(2) $ (5,995) $ (5,995) $ (5,770) $ (5,770) (1) See Note 18 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 divestiture activities. |
Assumptions used in determining benefit obligations and net benefit expense | Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Significant Plans are as follows: During the period Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Jun. 30, 2022 Discount rate U.S. plans Qualified pension 5.15% 5.50% 3.80% Nonqualified pension 5.20 5.55 3.85 Postretirement 5.25 5.60 3.85 Non-U.S. plans Pension 2.05–10.65 2.20–10.60 1.10–10.00 Weighted average 7.64 7.55 5.55 Postretirement 10.70 10.60 10.10 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.00 Postretirement 5.70/3.00 5.70/3.00 5.00/1.50 Non-U.S. plans Pension 4.10–9.90 4.50–9.90 1.90–8.00 Weighted average 6.26 6.40 4.15 Postretirement 8.70 8.70 8.00 At period ended Jun. 30, 2023 Mar. 31, 2023 Jun. 30, 2022 Discount rate U.S. plans Qualified pension 5.40% 5.15% 4.80% Nonqualified pension 5.45 5.20 4.80 Postretirement 5.50 5.25 4.75 Non-U.S. plans Pension 1.80–10.40 2.05–10.65 2.00–10.75 Weighted average 7.72 7.64 6.68 Postretirement 10.40 10.70 10.75 Expected return on assets U.S. plans Qualified pension 5.70 5.70 5.00 Postretirement 5.70/3.00 5.70/3.00 5.00/1.50 Non-U.S. plans Pension 4.50–9.90 4.10–9.90 2.00–8.00 Weighted average 6.56 6.26 4.72 Postretirement 8.70 8.70 8.00 |
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, 2023 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 6 $ (7) Non-U.S. plans (1) 3 Postretirement Non-U.S. plans (1) 1 |
Schedule of company contributions | The following table summarizes the Company’s actual contributions for the six months ended June 30, 2023 and 2022, as well as expected Company contributions for the remainder of 2023 and the actual contributions made in 2022: Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2023 2022 2023 2022 2023 2022 2023 2022 Company contributions (reimbursements) (2)(3) for the six months ended June 30 $ 28 $ 28 $ 60 $ 389 $ 20 $ (1) $ 5 $ 5 Company contributions made during the remainder of the year (3) — 27 — 105 — 15 — 4 Company contributions expected to be made during the remainder of the year 32 52 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 June 30, In millions of dollars 2023 2022 2023 2022 U.S. plans $ 137 $ 119 $ 275 $ 238 Non-U.S. plans 114 99 228 205 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 2023 2022 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 2,952 $ 4,789 $ 7,604 $ 9,114 Less: Noncontrolling interests from continuing operations 36 21 81 38 Net income from continuing operations (for EPS purposes) $ 2,916 $ 4,768 $ 7,523 $ 9,076 Income (loss) from discontinued operations, net of taxes (1) (221) (2) (223) Citigroup’s net income $ 2,915 $ 4,547 $ 7,521 $ 8,853 Less: Preferred dividends 288 238 565 517 Net income available to common shareholders $ 2,627 $ 4,309 $ 6,956 $ 8,336 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 33 35 68 60 Net income allocated to common shareholders for basic EPS $ 2,594 $ 4,274 $ 6,888 $ 8,276 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,942.8 1,941.5 1,943.2 1,956.6 Basic earnings per share (1) Income from continuing operations $ 1.34 $ 2.32 $ 3.55 $ 4.34 Discontinued operations — (0.11) — (0.11) Net income per share—basic $ 1.34 $ 2.20 $ 3.54 $ 4.23 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 2,594 $ 4,274 $ 6,888 $ 8,276 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable 15 11 26 19 Net income allocated to common shareholders for diluted EPS $ 2,609 $ 4,285 $ 6,914 $ 8,295 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,942.8 1,941.5 1,943.2 1,956.6 Effect of dilutive securities Options (2) — — — — Other employee plans 25.8 16.6 23.1 16.6 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (3) 1,968.6 1,958.1 1,966.3 1,973.2 Diluted earnings per share (1) Income from continuing operations $ 1.33 $ 2.30 $ 3.52 $ 4.32 Discontinued operations — (0.11) — (0.11) Net income per share—diluted (4) $ 1.33 $ 2.19 $ 3.52 $ 4.20 (1) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (2) During the second quarters of 2023 and 2022, no significant options to purchase shares of common stock were outstanding. (3) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. (4) Due to rounding, income from continuing operations and discontinued operations may not sum to net income per share—diluted. |
SECURITIES BORROWED, LOANED A_2
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 Securities purchased under agreements to resell $ 266,952 $ 291,272 Deposits paid for securities borrowed 70,177 74,165 Total, net (1) $ 337,129 $ 365,437 Allowance for credit losses on securities purchased and borrowed (2) (26) (36) Total, net of allowance $ 337,103 $ 365,401 |
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, 2022 Securities sold under agreements to repurchase $ 247,294 $ 183,827 Deposits received for securities loaned 12,741 18,617 Total, net (1) $ 260,035 $ 202,444 (1) The above tables do not include securities-for-securities lending transactions of $5.9 billion and $4.4 billion at June 30, 2023 and December 31, 2022, 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 . (2) See Note 14 for further information. |
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 amounts 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 has 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, 2023 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 485,998 $ 219,046 $ 266,952 $ 242,215 $ 24,737 Deposits paid for securities borrowed 86,876 16,699 70,177 12,418 57,759 Total $ 572,874 $ 235,745 $ 337,129 $ 254,633 $ 82,496 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 466,340 $ 219,046 $ 247,294 $ 151,953 $ 95,341 Deposits received for securities loaned 29,440 16,699 12,741 1,893 10,848 Total $ 495,780 $ 235,745 $ 260,035 $ 153,846 $ 106,189 As of December 31, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 403,663 $ 112,391 $ 291,272 $ 204,077 $ 87,195 Deposits paid for securities borrowed 88,817 14,652 74,165 13,844 60,321 Total $ 492,480 $ 127,043 $ 365,437 $ 217,921 $ 147,516 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 296,218 $ 112,391 $ 183,827 $ 71,635 $ 112,192 Deposits received for securities loaned 33,269 14,652 18,617 2,542 16,075 Total $ 329,487 $ 127,043 $ 202,444 $ 74,177 $ 128,267 (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 amounts 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 has 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, 2023 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 485,998 $ 219,046 $ 266,952 $ 242,215 $ 24,737 Deposits paid for securities borrowed 86,876 16,699 70,177 12,418 57,759 Total $ 572,874 $ 235,745 $ 337,129 $ 254,633 $ 82,496 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 466,340 $ 219,046 $ 247,294 $ 151,953 $ 95,341 Deposits received for securities loaned 29,440 16,699 12,741 1,893 10,848 Total $ 495,780 $ 235,745 $ 260,035 $ 153,846 $ 106,189 As of December 31, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 403,663 $ 112,391 $ 291,272 $ 204,077 $ 87,195 Deposits paid for securities borrowed 88,817 14,652 74,165 13,844 60,321 Total $ 492,480 $ 127,043 $ 365,437 $ 217,921 $ 147,516 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 296,218 $ 112,391 $ 183,827 $ 71,635 $ 112,192 Deposits received for securities loaned 33,269 14,652 18,617 2,542 16,075 Total $ 329,487 $ 127,043 $ 202,444 $ 74,177 $ 128,267 (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 amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of June 30, 2023 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 $ 277,705 $ 107,162 $ 25,550 $ 55,923 $ 466,340 Deposits received for securities loaned 21,543 304 645 6,948 29,440 Total $ 299,248 $ 107,466 $ 26,195 $ 62,871 $ 495,780 As of December 31, 2022 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 $ 138,710 $ 86,819 $ 25,119 $ 45,570 $ 296,218 Deposits received for securities loaned 25,388 267 2,121 5,493 33,269 Total $ 164,098 $ 87,086 $ 27,240 $ 51,063 $ 329,487 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of June 30, 2023 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 185,547 $ 544 $ 186,091 State and municipal securities 1,465 — 1,465 Foreign government securities 176,437 593 177,030 Corporate bonds 16,729 246 16,975 Equity securities 21,548 27,561 49,109 Mortgage-backed securities 54,842 314 55,156 Asset-backed securities 2,906 — 2,906 Other 6,866 182 7,048 Total $ 466,340 $ 29,440 $ 495,780 As of December 31, 2022 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 99,979 $ 106 $ 100,085 State and municipal securities 1,911 — 1,911 Foreign government securities 123,826 13 123,839 Corporate bonds 14,308 45 14,353 Equity securities 9,749 33,096 42,845 Mortgage-backed securities 36,225 — 36,225 Asset-backed securities 1,755 — 1,755 Other 8,465 9 8,474 Total $ 296,218 $ 33,269 $ 329,487 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Broker-Dealer [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2022 Receivables from customers $ 16,305 $ 15,462 Receivables from brokers, dealers and clearing organizations 44,545 38,730 Total brokerage receivables (1) $ 60,850 $ 54,192 Payables to customers $ 50,450 $ 55,747 Payables to brokers, dealers and clearing organizations 18,983 13,471 Total brokerage payables (1) $ 69,433 $ 69,218 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 Debt securities available-for-sale (AFS) $ 237,334 $ 249,679 Debt securities held-to-maturity (HTM) (1) 262,066 268,863 Marketable equity securities carried at fair value (2) 296 429 Non-marketable equity securities carried at fair value (2)(5) 433 466 Non-marketable equity securities measured using the measurement alternative (3) 1,618 1,676 Non-marketable equity securities carried at cost (4) 5,398 5,469 Total investments (6) $ 507,145 $ 526,582 (1) Carried at adjusted amortized cost basis, net of any ACL. (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. See “Non-Marketable Equity Securities Not Carried at Fair Value” below. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. (5) Includes $24 million and $27 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at June 30, 2023 and December 31, 2022, respectively. (6) Not included in the balances above is approximately $2 billion of accrued interest receivable at June 30, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the quarters ended June 30, 2023 and 2022. |
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 2023 2022 2023 2022 Taxable interest $ 4,284 $ 2,274 $ 8,284 $ 4,287 Interest exempt from U.S. federal income tax 84 38 169 43 Dividend income 83 58 142 90 Total interest and dividend income on investments $ 4,451 $ 2,370 $ 8,595 $ 4,420 |
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 impairment losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Gross realized investment gains $ 91 $ 27 $ 179 $ 180 Gross realized investment losses (42) (85) (58) (158) Net realized gains (losses) on sales of investments $ 49 $ (58) $ 121 $ 22 |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS debt securities were as follows: June 30, 2023 December 31, 2022 In millions of dollars Amortized Gross Gross Allowance for credit losses Fair Amortized Gross Gross Allowance for credit losses Fair Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed (2)(3) $ 15,578 $ 82 $ 697 $ — $ 14,963 $ 12,009 $ 8 $ 755 $ — $ 11,262 Residential 340 — 3 — 337 488 — 3 — 485 Commercial 2 — — — 2 2 — — — 2 Total mortgage-backed securities $ 15,920 $ 82 $ 700 $ — $ 15,302 $ 12,499 $ 8 $ 758 $ — $ 11,749 U.S. Treasury and federal agency securities U.S. Treasury $ 84,250 $ 23 $ 2,030 $ — $ 82,243 $ 94,732 $ 50 $ 2,492 $ — $ 92,290 Agency obligations — — — — — — — — — — Total U.S. Treasury and federal agency securities $ 84,250 $ 23 $ 2,030 $ — $ 82,243 $ 94,732 $ 50 $ 2,492 $ — $ 92,290 State and municipal $ 2,305 $ 24 $ 127 $ — $ 2,202 $ 2,363 $ 19 $ 159 $ — $ 2,223 Foreign government 126,967 356 2,053 — 125,270 135,648 569 2,940 — 133,277 Corporate 5,596 13 277 5 5,327 5,146 19 246 3 4,916 Asset-backed securities (1) 842 7 3 — 846 1,022 12 4 — 1,030 Other debt securities 6,145 2 3 — 6,144 4,198 1 5 — 4,194 Total debt securities AFS $ 242,025 $ 507 $ 5,193 $ 5 $ 237,334 $ 255,608 $ 678 $ 6,604 $ 3 $ 249,679 (1) The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. 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. See Note 20 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2) In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer . See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. (3) Amortized cost includes unallocated portfolio layer cumulative basis adjustments of $(0.2) billion as of June 30, 2023. Gross unrealized gains and gross unrealized losses on mortgage-backed securities excluding the effect of unallocated portfolio layer cumulative basis adjustments were $32 million and $848 million, respectively, as of June 30, 2023. |
Fair value of securities in unrealized loss position | The following table presents 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 Gross Fair Gross Fair Gross June 30, 2023 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed (1) $ 2,276 $ 73 $ 9,385 $ 624 $ 11,661 $ 697 Residential 331 3 — — 331 3 Commercial — — 2 — 2 — Total mortgage-backed securities $ 2,607 $ 76 $ 9,387 $ 624 $ 11,994 $ 700 U.S. Treasury and federal agency securities U.S. Treasury $ 20,820 $ 743 $ 48,429 $ 1,287 $ 69,249 $ 2,030 Total U.S. Treasury and federal agency securities $ 20,820 $ 743 $ 48,429 $ 1,287 $ 69,249 $ 2,030 State and municipal $ 414 $ 14 $ 847 $ 113 $ 1,261 $ 127 Foreign government 63,765 1,446 19,543 607 83,308 2,053 Corporate 2,893 220 1,583 57 4,476 277 Asset-backed securities 640 3 — — 640 3 Other debt securities 1,491 3 — — 1,491 3 Total debt securities AFS $ 92,630 $ 2,505 $ 79,789 $ 2,688 $ 172,419 $ 5,193 December 31, 2022 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,908 $ 412 $ 3,290 $ 343 $ 11,198 $ 755 Residential 158 3 1 — 159 3 Commercial 1 — 1 — 2 — Total mortgage-backed securities $ 8,067 $ 415 $ 3,292 $ 343 $ 11,359 $ 758 U.S. Treasury and federal agency securities U.S. Treasury $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 State and municipal $ 896 $ 31 $ 707 $ 128 $ 1,603 $ 159 Foreign government 82,900 2,332 14,220 608 97,120 2,940 Corporate 3,082 209 784 37 3,866 246 Asset-backed securities 708 4 — — 708 4 Other debt securities 2,213 5 — — 2,213 5 Total debt securities AFS $ 138,567 $ 3,997 $ 53,695 $ 2,607 $ 192,262 $ 6,604 (1) Gross unrealized losses on mortgage-backed securities excluding the effect of unallocated portfolio layer cumulative basis adjustments were $82 million and $767 million for less than 12 months and 12 months or longer, respectively. |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2023 December 31, 2022 In millions of dollars Amortized Fair Amortized Fair Mortgage-backed securities (1) Due within 1 year $ 4 $ 4 $ 42 $ 44 After 1 but within 5 years 403 393 523 513 After 5 but within 10 years 500 473 468 440 After 10 years 15,214 14,432 11,466 10,752 Total (2) $ 16,121 $ 15,302 $ 12,499 $ 11,749 U.S. Treasury and federal agency securities Due within 1 year $ 25,343 $ 25,156 $ 25,935 $ 25,829 After 1 but within 5 years 58,339 56,565 68,455 66,166 After 5 but within 10 years 568 522 342 295 After 10 years — — — — Total $ 84,250 $ 82,243 $ 94,732 $ 92,290 State and municipal Due within 1 year $ 14 $ 12 $ 19 $ 18 After 1 but within 5 years 93 92 94 92 After 5 but within 10 years 279 275 305 302 After 10 years 1,919 1,823 1,945 1,811 Total $ 2,305 $ 2,202 $ 2,363 $ 2,223 Foreign government Due within 1 year $ 55,587 $ 55,384 $ 64,795 $ 64,479 After 1 but within 5 years 66,904 65,612 67,935 66,150 After 5 but within 10 years 3,897 3,725 2,491 2,250 After 10 years 579 549 427 398 Total $ 126,967 $ 125,270 $ 135,648 $ 133,277 All other (3) Due within 1 year $ 5,763 $ 5,759 $ 4,452 $ 4,441 After 1 but within 5 years 6,174 5,962 5,162 4,988 After 5 but within 10 years 588 583 695 693 After 10 years 58 13 57 18 Total $ 12,583 $ 12,317 $ 10,366 $ 10,140 Total debt securities AFS (2) $ 242,226 $ 237,334 $ 255,608 $ 249,679 (1) Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. See Note 20 for more information about mortgage- and asset-backed securitizations in which the Company has other involvement. (2) Amortized cost excludes unallocated portfolio layer cumulative basis adjustments of $(0.2) billion as of June 30, 2023. (3) Includes corporate, asset-backed and other debt securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2023 December 31, 2022 In millions of dollars Amortized cost (1) Fair value Amortized cost (1) Fair value Mortgage-backed securities Due within 1 year $ 15 $ 15 $ 27 $ 27 After 1 but within 5 years 690 655 520 505 After 5 but within 10 years 1,254 1,141 1,496 1,374 After 10 years 83,089 73,386 89,579 79,745 Total $ 85,048 $ 75,197 $ 91,622 $ 81,651 U.S. Treasury securities Due within 1 year $ 3,149 $ 3,077 $ 3,148 $ 3,017 After 1 but within 5 years 120,838 109,351 86,617 79,104 After 5 but within 10 years 10,957 9,425 45,196 39,118 After 10 years — — — — Total $ 134,944 $ 121,853 $ 134,961 $ 121,239 State and municipal Due within 1 year $ 36 $ 35 $ 22 $ 21 After 1 but within 5 years 104 102 102 100 After 5 but within 10 years 1,222 1,183 1,002 967 After 10 years 7,819 7,268 8,111 7,419 Total $ 9,181 $ 8,588 $ 9,237 $ 8,507 Foreign government Due within 1 year $ 163 $ 161 $ 143 $ 139 After 1 but within 5 years 2,197 2,106 1,932 1,843 After 5 but within 10 years — — — — After 10 years — — — — Total $ 2,360 $ 2,267 $ 2,075 $ 1,982 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 12,232 12,141 11,751 11,583 After 10 years 18,301 17,975 19,217 18,686 Total $ 30,533 $ 30,116 $ 30,968 $ 30,269 Total debt securities HTM $ 262,066 $ 238,021 $ 268,863 $ 243,648 (1) Amortized cost is reported net of ACL of $99 million and $120 million at June 30, 2023 and December 31, 2022, respectively. (2) Includes corporate and asset-backed 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 Amortized cost, net (1) Gross Gross Fair June 30, 2023 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 83,541 $ 6 $ 9,708 $ 73,839 Non-U.S. residential 362 — — 362 Commercial 1,145 — 149 996 Total mortgage-backed securities $ 85,048 $ 6 $ 9,857 $ 75,197 U.S. Treasury securities $ 134,944 $ — $ 13,091 $ 121,853 State and municipal 9,181 35 628 8,588 Foreign government 2,360 — 93 2,267 Asset-backed securities (2) 30,533 — 417 30,116 Total debt securities HTM, net $ 262,066 $ 41 $ 24,086 $ 238,021 December 31, 2022 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 90,063 $ 58 $ 10,033 $ 80,088 Non-U.S. residential 445 — — 445 Commercial 1,114 5 1 1,118 Total mortgage-backed securities $ 91,622 $ 63 $ 10,034 $ 81,651 U.S. Treasury securities $ 134,961 $ — $ 13,722 $ 121,239 State and municipal 9,237 34 764 8,507 Foreign government 2,075 — 93 1,982 Asset-backed securities (2) 30,968 4 703 30,269 Total debt securities HTM, net $ 268,863 $ 101 $ 25,316 $ 243,648 (1) Amortized cost is reported net of ACL of $99 million and $120 million at June 30, 2023 and December 31, 2022, respectively. (2) 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. See Note 20 for mortgage- and asset-backed securitizations in which the Company has other involvement. (3) In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer . See Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. |
Total other-than-temporary impairments recognized | The following table presents total impairment on AFS investments recognized in earnings: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Impairment losses related to debt securities that the Company does not intend to sell Total impairment 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 $ — $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company 43 90 94 180 Total impairment losses recognized in earnings $ 43 $ 90 $ 94 $ 180 |
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, 2023 and December 31, 2022 : In millions of dollars June 30, 2023 December 31, 2022 Measurement alternative: Carrying value $ 1,618 $ 1,676 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 June 30, In millions of dollars 2023 2022 2023 2022 Measurement alternative (1) : Impairment losses $ 28 $ 6 $ 63 $ 6 Downward changes for observable prices — — 20 — Upward changes for observable prices 3 48 33 134 (1) See Note 22 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars June 30, 2023 Measurement alternative: Impairment losses $ 282 Downward changes for observable prices 26 Upward changes for observable prices 900 |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Corporate | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquencies and Non-Accrual Details at June 30, 2023 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 500 $ 197 $ 697 $ 856 $ 151,038 $ 152,591 Financial institutions 10 11 21 93 57,480 57,594 Mortgage and real estate 6 24 30 291 23,180 23,501 Lease financing — — — — 273 273 Other 56 35 91 21 46,421 46,533 Loans at fair value 5,529 Total $ 572 $ 267 $ 839 $ 1,261 $ 278,392 $ 286,021 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2022 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 763 $ 594 $ 1,357 $ 860 $ 145,586 $ 147,803 Financial institutions 233 102 335 152 64,420 64,907 Mortgage and real estate 30 12 42 33 21,874 21,949 Lease financing — 1 1 10 343 354 Other 145 18 163 67 48,788 49,018 Loans at fair value 5,123 Total $ 1,171 $ 727 $ 1,898 $ 1,122 $ 281,011 $ 289,154 (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 collectibility 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. |
Schedule of loans credit quality indicators | Corporate Loans Credit Quality Indicators Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) June 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Investment grade (3) Commercial and industrial (4) $ 40,041 $ 8,089 $ 5,285 $ 2,809 $ 3,151 $ 8,415 $ 37,929 $ 105,719 Financial institutions (4) 6,390 4,490 3,816 572 708 2,087 30,865 48,928 Mortgage and real estate 1,731 4,803 3,752 3,639 1,791 2,259 131 18,106 Other (5) 2,174 6,621 1,335 958 734 4,797 26,251 42,870 Total investment grade $ 50,336 $ 24,003 $ 14,188 $ 7,978 $ 6,384 $ 17,558 $ 95,176 $ 215,623 Non-investment grade (3) Accrual Commercial and industrial (4) $ 14,071 $ 6,408 $ 2,351 $ 1,666 $ 907 $ 3,657 $ 16,956 $ 46,016 Financial institutions (4) 3,421 1,552 892 23 437 176 2,072 8,573 Mortgage and real estate 608 544 782 510 725 1,419 516 5,104 Other (5) 559 756 478 372 497 108 1,145 3,915 Non-accrual Commercial and industrial (4) 5 81 59 9 52 159 491 856 Financial institutions — 3 35 — 8 — 47 93 Mortgage and real estate 3 — 38 8 103 86 53 291 Other (5) 1 4 1 — — 11 4 21 Total non-investment grade $ 18,668 $ 9,348 $ 4,636 $ 2,588 $ 2,729 $ 5,616 $ 21,284 $ 64,869 Loans at fair value (6) $ 5,529 Corporate loans, net of unearned income $ 69,004 $ 33,351 $ 18,824 $ 10,566 $ 9,113 $ 23,174 $ 116,460 $ 286,021 Recorded investment in loans (1) Term loans by year of origination (7) Revolving line of credit arrangements (2) December 31, 2022 In millions of dollars 2022 2021 2020 2019 2018 Prior Investment grade (3) Commercial and industrial (4) $ 40,639 $ 6,124 $ 3,620 $ 3,458 $ 2,617 $ 7,048 $ 38,358 $ 101,864 Financial institutions (4) 11,850 3,877 835 922 333 1,327 37,462 56,606 Mortgage and real estate 4,436 3,236 4,010 2,619 1,127 1,706 152 17,286 Other (5) 7,649 2,687 1,439 643 2,119 3,832 26,805 45,174 Total investment grade $ 64,574 $ 15,924 $ 9,904 $ 7,642 $ 6,196 $ 13,913 $ 102,777 $ 220,930 Non-investment grade (3) Accrual Commercial and industrial (4) $ 17,278 $ 3,139 $ 1,973 $ 1,331 $ 965 $ 3,546 $ 16,848 $ 45,080 Financial institutions (4) 4,708 630 197 254 47 240 2,073 8,149 Mortgage and real estate 582 835 429 729 783 801 472 4,631 Other (5) 1,244 559 391 413 1 219 1,292 4,119 Non-accrual Commercial and industrial (4) 1 12 99 115 49 105 479 860 Financial institutions 41 34 — — — — 77 152 Mortgage and real estate 10 4 — — — 19 — 33 Other (5) 6 — 26 8 10 11 16 77 Total non-investment grade $ 23,870 $ 5,213 $ 3,115 $ 2,850 $ 1,855 $ 4,941 $ 21,257 $ 63,101 Loans at fair value (6) $ 5,123 Corporate loans, net of unearned income $ 88,444 $ 21,137 $ 13,019 $ 10,492 $ 8,051 $ 18,854 $ 124,034 $ 289,154 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) There were no significant revolving line of credit arrangements that converted to term loans during the quarter. (3) Held-for-investment loans are accounted for on an amortized cost basis. (4) Includes certain short-term loans with less than one year in tenor. (5) Other includes installment and other, lease financing and loans to government and official institutions. (6) Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other. (7) In the first quarter of 2023, Citi identified that at December 31, 2022 certain loans originated prior to 2022 were disclosed as originating in 2022. The table above has been revised to reflect the correct origination year. Citi evaluated the effect of the revision, both qualitatively and quantitatively, and concluded that the impact of the revision was not material. The impact of the revision increased (decreased) the year of origination amounts as follows: $(24.9) billion, $2.0 billion, $3.2 billion, $4.6 billion, $4.1 billion and $11.0 billion for 2022, 2021, 2020, 2019, 2018 and prior, respectively. The table below details gross credit losses recognized during the six months ended June 30, 2023, by year of loan origination: For the Six Months Ended June 30, 2023 In millions of dollars 2023 2022 2021 2020 2019 Prior Revolving line of credit arrangement Total Commercial and industrial $ 8 $ — $ — $ 1 $ — $ 2 $ 48 $ 59 Financial institutions — — — — — — 33 33 Mortgage and real estate — — — 1 — 2 — 3 Other (1) — — — — — — 30 30 Total $ 8 $ — $ — $ 2 $ — $ 4 $ 111 $ 125 (1) Other includes installment and other, lease financing and loans to government and official institutions. |
Schedule of impaired loans | Non-Accrual Corporate Loans June 30, 2023 December 31, 2022 In millions of dollars Recorded investment (1)(2) Related specific Recorded investment (1)(2) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 528 $ 221 $ 583 $ 268 Financial institutions 87 48 149 51 Mortgage and real estate 153 25 33 4 Other 1 1 — — Total non-accrual corporate loans with specific allowances $ 769 $ 295 $ 765 $ 323 Non-accrual corporate loans without specific allowances Commercial and industrial $ 328 N/A $ 277 N/A Financial institutions 6 N/A 3 N/A Mortgage and real estate 138 N/A — N/A Lease financing — N/A 10 N/A Other 20 N/A 67 N/A Total non-accrual corporate loans without specific allowances $ 492 N/A $ 357 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) Interest income recognized for the three and six months ended June 30, 2023 was $13 million and $24 million, respectively, and for the three and six months ended June 30, 2022 was $11 million and $23 million, respectively. N/A Not applicable |
Schedule of modifications and troubled debt restructurings | The following table details corporate loan modifications granted during the three and six months ended June 30, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification. For the Three and Six Months Ended June 30, 2023 In millions of dollars, except for weighted average term extension Total modifications balance at June 30, 2023 (1)(2)(3) Term Combination: Term extension and payment delay (5) Weighted average term extension Three Months Ended June 30, 2023 Commercial and industrial $ 66 $ 65 $ 1 22 Financial institutions — — — — Mortgage and real estate 47 46 1 24 Other (4) — — — — Total $ 113 $ 111 $ 2 Six Months Ended June 30, 2023 Commercial and industrial $ 121 $ 95 $ 26 21 Financial institutions — — — — Mortgage and real estate 49 48 1 23 Other (4) — — — — Total $ 170 $ 143 $ 27 (1) The above table reflects activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of June 30, 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $492 million as of June 30, 2023. (3) The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification. (4) Other includes installment and other, lease financing and loans to government and official institutions. (5) Payment delays either for principal or interest payments had an immaterial financial impact. The following table presents the Company’s three and six months ended June 30, 2022 corporate troubled debt restructurings (TDRs), under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023: For the Three and Six Months Ended June 30, 2022 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 Three Months Ended June 30, 2022 Commercial and industrial $ 3 $ — $ — $ 3 Other (3) 23 — — 23 Total $ 26 $ — $ — $ 26 Six Months Ended June 30, 2022 Commercial and industrial $ 15 $ — $ — $ 15 Other (3) 23 1 — 22 Total $ 38 $ 1 $ — $ 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 uncollectible 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. (3) Other includes installment and other, lease financing and loans to government and official institutions. The following table presents the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the six months ended June 30, 2023: As of June 30, 2023 (1) In millions of dollars Total Current 30–89 days past due 90+ days Commercial and industrial $ 121 $ 121 $ — $ — Financial institutions — — — — Mortgage and real estate 49 49 — — Other (2) — — — — Total $ 170 $ 170 $ — $ — (1) Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification. (2) Other includes installment and other, lease financing and loans to government and official institutions. The following table presents the Company’s three and six months ended June 30, 2022 corporate TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due: TDR loans that re-defaulted within one year of modification during the In millions of dollars TDR balances at June 30, 2022 Three Months Ended Six Months Ended Commercial and industrial $ 148 $ — $ — Mortgage and real estate 16 — — Other (1) 39 — — Total (2) $ 203 $ — $ — (1) Other includes installment and other, lease financing and loans to government and official institutions. (2) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
Schedule of corporate loans by type | 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 $ 59,790 $ 56,176 Financial institutions 36,268 43,399 Mortgage and real estate (2) 17,495 17,829 Installment and other 22,153 23,767 Lease financing 224 308 Total $ 135,930 $ 141,479 In offices outside North America (1) Commercial and industrial $ 95,836 $ 93,967 Financial institutions 21,701 21,931 Mortgage and real estate (2) 6,076 4,179 Installment and other 23,395 23,347 Lease financing 49 46 Governments and official institutions 3,034 4,205 Total $ 150,091 $ 147,675 Corporate loans, net of unearned income (3)(4)(5) $ 286,021 $ 289,154 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material. (2) Loans secured primarily by real estate. (3) Corporate loans are net of unearned income of ($795) million and ($797) million at June 30, 2023 and December 31, 2022, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. (4) Not included in the balances above is approximately $2 billion of accrued interest receivable at June 30, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. |
Consumer | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of loan delinquency and non-accrual details | Consumer Loans, Delinquencies and Non-Accrual Status at June 30, 2023 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total loans Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 101,780 $ 371 $ 285 $ 244 $ 102,680 $ 101 $ 380 $ 481 $ 139 Home equity loans (8)(9) 3,869 35 96 — 4,000 46 139 185 — Credit cards 149,487 1,741 1,723 — 152,951 — — — 1,723 Personal, small business and other (10) 37,038 89 29 5 37,161 4 34 38 7 Total $ 292,174 $ 2,236 $ 2,133 $ 249 $ 296,792 $ 151 $ 553 $ 704 $ 1,869 In offices outside North America (6) Residential mortgages (7) $ 26,950 $ 48 $ 92 $ — $ 27,090 $ — $ 328 $ 328 $ 18 Credit cards 13,344 180 190 — 13,714 — 172 172 60 Personal, small business and other (10) 36,848 108 39 — 36,995 — 117 117 — Total $ 77,142 $ 336 $ 321 $ — $ 77,799 $ — $ 617 $ 617 $ 78 Total Citigroup (11)(12) $ 369,316 $ 2,572 $ 2,454 $ 249 $ 374,591 $ 151 $ 1,170 $ 1,321 $ 1,947 Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2022 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4) ≥ 90 days past due (3)(4) Past due government guaranteed (5) Total Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (6) Residential first mortgages (7) $ 95,023 $ 421 $ 316 $ 279 $ 96,039 $ 86 $ 434 $ 520 $ 163 Home equity loans (8)(9) 4,407 38 135 — 4,580 51 151 202 — Credit cards 147,717 1,511 1,415 — 150,643 — — — 1,415 Personal, small business and other (10) 37,635 88 22 7 37,752 3 23 26 11 Total $ 284,782 $ 2,058 $ 1,888 $ 286 $ 289,014 $ 140 $ 608 $ 748 $ 1,589 In offices outside North America (6) Residential mortgages (7) $ 27,946 $ 62 $ 106 $ — $ 28,114 $ — $ 305 $ 305 $ 13 Credit cards 12,659 147 149 — 12,955 — 127 127 56 Personal, small business and other (10) 37,869 105 10 — 37,984 — 137 137 — Total $ 78,474 $ 314 $ 265 $ — $ 79,053 $ — $ 569 $ 569 $ 69 Total Citigroup (11)(12) $ 363,256 $ 2,372 $ 2,153 $ 286 $ 368,067 $ 140 $ 1,177 $ 1,317 $ 1,658 (1) Loans less than 30 days past due are presented as current. (2) Includes $237 million and $237 million at June 30, 2023 and December 31, 2022, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $30.6 billion and $17.9 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at June 30, 2023. Excludes delinquencies on $31.5 billion and $17.8 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at December 31, 2022. (4) Loans modified under Citi’s COVID-19 consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification. Most modified loans in North America would not be reported as 30–89 or 90+ days past due for the duration of the programs (which have various durations, and certain of which may be renewed). (5) Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.1 billion and $0.2 billion at June 30, 2023 and December 31, 2022, respectively. (6) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (7) Includes approximately $0.2 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $20.4 billion of residential mortgages outside North America related to the Global Wealth business at June 30, 2023. Includes approximately $0.1 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to the Global Wealth business at December 31, 2022. (8) Includes approximately $0.1 billion and $0.1 billion at June 30, 2023 and December 31, 2022, respectively, of home equity loans in process of foreclosure. (9) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (10) Includes loans related to the Global Wealth business: $33.1 billion in North America, approximately $30.6 billion of which are classifiably managed, and as of June 30, 2023 approximately 99% were rated investment grade; and $26.0 billion outside North America, approximately $17.9 billion of which are classifiably managed, and as of June 30, 2023 approximately 93% were rated investment grade. Includes loans related to the Global Wealth business: $34.0 billion in North America, approximately $31.5 billion of which are classifiably managed, and as of December 31, 2022 approximately 98% were rated investment grade; and $26.6 billion outside North America, approximately $17.8 billion of which are classifiably managed, and as of December 31, 2022 approximately 94% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. (11) Consumer loans are net of unearned income of $769 million and $712 million at June 30, 2023 and December 31, 2022, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. (12) Not included in the balances above are approximately $1 billion and $1 billion of accrued interest receivable at June 30, 2023 and December 31, 2022, respectively, which are included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). When a loan becomes non-accrual or, if not subject to a non-accrual policy, is charged off per the Company’s charge-off policy, any accrued interest receivable is also reversed against the interest income. During the three and six months ended June 30, 2023, the Company reversed accrued interest of approximately $0.3 billion and $0.5 billion, respectively, primarily related to credit card loans. During the three and six months ended June 30, 2022, the Company reversed accrued interest of approximately $0.2 billion and $0.3 billion, respectively, primarily related to credit card loans. Interest Income Recognized for Non-Accrual Consumer Loans In millions of dollars Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 In North America offices (1) Residential first mortgages $ 3 $ 3 $ 6 $ 6 Home equity loans 1 1 3 2 Credit cards — — — — Personal, small business and other 1 1 1 1 Total $ 5 $ 5 $ 10 $ 9 In offices outside North America (1) Residential mortgages $ 4 $ — $ 5 $ — Credit cards — — — — Personal, small business and other — — — — Total $ 4 $ — $ 5 $ — Total Citigroup $ 9 $ 5 $ 15 $ 9 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. |
Schedule of loans credit quality indicators | The following tables provide details on the Fair Isaac Corporation (FICO) scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. With respect to Citi’s consumer loan portfolio outside of the U.S. as of June 30, 2023 and December 31, 2022 ($79.3 billion and $80.5 billion, respectively), various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (for additional information on loans outside of the U.S., see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio. FICO score distribution — U.S. portfolio (1)(2) June 30, 2023 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2023 $ 151 $ 2,704 $ 5,671 2022 717 6,659 13,618 2021 602 5,747 12,540 2020 393 4,360 10,860 2019 312 2,345 5,350 Prior 2,185 7,099 13,907 Total residential first mortgages $ 4,360 $ 28,914 $ 61,946 $ — $ 7,460 $ 102,680 Home equity loans (pre-reset) $ 490 $ 1,212 $ 1,736 Home equity loans (post-reset) 71 76 45 Home equity term loans 92 137 108 2023 — — — 2022 — — — 2021 — 1 1 2020 1 2 2 2019 1 1 1 Prior 90 133 104 Total home equity loans $ 653 $ 1,425 $ 1,889 $ — $ 33 $ 4,000 Credit cards $ 29,111 $ 59,069 $ 60,712 Revolving loans converted to term loans (5) 913 357 54 Total credit cards (6) $ 30,024 $ 59,426 $ 60,766 $ — $ 2,136 $ 152,352 Personal, small business and other 2023 $ 10 $ 45 $ 105 2022 268 515 712 2021 80 129 151 2020 11 14 20 2019 13 14 16 Prior 126 181 135 Total personal, small business and other (7)(8) $ 508 $ 898 $ 1,139 $ 30,596 $ 3,101 $ 36,242 Total $ 35,545 $ 90,663 $ 125,740 $ 30,596 $ 12,730 $ 295,274 FICO score distribution—U.S. portfolio (1)(2) December 31, 2022 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2022 $ 691 $ 7,530 $ 12,928 2021 639 5,933 12,672 2020 431 4,621 10,936 2019 321 2,505 5,445 2018 302 1,072 1,899 Prior 2,020 6,551 12,649 Total residential first mortgages $ 4,404 $ 28,212 $ 56,529 $ 6,894 $ 96,039 Home equity line of credit (pre-reset) $ 552 $ 1,536 $ 1,876 Home equity line of credit (post-reset) 62 65 40 Home equity term loans 106 151 117 2022 — — — 2021 — 1 1 2020 1 2 2 2019 1 2 2 2018 1 2 1 Prior 103 144 111 Total home equity loans $ 720 $ 1,752 $ 2,033 $ 75 $ 4,580 Credit cards $ 27,901 $ 58,213 $ 60,896 Revolving loans converted to term loans (5) 766 354 54 Total credit cards (6) $ 28,667 $ 58,567 $ 60,950 $ 1,914 $ 150,098 Personal, small business and other 2022 $ 247 $ 546 $ 800 2021 96 170 210 2020 15 20 30 2019 21 23 28 2018 10 10 9 Prior 126 190 144 Total personal, small business and other (7)(8) $ 515 $ 959 $ 1,221 $ 31,478 $ 2,639 $ 36,812 Total $ 34,306 $ 89,490 $ 120,733 $ 31,478 $ 11,522 $ 287,529 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) FICO scores are updated on either a monthly or quarterly basis. For updates that are made only quarterly, certain current-period loans by year of origination are greater than those disclosed in the prior periods. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. (3) These personal, small business and other loans without a FICO score available include $30.6 billion and $31.5 billion of Private bank loans as of June 30, 2023 and December 31, 2022, respectively, which are classifiably managed within Global Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of June 30, 2023 and December 31, 2022, approximately 99% and 98% of these loans, respectively, were rated investment grade. (4) FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized. (5) Not included in the tables above are $63 million and $75 million of revolving credit card loans outside of the U.S. that were converted to term loans as of June 30, 2023 and December 31, 2022, respectively. (6) Excludes $599 million and $545 million of balances related to Canada for June 30, 2023 and December 31, 2022, respectively. (7) Excludes $919 million and $940 million of balances related to Canada for June 30, 2023 and December 31, 2022, respectively. (8) Includes approximately $49 million and $67 million of personal revolving loans that were converted to term loans for June 30, 2023 and December 31, 2022, respectively. Consumer Gross Credit Losses The following table provides details on gross credit losses recognized during the six months ended June 30, 2023, by year of loan origination: In millions of dollars Six Months Ended June 30, 2023 Residential first mortgages 2023 $ — 2022 1 2021 — 2020 1 2019 3 Prior 20 Total residential first mortgages $ 25 Home equity line of credit (pre-reset) $ 2 Home equity line of credit (post-reset) — Home equity term loans 1 Total home equity loans $ 3 Credit cards $ 2,925 Revolving loans converted to term loans 87 Total credit cards $ 3,012 Personal, small business and other 2023 $ 69 2022 89 2021 56 2020 23 2019 27 Prior 84 Total personal, small business and other $ 348 Total Citigroup $ 3,388 LTV distribution — U.S. portfolio June 30, 2023 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2023 $ 6,634 $ 1,975 $ 6 2022 16,146 5,916 43 2021 18,846 1,096 33 2020 16,451 362 1 2019 8,395 226 26 Prior 25,029 318 78 Total residential first mortgages $ 91,501 $ 9,893 $ 187 $ 1,099 $ 102,680 Home equity loans (pre-reset) $ 3,167 $ 28 $ 9 Home equity loans (post-reset) 491 8 13 Total home equity loans $ 3,658 $ 36 $ 22 $ 284 $ 4,000 Total $ 95,159 $ 9,929 $ 209 $ 1,383 $ 106,680 LTV distribution — U.S. portfolio December 31, 2022 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2022 $ 15,644 $ 6,497 $ 40 2021 19,104 1,227 33 2020 16,935 267 1 2019 8,789 140 23 2018 3,598 74 9 Prior 22,367 132 74 Total residential first mortgages $ 86,437 $ 8,337 $ 180 $ 1,085 $ 96,039 Home equity loans (pre-reset) $ 3,677 $ 36 $ 56 Home equity loans (post-reset) 627 12 27 Total home equity loans $ 4,304 $ 48 $ 83 $ 145 $ 4,580 Total $ 90,741 $ 8,385 $ 263 $ 1,230 $ 100,619 (1) Residential first mortgages with no LTV information available includes government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans. The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination: LTV distribution — outside of U.S. portfolio (1) June 30, 2023 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2023 $ 1,847 $ 620 $ — 2022 3,356 1,102 33 2021 3,713 1,069 44 2020 2,845 385 — 2019 2,775 63 1 Prior 8,942 44 8 Total $ 23,478 $ 3,283 $ 86 $ 243 $ 27,090 LTV distribution — outside of U.S. portfolio (1) December 31, 2022 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2022 $ 3,106 $ 975 $ 294 2021 4,144 964 273 2020 3,293 502 25 2019 3,048 92 1 2018 2,074 48 — Prior 9,201 36 7 Total $ 24,866 $ 2,617 $ 600 $ 31 $ 28,114 (1) Mortgage portfolios outside of the U.S. are primarily in Global Wealth. As of June 30, 2023 and December 31, 2022, mortgage portfolios outside of the U.S. had an average LTV of approximately 52% and 51%, respectively. Consumer Loans and Ratios Outside of North America Delinquency-managed loans and ratios In millions of dollars at June 30, 2023 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio 2Q23 NCL ratio 2Q22 NCL ratio Residential mortgages (3) $ 27,090 $ — $ 27,090 0.18 % 0.34 % (0.01) % 0.04 % Credit cards 13,714 — 13,714 1.31 1.39 3.98 3.08 Personal, small business and other (4) 36,995 17,902 19,093 0.57 0.20 0.91 0.55 Total $ 77,799 $ 17,902 $ 59,897 0.56 % 0.54 % 1.12 % 0.72 % Delinquency-managed loans and ratios In millions of dollars at December 31, 2022 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio Residential mortgages (3) $ 28,114 $ — $ 28,114 0.22 % 0.38 % Credit cards 12,955 — 12,955 1.13 1.15 Personal, small business and other (4) 37,984 17,762 20,222 0.52 0.05 Total $ 79,053 $ 17,762 $ 61,291 0.51 % 0.43 % (1) Mexico is included in offices outside of North America. (2) Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of June 30, 2023 and December 31, 2022, approximately 93% and 94% of these loans, respectively, were rated investment grade. (3) Includes $20.4 billion and $19.8 billion as of June 30, 2023 and December 31, 2022, respectively, of residential mortgages related to the Global Wealth business. (4) Includes $26.0 billion and $26.6 billion as of June 30, 2023 and December 31, 2022, respectively, of loans related to the Global Wealth business. |
Schedule of modifications and troubled debt restructurings | The following tables provide details on permanent consumer loan modifications granted during the three and six months ended June 30, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications: For the Three Months Ended June 30, 2023 In millions of dollars, except weighted averages Modifications as % of loans Total modifications balance at June 30, 2023 (1)(2)(3) Interest rate reduction Term extension Payment delay Combination: interest rate reduction and term extension Combination: term extension and payment delay (4) Weighted average interest rate reduction % Weighted average term extension (months) Weighted average delay in payments (months) In North America offices (5) Residential first mortgages (6) 0.05 % $ 47 $ 1 $ 15 $ 29 $ 2 $ — 1 % 191 6 Home equity loans 0.23 9 — — 1 8 — 2 119 6 Credit cards 0.18 275 275 — — — — 22 — — Personal, small business and other 0.01 4 — 1 — 3 — 6 13 — Total 0.11 % $ 335 $ 276 $ 16 $ 30 $ 13 $ — In offices outside North America (5) Residential mortgages 1.03 % $ 278 $ 3 $ — $ — $ — $ 275 — % 1 1 Credit cards 0.09 12 12 — — — — 18 — — Personal, small business and other 0.02 7 1 2 — 4 — 9 20 — Total 0.38 % $ 297 $ 16 $ 2 $ — $ 4 $ 275 For the Six Months Ended June 30, 2023 In millions of dollars, except weighted averages Modifications as % of loans Total modifications balance at June 30, 2023 (1)(2)(3) Interest rate reduction Term extension Payment delay Combination: interest rate reduction and term extension Combination: term extension and payment delay (4) Weighted average interest rate reduction % Weighted average term extension (months) Weighted average delay in payments (months) In North America offices (5) Residential first mortgages (6) 0.10 % $ 100 $ 1 $ 30 $ 64 $ 5 $ — 1 % 187 6 Home equity loans 0.48 19 — — 6 13 — 2 120 6 Credit cards 0.33 499 499 — — — — 22 — — Personal, small business and other 0.02 6 1 1 — 4 — 6 14 — Total 0.21 % $ 624 $ 501 $ 31 $ 70 $ 22 $ — In offices outside North America (5) Residential mortgages 1.09 % $ 296 $ 5 $ — $ — $ 1 $ 290 — % 2 2 Credit cards 0.17 23 23 — — — — 18 — — Personal, small business and other 0.04 16 3 4 — 9 — 8 21 — Total 0.43 % $ 335 $ 31 $ 4 $ — $ 10 $ 290 (1) The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three and six months ended June 30, 2023, Citi granted forgiveness of $16 million and $26 million, respectively, in credit card loans, and $1 million and $1 million, respectively, in personal, small business and other loans that had no outstanding balance at June 30, 2023. (2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at June 30, 2023. (3) For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default. (4) Residential mortgages in offices outside North America were granted four months of payment deferrals during the six months ended December 31, 2022. (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the three and six months ended June 30, 2023. The following tables present the Company’s three and six months ended June 30, 2022 consumer TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023: Consumer Troubled Debt Restructurings (1) For the Three Months Ended June 30, 2022 In millions of dollars, except number of loans modified Number of Post- (2)(3) Deferred (4) Contingent (5) Principal (6) Average North America Residential first mortgages 279 $ 56 $ — $ — $ — — % Home equity loans 103 7 — — — — Credit cards 36,820 157 — — — 18 Personal, small business and other 105 1 — — — 5 Total (7) 37,307 $ 221 $ — $ — $ — International Residential mortgages 110 $ 4 $ — $ — $ — — % Credit cards 3,462 13 — — — 27 Personal, small business and other 595 7 — — — 8 Total (7) 4,167 $ 24 $ — $ — $ — For the Six Months Ended June 30, 2022 In millions of dollars, except number of loans modified Number of Post- (2)(8) Deferred (4) Contingent (5) Principal (6) Average North America Residential first mortgages 625 $ 137 $ — $ — $ — — % Home equity loans 207 16 — — — — Credit cards 77,560 330 — — — 17 Personal, small business and other 251 2 — — — 5 Total (7) 78,643 $ 485 $ — $ — $ — International Residential first mortgages 293 $ 10 $ — $ — $ — — % Credit cards 8,462 35 — — 1 23 Personal, small business and other 1,267 16 — — — 8 Total (7) 10,022 $ 61 $ — $ — $ 1 (1) The above tables do not include loan modifications that meet the TDR relief criteria in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or the interagency guidance. (2) Post-modification balances include past-due amounts that are capitalized at the modification date. (3) Post-modification balances in North America include $0.4 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2022. These amounts include $0.4 million of residential first mortgages that were newly classified as TDRs in the three months ended June 30, 2022, based on previously received OCC guidance. (4) 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. (5) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (6) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (7) The above tables reflect activity for restructured loans that were considered TDRs during the reporting period. (8) Post-modification balances in North America include $2 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2022. These amounts include $2 million of residential first mortgages that were newly classified as TDRs in the six months ended June 30, 2022, based on previously received OCC guidance. Performance of Modified Consumer Loans The following table presents the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty. It includes loans that were modified during the six months ended June 30, 2023: As of June 30, 2023 In millions of dollars Total Current 30 – 89 days past due 90+ days Gross In North America offices (1) Residential first mortgages $ 100 $ 36 $ 20 $ 44 $ — Home equity loans 19 14 1 4 — Credit cards 499 319 102 78 57 Personal, small business and other 6 6 — — — Total (2)(3) $ 624 $ 375 $ 123 $ 126 $ 57 In offices outside North America (1) Residential mortgages $ 296 $ 295 $ 1 $ — $ — Credit cards 23 20 2 1 — Personal, small business and other 16 14 1 1 1 Total (2)(3) $ 335 $ 329 $ 4 $ 2 $ 1 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (2) Typically, upon modification a loan re-ages to current. However, FFIEC guidelines for re-aging certain loans require that at least three consecutive minimum monthly payments, or the equivalent amount, be received. In these cases, the loan will remain delinquent until the payment criteria for re-aging have been satisfied. (3) Loans modified under Citi’s COVID-19 consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification. Defaults of Modified Consumer Loans The following tables present default activity for permanently modified consumer loans to borrowers experiencing financial difficulty by type of modification granted, including loans that were modified and subsequently defaulted during the three and six months ended June 30, 2023. Default is defined as 60 days past due: For the Three Months Ended June 30, 2023 In millions of dollars Total (1)(2) Interest rate reduction Term Payment Combination: interest rate reduction and term extension Combination: term extension and payment delay Combination: interest rate reduction, term extension and payment delay In North America offices (3) Residential first mortgages $ 1 $ 1 $ — $ — $ — $ — $ — Home equity loans — — — — — — — Credit cards (4) 50 50 — — — — — Personal, small business and other — — — — — — — Total $ 51 $ 51 $ — $ — $ — $ — $ — In offices outside North America (3) Residential mortgages $ — $ — $ — $ — $ — $ — $ — Credit cards (4) 1 1 — — — — — Personal, small business and other — — — — — — — Total $ 1 $ 1 $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2023 In millions of dollars Total (1)(2) Interest rate reduction Term Payment Combination: interest rate reduction and term extension Combination: term extension and payment delay Combination: interest rate reduction, term extension and payment delay In North America offices (3) Residential first mortgages $ 1 $ 1 $ — $ — $ — $ — $ — Home equity loans — — — — — — — Credit cards (4) 55 55 — — — — — Personal, small business and other — — — — — — — Total $ 56 $ 56 $ — $ — $ — $ — $ — In offices outside North America (3) Residential mortgages $ — $ — $ — $ — $ — $ — $ — Credit cards (4) 1 1 — — — — — Personal, small business and other 1 — — — 1 — — Total $ 2 $ 1 $ — $ — $ 1 $ — $ — (1) The above table reflects activity for loans outstanding as of the end of the reporting period. (2) Modified residential first mortgages that default are typically liquidated through foreclosure or a similar type of liquidation. (3) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (4) Modified credit card loans that default continue to be charged off in accordance with Citi’s consumer charge-off policy. The following table presents the Company’s three and six months ended June 30, 2022 consumer TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2022 2022 North America Residential first mortgages $ 13 $ 17 Home equity loans 2 2 Credit cards 59 116 Personal, small business and other — — Total $ 74 $ 135 International Residential mortgages $ 3 $ 7 Credit cards 3 7 Personal, small business and other 1 2 Total $ 7 $ 16 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Credit Loss [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Allowance for credit losses on loans (ACLL) at beginning of period $ 17,169 $ 15,393 $ 16,974 $ 16,455 Adjustments to opening balance (1) Financial instruments—TDRs and vintage disclosures (1) $ — $ — $ (352) $ — Adjusted ACLL at beginning of period $ 17,169 $ 15,393 $ 16,622 $ 16,455 Gross credit losses on loans $ (1,879) $ (1,212) $ (3,513) $ (2,452) Gross recoveries on loans 375 362 707 730 Net credit losses on loans (NCLs) $ (1,504) $ (850) $ (2,806) $ (1,722) Replenishment of NCLs $ 1,504 $ 850 $ 2,806 $ 1,722 Net reserve builds (releases) for loans 290 520 687 (260) Net specific reserve builds (releases) for loans (33) 14 5 182 Total provision for credit losses on loans (PCLL) $ 1,761 $ 1,384 $ 3,498 $ 1,644 Other, net (see table below) 70 25 182 (425) ACLL at end of period $ 17,496 $ 15,952 $ 17,496 $ 15,952 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period (2) $ 1,959 $ 2,343 $ 2,151 $ 1,871 Provision (release) for credit losses on unfunded lending commitments (96) (159) (290) 315 Other, net (1) 9 1 7 ACLUC at end of period (2) $ 1,862 $ 2,193 $ 1,862 $ 2,193 Total allowance for credit losses on loans, leases and unfunded lending commitments (3) $ 19,358 $ 18,145 $ 19,358 $ 18,145 Other, net details Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Reclasses of consumer ACLL to HFS (4) $ — $ — $ — $ (350) FX translation and other 70 25 182 (75) Other, net $ 70 $ 25 $ 182 $ (425) (1) See Note 1 in Citi’s First Quarter of 2023 Form 10-Q for a description of the impact of adopting ASU 2022-02 on the ACL. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (3) See below for ACL on HTM debt securities and Other assets . (4) See Note 2. Allowance for Credit Losses on Loans and End-of-Period Loans Three Months Ended June 30, 2023 June 30, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,780 $ 14,389 $ 17,169 $ 3,025 $ 12,368 $ 15,393 Charge-offs (86) (1,793) (1,879) (57) (1,155) (1,212) Recoveries 11 364 375 34 328 362 Replenishment of NCLs 75 1,429 1,504 23 827 850 Net reserve builds (releases) (119) 409 290 (128) 648 520 Net specific reserve builds (releases) (33) — (33) 49 (35) 14 Other 2 68 70 23 2 25 Ending balance $ 2,630 $ 14,866 $ 17,496 $ 2,969 $ 12,983 $ 15,952 Six Months Ended June 30, 2023 June 30, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL at beginning of period $ 2,855 $ 14,119 $ 16,974 $ 2,415 $ 14,040 $ 16,455 Adjustments to opening balance: Financial instruments—TDRs and vintage disclosures (1) — (352) (352) — — — Adjusted ACLL at beginning of period $ 2,855 $ 13,767 $ 16,622 $ 2,415 $ 14,040 $ 16,455 Charge-offs $ (125) $ (3,388) $ (3,513) $ (105) $ (2,347) $ (2,452) Recoveries 28 679 707 51 679 730 Replenishment of NCLs 97 2,709 2,806 54 1,668 1,722 Net reserve builds (releases) (209) 896 687 249 (509) (260) Net specific reserve builds (releases) (28) 33 5 273 (91) 182 Other 12 170 182 32 (457) (425) Ending balance $ 2,630 $ 14,866 $ 17,496 $ 2,969 $ 12,983 $ 15,952 June 30, 2023 December 31, 2022 In millions of dollars Corporate Consumer Total Corporate Consumer Total ACLL Collectively evaluated (1) $ 2,335 $ 14,827 $ 17,162 $ 2,532 $ 13,521 $ 16,053 Individually evaluated 295 39 334 323 596 919 Purchased credit deteriorated — — — — 2 2 Total ACLL $ 2,630 $ 14,866 $ 17,496 $ 2,855 $ 14,119 $ 16,974 Loans, net of unearned income Collectively evaluated (1) $ 279,231 $ 374,201 $ 653,432 $ 282,909 $ 364,795 $ 647,704 Individually evaluated 1,261 39 1,300 1,122 2,921 4,043 Purchased credit deteriorated — 114 114 — 114 114 Held at fair value 5,529 237 5,766 5,123 237 5,360 Total loans, net of unearned income $ 286,021 $ 374,591 $ 660,612 $ 289,154 $ 368,067 $ 657,221 (1) See Note 1 in Citi’s First Quarter of 2023 Form 10-Q for a description of the effect of adopting ASU 2022-02 on the ACL and for Citi’s updated accounting policy for collectively evaluating the ACL for consumer loans formerly considered TDRs. 2Q23 Changes in the ACL The total allowance for credit losses on loans, leases and unfunded lending commitments as of June 30, 2023 was $19,358 million, a slight increase from $19,125 million at December 31, 2022. The increase in the ACLL was primarily driven by growth in card balances in Branded cards and Retail services and an increase in transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law, partially offset by a decrease in the ACLL of $352 million from the adoption of ASU 2022-02 for the recognition and measurement of TDRs (see Note 1) and an improved macroeconomic outlook. Consumer ACLL Citi’s total consumer allowance for credit losses on loans (ACLL) as of June 30, 2023 was $14,866 million, an increase from $14,119 million at December 31, 2022. The increase was primarily driven by growth in U.S. cards balances, partially offset by a decrease to the ACLL of $352 million from the adoption of ASU 2022-02 for the recognition and measurement of TDRs. Corporate ACLL Citi’s total corporate ACLL as of June 30, 2023 was $2,630 million, a decrease from $2,855 million at December 31, 2022. The decrease was primarily driven by an improved macroeconomic outlook. ACLUC As of June 30, 2023, Citi’s total ACLUC, included in Other liabilities , was $1,862 million, a decrease from $2,151 million at December 31, 2022. The decrease was primarily driven by an improved macroeconomic outlook. |
Schedule of allowance for credit losses on held-to-maturity securities | Allowance for Credit Losses on HTM Debt Securities Three Months Ended June 30, 2023 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 2 $ 98 $ 3 $ 1 $ 104 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 3 (6) (1) — (4) Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 3 $ (6) $ (1) $ — $ (4) Other, net $ — $ — $ — $ (1) $ (1) Allowance for credit losses on HTM debt securities $ 5 $ 92 $ 2 $ — $ 99 Six Months Ended June 30, 2023 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 1 $ 113 $ 3 $ 3 $ 120 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) 5 (21) (1) (4) (21) Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ 5 $ (21) $ (1) $ (4) $ (21) Other, net $ (1) $ — $ — $ 1 $ — Allowance for credit losses on HTM debt securities $ 5 $ 92 $ 2 $ — $ 99 Three Months Ended June 30, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 4 $ 79 $ 2 $ — $ 85 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (releases) (2) 14 1 7 20 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (2) $ 14 $ 1 $ 7 $ 20 Allowance for credit losses on HTM debt securities $ 2 $ 93 $ 3 $ 7 $ 105 Six Months Ended June 30, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- Total HTM Allowance for credit losses on HTM debt securities $ 6 $ 75 $ 4 $ 2 $ 87 Gross credit losses — — — — — Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — Net reserve builds (4) 18 (1) 5 18 Net specific reserve builds (releases) — — — — — Total provision for credit losses on HTM debt securities $ (4) $ 18 $ (1) $ 5 $ 18 Allowance for credit losses on HTM debt securities $ 2 $ 93 $ 3 $ 7 $ 105 |
Schedule of allowance for credit losses on other assets | Allowance for Credit Losses on Other Assets Three Months Ended June 30, 2023 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements All other assets (1) Total Allowance for credit losses on other assets $ 135 $ 30 $ 363 $ 528 Gross credit losses — — (24) (24) Gross recoveries — — 5 5 Net credit losses (NCLs) $ — $ — $ (19) $ (19) Replenishment of NCLs $ — $ — $ 19 $ 19 Net reserve builds (releases) (114) — 244 130 Total provision for credit losses $ (114) $ — $ 263 $ 149 Other, net $ — $ (4) $ 5 $ 1 Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 Six Months Ended June 30, 2023 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements All other assets (1) Total Allowance for credit losses on other assets $ 51 $ 36 $ 36 $ 123 Gross credit losses — — (35) (35) Gross recoveries — — 5 5 Net credit losses (NCLs) $ — $ — $ (30) $ (30) Replenishment of NCLs $ — $ — $ 30 $ 30 Net reserve builds (releases) (29) (3) 576 544 Total provision for credit losses $ (29) $ (3) $ 606 $ 574 Other, net $ (1) $ (7) $ — $ (8) Allowance for credit losses on other assets $ 21 $ 26 $ 612 $ 659 (1) Primarily an increase related to transfer risk associated with exposures outside of the U.S. driven by safety and soundness considerations under U.S. banking law. Three Months Ended June 30, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 15 $ 4 $ — $ 24 $ 43 Gross credit losses — — — (8) (8) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (6) $ (6) Replenishment of NCLs $ — $ — $ — $ 6 $ 6 Net reserve builds (releases) 2 (8) — 7 1 Total provision for credit losses $ 2 $ (8) $ — $ 13 $ 7 Other, net $ — $ 31 $ — $ (1) $ 30 Allowance for credit losses on other assets $ 17 $ 27 $ — $ 30 $ 74 Six Months Ended June 30, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets $ 21 $ 6 $ — $ 26 $ 53 Gross credit losses — — — (15) (15) Gross recoveries — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ (13) $ (13) Replenishment of NCLs $ — $ — $ — $ 13 $ 13 Net reserve builds (releases) (4) (10) — 4 (10) Total provision for credit losses $ (4) $ (10) $ — $ 17 $ 3 Other, net $ — $ 31 $ — $ — $ 31 Allowance for credit losses on other assets $ 17 $ 27 $ — $ 30 $ 74 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in Goodwill were as follows: In millions of dollars Institutional Clients Group Personal Banking and Wealth Management Legacy Franchises Total Balance at December 31, 2022 $ 8,986 $ 9,741 $ 964 $ 19,691 Foreign currency translation 42 69 80 191 Balance at March 31, 2023 $ 9,028 $ 9,810 $ 1,044 $ 19,882 Foreign currency translation 13 48 55 116 Balance at June 30, 2023 $ 9,041 $ 9,858 $ 1,099 $ 19,998 |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: June 30, 2023 December 31, 2022 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,290 $ 1,012 $ 5,513 $ 4,426 $ 1,087 Credit card contract-related intangibles (2) 4,193 1,612 2,581 3,903 1,518 2,385 Other customer relationships 355 271 84 373 283 90 Present value of future profits 37 36 1 32 31 1 Indefinite-lived intangible assets 217 — 217 192 — 192 Other — — — 65 57 8 Intangible assets (excluding MSRs) $ 10,104 $ 6,209 $ 3,895 $ 10,078 $ 6,315 $ 3,763 Mortgage servicing rights (MSRs) (3) 681 — 681 665 — 665 Total intangible assets $ 10,785 $ 6,209 $ 4,576 $ 10,743 $ 6,315 $ 4,428 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2022 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2023 Purchased credit card relationships (1) $ 1,087 $ — $ (75) $ — $ — $ 1,012 Credit card contract-related intangibles (2) 2,385 290 (94) — — 2,581 Other customer relationships 90 11 (12) — (5) 84 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 192 — — — 25 217 Other 8 — (8) — — — Intangible assets (excluding MSRs) $ 3,763 $ 301 $ (189) $ — $ 20 $ 3,895 Mortgage servicing rights (MSRs) (3) 665 681 Total intangible assets $ 4,428 $ 4,576 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years. (3) See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended June 30, 2023. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: June 30, 2023 December 31, 2022 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,290 $ 1,012 $ 5,513 $ 4,426 $ 1,087 Credit card contract-related intangibles (2) 4,193 1,612 2,581 3,903 1,518 2,385 Other customer relationships 355 271 84 373 283 90 Present value of future profits 37 36 1 32 31 1 Indefinite-lived intangible assets 217 — 217 192 — 192 Other — — — 65 57 8 Intangible assets (excluding MSRs) $ 10,104 $ 6,209 $ 3,895 $ 10,078 $ 6,315 $ 3,763 Mortgage servicing rights (MSRs) (3) 681 — 681 665 — 665 Total intangible assets $ 10,785 $ 6,209 $ 4,576 $ 10,743 $ 6,315 $ 4,428 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2022 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2023 Purchased credit card relationships (1) $ 1,087 $ — $ (75) $ — $ — $ 1,012 Credit card contract-related intangibles (2) 2,385 290 (94) — — 2,581 Other customer relationships 90 11 (12) — (5) 84 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 192 — — — 25 217 Other 8 — (8) — — — Intangible assets (excluding MSRs) $ 3,763 $ 301 $ (189) $ — $ 20 $ 3,895 Mortgage servicing rights (MSRs) (3) 665 681 Total intangible assets $ 4,428 $ 4,576 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years. (3) See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended June 30, 2023. |
Changes in intangible assets | The components of intangible assets were as follows: June 30, 2023 December 31, 2022 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships (1) $ 5,302 $ 4,290 $ 1,012 $ 5,513 $ 4,426 $ 1,087 Credit card contract-related intangibles (2) 4,193 1,612 2,581 3,903 1,518 2,385 Other customer relationships 355 271 84 373 283 90 Present value of future profits 37 36 1 32 31 1 Indefinite-lived intangible assets 217 — 217 192 — 192 Other — — — 65 57 8 Intangible assets (excluding MSRs) $ 10,104 $ 6,209 $ 3,895 $ 10,078 $ 6,315 $ 3,763 Mortgage servicing rights (MSRs) (3) 681 — 681 665 — 665 Total intangible assets $ 10,785 $ 6,209 $ 4,576 $ 10,743 $ 6,315 $ 4,428 The changes in intangible assets were as follows: In millions of dollars Net carrying amount at December 31, 2022 Acquisitions/renewals/ Amortization Impairments FX translation and other Net carrying amount at June 30, 2023 Purchased credit card relationships (1) $ 1,087 $ — $ (75) $ — $ — $ 1,012 Credit card contract-related intangibles (2) 2,385 290 (94) — — 2,581 Other customer relationships 90 11 (12) — (5) 84 Present value of future profits 1 — — — — 1 Indefinite-lived intangible assets 192 — — — 25 217 Other 8 — (8) — — — Intangible assets (excluding MSRs) $ 3,763 $ 301 $ (189) $ — $ 20 $ 3,895 Mortgage servicing rights (MSRs) (3) 665 681 Total intangible assets $ 4,428 $ 4,576 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles. (2) Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years. (3) See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended June 30, 2023. |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Deposits | Deposits consisted of the following: June 30, December 31, In millions of dollars 2023 (1) 2022 Non-interest-bearing deposits in U.S. offices $ 109,844 $ 122,655 Interest-bearing deposits in U.S. offices (including $998 and $903 as of June 30, 2023 and December 31, 2022, respectively, at fair value) 590,700 607,470 Non-interest-bearing deposits in offices outside the U.S. 91,899 95,182 Interest-bearing deposits in offices outside the U.S. (including $1,600 and $972 as of June 30, 2023 and December 31, 2022, respectively, at fair value) 527,424 540,647 Total deposits $ 1,319,867 $ 1,365,954 (1) For information on time deposits that met or exceeded the insured limit at December 31, 2022, see Note 17 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars June 30, December 31, Commercial paper Bank (1) $ 11,108 $ 11,185 Broker-dealer and other (2) 9,814 14,345 Total commercial paper $ 20,922 $ 25,530 Other borrowings (3) 19,508 21,566 Total $ 40,430 $ 47,096 (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, 2023 and December 31, 2022, collateralized short-term advances from Federal Home Loan Banks were $10.0 billion and $12.0 billion, respectively. |
Schedule of long-term debt | In millions of dollars June 30, December 31, 2022 Citigroup Inc. (1) $ 163,043 $ 166,257 Bank (2) 19,101 21,113 Broker-dealer and other (3) 92,366 84,236 Total $ 274,510 $ 271,606 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2023 and December 31, 2022, collateralized long-term advances from the Federal Home Loan Banks were $7.5 billion and $7.3 billion, respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. |
Summary of outstanding trust preferred securities | The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2023: Junior subordinated debentures owned by trust Trust Issuance Securities Liquidation value (1) Coupon rate (2) Common Notional amount Maturity Redeemable 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 Oct. 2010 89,840,000 2,246 3 mo. LIBOR (3) + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Total obligated $ 2,440 $ 2,446 Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII. (1) Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. (3) The coupon rate will transition to 3-month term SOFR +26.161 bps +637 bps at the start of the next distribution period. |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) CTA, net of hedges (4) Excluded component of fair value hedges Long-duration insurance contracts (5) Accumulated Three Months Ended Balance, March 31, 2023 $ (5,162) $ 517 $ (2,161) $ (5,859) $ (32,796) $ (12) $ 32 $ (45,441) Other comprehensive income before reclassifications 133 (613) (206) (170) 23 27 (6) (812) Increase (decrease) due to amounts reclassified from AOCI (7) (6) 377 34 — (10) — 388 Change, net of taxes $ 126 $ (619) $ 171 $ (136) $ 23 $ 17 $ (6) $ (424) Balance at June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) Six Months Ended June 30, 2023 Balance, December 31, 2022 $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ — $ (47,062) Adjustment to opening balance, net of taxes (6) — — — — — — 27 27 Adjusted balance, beginning of period $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ 27 $ (47,035) Other comprehensive income before reclassifications 988 (940) (200) (302) 864 11 (1) 420 Increase (decrease) due to amounts reclassified from AOCI (26) (4) 732 62 — (14) — 750 Change, net of taxes $ 962 $ (944) $ 532 $ (240) $ 864 $ (3) $ (1) $ 1,170 Balance at June 30, 2023 $ (5,036) $ (102) $ (1,990) $ (5,995) $ (32,773) $ 5 $ 26 $ (45,865) In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) CTA, net of hedges (4) Excluded component of fair value hedges Long-duration insurance contracts Accumulated Three Months Ended June 30, 2022 Balance, March 31, 2022 $ (4,891) $ (394) $ (1,440) $ (5,681) $ (31,180) $ 1 $ — $ (43,585) Other comprehensive income before reclassifications (1,612) 1,968 (515) (271) (1,975) 4 — (2,401) Increase (decrease) due to amounts reclassified from AOCI 111 (1) (151) 182 345 5 — 491 Change, net of taxes $ (1,501) $ 1,967 $ (666) $ (89) $ (1,630) $ 9 $ — $ (1,910) Balance at June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ — $ (45,495) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ (614) $ (1,187) $ 101 $ (5,852) $ (31,166) $ (47) $ — $ (38,765) Other comprehensive income before reclassifications (5,895) 2,761 (1,839) 21 (1,989) 50 — (6,891) Increase (decrease) due to amounts reclassified from AOCI 117 (1) (368) 61 345 7 — 161 Change, net of taxes $ (5,778) $ 2,760 $ (2,207) $ 82 $ (1,644) $ 57 $ — $ (6,730) Balance at June 30, 2022 $ (6,392) $ 1,573 $ (2,106) $ (5,770) $ (32,810) $ 10 $ — $ (45,495) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 22. (2) Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets. (3) Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans, annual actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income. (4) Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Russian ruble and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2023. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Polish zloty, Chilean peso, Euro, Russian ruble, Japanese yen and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2023. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Chilean peso, Mexican peso, Japanese yen and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2022. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Japanese yen, Indian rupee, British pound sterling and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2022. 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) Reflects the change in the liability for future policyholder benefits for certain long-duration life-contingent annuity contracts that are issued by a regulated Citi insurance subsidiary in Mexico and reported within Legacy Franchises . The amount reflects the change in the liability after discounting using an upper-medium grade fixed income instrument yield that reflects the duration characteristics of the liability. As of June 30, 2023, the balance of the liability for future policyholder benefits, which is recorded within Other Liabilities , for this insurance subsidiary was approximately $560 million. (6) See Note 1. |
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: In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended June 30, 2023 Balance, March 31, 2023 $ (53,443) $ 8,002 $ (45,441) Change in net unrealized gains (losses) on debt securities 210 (84) 126 Debt valuation adjustment (DVA) (837) 218 (619) Cash flow hedges 233 (62) 171 Benefit plans (156) 20 (136) Foreign currency translation adjustment (CTA) 15 8 23 Excluded component of fair value hedges 22 (5) 17 Long-duration insurance contracts (8) 2 (6) Change $ (521) $ 97 $ (424) Balance at June 30, 2023 $ (53,964) $ 8,099 $ (45,865) Six Months Ended June 30, 2023 Balance, December 31, 2022 $ (55,253) $ 8,191 $ (47,062) Adjustment to opening balance (2) 39 (12) 27 Adjusted balance, beginning of period $ (55,214) $ 8,179 $ (47,035) Change in net unrealized gains (losses) on debt securities 1,323 (361) 962 DVA (1,270) 326 (944) Cash flow hedges 712 (180) 532 Benefit plans (312) 72 (240) CTA 803 61 864 Excluded component of fair value hedges (4) 1 (3) Long-duration insurance contracts (2) 1 (1) Change $ 1,250 $ (80) $ 1,170 Balance at June 30, 2023 $ (53,964) $ 8,099 $ (45,865) In millions of dollars Pretax Tax effect (1) After-tax Three Months Ended June 30, 2022 Balance, March 31, 2022 $ (51,807) $ 8,222 $ (43,585) Change in net unrealized gains (losses) on debt securities (1,990) 489 (1,501) DVA 2,592 (625) 1,967 Cash flow hedges (886) 220 (666) Benefit plans (73) (16) (89) CTA (1,414) (216) (1,630) Excluded component of fair value hedges 12 (3) 9 Long-duration insurance contracts — — — Change $ (1,759) $ (151) $ (1,910) Balance, June 30, 2022 $ (53,566) $ 8,071 $ (45,495) Six Months Ended June 30, 2022 Balance, December 31, 2021 $ (45,383) $ 6,618 $ (38,765) Change in net unrealized gains (losses) on debt securities (7,614) 1,836 (5,778) DVA 3,642 (882) 2,760 Cash flow hedges (2,908) 701 (2,207) Benefit plans 104 (22) 82 CTA (1,483) (161) (1,644) Excluded component of fair value hedges 76 (19) 57 Long-duration insurance contracts — — — Change $ (8,183) $ 1,453 $ (6,730) Balance, June 30, 2022 $ (53,566) $ 8,071 $ (45,495) (1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount. (2) See Note 1. |
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 Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Realized (gains) losses on sales of investments $ (49) $ 58 $ (121) $ (22) Gross impairment losses 43 90 94 180 Subtotal, pretax $ (6) $ 148 $ (27) $ 158 Tax effect (1) (37) 1 (41) Net realized (gains) losses on investments, after-tax (1) $ (7) $ 111 $ (26) $ 117 Realized DVA (gains) losses on fair value option liabilities, pretax $ (7) $ (1) $ (4) $ (1) Tax effect 1 — — — Net realized DVA, after-tax $ (6) $ (1) $ (4) $ (1) Interest rate contracts $ 495 $ (199) $ 964 $ (485) Foreign exchange contracts 1 1 2 2 Subtotal, pretax $ 496 $ (198) $ 966 $ (483) Tax effect (119) 47 (234) 115 Amortization of cash flow hedges, after-tax (2) $ 377 $ (151) $ 732 $ (368) Amortization of unrecognized: Prior service cost (benefit) $ (5) $ (5) $ (11) $ (11) Net actuarial loss 51 58 100 128 Curtailment/settlement impact (3) 1 183 (4) (33) Subtotal, pretax $ 47 $ 236 $ 85 $ 84 Tax effect (13) (54) (23) (23) Amortization of benefit plans, after-tax (3) $ 34 $ 182 $ 62 $ 61 Excluded component of fair value hedges, pretax $ (13) $ 7 $ (19) $ 10 Tax effect 3 (2) 5 (3) Excluded component of fair value hedges, after-tax $ (10) $ 5 $ (14) $ 7 Long-duration insurance contracts, pretax $ — $ — $ — $ — Tax effect — — — — Long-duration insurance contracts, after-tax $ — $ — $ — $ — CTA, pretax $ — $ 397 $ — $ 397 Tax effect — (52) — (52) CTA, after-tax (4) $ — $ 345 $ — $ 345 Total amounts reclassified out of AOCI , pretax $ 517 $ 589 $ 1,001 $ 165 Total tax effect (129) (98) (251) (4) Total amounts reclassified out of AOCI , after-tax $ 388 $ 491 $ 750 $ 161 (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 for additional details. (2) See Note 21 for additional details. (3) See Note 8 for additional details. (4) The pretax amount is reclassified to Discontinued operations and Other revenue in the Consolidated Statement of Income, and results from the substantial liquidation of a legacy U.K. consumer operation. See Note 2 for additional details. |
PREFERRED STOCK (Tables)
PREFERRED STOCK (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of preferred stock outstanding | The following table summarizes the Company’s preferred stock outstanding: Redemption Carrying value (in millions of dollars) Issuance date Redeemable by issuer beginning Dividend Number June 30, December 31, Series A (1) October 29, 2012 January 30, 2023 3-month LIBOR+ 4.068% $ 1,000 1,500,000 $ 1,500 $ 1,500 Series B (2) December 13, 2012 February 15, 2023 3-month LIBOR+ 4.230% 1,000 750,000 750 750 Series D (3) April 30, 2013 May 15, 2023 3-month LIBOR+ 3.466% 1,000 1,250,000 1,250 1,250 Series J (4) September 19, 2013 September 30, 2023 7.125 25 38,000,000 950 950 Series K (5) October 31, 2013 November 15, 2023 6.875 25 59,800,000 1,495 1,495 Series M (6) April 30, 2014 May 15, 2024 6.300 1,000 1,750,000 1,750 1,750 Series P (7) April 24, 2015 May 15, 2025 5.950 1,000 2,000,000 2,000 2,000 Series T (8) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (9) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 1,500 Series V (10) January 23, 2020 January 30, 2025 4.700 1,000 1,500,000 1,500 1,500 Series W (11) December 10, 2020 December 10, 2025 4.000 1,000 1,500,000 1,500 1,500 Series X (12) February 18, 2021 February 18, 2026 3.875 1,000 2,300,000 2,300 2,300 Series Y (13) October 27, 2021 November 15, 2026 4.150 1,000 1,000,000 1,000 1,000 Series Z (14) March 7, 2023 May 15, 2028 7.375 1,000 1,250,000 1,250 — $ 20,245 $ 18,995 (1) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Beginning in the second quarter of 2023, dividends are payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The dividend rate will transition to 3-month term SOFR plus 0.26161% + 4.068% at the start of the next dividend period. (2) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Beginning in the second quarter of 2023, dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. As previously announced, Citi will be redeeming Series B in its entirety on August 15, 2023. (3) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. Beginning in the third quarter of 2023, dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The dividend rate will transition to 3-month term SOFR plus 0.26161% + 3.466% at the start of the next dividend period. (4) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until, but excluding, September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. Beginning in the fourth quarter of 2023, dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The dividend rate will transition to 3-month term SOFR plus 0.26161% + 4.040% at the start of the next dividend period. (5) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (6) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (7) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (8) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (9) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 12 and September 12 at a fixed rate until, but excluding, September 12, 2024, thereafter payable quarterly on March 12, June 12, September 12 and December 12 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (10) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on January 30 and July 30 at a fixed rate until, but excluding, January 30, 2025, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (11) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 10, June 10, September 10 and December 10 at a fixed rate until, but excluding, December 10, 2025, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (12) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 18, May 18, August 18 and November 18 at a fixed rate until, but excluding, February 18, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (14) Issued as depositary shares, each representing a 1/25 th |
SECURITIZATIONS AND VARIABLE _2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 31,666 $ 31,666 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 125,515 — 125,515 2,093 — — 138 2,231 Non-agency-sponsored 66,721 — 66,721 3,191 — — — 3,191 Citi-administered asset-backed commercial paper conduits 18,600 18,600 — — — — — — Collateralized loan obligations (CLOs) 5,916 — 5,916 2,525 — — — 2,525 Asset-based financing (5) 180,279 10,931 169,348 39,875 955 11,636 — 52,466 Municipal securities tender option bond trusts (TOBs) 1,527 596 931 16 — 681 — 697 Municipal investments 21,653 3 21,650 2,463 3,031 2,941 — 8,435 Client intermediation 487 97 390 75 — — — 75 Investment funds 490 103 387 4 7 78 1 90 Total $ 452,854 $ 61,996 $ 390,858 $ 50,242 $ 3,993 $ 15,336 $ 139 $ 69,710 As of December 31, 2022 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 32,021 $ 32,021 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,358 — 117,358 2,052 — — 48 2,100 Non-agency-sponsored 67,704 — 67,704 3,294 — — — 3,294 Citi-administered asset-backed commercial paper conduits 19,621 19,621 — — — — — — Collateralized loan obligations (CLOs) 7,600 — 7,600 2,601 — — — 2,601 Asset-based financing (5) 242,348 9,672 232,676 40,121 1,022 10,726 — 51,869 Municipal securities tender option bond trusts (TOBs) 2,155 672 1,483 2 — 1,108 — 1,110 Municipal investments 22,167 3 22,164 2,731 3,143 3,420 — 9,294 Client intermediation 482 121 361 58 — — 13 71 Investment funds 534 91 443 2 5 68 — 75 Other — — — — — — — — Total $ 511,990 $ 62,201 $ 449,789 $ 50,861 $ 4,170 $ 15,322 $ 61 $ 70,414 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2023 and December 31, 2022 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. (5) Included within this line are loans to third-party-sponsored private equity funds, which represent $11 billion and $69 billion in unconsolidated VIE assets and $534 million and $498 million in maximum exposure to loss as of June 30, 2023 and December 31, 2022, respectively. The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi’s Consolidated Balance Sheet. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs and are in excess of those obligations. In addition, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities in the table below include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup. June 30, 2023 December 31, In millions of dollars (Unaudited) 2022 Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs Cash and due from banks $ 69 $ 61 Trading account assets 10,417 9,153 Investments 496 594 Loans, net of unearned income Consumer 34,786 35,026 Corporate 18,731 19,782 Loans, net of unearned income $ 53,517 $ 54,808 Allowance for credit losses on loans (ACLL) (2,623) (2,520) Total loans, net $ 50,894 $ 52,288 Other assets 120 105 Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs $ 61,996 $ 62,201 June 30, 2023 December 31, In millions of dollars (Unaudited) 2022 Liabilities of consolidated VIEs for which creditors or beneficial interest holders Short-term borrowings $ 9,652 $ 9,807 Long-term debt 7,930 10,324 Other liabilities 853 622 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders $ 18,435 $ 20,753 |
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, 2023 December 31, 2022 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ — $ — $ — Asset-based financing — 11,636 — 10,726 Municipal securities tender option bond trusts (TOBs) 681 — 1,108 — Municipal investments — 2,941 — 3,420 Investment funds — 78 — 68 Other — — — — Total funding commitments $ 681 $ 14,655 $ 1,108 $ 14,214 |
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, 2023 December 31, 2022 Cash $ — $ — Trading account assets 1.6 1.6 Investments 8.5 8.6 Total loans, net of allowance 43.5 44.2 Other 0.6 0.6 Total assets $ 54.2 $ 55.0 |
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, 2023 2022 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 1.6 $ 1.0 $ 1.9 $ 8.6 Proceeds from new securitizations 1.6 0.9 1.8 8.4 Contractual servicing fees received — — — — Cash flows received on retained interests and other net cash flows — 0.1 — — Purchases of previously transferred financial assets — — — — Six Months Ended June 30, 2023 2022 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 2.3 $ 2.3 $ 4.0 $ 10.2 Proceeds from new securitizations 2.4 2.0 3.9 10.0 Contractual servicing fees received 0.1 — — — Cash flows received on retained interests and other net cash flows — 0.1 — — Purchases of previously transferred financial assets — — — — Note: Excludes broker-dealer re-securitization transactions. |
Schedule of carrying value of retained interests | June 30, 2023 December 31, 2022 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior (2) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (3) $ 684 $ 1,043 $ 959 $ 659 $ 1,119 $ 943 (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) Senior interests in non-agency-sponsored mortgages include $1.7 million related to personal loan securitizations at June 30, 2023. (3) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 22 for more information about fair value measurements. |
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, 2023 Dec. 31, 2022 Jun. 30, 2023 Dec. 31, 2022 2023 2022 2023 2022 Securitized assets Residential mortgages (1) $ 30 $ 30.8 $ 0.5 $ 0.5 $ — $ (0.3) $ 2.3 $ 1.2 Commercial and other 28.7 28.8 — — — — — — Total $ 58.7 $ 59.6 $ 0.5 $ 0.5 $ — $ (0.3) $ 2.3 $ 1.2 |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Balance, beginning of period $ 658 $ 520 $ 665 $ 404 Originations 19 35 31 69 Changes in fair value of MSRs due to changes in inputs and assumptions 22 59 19 158 Other changes (1) (18) (14) (34) (31) Sales of MSRs — — — — Balance, as of June 30 $ 681 $ 600 $ 681 $ 600 (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 2023 2022 2023 2022 Servicing fees $ 32 $ 30 $ 65 $ 59 Late fees 1 1 2 2 Total MSR fees $ 33 $ 31 $ 67 $ 61 |
Schedule of asset-based financing | June 30, 2023 December 31, 2022 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 43,836 $ 9,100 $ 43,236 $ 8,806 Corporate loans 21,396 14,535 23,120 15,077 Other (including investment funds, airlines and shipping) 104,116 28,831 166,320 27,986 Total $ 169,348 $ 52,466 $ 232,676 $ 51,869 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative notionals | Information pertaining to Citigroup’s derivatives 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. 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 ASC 815 Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 256,131 $ 255,280 $ 26,965,401 $ 23,780,711 Futures and forwards — — 3,494,099 2,966,025 Written options — — 2,598,919 1,937,025 Purchased options — — 2,425,954 1,881,291 Total interest rate contracts $ 256,131 $ 255,280 $ 35,484,373 $ 30,565,052 Foreign exchange contracts Swaps $ 42,117 $ 48,678 $ 7,613,604 $ 6,746,070 Futures, forwards and spot 47,752 43,666 3,869,688 3,350,341 Written options — — 838,598 789,077 Purchased options — — 829,662 783,591 Total foreign exchange contracts $ 89,869 $ 92,344 $ 13,151,552 $ 11,669,079 Equity contracts Swaps $ — $ — $ 273,483 $ 266,115 Futures and forwards — — 87,637 76,935 Written options — — 558,215 482,266 Purchased options — — 444,663 387,766 Total equity contracts $ — $ — $ 1,363,998 $ 1,213,082 Commodity and other contracts Swaps $ — $ — $ 82,002 $ 90,884 Futures and forwards 1,586 1,571 177,615 165,314 Written options — — 50,931 45,862 Purchased options — — 51,882 48,197 Total commodity and other contracts $ 1,586 $ 1,571 $ 362,430 $ 350,257 Credit derivatives (1) Protection sold $ — $ — $ 725,634 $ 593,136 Protection purchased — — 789,558 641,639 Total credit derivatives $ — $ — $ 1,515,192 $ 1,234,775 Total derivative notionals $ 347,586 $ 349,195 $ 51,877,545 $ 45,032,245 (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, 2023 and December 31, 2022. 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. 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 has occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. Derivative Mark-to-Market (MTM) Receivables/Payables Derivatives classified in (1)(2) In millions of dollars at June 30, 2023 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 414 $ 18 Cleared 126 18 Interest rate contracts $ 540 $ 36 Over-the-counter $ 1,620 $ 1,306 Cleared 1 — Foreign exchange contracts $ 1,621 $ 1,306 Total derivatives instruments designated as ASC 815 hedges $ 2,161 $ 1,342 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 120,857 $ 114,712 Cleared 47,014 49,212 Exchange traded 283 251 Interest rate contracts $ 168,154 $ 164,175 Over-the-counter $ 157,724 $ 150,913 Cleared 511 601 Exchange traded — 5 Foreign exchange contracts $ 158,235 $ 151,519 Over-the-counter $ 22,029 $ 27,163 Cleared 36 6 Exchange traded 25,020 24,412 Equity contracts $ 47,085 $ 51,581 Over-the-counter $ 15,640 $ 16,678 Exchange traded 886 992 Commodity and other contracts $ 16,526 $ 17,670 Over-the-counter $ 6,566 $ 6,607 Cleared 4,273 4,121 Credit derivatives $ 10,839 $ 10,728 Total derivatives instruments not designated as ASC 815 hedges $ 400,839 $ 395,673 Total derivatives $ 403,000 $ 397,015 Less: Netting agreements (3) $ (312,754) $ (312,754) Less: Netting cash collateral received/paid (4) (18,645) (28,221) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 71,601 $ 56,040 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (723) $ (2,793) Less: Non-cash collateral received/paid (3,841) (10,406) Total net receivables/payables (5) $ 67,037 $ 42,841 (1) The derivative fair values are also presented in Note 22. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $241 billion, $48 billion and $24 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (5) The net receivables/payables include approximately $14 billion of derivative asset and $9 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. Derivatives classified in (1)(2) In millions of dollars at December 31, 2022 Assets Liabilities Derivatives instruments designated as ASC 815 hedges Over-the-counter $ 468 $ 1 Cleared 129 101 Interest rate contracts $ 597 $ 102 Over-the-counter $ 2,288 $ 1,766 Cleared 3 3 Foreign exchange contracts $ 2,291 $ 1,769 Total derivatives instruments designated as ASC 815 hedges $ 2,888 $ 1,871 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 126,844 $ 119,854 Cleared 50,515 52,566 Exchange traded 248 98 Interest rate contracts $ 177,607 $ 172,518 Over-the-counter $ 184,869 $ 183,578 Cleared 502 643 Exchange traded 1 5 Foreign exchange contracts $ 185,372 $ 184,226 Over-the-counter $ 19,674 $ 21,871 Cleared 1 4 Exchange traded 22,732 21,908 Equity contracts $ 42,407 $ 43,783 Over-the-counter $ 27,285 $ 24,912 Exchange traded 1,039 1,406 Commodity and other contracts $ 28,324 $ 26,318 Over-the-counter $ 6,836 $ 5,807 Cleared 1,553 1,970 Credit derivatives $ 8,389 $ 7,777 Total derivatives instruments not designated as ASC 815 hedges $ 442,099 $ 434,622 Total derivatives $ 444,987 $ 436,493 Less: Netting agreements (3) $ (346,545) $ (346,545) Less: Netting cash collateral received/paid (4) (23,136) (30,032) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 75,306 $ 59,916 Additional amounts subject to an enforceable master netting agreement, Less: Cash collateral received/paid $ (1,455) $ (2,272) Less: Non-cash collateral received/paid (5,923) (13,475) Total net receivables/payables (5) $ 67,928 $ 44,169 (1) The derivative fair values are also presented in Note 22. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $276 billion, $49 billion and $22 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (5) The net receivables/payables include approximately $14 billion of derivative asset and $11 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 presented 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 2023 2022 2023 2022 Interest rate contracts $ (22) $ 72 $ (34) $ 144 Foreign exchange (6) (4) (64) (81) Total $ (28) $ 68 $ (98) $ 63 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, 2023 2022 2023 2022 In millions of dollars Other revenue Net interest income Other revenue Net interest income Other Net interest income Other revenue Net interest income Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (491) $ — $ (1,717) $ — $ (492) $ — $ (6,383) Foreign exchange hedges 738 — (1,234) — 1,286 — (1,659) — Commodity hedges (4) 183 — (257) — (325) — 615 — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ 921 $ (491) $ (1,491) $ (1,717) $ 961 $ (492) $ (1,044) $ (6,383) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 488 $ — $ 1,646 $ — $ 481 $ — $ 6,243 Foreign exchange hedges (738) — 1,233 — (1,286) — 1,657 — Commodity hedges (4) (183) — 257 — 325 — (615) — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ (921) $ 488 $ 1,490 $ 1,646 $ (961) $ 481 $ 1,042 $ 6,243 Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ (5) $ — $ — $ — $ (11) Foreign exchange hedges (2) 2 — 73 — 24 — 104 — Commodity hedges (3)(4) 52 — (26) — 101 — 23 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 54 $ — $ 47 $ (5) $ 125 $ — $ 127 $ (11) (1) Gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense . The accrued interest income on fair value hedges is recorded in Net interest income and is excluded from this table. Amounts included both hedges of AFS securities and long-term debt on a net basis, which largely offset in the current period. (2) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. Amounts related to cross-currency basis, which are recognized in AOCI , are not reflected in the table above. The amount of cross-currency basis included in AOCI was $22 million and $(4) million for the three and six months ended June 30, 2023 and $12 million and $76 million for the three and six months ended June 30, 2022, respectively. (3) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The quarter ended June 30, 2023 includes gain (loss) of approximately $41 million and $11 million under the mark-to-market approach and amortization approach, respectively. The quarter ended June 30, 2022 includes gain (loss) of approximately $(28) million and $2 million under the mark-to-market approach and amortization approach, respectively. (4) The gain (loss) amounts for commodity hedges are included in Principal transactions for periods beginning 2023. |
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, 2023 and December 31, 2022, along with the cumulative basis adjustments included in the carrying value of those hedged assets and liabilities that would reverse through earnings in future periods. In millions of dollars Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability (1) Cumulative basis adjustment increasing (decreasing) the carrying amount Active De-designated As of June 30, 2023 Debt securities AFS (2)(4) $ 87,804 $ (2,936) $ (360) Long-term debt 130,665 (3,522) (4,816) As of December 31, 2022 Debt securities AFS (3)(4) $ 98,837 $ (2,976) $ (333) Long-term debt 144,549 (5,040) (3,399) (1) Excludes physical commodities inventories with a carrying value of approximately $8 billion as of June 30, 2023, which includes cumulative basis adjustments of approximately $540 million for active hedges. (2) These amounts include a cumulative basis adjustment of $(201) million for active hedges and $(283) million for de-designated hedges as of June 30, 2023, related to certain financial assets previously designated as the hedged item in a fair value hedge using the portfolio layer approach. The Company designated approximately $7 billion as the hedged amount (from a closed portfolio of financial assets with a carrying value of $13 billion as of June 30, 2023) in a portfolio layer hedging relationship. (3) These amounts include a cumulative basis adjustment of $(91) million for active hedges and $(309) million for de-designated hedges as of December 31, 2022, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $3 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $11 billion as of December 31, 2022) in a last-of-layer hedging relationship. (4) Carrying amount represents the amortized cost. |
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 18. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ (280) $ (681) $ (259) $ (2,441) Foreign exchange contracts 17 (7) 5 16 Total gain (loss) recognized in AOCI $ (263) $ (688) $ (254) $ (2,425) Other Net Other Other Net interest Other Net Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ (495) $ — $ 199 $ — $ (964) $ — $ 485 Foreign exchange contracts (1) — (1) — (2) — (2) — Total gain (loss) reclassified from AOCI into earnings $ (1) $ (495) $ (1) $ 199 $ (2) $ (964) $ (2) $ 485 Net pretax change in cash flow hedges included within AOCI $ 233 $ (886) $ 712 $ (2,908) (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest income 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, 2023 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 10,015 $ 10,352 $ 768,300 $ 721,289 Total return swaps and other 824 376 21,258 4,345 Total by instrument $ 10,839 $ 10,728 $ 789,558 $ 725,634 By rating of reference entity Investment grade $ 5,491 $ 4,977 $ 619,717 $ 574,059 Non-investment grade 5,348 5,751 169,841 151,575 Total by rating of reference entity $ 10,839 $ 10,728 $ 789,558 $ 725,634 By maturity Within 1 year $ 1,242 $ 1,642 $ 164,261 $ 146,723 From 1 to 5 years 7,503 7,102 570,605 538,159 After 5 years 2,094 1,984 54,692 40,752 Total by maturity $ 10,839 $ 10,728 $ 789,558 $ 725,634 (1) The fair value amount receivable is composed of $4,249 million under protection purchased and $6,590 million under protection sold. (2) The fair value amount payable is composed of $7,011 million under protection purchased and $3,717 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2022 Receivable (1) Payable (2) Protection Protection By instrument Credit default swaps and options $ 6,867 $ 7,360 $ 623,981 $ 586,504 Total return swaps and other 1,522 417 17,658 6,632 Total by instrument $ 8,389 $ 7,777 $ 641,639 $ 593,136 By rating of reference entity Investment grade $ 3,796 $ 2,970 $ 499,339 $ 462,873 Non-investment grade 4,593 4,807 142,300 130,263 Total by rating of reference entity $ 8,389 $ 7,777 $ 641,639 $ 593,136 By maturity Within 1 year $ 1,753 $ 1,801 $ 147,031 $ 148,721 From 1 to 5 years 4,577 4,134 443,113 407,293 After 5 years 2,059 1,842 51,495 37,122 Total by maturity $ 8,389 $ 7,777 $ 641,639 $ 593,136 (1) The fair value amount receivable is composed of $5,094 million under protection purchased and $3,295 million under protection sold. (2) The fair value amount payable is composed of $3,573 million under protection purchased and $4,204 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022: Credit and funding In millions of dollars June 30, December 31, Counterparty CVA $ (651) $ (816) Asset FVA (502) (622) Citigroup (own credit) CVA 456 607 Liability FVA 219 263 Total CVA and FVA—derivative instruments $ (478) $ (568) |
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 Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Counterparty CVA $ 4 $ (94) $ (30) $ (201) Asset FVA 100 (46) 94 (151) Own credit CVA (114) 182 (149) 298 Liability FVA (17) 68 (44) 90 Total CVA and FVA—derivative instruments $ (27) $ 110 $ (129) $ 36 DVA related to own FVO liabilities (1) $ (837) $ 2,592 $ (1,270) $ 3,642 Total CVA, DVA and FVA $ (864) $ 2,702 $ (1,399) $ 3,678 |
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, 2023 and December 31, 2022. 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. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at June 30, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 428,174 $ 140 $ 428,314 $ (218,188) $ 210,126 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 55,299 659 55,958 — 55,958 Residential 1 2,936 145 3,082 — 3,082 Commercial — 784 182 966 — 966 Total trading mortgage-backed securities $ 1 $ 59,019 $ 986 $ 60,006 $ — $ 60,006 U.S. Treasury and federal agency securities $ 88,273 $ 2,321 $ — $ 90,594 $ — $ 90,594 State and municipal — 2,092 3 2,095 — 2,095 Foreign government 56,090 36,045 81 92,216 — 92,216 Corporate 1,695 16,623 581 18,899 — 18,899 Equity securities 55,898 11,400 285 67,583 — 67,583 Asset-backed securities — 1,560 539 2,099 — 2,099 Other trading assets (2) 5 16,613 1,478 18,096 — 18,096 Total trading non-derivative assets $ 201,962 $ 145,673 $ 3,953 $ 351,588 $ — $ 351,588 Trading derivatives Interest rate contracts $ 21 $ 166,402 $ 2,271 $ 168,694 Foreign exchange contracts — 158,360 1,496 159,856 Equity contracts 31 45,762 1,292 47,085 Commodity contracts — 15,418 1,108 16,526 Credit derivatives — 9,984 855 10,839 Total trading derivatives—before netting and collateral $ 52 $ 395,926 $ 7,022 $ 403,000 Netting agreements $ (312,754) Netting of cash collateral received (18,645) Total trading derivatives—after netting and collateral $ 52 $ 395,926 $ 7,022 $ 403,000 $ (331,399) $ 71,601 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 14,931 $ 32 $ 14,963 $ — $ 14,963 Residential — 312 25 337 — 337 Commercial — 2 — 2 — 2 Total investment mortgage-backed securities $ — $ 15,245 $ 57 $ 15,302 $ — $ 15,302 U.S. Treasury and federal agency securities $ 81,878 $ 344 $ 21 $ 82,243 $ — $ 82,243 State and municipal — 1,695 507 2,202 — 2,202 Foreign government 50,928 73,928 414 125,270 — 125,270 Corporate 2,590 2,447 290 5,327 — 5,327 Marketable equity securities 164 119 13 296 — 296 Asset-backed securities — 845 1 846 — 846 Other debt securities — 6,087 57 6,144 — 6,144 Non-marketable equity securities (3) — 5 404 409 — 409 Total investments $ 135,560 $ 100,715 $ 1,764 $ 238,039 $ — $ 238,039 Table continues on the next page. In millions of dollars at June 30, 2023 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 5,525 $ 241 $ 5,766 $ — $ 5,766 Mortgage servicing rights — — 681 681 — 681 Non-trading derivatives and other financial assets measured on a recurring basis $ 5,793 $ 7,771 $ 73 $ 13,637 $ — $ 13,637 Total assets $ 343,367 $ 1,083,784 $ 13,874 $ 1,441,025 $ (549,587) $ 891,438 Total as a percentage of gross assets (4) 23.8% 75.2% 1.0% Liabilities Interest-bearing deposits $ — $ 2,572 $ 26 $ 2,598 $ — $ 2,598 Securities loaned and sold under agreements to repurchase — 213,804 627 214,431 (151,631) 62,800 Trading account liabilities Securities sold, not yet purchased 98,359 16,195 62 114,616 — 114,616 Other trading liabilities — 4 4 8 — 8 Total trading account liabilities $ 98,359 $ 16,199 $ 66 $ 114,624 $ — $ 114,624 Trading derivatives Interest rate contracts $ 19 $ 159,959 $ 4,233 $ 164,211 Foreign exchange contracts — 152,029 796 152,825 Equity contracts 27 48,699 2,855 51,581 Commodity contracts — 16,892 778 17,670 Credit derivatives — 9,718 1,010 10,728 Total trading derivatives—before netting and collateral $ 46 $ 387,297 $ 9,672 $ 397,015 Netting agreements $ (312,754) Netting of cash collateral paid (28,221) Total trading derivatives—after netting and collateral $ 46 $ 387,297 $ 9,672 $ 397,015 $ (340,975) $ 56,040 Short-term borrowings $ — $ 5,326 $ 296 $ 5,622 $ — $ 5,622 Long-term debt — 78,733 37,204 115,937 — 115,937 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 5,793 $ 173 $ 23 $ 5,989 $ — $ 5,989 Total liabilities $ 104,198 $ 704,104 $ 47,914 $ 856,216 $ (492,606) $ 363,610 Total as a percentage of gross liabilities (4) 12.2 % 82.2 % 5.6 % (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 23. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Amounts exclude $24 million 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). (4) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. Fair Value Levels In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 350,145 $ 149 $ 350,294 $ (110,767) $ 239,527 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,878 600 35,478 — 35,478 Residential 1 1,821 166 1,988 — 1,988 Commercial — 798 145 943 — 943 Total trading mortgage-backed securities $ 1 $ 37,497 $ 911 $ 38,409 $ — $ 38,409 U.S. Treasury and federal agency securities $ 63,067 $ 4,513 $ 1 $ 67,581 $ — $ 67,581 State and municipal — 2,256 7 2,263 — 2,263 Foreign government 38,383 25,850 119 64,352 — 64,352 Corporate 1,593 11,955 394 13,942 — 13,942 Equity securities 43,990 10,179 192 54,361 — 54,361 Asset-backed securities — 1,597 668 2,265 — 2,265 Other trading assets (2) 24 14,963 648 15,635 — 15,635 Total trading non-derivative assets $ 147,058 $ 108,810 $ 2,940 $ 258,808 $ — $ 258,808 Trading derivatives Interest rate contracts $ 297 $ 174,156 $ 3,751 $ 178,204 Foreign exchange contracts — 186,897 766 187,663 Equity contracts 20 40,683 1,704 42,407 Commodity contracts — 26,823 1,501 28,324 Credit derivatives — 7,484 905 8,389 Total trading derivatives—before netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 Netting agreements $ (346,545) Netting of cash collateral received (3) (23,136) Total trading derivatives—after netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 $ (369,681) $ 75,306 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 11,232 $ 30 $ 11,262 $ — $ 11,262 Residential — 444 41 485 — 485 Commercial — 2 — 2 — 2 Total investment mortgage-backed securities $ — $ 11,678 $ 71 $ 11,749 $ — $ 11,749 U.S. Treasury and federal agency securities $ 91,851 $ 439 $ — $ 92,290 $ — $ 92,290 State and municipal — 1,637 586 2,223 — 2,223 Foreign government 58,419 74,250 608 133,277 — 133,277 Corporate 2,230 2,343 343 4,916 — 4,916 Marketable equity securities 254 165 10 429 — 429 Asset-backed securities — 1,029 1 1,030 — 1,030 Other debt securities — 4,194 — 4,194 — 4,194 Non-marketable equity securities (4) — 9 430 439 — 439 Total investments $ 152,754 $ 95,744 $ 2,049 $ 250,547 $ — $ 250,547 Table continues on the next page. In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,999 $ 1,361 $ 5,360 $ — $ 5,360 Mortgage servicing rights — — 665 665 — 665 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,310 $ 6,291 $ 57 $ 10,658 $ — $ 10,658 Total assets $ 304,439 $ 1,001,032 $ 15,848 $ 1,321,319 $ (480,448) $ 840,871 Total as a percentage of gross assets (5) 23.0% 75.8% 1.2% Liabilities Interest-bearing deposits $ — $ 1,860 $ 15 $ 1,875 $ — $ 1,875 Securities loaned and sold under agreements to repurchase — 155,822 1,031 156,853 (85,967) 70,886 Trading account liabilities Securities sold, not yet purchased 97,559 13,111 50 110,720 — 110,720 Other trading liabilities — 8 3 11 — 11 Total trading account liabilities $ 97,559 $ 13,119 $ 53 $ 110,731 $ — $ 110,731 Trading derivatives Interest rate contracts $ 175 $ 169,049 $ 3,396 $ 172,620 Foreign exchange contracts — 185,279 716 185,995 Equity contracts 70 40,905 2,808 43,783 Commodity contracts 2 25,093 1,223 26,318 Credit derivatives — 6,715 1,062 7,777 Total trading derivatives—before netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 Netting agreements $ (346,545) Netting of cash collateral paid (3) (30,032) Total trading derivatives—after netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 $ (376,577) $ 59,916 Short-term borrowings $ — $ 6,184 $ 38 $ 6,222 $ — $ 6,222 Long-term debt — 69,878 36,117 105,995 — 105,995 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 4,197 $ 240 $ 2 $ 4,439 $ — $ 4,439 Total liabilities $ 102,003 $ 674,144 $ 46,461 $ 822,608 $ (462,544) $ 360,064 Total as a percentage of gross liabilities (5) 12.4 % 82.0 % 5.6 % (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 23. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Represents the netting of cash collateral paid and received by counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (4) Amounts exclude $27 million of investments measured at 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. |
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 gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 153 $ (10) $ — $ — $ (2) $ — $ — $ — $ (1) $ 140 $ (8) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 658 (32) — 93 (124) 147 — (83) — 659 (24) Residential 162 (2) — 35 (43) 39 — (46) — 145 (3) Commercial 163 (10) — 48 (18) 31 — (32) — 182 (7) Total trading mortgage-backed securities $ 983 $ (44) $ — $ 176 $ (185) $ 217 $ — $ (161) $ — $ 986 $ (34) U.S. Treasury and federal agency securities $ 1 $ (1) $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 23 (1) — — — — — (19) — 3 — Foreign government 53 (1) — 8 (2) 49 — (26) — 81 (1) Corporate 296 46 — 196 (51) 256 — (162) — 581 88 Marketable equity securities 225 6 — 14 (2) 66 — (24) — 285 5 Asset-backed securities 567 (1) — 74 (18) 197 — (280) — 539 (5) Other trading assets 1,094 373 — 16 (74) 178 — (109) — 1,478 378 Total trading non-derivative assets $ 3,242 $ 377 $ — $ 484 $ (332) $ 963 $ — $ (781) $ — $ 3,953 $ 431 Trading derivatives, net (4) Interest rate contracts $ 260 $ (1,550) $ — $ (167) $ (669) $ (17) $ — $ 13 $ 168 $ (1,962) $ (1,486) Foreign exchange contracts 76 503 — 121 50 27 — (42) (35) 700 438 Equity contracts (1,582) (486) — (16) 572 (7) — (21) (23) (1,563) (494) Commodity contracts 230 188 — 74 (83) 9 — (9) (79) 330 18 Credit derivatives (21) (154) — (20) 36 — — — 4 (155) (215) Total trading derivatives, net (4) $ (1,037) $ (1,499) $ — $ (8) $ (94) $ 12 $ — $ (59) $ 35 $ (2,650) $ (1,739) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2023 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 28 $ — $ 1 $ — $ — $ 4 $ — $ (1) $ — $ 32 $ (1) Residential 25 — — — — — — — — 25 — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 53 $ — $ 1 $ — $ — $ 4 $ — $ (1) $ — $ 57 $ (1) U.S. Treasury and federal agency securities $ 51 $ — $ — $ — $ — $ — $ — $ (30) $ — $ 21 $ — State and municipal 521 — (8) — (2) — — (4) — 507 (8) Foreign government 551 — 7 15 (17) 363 — (505) — 414 7 Corporate 291 — (4) — — 23 — (20) — 290 (4) Marketable equity securities 12 — 1 — — — — — — 13 (7) Asset-backed securities 1 — — — — — — — — 1 — Other debt securities 4 — 1 — (5) 57 — — — 57 — Non-marketable equity securities 409 — (14) — — 10 — (1) — 404 5 Total investments $ 1,893 $ — $ (16) $ 15 $ (24) $ 457 $ — $ (561) $ — $ 1,764 $ (8) Loans $ 640 $ — $ (281) $ 2 $ (119) $ — $ — $ — $ (1) $ 241 $ (146) Mortgage servicing rights 658 — 21 — — — 19 — (17) 681 22 Other financial assets measured at fair value on a recurring basis 52 — 1 — (1) 21 — — — 73 — Liabilities Interest-bearing deposits $ 16 $ (7) $ — $ — $ — $ — $ 13 $ — $ (10) $ 26 $ (7) Securities loaned and sold under agreements to repurchase 809 1 — — (24) 511 — — (668) 627 1 Trading account liabilities Securities sold, not yet purchased 72 2 — 5 (15) 33 — — (31) 62 4 Other trading liabilities 1 — — 3 — — — — — 4 (1) Short-term borrowings 281 13 — 19 (11) — 21 — (1) 296 (4) Long-term debt 36,581 893 — 2,130 (1,263) — 808 — (159) 37,204 591 Other financial liabilities measured on a recurring basis 20 — (1) — (1) — 3 — — 23 (1) (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2023. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Assets Securities borrowed and purchased under agreements to resell $ 149 $ 3 $ — $ — $ (2) $ 137 $ — $ — $ (147) $ 140 $ 5 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 600 (10) — 185 (266) 370 — (220) — 659 (35) Residential 166 (1) — 61 (62) 100 — (119) — 145 (13) Commercial 145 (15) — 104 (31) 50 — (71) — 182 (13) Total trading mortgage-backed securities $ 911 $ (26) $ — $ 350 $ (359) $ 520 $ — $ (410) $ — $ 986 $ (61) U.S. Treasury and federal agency securities $ 1 $ (1) $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 7 (3) — 19 — — — (20) — 3 — Foreign government 119 6 — 8 (27) 61 — (86) — 81 5 Corporate 394 76 — 210 (178) 352 — (273) — 581 153 Marketable equity securities 192 9 — 26 (8) 97 — (31) — 285 10 Asset-backed securities 668 14 — 79 (81) 318 — (459) — 539 — Other trading assets 648 401 — 261 (76) 468 — (224) — 1,478 411 Total trading non-derivative assets $ 2,940 $ 476 $ — $ 953 $ (729) $ 1,816 $ — $ (1,503) $ — $ 3,953 $ 518 Trading derivatives, net (4) Interest rate contracts $ 355 $ (1,689) $ — $ (202) $ (659) $ (13) $ — $ 13 $ 233 $ (1,962) $ (1,713) Foreign exchange contracts 50 546 — 104 48 102 — (81) (69) 700 497 Equity contracts (1,104) (878) — (67) 806 (253) — (44) (23) (1,563) (624) Commodity contracts 278 (137) — 174 240 (58) — (12) (155) 330 (148) Credit derivatives (157) (146) — (3) 136 2 — — 13 (155) (203) Total trading derivatives, net (4) $ (578) $ (2,304) $ — $ 6 $ 571 $ (220) $ — $ (124) $ (1) $ (2,650) $ (2,191) Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2023 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ (1) $ — $ — $ 4 $ — $ (1) $ — $ 32 $ (4) Residential 41 — — — — — — (16) — 25 — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 71 $ — $ (1) $ — $ — $ 4 $ — $ (17) $ — $ 57 $ (4) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ 51 $ — $ (30) $ — $ 21 $ — State and municipal 586 — 9 1 (77) 1 — (13) — 507 5 Foreign government 608 — 5 25 (18) 523 — (729) — 414 8 Corporate 343 — (1) — (61) 81 — (72) — 290 (4) Marketable equity securities 10 — 3 — — — — — — 13 — Asset-backed securities 1 — — — — — — — — 1 — Other debt securities — — — — (5) 62 — — — 57 — Non-marketable equity securities 430 — (18) 2 — 16 — (26) — 404 5 Total investments $ 2,049 $ — $ (3) $ 28 $ (161) $ 738 $ — $ (887) $ — $ 1,764 $ 10 Loans $ 1,361 $ — $ (264) $ 2 $ (309) $ — $ 106 $ — $ (655) $ 241 $ (133) Mortgage servicing rights 665 — 18 — — — 31 — (33) 681 20 Other financial assets measured at fair value on a recurring basis 57 — (2) — (2) 22 — (2) — 73 — Liabilities Interest-bearing deposits $ 15 $ (7) $ (2) $ — $ (1) $ — $ 13 $ — $ (10) $ 26 $ (7) Securities loaned and sold under agreements to repurchase 1,031 (6) — — (24) 1,335 — — (1,721) 627 — Trading account liabilities Securities sold, not yet purchased 50 (13) — 11 (31) 64 — — (45) 62 6 Other trading liabilities 3 2 — 3 — — — — — 4 — Short-term borrowings 38 40 — 19 (16) — 297 — (2) 296 (9) Long-term debt 36,117 (227) — 3,228 (6,106) — 4,344 — (606) 37,204 964 Other financial liabilities measured on a recurring basis 2 — 1 — (1) — 23 — — 23 (1) (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2023. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Assets Securities borrowed and purchased under agreements to resell $ 202 $ (12) $ — $ — $ — $ 36 $ — $ — $ (43) $ 183 $ (10) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 498 (15) — 80 (89) 318 — (84) — 708 (19) Residential 118 — — 28 (11) 47 — (29) — 153 (4) Commercial 52 (3) — 96 (8) 4 — (3) — 138 (3) Total trading mortgage-backed securities $ 668 $ (18) $ — $ 204 $ (108) $ 369 $ — $ (116) $ — $ 999 $ (26) U.S. Treasury and federal agency securities $ 2 $ — $ — $ — $ (1) $ — $ — $ — $ — $ 1 $ — State and municipal 6 4 — 71 — — — (1) — 80 (3) Foreign government 94 (27) — 249 (1) 57 — (8) — 364 (12) Corporate 1,013 59 — 120 (244) 181 — (592) — 537 38 Marketable equity securities 199 (9) — 14 (61) 58 — (68) — 133 (23) Asset-backed securities 466 (24) — 82 (100) 262 — (132) — 554 (26) Other trading assets 492 79 — 305 (30) 117 6 (149) (4) 816 54 Total trading non-derivative assets $ 2,940 $ 64 $ — $ 1,045 $ (545) $ 1,044 $ 6 $ (1,066) $ (4) $ 3,484 $ 2 Trading derivatives, net (4) Interest rate contracts $ 779 $ 434 $ — $ 141 $ (272) $ 7 $ 6 $ (6) $ (208) $ 881 $ 473 Foreign exchange contracts (131) 769 — 34 (50) 73 20 (547) (12) 156 126 Equity contracts (1,564) 1,189 — (60) 232 220 — (91) (27) (101) 1,182 Commodity contracts 217 208 — (74) 84 67 — (98) (149) 255 246 Credit derivatives (4) 6 — (97) (164) — — — (90) (349) (26) Total trading derivatives, net (4) $ (703) $ 2,606 $ — $ (56) $ (170) $ 367 $ 26 $ (742) $ (486) $ 842 $ 2,001 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Mar. 31, 2022 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 46 $ — $ (2) $ — $ (10) $ — $ — $ (6) $ — $ 28 $ (2) Residential 44 — (4) — — — — — — 40 (4) Total investment mortgage-backed securities $ 90 $ — $ (6) $ — $ (10) $ — $ — $ (6) $ — $ 68 $ (6) U.S. Treasury and federal agency securities $ 1 $ — $ (1) $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 705 — (34) — (131) 1 — (2) — 539 (14) Foreign government 1,029 — (15) — (54) 202 — (161) — 1,001 (16) Corporate 237 — (3) 100 — — — — — 334 (1) Marketable equity securities 16 — (6) — — — — — — 10 (7) Asset-backed securities 2 — (1) — — — — — — 1 — Non-marketable equity securities 298 — 2 — — 20 — (10) — 310 (1) Total investments $ 2,378 $ — $ (64) $ 100 $ (195) $ 223 $ — $ (179) $ — $ 2,263 $ (45) Loans $ 622 $ — $ (105) $ 1 $ (193) $ — $ 1 $ — $ (1) $ 325 $ (7) Mortgage servicing rights 520 — 59 — — — 35 — (14) 600 59 Other financial assets measured at fair value on a recurring basis 68 — 4 7 (12) 13 15 — (32) 63 7 Liabilities Interest-bearing deposits $ 191 $ — $ 7 $ — $ (122) $ — $ 17 $ — $ (61) $ 18 $ — Securities loaned and sold under agreements to repurchase 612 24 — — (3) 16 — — (8) 593 10 Trading account liabilities Securities sold, not yet purchased 38 (8) — 10 (4) 30 — 1 (11) 72 (12) Short-term borrowings 36 1 — 12 (12) — 69 — (23) 81 2 Long-term debt 27,432 4,719 — 3,335 (2,634) — 6,527 — (163) 29,778 4,232 (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2022. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Assets Securities borrowed and purchased under agreements to resell $ 231 $ (1) $ — $ — $ — $ 124 $ — $ — $ (171) $ 183 $ (7) Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 496 (13) — 127 (158) 484 — (228) — 708 (21) Residential 104 — — 61 (32) 85 — (65) — 153 (5) Commercial 81 (5) — 97 (34) 9 — (10) — 138 (2) Total trading mortgage-backed securities $ 681 $ (18) $ — $ 285 $ (224) $ 578 $ — $ (303) $ — $ 999 $ (28) U.S. Treasury and federal agency securities $ 4 $ (4) $ — $ 2 $ (1) $ — $ — $ — $ — $ 1 $ — State and municipal 37 5 — 71 (20) 1 — (14) — 80 (5) Foreign government 23 (26) — 299 (1) 87 — (18) — 364 (18) Corporate 412 68 — 262 (278) 828 — (755) — 537 18 Marketable equity securities 174 (14) — 63 (87) 108 — (111) — 133 (40) Asset-backed securities 613 (19) — 140 (167) 393 — (406) — 554 (45) Other trading assets 576 126 — 333 (92) 366 16 (501) (8) 816 75 Total trading non-derivative assets $ 2,520 $ 118 $ — $ 1,455 $ (870) $ 2,361 $ 16 $ (2,108) $ (8) $ 3,484 $ (43) Trading derivatives, net (4) Interest rate contracts $ 1,726 $ 600 $ — $ 73 $ (803) $ 9 $ 6 $ (6) $ (724) $ 881 $ 650 Foreign exchange contracts (89) 1,164 — (475) (6) 175 20 (611) (22) 156 235 Equity contracts (2,140) 1,997 — (73) 207 405 — (316) (181) (101) 1,634 Commodity contracts 422 622 — (45) (409) 120 — (142) (313) 255 410 Credit derivatives (31) (57) — (65) (151) — — (1) (44) (349) (95) Total trading derivatives, net (4) $ (112) $ 4,326 $ — $ (585) $ (1,162) $ 709 $ 26 $ (1,076) $ (1,284) $ 842 $ 2,834 Table continues on the next page. Net realized/unrealized gains (losses) incl. in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 51 $ — $ (9) $ 1 $ (10) $ 4 $ — $ (9) $ — $ 28 $ (4) Residential 94 — (6) — (39) — — (9) — 40 (5) Total investment mortgage-backed securities $ 145 $ — $ (15) $ 1 $ (49) $ 4 $ — $ (18) $ — $ 68 $ (9) U.S. Treasury and federal agency securities $ 1 $ — $ (1) $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 772 — (78) — (142) 1 — (14) — 539 (47) Foreign government 786 — (39) 250 (113) 385 — (268) — 1,001 (19) Corporate 188 — (7) 153 — — — — — 334 (2) Marketable equity securities 16 — (6) — — — — — — 10 (7) Asset-backed securities 3 — 11 — — — — (13) — 1 — Non-marketable equity securities 316 — (12) 11 — 20 — (25) — 310 (1) Total investments $ 2,227 $ — $ (147) $ 415 $ (304) $ 410 $ — $ (338) $ — $ 2,263 $ (85) Loans $ 711 $ — $ (190) $ 1 $ (195) $ — $ 1 $ — $ (3) $ 325 $ 166 Mortgage servicing rights 404 — 158 — — — 69 — (31) 600 157 Other financial assets measured at fair value on a recurring basis 73 — 7 7 (16) 14 40 (1) (61) 63 48 Liabilities Interest-bearing deposits $ 183 $ — $ 3 $ 7 $ (122) $ — $ 18 $ — $ (65) $ 18 $ — Securities loaned and sold under agreements to repurchase 643 50 — — (3) 16 — — (13) 593 28 Trading account liabilities Securities sold, not yet purchased 65 21 — 35 (19) 83 — 1 (72) 72 (2) Short-term borrowings 105 89 — 40 (21) — 76 — (30) 81 1 Long-term debt 25,509 8,245 — 6,743 (3,507) — 9,699 — (421) 29,778 (4,197) Other financial liabilities measured on a recurring basis 1 — 1 — — — — — — — — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2022. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. |
Significant valuation techniques and most significant unobservable inputs used in Level 3 fair value measurements | 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, 2023 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 $ 140 Model-based Interest rate 1.23 % 1.23 % 1.23 % Credit spread 15 bps 15 bps 15 bps Mortgage-backed securities $ 726 Yield analysis Yield 4.46 % 19.42 % 9.45 % 310 Price-based Price $ 1.11 $ 102.74 $ 53.57 State and municipal, foreign government, corporate and other debt securities $ 2,349 Price-based Price $ 0.01 $ 114.74 $ 83.15 973 Model-based Credit spread 35 bps 508 bps 275 bps Forward price 17.46 % 218.96 % 102.59 % Commodity volatility 8.79 % 166.93 % 27.52 % Commodity correlation (21.00) % 95.73 % 43.10 % Marketable equity securities (5) $ 241 Price-based Price $ — $ 10,165.30 $ 171.81 34 Model-based WAL 3 years 3 years 3 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Asset-backed securities $ 463 Price-based Price $ 5.45 $ 140.00 $ 70.87 77 Yield analysis Yield 6.12 % 11.91 % 8.58 % Non-marketable equities $ 298 Comparables analysis Illiquidity discount 10.00 % 12.00 % 10.08 % 57 Cash flow PE ratio 13.80x 15.40x 14.23x Discount to price 8.50 % 33.00 % 17.28 % Revenue multiple 3.70x 13.77x 10.94x Derivatives—gross (6) Interest rate contracts (gross) $ 6,435 Model-based IR normal volatility 0.28 % 15.00 % 1.20 % Interest rate 2.57 % 5.24 % 3.13 % Foreign exchange contracts (gross) $ 1,916 Model-based IR normal volatility 0.28 % 44.99 % 1.71 % Equity contracts (gross) (7) $ 4,062 Model-based Equity volatility — % 279.49 % 33.30 % Equity forward 72.62 % 265.04 % 105.44 % Equity-FX correlation (90.00) % 70.00 % (11.24) % WAL 3 years 3 years 3 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Equity-IR correlation (22.00) % 60.00 % 30.04 % Commodity and other contracts (gross) $ 1,772 Model-based Commodity correlation (21.00) % 95.73 % 43.10 % Commodity volatility 8.79 % 166.93 % 27.52 % Forward price 17.46 % 463.41 % 104.70 % Credit derivatives (gross) $ 1,307 Model-based Credit spread 7 bps 520 bps 95 bps 510 Price-based Recovery rate 6.00 % 75.00 % 37.52 % Credit correlation 30.00 % 90.00 % 50.34 % Price $ 3.66 $ 99.49 $ 36.20 Upfront points (0.64) % 99.00 % 54.49 % Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 95 Price-based Price $ 0.01 $ 106.50 $ 87.76 As of June 30, 2023 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Loans and leases $ 234 Price-based Price $ 69.49 $ 106.96 $ 72.06 Forward price 17.46 % 383.18 % 109.86 % Commodity volatility 8.79 % 166.93 % 27.52 % Commodity correlation (21.00) % 95.73 % 43.10 % Mortgage servicing rights $ 597 Cash flow Yield — % 12.00 % 5.12 % 85 Model-based WAL 3.84 years 9.17 years 7.71 years Liabilities Interest-bearing deposits $ 26 Model-based Forward price 100.00 % 100.00 % 100.00 % Securities loaned and sold under agreements to repurchase $ 627 Model-based Interest rate 3.96 % 5.53 % 4.24 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 60 Price-based Price $ — $ 10,616 $ 72 Short-term borrowings and long-term debt $ 37,378 Model-based IR normal volatility 0.28 % 13.00 % 1.07 % As of December 31, 2022 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 $ 146 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 2.61 % 2.61 % 2.61 % Mortgage-backed securities $ 228 Price-based Price $ 1.04 $ 99.71 $ 51.51 732 Yield analysis Yield 4.41 % 20.30 % 9.74 % State and municipal, foreign government, corporate and other debt securities $ 2,360 Price-based Price $ 0.01 $ 994.68 $ 245.85 Marketable equity securities (5) $ 147 Price-based Price $ — $ 9,087.76 $ 114.29 31 Model-based WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Asset-backed securities $ 304 Price-based Price $ 10.50 $ 145.00 $ 74.97 308 Yield analysis Yield 5.76 % 18.58 % 9.34 % Non-marketable equities $ 287 Comparables analysis Illiquidity discount 8.60 % 17.00 % 10.16 % 101 Price-based PE ratio 14.00x 15.70x 15.16x Cost of capital 8.10 % 17.50 % 10.44 % Revenue multiple 3.60x 13.90x 12.40x Derivatives—gross (6) Interest rate contracts (gross) $ 7,108 Model-based IR normal volatility 0.33 % 1.82 % 0.96 % Foreign exchange contracts (gross) $ 1,437 Model-based IR normal volatility 0.33 % 1.47 % 0.67 % IR basis (4.23) % 9.68 % (0.03) % Equity volatility 0.05 % 300.72 % 33.91 % Credit spread 116 bps 626 bps 594 bps Equity contracts (gross) (7) $ 4,430 Model-based Equity volatility 0.05 % 300.72 % 41.47 % Equity forward 68.34 % 271.61 % 103.50 % Equity-FX correlation (95.00) % 50.00 % (16.33) % Equity-Equity correlation (3.98) % 98.68 % 85.63 % WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Equity-IR correlation (18.83) % 60.00 % 32.37 % Commodity and other contracts (gross) $ 2,724 Model-based Forward price 14.27 % 385.50 % 106.08 % Commodity volatility 10.43 % 151.50 % 33.55 % Commodity correlation (32.00) % 91.94 % 36.70 % Credit derivatives (gross) $ 1,520 Model-based Credit spread 2.50 bps 955.10 bps 101.27 bps 439 Price-based Recovery rate 25.00 % 75.00 % 42.27 % Credit correlation 25.00 % 80.00 % 42.38 % Price $ 31.71 $ 99.00 $ 78.75 Credit spread volatility 35.58 % 64.79 % 40.47 % Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 57 Price-based Price $ 80.16 $ 105.32 $ 92.65 Loans and leases $ 1,059 Model-based Equity volatility 0.05 % 300.72 % 42.62 % 304 Price-based Forward price 14.27 % 324.85 % 105.07 % Price $ 0.01 $ 100.53 $ 84.77 Equity forward 68.34 % 271.61 % 103.49 % Mortgage servicing rights $ 580 Cash flow Yield (0.40) % 13.20 % 5.36 % 84 Model-based WAL 3.92 years 9.33 years 7.71 years Liabilities Interest-bearing deposits $ 15 Model-based Forward price 100.00 % 101.30 % 100.07 % Securities loaned and sold under agreements to repurchase $ 970 Model-based Interest rate 4.01 % 4.97 % 4.07 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 47 Price-based Price $ — $ 9,087.76 $ 41.22 6 Model-based FX volatility 2.00 % 40.00 % 12.85 % Short-term borrowings and long-term debt $ 36,155 Model-based IR normal volatility 0.33 % 1.82 % 0.89 % (1) The tables above include the fair values for the items listed and may not foot to the total population for each category. (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 non-trading 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, 2023 Loans HFS (1) $ 2,325 $ 761 $ 1,564 Other real estate owned 3 — 3 Loans (2) 170 — 170 Non-marketable equity securities measured using the measurement alternative 48 — 48 Total assets at fair value on a nonrecurring basis $ 2,546 $ 761 $ 1,785 In millions of dollars Fair value Level 2 Level 3 December 31, 2022 Loans HFS (1) $ 2,336 $ 457 $ 1,879 Other real estate owned 1 — 1 Loans (2) 69 — 69 Non-marketable equity securities measured using the measurement alternative 597 — 597 Total assets at fair value on a nonrecurring basis $ 3,003 $ 457 $ 2,546 (1) Net of mark-to-market 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, 2023 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans HFS $ 1,558 Price-based Price $ 75.00 $ 100.00 $ 89.85 Other real estate owned $ 2 Price-based Appraised value (4) $ 24,300 $ 666,000 $ 404,791 Loans (5) $ 86 Recovery analysis Appraised value (4) $ 12,000 $ 77,400,786 $ 42,187,539 83 Price-based Non-marketable equity securities measured using the measurement alternative $ 35 Price-based Price $ 0.10 $ 3.30 $ 2.25 13 Comparable analysis Revenue multiple 1.20x 10.20x 9.19x As of December 31, 2022 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans HFS $ 1,830 Price-based Price $ 0.88 $ 100.23 $ 65.91 Other real estate owned $ 1 Price-based Appraised value (4) $ 30,000 $ 441,750 $ 310,552 Loans (5) $ 45 Recovery analysis Appraised value (4) $ 12,000 $ 14,022,820 $ 3,714,342 24 Appraised value Non-marketable equity securities measured using the measurement alternative $ 234 Comparable analysis Revenue multiple 4.95x 73.10x 19.68x 363 Price-based Price $ 0.46 $ 2,416.43 $ 557.86 (1) The tables above include the fair values for the items listed and may not foot to the total population for each category. (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 amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Changes in total nonrecurring fair value measurements | The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2023 2022 2023 2022 Loans HFS $ (15) $ (86) $ (26) $ (223) Other real estate owned — — — — Loans (1) (16) 4 (18) 9 Non-marketable equity securities measured using the measurement alternative (27) 43 (54) 128 Total nonrecurring fair value gains (losses) $ (58) $ (39) $ (98) $ (86) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Estimated fair value of financial instruments | The following tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above. June 30, 2023 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets Investments, net of allowance $ 267.5 $ 243.6 $ 124.1 $ 117.2 $ 2.3 Securities borrowed and purchased under agreements to resell 127.0 127.0 — 127.0 — Loans (1)(2) 637.1 646.9 — — 646.9 Other financial assets (2)(3) 389.0 389.0 279.2 17.7 92.1 Liabilities Deposits $ 1,317.3 $ 1,316.3 $ — $ 1,124.6 $ 191.7 Securities loaned and sold under agreements to repurchase 197.2 197.2 — 197.2 — Long-term debt (4) 158.6 160.7 — 148.9 11.8 Other financial liabilities (5) 136.7 136.7 — 31.6 105.1 December 31, 2022 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets Investments, net of allowance $ 274.3 $ 249.2 $ 123.2 $ 123.1 $ 2.9 Securities borrowed and purchased under agreements to resell 125.9 125.9 — 125.9 — Loans (1)(2) 634.5 634.9 — — 634.9 Other financial assets (2)(3) 427.1 427.1 320.0 22.0 85.1 Liabilities Deposits $ 1,364.1 $ 1,345.4 $ — $ 1,159.4 $ 186.0 Securities loaned and sold under agreements to repurchase 131.6 131.6 — 131.6 — Long-term debt (4) 165.6 160.5 — 151.1 9.4 Other financial liabilities (5) 142.4 142.4 — 26.5 115.9 (1) The carrying value of loans is net of the allowance for credit losses on loans of $17.5 billion for June 30, 2023 and $17.0 billion for December 31, 2022. In addition, the carrying values exclude $0.3 billion and $0.4 billion of lease finance receivables at June 30, 2023 and December 31, 2022, 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, 2023 | |
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 2023 2022 2023 2022 Assets Securities borrowed and purchased under agreements to resell $ (95) $ (21) $ (10) $ (83) Trading account assets 18 (177) 79 (238) Loans Certain corporate loans 635 (1,523) 326 (1,855) Certain consumer loans (4) — 1 (1) Total loans $ 631 $ (1,523) $ 327 $ (1,856) Other assets MSRs $ 22 $ 60 $ 19 $ 158 Certain mortgage loans HFS (1) (18) (144) (10) (330) Total other assets $ 4 $ (84) $ 9 $ (172) Total assets $ 558 $ (1,805) $ 405 $ (2,349) Liabilities Interest-bearing deposits $ 82 $ (168) $ (52) $ (123) Securities loaned and sold under agreements to repurchase 49 19 (19) 96 Trading account liabilities 77 191 152 (449) Short-term borrowings (2) 230 1,064 88 1,196 Long-term debt (2) (2,147) 9,642 (6,496) 15,713 Total liabilities $ (1,709) $ 10,748 $ (6,327) $ 16,433 (1) Includes gains (losses) associated with interest rate lock commitments for originated loans for which the Company has elected the fair value option. (2) Includes DVA that is included in AOCI . See Notes 18 and 22. |
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, 2023 December 31, 2022 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 4,482 $ 5,766 $ 6,011 $ 5,360 Aggregate unpaid principal balance in excess of (less than) fair value 161 156 167 51 Balance of non-accrual loans or loans more than 90 days past due — 2 — 2 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — — |
Schedule of fair value of loans and other disclosures for certain mortgage loans | The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars June 30, December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 1,069 $ 793 Aggregate fair value in excess of (less than) unpaid principal balance (7) (10) Balance of non-accrual loans or loans more than 90 days past due 3 1 Aggregate unpaid principal balance in excess of fair value for non-accrual loans — — |
Schedule of carrying value of structured notes, disaggregated by type of embedded derivative instrument | The following table provides information about the carrying value of notes carried at fair value, disaggregated by type of risk: In billions of dollars June 30, 2023 December 31, 2022 Interest rate linked $ 57.3 $ 53.4 Foreign exchange linked 0.1 0.1 Equity linked 48.9 42.5 Commodity linked 4.8 5.0 Credit linked 4.8 5.0 Total $ 115.9 $ 106.0 |
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, 2023 December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 115,937 $ 105,995 Aggregate unpaid principal balance in excess of (less than) fair value (1,922) (2,944) |
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, 2023 December 31, 2022 Carrying amount reported on the Consolidated Balance Sheet $ 5,622 $ 6,222 Aggregate unpaid principal balance in excess of (less than) fair value (14) (9) |
GUARANTEES AND COMMITMENTS (Tab
GUARANTEES AND COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Guarantees and Commitments [Abstract] | |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at June 30, 2023 and December 31, 2022: Maximum potential amount of future payments In billions of dollars at June 30, 2023 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 21.5 $ 63.1 $ 84.6 $ 780 Performance guarantees 4.7 5.9 10.6 48 Derivative instruments considered to be guarantees 14.8 31.4 46.2 338 Loans sold with recourse 0.6 1.2 1.8 13 Securities lending indemnifications (1) 108.6 — 108.6 — Credit card merchant processing (2) 128.3 — 128.3 1 Credit card arrangements with partners 0.1 0.4 0.5 6 Other 1.2 8.4 9.6 41 Total $ 279.8 $ 110.4 $ 390.2 $ 1,227 Maximum potential amount of future payments In billions of dollars at December 31, 2022 Expire within Expire after Total amount Carrying value ( in millions of dollars) Financial standby letters of credit $ 31.3 $ 58.3 $ 89.6 $ 905 Performance guarantees 6.1 5.6 11.7 65 Derivative instruments considered to be guarantees 18.5 30.0 48.5 353 Loans sold with recourse — 1.7 1.7 13 Securities lending indemnifications (1) 95.9 — 95.9 — Credit card merchant processing (2) 129.6 — 129.6 1 Credit card arrangements with partners — 0.6 0.6 7 Other 0.1 8.4 8.5 32 Total $ 281.5 $ 104.6 $ 386.1 $ 1,376 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At June 30, 2023 and December 31, 2022, this maximum potential exposure was estimated to be approximately $128 billion and $130 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 on 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, 2023 Investment Non-investment Not Total Financial standby letters of credit $ 73.0 $ 10.1 $ 1.5 $ 84.6 Loans sold with recourse — — 1.8 1.8 Other 1.1 8.5 — 9.6 Total $ 74.1 $ 18.6 $ 3.3 $ 96.0 Maximum potential amount of future payments In billions of dollars at December 31, 2022 Investment Non-investment Not Total Financial standby letters of credit $ 77.9 $ 10.4 $ 1.3 $ 89.6 Loans sold with recourse — — 1.7 1.7 Other — 8.5 — 8.5 Total $ 77.9 $ 18.9 $ 3.0 $ 99.8 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. (1) June 30, December 31, 2022 Commercial and similar letters of credit $ 457 $ 4,412 $ 4,869 $ 5,316 One- to four-family residential mortgages 1,728 849 2,577 2,394 Revolving open-end loans secured by one- to four-family residential properties 5,656 668 6,324 6,380 Commercial real estate, construction and land development 13,399 1,596 14,995 15,170 Credit card lines 612,136 76,513 688,649 683,232 Commercial and other consumer loan commitments 199,231 108,309 307,540 297,399 Other commitments and contingencies 5,333 272 5,605 5,673 Total $ 837,940 $ 192,619 $ 1,030,559 $ 1,015,564 (1) Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed. |
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, 2022 Cash and due from banks $ 3,860 $ 4,820 Deposits with banks, net of allowance 12,262 12,156 Total $ 16,122 $ 16,976 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
ROU asset and lease liabilities | The following table presents information on the right-of-use (ROU) asset and lease liabilities included in Premises and equipment and Other liabilities , respectively: In millions of dollars June 30, December 31, ROU asset $ 2,827 $ 2,892 Lease liability 3,016 3,076 |
SUBSIDIARY GUARANTEES (Tables)
SUBSIDIARY GUARANTEES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Summarized Income Statement | SUMMARIZED INCOME STATEMENT Six Months Ended June 30, 2023 In millions of dollars Citigroup parent company CGMHI Total revenues, net of interest expense $ 6,584 $ 5,960 Total operating expenses 99 5,911 Provision for credit losses — 23 Equity in undistributed income of subsidiaries 581 — Income (loss) from continuing operations before income taxes $ 7,066 $ 26 Provision (benefit) for income taxes (455) 54 Net income $ 7,521 $ (28) |
Summarized Balance Sheet | SUMMARIZED BALANCE SHEET June 30, 2023 December 31, 2022 In millions of dollars Citigroup parent company CGMHI Citigroup parent company CGMHI Cash and deposits with banks $ 3,016 $ 21,506 $ 3,015 $ 27,122 Securities borrowed and purchased under resale agreements — 276,820 — 306,273 Trading account assets 262 271,512 306 209,957 Advances to subsidiaries 152,188 — 146,843 — Investments in subsidiary bank holding company 175,277 — 172,721 — Investments in non-bank subsidiaries 48,010 — 48,295 — Other assets 15,896 171,046 13,788 163,819 Total assets $ 394,649 $ 740,884 $ 384,968 $ 707,171 Securities loaned and sold under agreements to repurchase $ — $ 292,491 $ — $ 245,916 Trading account liabilities 578 114,874 604 115,929 Short-term borrowings — 26,731 — 43,850 Long-term debt 163,043 186,966 166,257 172,068 Advances from subsidiaries 19,579 — 14,562 — Other liabilities 2,730 81,446 2,356 90,570 Stockholders’ equity 208,719 38,376 201,189 38,838 Total liabilities and equity $ 394,649 $ 740,884 $ 384,968 $ 707,171 |
BASIS OF PRESENTATION, UPDATE_3
BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES - Accounting Changes (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit losses | $ (17,496) | $ (17,169) | $ (16,974) | $ (15,952) | $ (15,393) | $ (16,455) | |||
Other assets, at fair value | 102,972 | 103,743 | |||||||
Stockholders’ equity | 209,422 | 201,838 | 199,626 | ||||||
Other liabilities | (79,314) | (87,873) | |||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit losses | 0 | 352 | 0 | 0 | |||||
Other assets, at fair value | 44 | ||||||||
Deferred tax assets | 106 | ||||||||
Other liabilities | 39 | ||||||||
Retained earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders’ equity | 199,976 | 198,353 | 194,734 | 191,261 | 187,962 | 184,948 | |||
Retained earnings | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders’ equity | [1] | 0 | 290 | 0 | 0 | ||||
Accumulated other comprehensive income (loss) | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders’ equity | $ (45,865) | (45,441) | (47,062) | $ (45,495) | (43,585) | (38,765) | |||
Accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders’ equity | $ 0 | [1] | $ 27 | $ 0 | [1] | $ 0 | |||
[1]See Note 1 for additional details. |
DISCONTINUED OPERATIONS, SIGN_3
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Financial Information for Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Results of Discontinued Operations | ||||
Total revenues, net of interest expense | $ 0 | $ (262) | $ 0 | $ (262) |
Income (loss) from discontinued operations | (1) | (262) | (2) | (264) |
Benefit for income taxes | 0 | (41) | 0 | (41) |
Income (loss) from discontinued operations, net of taxes | $ (1) | $ (221) | $ (2) | $ (223) |
DISCONTINUED OPERATIONS, SIGN_4
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Narrative (Details) $ in Millions | 3 Months Ended | 7 Months Ended | |||
Dec. 12, 2022 USD ($) | Jun. 30, 2023 USD ($) business | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) business | Dec. 31, 2022 USD ($) | |
Personal installment loan | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (loss) on sale of loans | $ 5 | $ (7) | |||
Russian Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cost incurred to date | 58 | 58 | |||
Total estimated cash charges for the wind-down | 180 | 180 | |||
Russian Operations | Personal installment loan | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale of loans | $ 240 | ||||
Gain (loss) on sale of loans | (12) | ||||
Adjustment to record loans at lower of cost or fair value | 32 | ||||
Decrease in allowance for loans sold | $ 20 | ||||
Citibank Korea Inc. | Severance costs | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cost incurred to date | $ 1,100 | ||||
Sold | Egg Banking Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on sale of business, foreign currency translation adjustments | $ 260 | ||||
Loss on sale of business, foreign currency translation adjustments, after-tax | 221 | ||||
Legacy Franchises | Russian Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total estimated cash charges for the wind-down | 140 | 140 | |||
Legacy Franchises | Severance costs | Russian Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Pretax (release) charges | 1 | ||||
Cost incurred to date | 29 | 29 | |||
Legacy Franchises | Vendor termination and other costs | Russian Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Pretax (release) charges | (4) | ||||
Cost incurred to date | $ 17 | $ 17 | |||
Legacy Franchises | Consumer banking businesses | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of businesses with sale agreements | business | 9 | 9 | |||
Number of businesses sold | business | 5 | 5 | |||
Legacy Franchises | Sold | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on sale of business, foreign currency translation adjustments | 400 | ||||
Loss on sale of business, foreign currency translation adjustments, after-tax | 345 | ||||
Legacy Franchises | Sold | Legacy Holdings | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on sale of business, foreign currency translation adjustments | 140 | ||||
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 124 | ||||
Legacy Franchises | Held for sale | Consumer banking businesses | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Assets | $ 14,000 | $ 14,000 | |||
Loans | 8,000 | 8,000 | |||
Allowance | 68 | 68 | |||
Liabilities | 11,000 | 11,000 | |||
Deposits | 11,000 | 11,000 | |||
Institutional Clients Group | Russian Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total estimated cash charges for the wind-down | 40 | 40 | |||
Institutional Clients Group | Severance costs | Russian Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Pretax (release) charges | (2) | ||||
Cost incurred to date | $ 12 | $ 12 |
DISCONTINUED OPERATIONS, SIGN_5
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Assets and Liabilities Held-for-Sale and Income (Loss) Before Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Mar. 01, 2023 | Nov. 01, 2022 | Aug. 01, 2022 | Jun. 01, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Australia | ||||||||
Results of Discontinued Operations | ||||||||
Income (loss) before taxes | $ 0 | $ 28 | $ 0 | $ 193 | ||||
Australia | Held for sale | ||||||||
Assets | ||||||||
Cash and deposits with banks | 0 | 0 | ||||||
Loans | 0 | 0 | ||||||
Goodwill | 0 | 0 | ||||||
Other assets, advances to/from subsidiaries | 0 | 0 | ||||||
Other assets | 0 | 0 | ||||||
Total assets | 0 | 0 | ||||||
Liabilities | ||||||||
Deposits | 0 | 0 | ||||||
Long-term debt | 0 | 0 | ||||||
Other liabilities | 0 | 0 | ||||||
Total liabilities | 0 | 0 | ||||||
Australia | Sold | ||||||||
Assets | ||||||||
Loans | $ 9,300 | |||||||
Total assets | 9,400 | |||||||
Liabilities | ||||||||
Deposits | 6,800 | |||||||
Total liabilities | 7,300 | |||||||
Results of Discontinued Operations | ||||||||
Allowance | 140 | |||||||
Pretax gain (loss) on sale of business | (760) | |||||||
Gain (loss) on sale of business, after-tax | (640) | |||||||
Loss on sale of business, foreign currency translation adjustments | 620 | |||||||
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 470 | |||||||
Philippines | ||||||||
Results of Discontinued Operations | ||||||||
Income (loss) before taxes | 0 | 14 | 0 | 65 | ||||
Philippines | Held for sale | ||||||||
Assets | ||||||||
Cash and deposits with banks | 0 | 0 | ||||||
Loans | 0 | 0 | ||||||
Goodwill | 0 | 0 | ||||||
Other assets, advances to/from subsidiaries | 0 | 0 | ||||||
Other assets | 0 | 0 | ||||||
Total assets | 0 | 0 | ||||||
Liabilities | ||||||||
Deposits | 0 | 0 | ||||||
Long-term debt | 0 | 0 | ||||||
Other liabilities | 0 | 0 | ||||||
Total liabilities | 0 | 0 | ||||||
Philippines | Sold | ||||||||
Assets | ||||||||
Loans | $ 1,200 | |||||||
Total assets | 1,800 | |||||||
Liabilities | ||||||||
Deposits | 1,200 | |||||||
Total liabilities | 1,300 | |||||||
Results of Discontinued Operations | ||||||||
Allowance | 80 | |||||||
Pretax gain (loss) on sale of business | 618 | |||||||
Gain (loss) on sale of business, after-tax | $ 290 | |||||||
Thailand | ||||||||
Results of Discontinued Operations | ||||||||
Income (loss) before taxes | 0 | 90 | 0 | 78 | ||||
Thailand | Held for sale | ||||||||
Assets | ||||||||
Cash and deposits with banks | 0 | 0 | ||||||
Loans | 0 | 0 | ||||||
Goodwill | 0 | 0 | ||||||
Other assets, advances to/from subsidiaries | 0 | 0 | ||||||
Other assets | 0 | 0 | ||||||
Total assets | 0 | 0 | ||||||
Liabilities | ||||||||
Deposits | 0 | 0 | ||||||
Long-term debt | 0 | 0 | ||||||
Other liabilities | 0 | 0 | ||||||
Total liabilities | 0 | 0 | ||||||
Thailand | Sold | ||||||||
Assets | ||||||||
Loans | $ 2,400 | |||||||
Total assets | 2,700 | |||||||
Liabilities | ||||||||
Deposits | 800 | |||||||
Total liabilities | 1,000 | |||||||
Results of Discontinued Operations | ||||||||
Allowance | 67 | |||||||
Pretax gain (loss) on sale of business | 209 | |||||||
Gain (loss) on sale of business, after-tax | $ 115 | |||||||
India | ||||||||
Results of Discontinued Operations | ||||||||
Income (loss) before taxes | 0 | 52 | 2 | 125 | ||||
India | Held for sale | ||||||||
Assets | ||||||||
Cash and deposits with banks | 0 | 0 | ||||||
Loans | 0 | 0 | ||||||
Goodwill | 0 | 0 | ||||||
Other assets, advances to/from subsidiaries | 0 | 0 | ||||||
Other assets | 0 | 0 | ||||||
Total assets | 0 | 0 | ||||||
Liabilities | ||||||||
Deposits | 0 | 0 | ||||||
Long-term debt | 0 | 0 | ||||||
Other liabilities | 0 | 0 | ||||||
Total liabilities | 0 | 0 | ||||||
India | Sold | ||||||||
Assets | ||||||||
Loans | $ 3,400 | |||||||
Total assets | 5,200 | |||||||
Liabilities | ||||||||
Deposits | 5,100 | |||||||
Total liabilities | 5,200 | |||||||
Results of Discontinued Operations | ||||||||
Allowance | 32 | |||||||
Pretax gain (loss) on sale of business | 1,100 | |||||||
Gain (loss) on sale of business, after-tax | $ 727 | |||||||
Taiwan | ||||||||
Results of Discontinued Operations | ||||||||
Income (loss) before taxes | 35 | $ 50 | 91 | $ 96 | ||||
Taiwan | Held for sale | ||||||||
Assets | ||||||||
Cash and deposits with banks | 96 | 96 | ||||||
Loans | 7,652 | 7,652 | ||||||
Goodwill | 196 | 196 | ||||||
Other assets, advances to/from subsidiaries | 4,441 | 4,441 | ||||||
Other assets | 185 | 185 | ||||||
Total assets | 12,570 | 12,570 | ||||||
Liabilities | ||||||||
Deposits | 9,657 | 9,657 | ||||||
Long-term debt | 0 | 0 | ||||||
Other liabilities | 236 | 236 | ||||||
Total liabilities | 9,893 | 9,893 | ||||||
Results of Discontinued Operations | ||||||||
Allowance | $ 31 | $ 31 |
DISCONTINUED OPERATIONS, SIGN_6
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Summarized Reserve Charges (Details) - Citibank Korea Inc. - Severance costs - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | |
Employee termination costs | |||
Beginning of period | $ 1,052 | $ 714 | $ 1,054 |
Additional charges | (3) | 31 | |
Utilization | (1) | (670) | (347) |
Foreign exchange | 3 | (41) | (24) |
End of period | $ 1,054 | $ 0 | $ 714 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) country | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment wealthManagementCenter country | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | ||
Segment Reporting [Abstract] | ||||||
Number of operating segments | segment | 3 | |||||
Number of countries containing operations | country | 20 | 20 | ||||
Number of wealth management centers | wealthManagementCenter | 4 | |||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | $ 13,900 | $ 11,964 | $ 27,248 | $ 22,835 | ||
Non-interest revenue | 5,536 | 7,674 | 13,635 | 15,989 | ||
Total revenues, net of interest expense | 19,436 | 19,638 | 40,883 | 38,824 | ||
Operating expense | 13,570 | 12,393 | 26,859 | 25,558 | ||
Provisions for credit losses and for benefits and claims | [1] | 1,824 | 1,274 | 3,799 | 2,029 | |
Income (loss) from continuing operations before taxes | 4,042 | 5,971 | 10,225 | 11,237 | ||
Provision (benefits) for income taxes | 1,090 | 1,182 | 2,621 | 2,123 | ||
Income (loss) from continuing operations | 2,952 | 4,789 | 7,604 | 9,114 | ||
Identifiable assets (June 30, 2023 and December 31, 2022) | 2,423,675 | 2,423,675 | $ 2,416,676 | |||
Average loans | 654,000 | 657,000 | 654,000 | 653,000 | ||
Average deposits | 1,338,000 | 1,323,000 | 1,351,000 | 1,328,000 | ||
Operating Segments | ICG | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 5,623 | 4,520 | 10,651 | 8,304 | ||
Non-interest revenue | 4,818 | 6,899 | 11,023 | 14,275 | ||
Total revenues, net of interest expense | 10,441 | 11,419 | 21,674 | 22,579 | ||
Operating expense | 7,286 | 6,434 | 14,259 | 13,157 | ||
Provisions for credit losses and for benefits and claims | 58 | (202) | (14) | 769 | ||
Income (loss) from continuing operations before taxes | 3,097 | 5,187 | 7,429 | 8,653 | ||
Provision (benefits) for income taxes | 878 | 1,209 | 1,912 | 2,017 | ||
Income (loss) from continuing operations | 2,219 | 3,978 | 5,517 | 6,636 | ||
Identifiable assets (June 30, 2023 and December 31, 2022) | 1,765,000 | 1,765,000 | 1,730,000 | |||
Average loans | 278,000 | 297,000 | 281,000 | 293,000 | ||
Average deposits | 837,000 | 830,000 | 845,000 | 828,000 | ||
Operating Segments | PBWM | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 5,963 | 5,569 | 11,897 | 10,954 | ||
Non-interest revenue | 432 | 460 | 946 | 980 | ||
Total revenues, net of interest expense | 6,395 | 6,029 | 12,843 | 11,934 | ||
Operating expense | 4,204 | 3,985 | 8,458 | 7,874 | ||
Provisions for credit losses and for benefits and claims | 1,579 | 1,355 | 3,170 | 979 | ||
Income (loss) from continuing operations before taxes | 612 | 689 | 1,215 | 3,081 | ||
Provision (benefits) for income taxes | 118 | 136 | 232 | 668 | ||
Income (loss) from continuing operations | 494 | 553 | 983 | 2,413 | ||
Identifiable assets (June 30, 2023 and December 31, 2022) | 473,000 | 473,000 | 494,000 | |||
Average loans | 339,000 | 317,000 | 336,000 | 315,000 | ||
Average deposits | 431,000 | 435,000 | 433,000 | 441,000 | ||
Operating Segments | Legacy Franchises | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 1,345 | 1,474 | 2,635 | 2,982 | ||
Non-interest revenue | 578 | 461 | 2,140 | 884 | ||
Total revenues, net of interest expense | 1,923 | 1,935 | 4,775 | 3,866 | ||
Operating expense | 1,778 | 1,814 | 3,530 | 4,107 | ||
Provisions for credit losses and for benefits and claims | 300 | 121 | 645 | 281 | ||
Income (loss) from continuing operations before taxes | (155) | 0 | 600 | (522) | ||
Provision (benefits) for income taxes | (33) | 15 | 116 | (122) | ||
Income (loss) from continuing operations | (122) | (15) | 484 | (400) | ||
Identifiable assets (June 30, 2023 and December 31, 2022) | 92,000 | 92,000 | 97,000 | |||
Average loans | 37,000 | 43,000 | 37,000 | 45,000 | ||
Average deposits | 51,000 | 51,000 | 51,000 | 53,000 | ||
Corporate/Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 969 | 401 | 2,065 | 595 | ||
Non-interest revenue | (292) | (146) | (474) | (150) | ||
Total revenues, net of interest expense | 677 | 255 | 1,591 | 445 | ||
Operating expense | 302 | 160 | 612 | 420 | ||
Provisions for credit losses and for benefits and claims | (113) | 0 | (2) | 0 | ||
Income (loss) from continuing operations before taxes | 488 | 95 | 981 | 25 | ||
Provision (benefits) for income taxes | 127 | (178) | 361 | (440) | ||
Income (loss) from continuing operations | 361 | 273 | 620 | 465 | ||
Identifiable assets (June 30, 2023 and December 31, 2022) | 94,000 | 94,000 | $ 96,000 | |||
Average loans | 0 | 0 | 0 | 0 | ||
Average deposits | $ 19,000 | $ 7,000 | $ 22,000 | $ 6,000 | ||
[1]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above. |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest revenue | ||||
Loan interest, including fees | $ 14,056 | $ 9,495 | $ 27,339 | $ 18,211 |
Deposits with banks | 3,049 | 658 | 6,080 | 954 |
Securities borrowed and purchased under agreements to resell | 6,254 | 805 | 11,428 | 1,199 |
Investments, including dividends | 4,451 | 2,370 | 8,595 | 4,420 |
Trading account assets | 3,752 | 1,659 | 6,499 | 2,805 |
Other interest-earning assets | 1,085 | 643 | 2,101 | 1,192 |
Total interest revenue | 32,647 | 15,630 | 62,042 | 28,781 |
Interest expense | ||||
Deposits | 8,727 | 1,420 | 16,435 | 2,291 |
Securities loaned and sold under agreements to repurchase | 4,953 | 655 | 8,519 | 937 |
Trading account liabilities | 870 | 137 | 1,657 | 284 |
Short-term borrowings and other interest-bearing liabilities(3) | 1,777 | 268 | 3,426 | 323 |
Long-term debt | 2,420 | 1,186 | 4,757 | 2,111 |
Total interest expense | 18,747 | 3,666 | 34,794 | 5,946 |
Net interest income | 13,900 | 11,964 | 27,248 | 22,835 |
Provision for credit losses on loans | 1,761 | 1,384 | 3,498 | 1,644 |
Net interest income after provision for credit losses on loans | 12,139 | 10,580 | 23,750 | 21,191 |
Consumer | ||||
Interest revenue | ||||
Loan interest, including fees | 8,962 | 6,601 | 17,586 | 12,863 |
Corporate | ||||
Interest revenue | ||||
Loan interest, including fees | $ 5,094 | $ 2,894 | $ 9,753 | $ 5,348 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Commissions and fees | ||||
Total commissions and fees | $ 2,132 | $ 2,452 | $ 4,498 | $ 5,020 |
Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 598 | 845 | 1,324 | 1,753 |
Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 576 | 659 | 1,211 | 1,428 |
Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 3,080 | 2,983 | 5,930 | 5,543 |
Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 120 | 163 | 238 | 317 |
Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (3,197) | (3,196) | (6,126) | (5,984) |
Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 299 | 342 | 599 | 685 |
Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 334 | 298 | 652 | 582 |
Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 86 | 136 | 188 | 255 |
Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 88 | 89 | 180 | 177 |
Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 26 | 23 | 48 | 48 |
Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 23 | 23 | 50 | 48 |
Other | ||||
Commissions and fees | ||||
Total commissions and fees | 99 | 87 | 204 | 168 |
Overdraft fees | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 28 | ||
Commissions and fees | ||||
Commissions and fees | ||||
Revenue not accounted for under ASC 606, revenue from contracts with customers | (2,940) | (2,811) | (5,599) | (5,240) |
ICG | ||||
Commissions and fees | ||||
Total commissions and fees | 1,804 | 2,097 | 3,771 | 4,245 |
ICG | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 598 | 845 | 1,324 | 1,753 |
ICG | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 360 | 393 | 774 | 853 |
ICG | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 361 | 321 | 694 | 561 |
ICG | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 17 | 11 | 30 | 20 |
ICG | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (202) | (165) | (376) | (282) |
ICG | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 272 | 279 | 524 | 546 |
ICG | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 303 | 267 | 592 | 521 |
ICG | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 86 | 136 | 185 | 252 |
ICG | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
ICG | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
ICG | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 8 | 7 | 17 | 19 |
ICG | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 1 | 3 | 7 | 2 |
PBWM | ||||
Commissions and fees | ||||
Total commissions and fees | 18 | 17 | 99 | 99 |
PBWM | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
PBWM | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 182 | 213 | 359 | 454 |
PBWM | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 2,555 | 2,435 | 4,902 | 4,534 |
PBWM | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 37 | 73 | 80 | 137 |
PBWM | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (2,904) | (2,871) | (5,567) | (5,370) |
PBWM | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 18 | 44 | 58 | 103 |
PBWM | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 6 | 5 | 10 | 9 |
PBWM | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 3 | 3 |
PBWM | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 61 | 56 | 119 | 108 |
PBWM | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 1 | 1 | 2 | 2 |
PBWM | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 11 | 12 | 26 | 22 |
PBWM | Other | ||||
Commissions and fees | ||||
Total commissions and fees | 51 | 49 | 107 | 97 |
Legacy Franchises | ||||
Commissions and fees | ||||
Total commissions and fees | 311 | 338 | 627 | 676 |
Legacy Franchises | Investment banking | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Legacy Franchises | Brokerage commissions | ||||
Commissions and fees | ||||
Total commissions and fees | 34 | 53 | 78 | 121 |
Legacy Franchises | Interchange fees | ||||
Commissions and fees | ||||
Total commissions and fees | 164 | 227 | 334 | 448 |
Legacy Franchises | Card-related loan fees | ||||
Commissions and fees | ||||
Total commissions and fees | 66 | 79 | 128 | 160 |
Legacy Franchises | Card rewards and partner payments | ||||
Commissions and fees | ||||
Total commissions and fees | (91) | (160) | (183) | (332) |
Legacy Franchises | Deposit-related fees | ||||
Commissions and fees | ||||
Total commissions and fees | 9 | 19 | 17 | 36 |
Legacy Franchises | Transactional service fees | ||||
Commissions and fees | ||||
Total commissions and fees | 25 | 26 | 50 | 52 |
Legacy Franchises | Corporate finance | ||||
Commissions and fees | ||||
Total commissions and fees | 0 | 0 | 0 | 0 |
Legacy Franchises | Insurance distribution revenue | ||||
Commissions and fees | ||||
Total commissions and fees | 27 | 33 | 61 | 69 |
Legacy Franchises | Insurance premiums | ||||
Commissions and fees | ||||
Total commissions and fees | 25 | 22 | 46 | 46 |
Legacy Franchises | Loan servicing | ||||
Commissions and fees | ||||
Total commissions and fees | 4 | 4 | 7 | 7 |
Legacy Franchises | Other | ||||
Commissions and fees | ||||
Total commissions and fees | $ 48 | $ 35 | $ 89 | $ 69 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Commissions and fees | ||||
Total administration and other fiduciary fees | $ 989 | $ 1,023 | $ 1,885 | $ 1,989 |
Custody fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 510 | 530 | 955 | 1,002 |
Custody fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 485 | 506 | 902 | 952 |
Custody fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 22 | 22 | 42 | 45 |
Custody fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 3 | 2 | 11 | 5 |
Fiduciary fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 344 | 343 | 654 | 693 |
Fiduciary fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 69 | 68 | 144 | 133 |
Fiduciary fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 185 | 196 | 338 | 401 |
Fiduciary fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 90 | 79 | 172 | 159 |
Guarantee fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 135 | 150 | 276 | 294 |
Guarantee fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 126 | 134 | 258 | 266 |
Guarantee fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 7 | 14 | 15 | 24 |
Guarantee fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 1 | 2 | 3 | 4 |
Administration and other fiduciary fees | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 989 | 1,023 | 1,885 | 1,989 |
Revenue not accounted for under ASC 606, revenue from contracts with customers | 135 | 150 | 276 | 294 |
Administration and other fiduciary fees | ICG | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 680 | 708 | 1,304 | 1,351 |
Administration and other fiduciary fees | PBWM | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | 214 | 232 | 395 | 470 |
Administration and other fiduciary fees | Legacy Franchises | ||||
Commissions and fees | ||||
Total administration and other fiduciary fees | $ 94 | $ 83 | $ 186 | $ 168 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Principal transactions revenue | ||||
Principal transactions revenue | $ 2,528 | $ 4,525 | $ 6,467 | $ 9,115 |
Interest rate risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 594 | 1,418 | 1,974 | 2,688 |
Foreign exchange risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,334 | 1,672 | 2,827 | 3,419 |
Equity risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 205 | 345 | 839 | 1,276 |
Commodity and other risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 469 | 612 | 967 | 1,063 |
Credit products and risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $ (74) | $ 478 | $ (140) | $ 669 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
U.S. Plans | Pension Plans | ||||
Service-related expense | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost on benefit obligation | 123 | 105 | 250 | 191 |
Expected return on plan assets | (160) | (154) | (321) | (308) |
Amortization of unrecognized: | ||||
Prior service (benefit) | 0 | 0 | 1 | 1 |
Net actuarial loss (gain) | 41 | 44 | 79 | 100 |
Curtailment (gain) | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net expense | 4 | (5) | 9 | (16) |
U.S. Plans | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 4 | 4 | 9 | 7 |
Expected return on plan assets | (4) | (3) | (7) | (6) |
Amortization of unrecognized: | ||||
Prior service (benefit) | (3) | (3) | (5) | (5) |
Net actuarial loss (gain) | (2) | (2) | (5) | (3) |
Curtailment (gain) | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net expense | (5) | (4) | (8) | (7) |
Non-U.S. plans | Pension Plans | ||||
Service-related expense | ||||
Service cost | 30 | 30 | 58 | 64 |
Interest cost on benefit obligation | 102 | 79 | 200 | 152 |
Expected return on plan assets | (82) | (66) | (163) | (132) |
Amortization of unrecognized: | ||||
Prior service (benefit) | (1) | (1) | (3) | (3) |
Net actuarial loss (gain) | 15 | 14 | 34 | 27 |
Curtailment (gain) | 0 | (23) | (8) | (23) |
Settlement loss | 1 | (10) | 4 | (10) |
Total net expense | 65 | 23 | 122 | 75 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Service cost | 0 | 0 | 1 | 1 |
Interest cost on benefit obligation | 27 | 23 | 52 | 46 |
Expected return on plan assets | (20) | (18) | (39) | (38) |
Amortization of unrecognized: | ||||
Prior service (benefit) | (2) | (1) | (4) | (4) |
Net actuarial loss (gain) | (5) | 1 | (10) | 2 |
Curtailment (gain) | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net expense | $ 0 | $ 5 | $ 0 | $ 7 |
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, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
U.S. Plans | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | $ 9,741 | $ 9,741 | |||
Service cost | $ 0 | $ 0 | 0 | $ 0 | |
Interest cost on benefit obligation | 123 | 105 | 250 | 191 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 10,145 | 10,145 | |||
Net amount recognized at period end | |||||
Benefit asset | 1,063 | 1,063 | |||
Benefit liability | (523) | (523) | |||
Net amount recognized on the balance sheet—Significant Plans | 540 | 540 | |||
Amounts recognized in AOCI at period end(3) | |||||
Prior service (expense) benefit | 0 | 0 | |||
Net actuarial (loss) gain | (6,343) | (6,343) | |||
Net amount recognized in equity-pretax | (6,343) | (6,343) | |||
Accumulated benefit obligation at period end—Significant Plans | 9,617 | 9,617 | |||
U.S. Plans | Pension Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 19 | 19 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 0 | 0 | |||
U.S. Plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 9,882 | 9,722 | 9,722 | ||
Quarter activity | 160 | ||||
Service cost | 0 | ||||
Interest cost on benefit obligation | 122 | ||||
Actuarial (gain) | (157) | ||||
Benefits paid, net of participants’ contributions | (230) | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 9,617 | 9,882 | 9,617 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 10,288 | 10,145 | 10,145 | ||
Quarterly activity | 143 | ||||
Actual return on plan assets | 86 | ||||
Company contributions, net of reimbursements | 13 | ||||
Benefits paid, net of participants’ contributions | (230) | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 10,157 | 10,288 | 10,157 | ||
Funded status of the Significant Plans | 540 | 540 | |||
U.S. Plans | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 375 | 375 | |||
Service cost | 0 | 0 | 0 | 0 | |
Interest cost on benefit obligation | 4 | 4 | 9 | 7 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 253 | 253 | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (91) | (91) | |||
Net amount recognized on the balance sheet—Significant Plans | (91) | (91) | |||
Amounts recognized in AOCI at period end(3) | |||||
Prior service (expense) benefit | 78 | 78 | |||
Net actuarial (loss) gain | 127 | 127 | |||
Net amount recognized in equity-pretax | 205 | 205 | |||
Accumulated benefit obligation at period end—Significant Plans | 347 | 347 | |||
U.S. Plans | 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. Plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 374 | 375 | 375 | ||
Quarter activity | (1) | ||||
Service cost | 0 | ||||
Interest cost on benefit obligation | 4 | ||||
Actuarial (gain) | (20) | ||||
Benefits paid, net of participants’ contributions | (11) | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 347 | 374 | 347 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 258 | 253 | 253 | ||
Quarterly activity | 5 | ||||
Actual return on plan assets | 2 | ||||
Company contributions, net of reimbursements | 7 | ||||
Benefits paid, net of participants’ contributions | (11) | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 256 | 258 | 256 | ||
Funded status of the Significant Plans | (91) | (91) | |||
Non-U.S. plans | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 6,375 | 6,375 | |||
Service cost | 30 | 30 | 58 | 64 | |
Interest cost on benefit obligation | 102 | 79 | 200 | 152 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 6,086 | 6,086 | |||
Net amount recognized at period end | |||||
Benefit asset | 737 | 737 | |||
Benefit liability | (679) | (679) | |||
Net amount recognized on the balance sheet—Significant Plans | 58 | 58 | |||
Amounts recognized in AOCI at period end(3) | |||||
Prior service (expense) benefit | (2) | (2) | |||
Net actuarial (loss) gain | (1,561) | (1,561) | |||
Net amount recognized in equity-pretax | (1,563) | (1,563) | |||
Accumulated benefit obligation at period end—Significant Plans | 4,839 | 4,839 | |||
Non-U.S. plans | Pension Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,774 | 1,774 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,226 | 1,226 | |||
Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 4,842 | 4,601 | 4,601 | ||
Quarter activity | 241 | ||||
Service cost | 12 | ||||
Interest cost on benefit obligation | 84 | ||||
Actuarial (gain) | 3 | ||||
Benefits paid, net of participants’ contributions | (83) | ||||
Foreign exchange impact and other | 163 | ||||
Projected benefit obligation at period end—Significant Plans | 5,021 | 4,842 | 5,021 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 5,085 | 4,860 | 4,860 | ||
Quarterly activity | 225 | ||||
Actual return on plan assets | (75) | ||||
Company contributions, net of reimbursements | 9 | ||||
Benefits paid, net of participants’ contributions | (83) | ||||
Foreign exchange impact and other | 143 | ||||
Plan assets at fair value at period end—Significant Plans | 5,079 | 5,085 | 5,079 | ||
Funded status of the Significant Plans | 58 | 58 | |||
Non-U.S. plans | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,013 | 1,013 | |||
Service cost | 0 | 0 | 1 | 1 | |
Interest cost on benefit obligation | 27 | $ 23 | 52 | $ 46 | |
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 855 | 855 | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (20) | (20) | |||
Net amount recognized on the balance sheet—Significant Plans | (20) | (20) | |||
Amounts recognized in AOCI at period end(3) | |||||
Prior service (expense) benefit | 36 | 36 | |||
Net actuarial (loss) gain | (335) | (335) | |||
Net amount recognized in equity-pretax | (299) | (299) | |||
Accumulated benefit obligation at period end—Significant Plans | 965 | 965 | |||
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 | 193 | 193 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 7 | 7 | |||
Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 890 | 820 | 820 | ||
Quarter activity | 70 | ||||
Service cost | 0 | ||||
Interest cost on benefit obligation | 23 | ||||
Actuarial (gain) | 23 | ||||
Benefits paid, net of participants’ contributions | (19) | ||||
Foreign exchange impact and other | 48 | ||||
Projected benefit obligation at period end—Significant Plans | 965 | 890 | 965 | ||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 921 | 848 | 848 | ||
Quarterly activity | 73 | ||||
Actual return on plan assets | (4) | ||||
Company contributions, net of reimbursements | 0 | ||||
Benefits paid, net of participants’ contributions | (19) | ||||
Foreign exchange impact and other | 47 | ||||
Plan assets at fair value at period end—Significant Plans | 945 | $ 921 | 945 | ||
Funded status of the Significant Plans | (20) | (20) | |||
Qualified plans | U.S. Plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 1,063 | 1,063 | |||
Qualified plans | U.S. Plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (91) | (91) | |||
Qualified plans | Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 58 | 58 | |||
Qualified plans | Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (20) | (20) | |||
Nonqualified plans | U.S. Plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (523) | (523) | |||
Nonqualified plans | U.S. Plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 0 | |||
Nonqualified plans | Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 0 | |||
Nonqualified plans | Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | $ 201,838 | ||||
Change, net of tax | [1],[2] | $ (136) | $ (89) | (240) | $ 82 |
Balance, end of period | 209,422 | 199,626 | 209,422 | 199,626 | |
Benefit plans | |||||
Change in accumulated other comprehensive income (loss) | |||||
Balance, beginning of period | (5,859) | (5,681) | (5,755) | (5,852) | |
Actuarial assumptions changes and plan experience | 154 | 1,499 | (115) | 3,024 | |
Net asset (loss) due to difference between actual and expected returns | (245) | (1,675) | (62) | (3,137) | |
Net amortization | 45 | 52 | 88 | 116 | |
Curtailment/settlement (gain) | 1 | (32) | (4) | (32) | |
Foreign exchange impact and other | (111) | 83 | (219) | 133 | |
Change in deferred taxes, net | 20 | (16) | 72 | (22) | |
Change, net of tax | (136) | (89) | (240) | 82 | |
Balance, end of period | $ (5,995) | $ (5,770) | $ (5,995) | $ (5,770) | |
[1]See Note 8.[2]See Note 18. |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | |
U.S. Plans | Postretirement Benefit Plans | |||
Plan Assumptions - During the year | |||
Discount rate | 5.25% | 5.60% | 3.85% |
Expected return on assets | 5.70% | 5.70% | 5% |
Plan Assumptions - At period end | |||
Discount rate | 5.50% | 5.25% | 4.75% |
Expected return on assets | 5.70% | 5.70% | 5% |
U.S. Plans | Other Pension, Postretirement and Supplemental Plans | |||
Plan Assumptions - During the year | |||
Expected return on assets | 3% | 3% | 1.50% |
Plan Assumptions - At period end | |||
Expected return on assets | 3% | 3% | 1.50% |
Non-U.S. plans | Pension Plans | Weighted Average | |||
Plan Assumptions - During the year | |||
Discount rate | 7.64% | 7.55% | 5.55% |
Expected return on assets | 6.26% | 6.40% | 4.15% |
Plan Assumptions - At period end | |||
Discount rate | 7.72% | 7.64% | 6.68% |
Expected return on assets | 6.56% | 6.26% | 4.72% |
Non-U.S. plans | Pension Plans | Minimum | |||
Plan Assumptions - During the year | |||
Discount rate | 2.05% | 2.20% | 1.10% |
Expected return on assets | 4.10% | 4.50% | 1.90% |
Plan Assumptions - At period end | |||
Discount rate | 1.80% | 2.05% | 2% |
Expected return on assets | 4.50% | 4.10% | 2% |
Non-U.S. plans | Pension Plans | Maximum | |||
Plan Assumptions - During the year | |||
Discount rate | 10.65% | 10.60% | 10% |
Expected return on assets | 9.90% | 9.90% | 8% |
Plan Assumptions - At period end | |||
Discount rate | 10.40% | 10.65% | 10.75% |
Expected return on assets | 9.90% | 9.90% | 8% |
Non-U.S. plans | Postretirement Benefit Plans | |||
Plan Assumptions - During the year | |||
Discount rate | 10.70% | 10.60% | 10.10% |
Expected return on assets | 8.70% | 8.70% | 8% |
Plan Assumptions - At period end | |||
Discount rate | 10.40% | 10.70% | 10.75% |
Expected return on assets | 8.70% | 8.70% | 8% |
Qualified plans | U.S. Plans | Pension Plans | |||
Plan Assumptions - During the year | |||
Discount rate | 5.15% | 5.50% | 3.80% |
Expected return on assets | 5.70% | 5.70% | 5% |
Plan Assumptions - At period end | |||
Discount rate | 5.40% | 5.15% | 4.80% |
Expected return on assets | 5.70% | 5.70% | 5% |
Nonqualified plans | U.S. Plans | Pension Plans | |||
Plan Assumptions - During the year | |||
Discount rate | 5.20% | 5.55% | 3.85% |
Plan Assumptions - At period end | |||
Discount rate | 5.45% | 5.20% | 4.80% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
U.S. Plans | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | $ 6 |
Effect of one-percentage-point decrease in discount rates | (7) |
Non-U.S. plans | Pension 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 | 3 |
Non-U.S. plans | 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 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
U.S. Plans | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | $ 28 | $ 28 |
Company contributions expected to be made during the remainder of the year | 32 | 27 |
U.S. Plans | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | 20 | (1) |
Company contributions expected to be made during the remainder of the year | 2 | 15 |
Non-U.S. plans | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | 60 | 389 |
Company contributions expected to be made during the remainder of the year | 52 | 105 |
Non-U.S. plans | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions (reimbursements) | 5 | 5 |
Company contributions expected to be made during the remainder of the year | $ 5 | $ 4 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Postemployment Retirement Benefits | ||||
Defined Benefit Plan Disclosure | ||||
Non-service-related expense | $ 0 | $ 1 | $ 5 | $ 6 |
Total net expense | 1 | 2 | 6 | 7 |
Actuarial gain | 1 | 1 | 1 | 1 |
Total service-related expense | 1 | 1 | 1 | 1 |
U.S. Plans | Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 137 | 119 | 275 | 238 |
Total net expense | (5) | (4) | (8) | (7) |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure | ||||
Company's contributions for defined contribution plans | 114 | 99 | 228 | 205 |
Total net expense | $ 0 | $ 5 | $ 0 | $ 7 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Earnings Per Share [Abstract] | |||||
Income from continuing operations before attribution of noncontrolling interests | $ 2,952 | $ 4,789 | $ 7,604 | $ 9,114 | |
Noncontrolling interests | 36 | 21 | 81 | 38 | |
Net income from continuing operations (for EPS purposes) | 2,916 | 4,768 | 7,523 | 9,076 | |
Income (loss) from discontinued operations, net of taxes | (1) | (221) | (2) | (223) | |
Citigroup’s net income | 2,915 | 4,547 | 7,521 | 8,853 | |
Less: Preferred dividends | 288 | 238 | 565 | 517 | |
Net income available to common shareholders | 2,627 | 4,309 | 6,956 | 8,336 | |
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS | 33 | 35 | 68 | 60 | |
Net income allocated to common shareholders for basic EPS | $ 2,594 | $ 4,274 | $ 6,888 | $ 8,276 | |
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 1,942.8 | 1,941.5 | 1,943.2 | 1,956.6 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 1.34 | $ 2.32 | $ 3.55 | $ 4.34 |
Discontinued operations (in dollars per share) | [1] | 0 | (0.11) | 0 | (0.11) |
Net income (in dollars per share) | [1] | $ 1.34 | $ 2.20 | $ 3.54 | $ 4.23 |
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | $ 15 | $ 11 | $ 26 | $ 19 | |
Net income allocated to common shareholders for diluted EPS | $ 2,609 | $ 4,285 | $ 6,914 | $ 8,295 | |
Effect of dilutive securities | |||||
Options (in shares) | 0 | 0 | 0 | 0 | |
Other employee plans (in shares) | 25.8 | 16.6 | 23.1 | 16.6 | |
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 1,968.6 | 1,958.1 | 1,966.3 | 1,973.2 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 1.33 | $ 2.30 | $ 3.52 | $ 4.32 |
Discontinued operations (in dollars per share) | [1] | 0 | (0.11) | 0 | (0.11) |
Net income (in dollars per share) | [1] | $ 1.33 | $ 2.19 | $ 3.52 | $ 4.20 |
[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, 2023 | Dec. 31, 2022 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 266,952 | $ 291,272 |
Deposits paid for securities borrowed | 70,177 | 74,165 |
Total, net | 337,129 | 365,437 |
Allowance for credit losses on securities purchased and borrowed | (26) | (36) |
Total, net of allowance | 337,103 | 365,401 |
Securities sold under agreements to repurchase | 247,294 | 183,827 |
Deposits received for securities loaned | 12,741 | 18,617 |
Total, net | 260,035 | 202,444 |
Securities-for-securities lending transactions | $ 5,900 | $ 4,400 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 485,998 | $ 403,663 |
Gross amounts offset on the Consolidated Balance Sheet | 219,046 | 112,391 |
Net amounts of assets included on the Consolidated Balance Sheet | 266,952 | 291,272 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 242,215 | 204,077 |
Net amounts | 24,737 | 87,195 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 86,876 | 88,817 |
Gross amounts offset on the Consolidated Balance Sheet | 16,699 | 14,652 |
Net amounts of assets included on the Consolidated Balance Sheet | 70,177 | 74,165 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 12,418 | 13,844 |
Net amounts | 57,759 | 60,321 |
Total | ||
Gross amounts of recognized assets | 572,874 | 492,480 |
Gross amounts offset on the Consolidated Balance Sheet | 235,745 | 127,043 |
Net amounts of assets included on the Consolidated Balance Sheet | 337,129 | 365,437 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 254,633 | 217,921 |
Net amounts | 82,496 | 147,516 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 466,340 | 296,218 |
Gross amounts offset on the Consolidated Balance Sheet | 219,046 | 112,391 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 247,294 | 183,827 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 151,953 | 71,635 |
Net amounts | 95,341 | 112,192 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 29,440 | 33,269 |
Gross amounts offset on the Consolidated Balance Sheet | 16,699 | 14,652 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 12,741 | 18,617 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 1,893 | 2,542 |
Net amounts | 10,848 | 16,075 |
Total | ||
Gross amounts of recognized liabilities | 495,780 | 329,487 |
Gross amounts offset on the Consolidated Balance Sheet | 235,745 | 127,043 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 260,035 | 202,444 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 153,846 | 74,177 |
Net amounts | $ 106,189 | $ 128,267 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements by Contractual Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 466,340 | $ 296,218 |
Deposits received for securities loaned | 29,440 | 33,269 |
Total | 495,780 | 329,487 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 277,705 | 138,710 |
Deposits received for securities loaned | 21,543 | 25,388 |
Total | 299,248 | 164,098 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 107,162 | 86,819 |
Deposits received for securities loaned | 304 | 267 |
Total | 107,466 | 87,086 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 25,550 | 25,119 |
Deposits received for securities loaned | 645 | 2,121 |
Total | 26,195 | 27,240 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 55,923 | 45,570 |
Deposits received for securities loaned | 6,948 | 5,493 |
Total | $ 62,871 | $ 51,063 |
SECURITIES BORROWED, LOANED A_6
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements by Class of Collateral (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | $ 466,340 | $ 296,218 |
Securities lending agreements | 29,440 | 33,269 |
Total | 495,780 | 329,487 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 185,547 | 99,979 |
Securities lending agreements | 544 | 106 |
Total | 186,091 | 100,085 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 1,465 | 1,911 |
Securities lending agreements | 0 | 0 |
Total | 1,465 | 1,911 |
Foreign government securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 176,437 | 123,826 |
Securities lending agreements | 593 | 13 |
Total | 177,030 | 123,839 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 16,729 | 14,308 |
Securities lending agreements | 246 | 45 |
Total | 16,975 | 14,353 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 21,548 | 9,749 |
Securities lending agreements | 27,561 | 33,096 |
Total | 49,109 | 42,845 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 54,842 | 36,225 |
Securities lending agreements | 314 | 0 |
Total | 55,156 | 36,225 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 2,906 | 1,755 |
Securities lending agreements | 0 | 0 |
Total | 2,906 | 1,755 |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 6,866 | 8,465 |
Securities lending agreements | 182 | 9 |
Total | $ 7,048 | $ 8,474 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Broker-Dealer [Abstract] | ||
Receivables from customers | $ 16,305 | $ 15,462 |
Receivables from brokers, dealers and clearing organizations | 44,545 | 38,730 |
Total brokerage receivables | 60,850 | 54,192 |
Payables to customers | 50,450 | 55,747 |
Payables to brokers, dealers and clearing organizations | 18,983 | 13,471 |
Total brokerage payables | $ 69,433 | $ 69,218 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jan. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |||
Investments | ||||||||
Total investments | $ 507,145 | $ 507,145 | $ 526,582 | |||||
Accrued interest receivable | 2,000 | 2,000 | 2,000 | |||||
Interest and dividends on investments | ||||||||
Taxable interest | 4,284 | $ 2,274 | 8,284 | $ 4,287 | ||||
Interest exempt from U.S. federal income tax | 84 | 38 | 169 | 43 | ||||
Dividend income | 83 | 58 | 142 | 90 | ||||
Total interest and dividend income on investments | 4,451 | 2,370 | 8,595 | 4,420 | ||||
Gross realized investments losses, excluding losses from other-than-temporary impairment | ||||||||
Gross realized investment gains | 91 | 27 | 179 | 180 | ||||
Gross realized investment losses | (42) | (85) | (58) | (158) | ||||
Net realized gains (losses) on sales of investments | 49 | $ (58) | 121 | 22 | ||||
Debt securities AFS | ||||||||
Allowance for credit losses | 5 | 5 | 3 | |||||
Fair value | 237,334 | 237,334 | 249,679 | |||||
Transfer of investment securities from HTM to AFS, amortized cost | $ 3,300 | 3,324 | [1],[2],[3] | $ 0 | [1],[2],[3] | |||
Transfer of securities from HTM to AFS, unrealized gain | $ 100 | |||||||
Cumulative basis adjustments | (200) | (200) | ||||||
Gross unrealized gains excluding the effect of unallocated portfolio cumulative basis adjustments | 32 | 32 | ||||||
Gross unrealized losses excluding the effect of unallocated portfolio cumulative basis adjustments | 848 | 848 | ||||||
Debt securities available-for-sale (AFS) | ||||||||
Investments | ||||||||
Total investments | 237,334 | 237,334 | 249,679 | |||||
Debt securities held-to-maturity (HTM) | ||||||||
Investments | ||||||||
Total investments | 262,066 | 262,066 | 268,863 | |||||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 15,578 | 15,578 | 12,009 | |||||
Gross unrealized gains | 82 | 82 | 8 | |||||
Gross unrealized losses | 697 | 697 | 755 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 14,963 | 14,963 | 11,262 | |||||
Residential mortgages | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 340 | 340 | 488 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | 3 | 3 | 3 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 337 | 337 | 485 | |||||
Commercial | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 2 | 2 | 2 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | 0 | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 2 | 2 | 2 | |||||
Mortgage-backed securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 15,920 | 15,920 | 12,499 | |||||
Gross unrealized gains | 82 | 82 | 8 | |||||
Gross unrealized losses | 700 | 700 | 758 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 15,302 | 15,302 | 11,749 | |||||
U.S. Treasury | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 84,250 | 84,250 | 94,732 | |||||
Gross unrealized gains | 23 | 23 | 50 | |||||
Gross unrealized losses | 2,030 | 2,030 | 2,492 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 82,243 | 82,243 | 92,290 | |||||
Agency obligations | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 0 | 0 | 0 | |||||
Gross unrealized gains | 0 | 0 | 0 | |||||
Gross unrealized losses | 0 | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 0 | 0 | 0 | |||||
U.S. Treasury and federal agency securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 84,250 | 84,250 | 94,732 | |||||
Gross unrealized gains | 23 | 23 | 50 | |||||
Gross unrealized losses | 2,030 | 2,030 | 2,492 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 82,243 | 82,243 | 92,290 | |||||
State and municipal | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 2,305 | 2,305 | 2,363 | |||||
Gross unrealized gains | 24 | 24 | 19 | |||||
Gross unrealized losses | 127 | 127 | 159 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 2,202 | 2,202 | 2,223 | |||||
Foreign government | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 126,967 | 126,967 | 135,648 | |||||
Gross unrealized gains | 356 | 356 | 569 | |||||
Gross unrealized losses | 2,053 | 2,053 | 2,940 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 125,270 | 125,270 | 133,277 | |||||
Corporate | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 5,596 | 5,596 | 5,146 | |||||
Gross unrealized gains | 13 | 13 | 19 | |||||
Gross unrealized losses | 277 | 277 | 246 | |||||
Allowance for credit losses | 5 | 5 | 3 | |||||
Fair value | 5,327 | 5,327 | 4,916 | |||||
Asset-backed securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 842 | 842 | 1,022 | |||||
Gross unrealized gains | 7 | 7 | 12 | |||||
Gross unrealized losses | 3 | 3 | 4 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 846 | 846 | 1,030 | |||||
Other debt securities | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 6,145 | 6,145 | 4,198 | |||||
Gross unrealized gains | 2 | 2 | 1 | |||||
Gross unrealized losses | 3 | 3 | 5 | |||||
Allowance for credit losses | 0 | 0 | 0 | |||||
Fair value | 6,144 | 6,144 | 4,194 | |||||
Debt securities AFS | ||||||||
Debt securities AFS | ||||||||
Amortized cost | 242,025 | 242,025 | 255,608 | |||||
Gross unrealized gains | 507 | 507 | 678 | |||||
Gross unrealized losses | 5,193 | 5,193 | 6,604 | |||||
Allowance for credit losses | 5 | 5 | 3 | |||||
Fair value | 237,334 | 237,334 | 249,679 | |||||
Fair value | Marketable equity securities carried at fair value | ||||||||
Investments | ||||||||
Total investments | 296 | 296 | 429 | |||||
Fair value | Non-marketable equity securities | ||||||||
Investments | ||||||||
Total investments | 433 | 433 | 466 | |||||
Fair value | Non-marketable securities measured using measurement alternative | ||||||||
Investments | ||||||||
Total investments | 1,618 | 1,618 | 1,676 | |||||
Non-marketable equity securities measured using the measurement alternative | 24 | 24 | 27 | |||||
Carried at cost | Non-marketable equity securities | ||||||||
Investments | ||||||||
Total investments | $ 5,398 | $ 5,398 | $ 5,469 | |||||
[1]Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 25 for more information and balances as of June 30, 2023.[2]See Note 2 for further information on significant disposals.[3]n January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer. See Note 1. |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair value | ||
Less than 12 months | $ 92,630 | $ 138,567 |
12 months or longer | 79,789 | 53,695 |
Total | 172,419 | 192,262 |
Gross unrealized losses | ||
Less than 12 months | 2,505 | 3,997 |
12 months or longer | 2,688 | 2,607 |
Total | 5,193 | 6,604 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Fair value | ||
Less than 12 months | 2,276 | 7,908 |
12 months or longer | 9,385 | 3,290 |
Total | 11,661 | 11,198 |
Gross unrealized losses | ||
Less than 12 months | 73 | 412 |
12 months or longer | 624 | 343 |
Total | 697 | 755 |
Less than 12 months, effect of unallocated portfolio layer cumulative basis adjustments | 82 | |
12 months or longer, effect of unallocated portfolio layer cumulative basis adjustments | 767 | |
Residential mortgages | ||
Fair value | ||
Less than 12 months | 331 | 158 |
12 months or longer | 0 | 1 |
Total | 331 | 159 |
Gross unrealized losses | ||
Less than 12 months | 3 | 3 |
12 months or longer | 0 | 0 |
Total | 3 | 3 |
Commercial | ||
Fair value | ||
Less than 12 months | 0 | 1 |
12 months or longer | 2 | 1 |
Total | 2 | 2 |
Gross unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | 0 |
Total | 0 | 0 |
Mortgage-backed securities | ||
Fair value | ||
Less than 12 months | 2,607 | 8,067 |
12 months or longer | 9,387 | 3,292 |
Total | 11,994 | 11,359 |
Gross unrealized losses | ||
Less than 12 months | 76 | 415 |
12 months or longer | 624 | 343 |
Total | 700 | 758 |
U.S. Treasury | ||
Fair value | ||
Less than 12 months | 20,820 | 40,701 |
12 months or longer | 48,429 | 34,692 |
Total | 69,249 | 75,393 |
Gross unrealized losses | ||
Less than 12 months | 743 | 1,001 |
12 months or longer | 1,287 | 1,491 |
Total | 2,030 | 2,492 |
Agency obligations | ||
Fair value | ||
Less than 12 months | 0 | |
12 months or longer | 0 | |
Total | 0 | |
Gross unrealized losses | ||
Less than 12 months | 0 | |
12 months or longer | 0 | |
Total | 0 | |
U.S. Treasury and federal agency securities | ||
Fair value | ||
Less than 12 months | 20,820 | 40,701 |
12 months or longer | 48,429 | 34,692 |
Total | 69,249 | 75,393 |
Gross unrealized losses | ||
Less than 12 months | 743 | 1,001 |
12 months or longer | 1,287 | 1,491 |
Total | 2,030 | 2,492 |
State and municipal | ||
Fair value | ||
Less than 12 months | 414 | 896 |
12 months or longer | 847 | 707 |
Total | 1,261 | 1,603 |
Gross unrealized losses | ||
Less than 12 months | 14 | 31 |
12 months or longer | 113 | 128 |
Total | 127 | 159 |
Foreign government | ||
Fair value | ||
Less than 12 months | 63,765 | 82,900 |
12 months or longer | 19,543 | 14,220 |
Total | 83,308 | 97,120 |
Gross unrealized losses | ||
Less than 12 months | 1,446 | 2,332 |
12 months or longer | 607 | 608 |
Total | 2,053 | 2,940 |
Corporate | ||
Fair value | ||
Less than 12 months | 2,893 | 3,082 |
12 months or longer | 1,583 | 784 |
Total | 4,476 | 3,866 |
Gross unrealized losses | ||
Less than 12 months | 220 | 209 |
12 months or longer | 57 | 37 |
Total | 277 | 246 |
Asset-backed securities | ||
Fair value | ||
Less than 12 months | 640 | 708 |
12 months or longer | 0 | 0 |
Total | 640 | 708 |
Gross unrealized losses | ||
Less than 12 months | 3 | 4 |
12 months or longer | 0 | 0 |
Total | 3 | 4 |
Other debt securities | ||
Fair value | ||
Less than 12 months | 1,491 | 2,213 |
12 months or longer | 0 | 0 |
Total | 1,491 | 2,213 |
Gross unrealized losses | ||
Less than 12 months | 3 | 5 |
12 months or longer | 0 | 0 |
Total | $ 3 | $ 5 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair value | ||
Total fair value | $ 237,334 | $ 249,679 |
Cumulative basis adjustments | (200) | |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 4 | 42 |
Amortized cost, after 1 but within 5 years | 403 | 523 |
Amortized cost, after 5 but within 10 years | 500 | 468 |
Amortized cost, after 10 years | 15,214 | 11,466 |
Amortized cost | 16,121 | 12,499 |
Fair value | ||
Fair value, due within 1 year | 4 | 44 |
Fair value, after 1 but within 5 years | 393 | 513 |
Fair value, after 5 but within 10 years | 473 | 440 |
Fair value, after 10 years | 14,432 | 10,752 |
Total fair value | 15,302 | 11,749 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 25,343 | 25,935 |
Amortized cost, after 1 but within 5 years | 58,339 | 68,455 |
Amortized cost, after 5 but within 10 years | 568 | 342 |
Amortized cost, after 10 years | 0 | 0 |
Amortized cost | 84,250 | 94,732 |
Fair value | ||
Fair value, due within 1 year | 25,156 | 25,829 |
Fair value, after 1 but within 5 years | 56,565 | 66,166 |
Fair value, after 5 but within 10 years | 522 | 295 |
Fair value, after 10 years | 0 | 0 |
Total fair value | 82,243 | 92,290 |
State and municipal | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 14 | 19 |
Amortized cost, after 1 but within 5 years | 93 | 94 |
Amortized cost, after 5 but within 10 years | 279 | 305 |
Amortized cost, after 10 years | 1,919 | 1,945 |
Amortized cost | 2,305 | 2,363 |
Fair value | ||
Fair value, due within 1 year | 12 | 18 |
Fair value, after 1 but within 5 years | 92 | 92 |
Fair value, after 5 but within 10 years | 275 | 302 |
Fair value, after 10 years | 1,823 | 1,811 |
Total fair value | 2,202 | 2,223 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 55,587 | 64,795 |
Amortized cost, after 1 but within 5 years | 66,904 | 67,935 |
Amortized cost, after 5 but within 10 years | 3,897 | 2,491 |
Amortized cost, after 10 years | 579 | 427 |
Amortized cost | 126,967 | 135,648 |
Fair value | ||
Fair value, due within 1 year | 55,384 | 64,479 |
Fair value, after 1 but within 5 years | 65,612 | 66,150 |
Fair value, after 5 but within 10 years | 3,725 | 2,250 |
Fair value, after 10 years | 549 | 398 |
Total fair value | 125,270 | 133,277 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 5,763 | 4,452 |
Amortized cost, after 1 but within 5 years | 6,174 | 5,162 |
Amortized cost, after 5 but within 10 years | 588 | 695 |
Amortized cost, after 10 years | 58 | 57 |
Amortized cost | 12,583 | 10,366 |
Fair value | ||
Fair value, due within 1 year | 5,759 | 4,441 |
Fair value, after 1 but within 5 years | 5,962 | 4,988 |
Fair value, after 5 but within 10 years | 583 | 693 |
Fair value, after 10 years | 13 | 18 |
Total fair value | 12,317 | 10,140 |
Debt securities AFS | ||
Amoritzed cost | ||
Amortized cost | 242,226 | 255,608 |
Fair value | ||
Total fair value | 237,334 | 249,679 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Fair value | ||
Total fair value | $ 14,963 | $ 11,262 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | 1 Months Ended | ||||||
Jan. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Held-to-maturity debt securities | |||||||
Amortized cost, net | $ 262,066 | $ 268,863 | |||||
Gross unrealized gains | 41 | 101 | |||||
Gross unrealized losses | 24,086 | 25,316 | |||||
Fair value | 238,021 | 243,648 | |||||
Allowance for credit losses on HTM debt securities | 99 | $ 104 | 120 | $ 105 | $ 85 | $ 87 | |
Transfer of securities from HTM to AFS, unrealized gain | $ 100 | ||||||
Fair value | 238,021 | 243,648 | |||||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | |||||||
Held-to-maturity debt securities | |||||||
Amortized cost, net | 83,541 | 90,063 | |||||
Gross unrealized gains | 6 | 58 | |||||
Gross unrealized losses | 9,708 | 10,033 | |||||
Fair value | 73,839 | 80,088 | |||||
Fair value | 73,839 | 80,088 | |||||
Mortgage-backed securities - Non-U.S. residential | |||||||
Held-to-maturity debt securities | |||||||
Amortized cost, net | 362 | 445 | |||||
Gross unrealized gains | 0 | 0 | |||||
Gross unrealized losses | 0 | 0 | |||||
Fair value | 362 | 445 | |||||
Fair value | 362 | 445 | |||||
Commercial | |||||||
Held-to-maturity debt securities | |||||||
Amortized cost, net | 1,145 | 1,114 | |||||
Gross unrealized gains | 0 | 5 | |||||
Gross unrealized losses | 149 | 1 | |||||
Fair value | 996 | 1,118 | |||||
Fair value | 996 | 1,118 | |||||
Mortgage-backed securities | |||||||
Held-to-maturity debt securities | |||||||
Amortized cost, net | 85,048 | 91,622 | |||||
Gross unrealized gains | 6 | 63 | |||||
Gross unrealized losses | 9,857 | 10,034 | |||||
Fair value | 75,197 | 81,651 | |||||
Fair value | 75,197 | 81,651 | |||||
U.S. treasury securities | |||||||
Held-to-maturity debt securities | |||||||
Amortized cost, net | 134,944 | 134,961 | |||||
Gross unrealized gains | 0 | 0 | |||||
Gross unrealized losses | 13,091 | 13,722 | |||||
Fair value | 121,853 | 121,239 | |||||
Fair value | 121,853 | 121,239 | |||||
State and municipal | |||||||
Held-to-maturity debt securities | |||||||
Amortized cost, net | 9,181 | 9,237 | |||||
Gross unrealized gains | 35 | 34 | |||||
Gross unrealized losses | 628 | 764 | |||||
Fair value | 8,588 | 8,507 | |||||
Fair value | 8,588 | 8,507 | |||||
Foreign government | |||||||
Held-to-maturity debt securities | |||||||
Amortized cost, net | 2,360 | 2,075 | |||||
Gross unrealized gains | 0 | 0 | |||||
Gross unrealized losses | 93 | 93 | |||||
Fair value | 2,267 | 1,982 | |||||
Fair value | 2,267 | 1,982 | |||||
Asset-backed securities | |||||||
Held-to-maturity debt securities | |||||||
Amortized cost, net | 30,533 | 30,968 | |||||
Gross unrealized gains | 0 | 4 | |||||
Gross unrealized losses | 417 | 703 | |||||
Fair value | 30,116 | 30,269 | |||||
Fair value | $ 30,116 | $ 30,269 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Amortized cost, net | $ 262,066 | $ 268,863 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Fair value | 238,021 | 243,648 | ||||
Allowance for credit losses on HTM debt securities | 99 | $ 104 | 120 | $ 105 | $ 85 | $ 87 |
Mortgage-backed securities | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 15 | 27 | ||||
After 1 but within 5 years, amortized cost | 690 | 520 | ||||
After 5 but within 10 years, amortized cost | 1,254 | 1,496 | ||||
After 10 years, amortized cost | 83,089 | 89,579 | ||||
Amortized cost, net | 85,048 | 91,622 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 15 | 27 | ||||
After 1 but within 5 years, fair value | 655 | 505 | ||||
After 5 but within 10 years, fair value | 1,141 | 1,374 | ||||
After 10 years, fair value | 73,386 | 79,745 | ||||
Fair value | 75,197 | 81,651 | ||||
U.S. treasury securities | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 3,149 | 3,148 | ||||
After 1 but within 5 years, amortized cost | 120,838 | 86,617 | ||||
After 5 but within 10 years, amortized cost | 10,957 | 45,196 | ||||
After 10 years, amortized cost | 0 | 0 | ||||
Amortized cost, net | 134,944 | 134,961 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 3,077 | 3,017 | ||||
After 1 but within 5 years, fair value | 109,351 | 79,104 | ||||
After 5 but within 10 years, fair value | 9,425 | 39,118 | ||||
After 10 years, fair value | 0 | 0 | ||||
Fair value | 121,853 | 121,239 | ||||
State and municipal | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 36 | 22 | ||||
After 1 but within 5 years, amortized cost | 104 | 102 | ||||
After 5 but within 10 years, amortized cost | 1,222 | 1,002 | ||||
After 10 years, amortized cost | 7,819 | 8,111 | ||||
Amortized cost, net | 9,181 | 9,237 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 35 | 21 | ||||
After 1 but within 5 years, fair value | 102 | 100 | ||||
After 5 but within 10 years, fair value | 1,183 | 967 | ||||
After 10 years, fair value | 7,268 | 7,419 | ||||
Fair value | 8,588 | 8,507 | ||||
Foreign government | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 163 | 143 | ||||
After 1 but within 5 years, amortized cost | 2,197 | 1,932 | ||||
After 5 but within 10 years, amortized cost | 0 | 0 | ||||
After 10 years, amortized cost | 0 | 0 | ||||
Amortized cost, net | 2,360 | 2,075 | ||||
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||||||
Due within 1 year, fair value | 161 | 139 | ||||
After 1 but within 5 years, fair value | 2,106 | 1,843 | ||||
After 5 but within 10 years, fair value | 0 | 0 | ||||
After 10 years, fair value | 0 | 0 | ||||
Fair value | 2,267 | 1,982 | ||||
All other | ||||||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||||||
Due within 1 year, amortized cost | 0 | 0 | ||||
After 1 but within 5 years, amortized cost | 0 | 0 | ||||
After 5 but within 10 years, amortized cost | 12,232 | 11,751 | ||||
After 10 years, amortized cost | 18,301 | 19,217 | ||||
Amortized cost, net | 30,533 | 30,968 | ||||
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 | 12,141 | 11,583 | ||||
After 10 years, fair value | 17,975 | 18,686 | ||||
Fair value | $ 30,116 | $ 30,269 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of Impairment (Details) - Debt securities available-for-sale (AFS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
OTTI on Investments disclosures | ||||
Total impairment 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 more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | 43 | 90 | 94 | 180 |
Total impairment losses recognized in earnings | $ 43 | $ 90 | $ 94 | $ 180 |
INVESTMENTS - Allowance for Cre
INVESTMENTS - Allowance for Credit Losses on AFS Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for credit losses | $ 5 | $ 3 |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | |||||
Measurement alternative—carrying value | $ 1,618 | $ 1,618 | $ 1,676 | ||
Measurement alternative—impairment losses | 28 | $ 6 | 63 | $ 6 | |
Measurement alternative—downward changes for observable prices | 0 | 0 | 20 | 0 | |
Measurement alternative—upward changes for observable prices | 3 | 48 | 33 | $ 134 | |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | |||||
Measurement alternative—impairment losses | 282 | 282 | |||
Measurement alternative—downward changes for observable prices | 26 | 26 | |||
Measurement alternative—upward changes for observable prices | 900 | $ 900 | |||
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) category | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) category | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Receivables [Abstract] | |||||
Number of loan categories | category | 2 | 2 | |||
Loans | |||||
Loans, net of unearned income | $ 660,612 | $ 660,612 | $ 657,221 | ||
Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 300 | 300 | 400 | ||
Corporate | |||||
Loans | |||||
Loans sold and/or reclassified to held-for-sale | 1,300 | $ 1,100 | 2,900 | $ 1,500 | |
Loans, net of unearned income | 286,021 | 286,021 | 289,154 | ||
Unearned income | (795) | (795) | (797) | ||
Accrued interest receivable | 2,000 | 2,000 | 2,000 | ||
Corporate | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 152,591 | 152,591 | 147,803 | ||
Corporate | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 57,594 | 57,594 | 64,907 | ||
Corporate | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 23,501 | 23,501 | 21,949 | ||
Corporate | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 273 | 273 | 354 | ||
Corporate | In North America offices | |||||
Loans | |||||
Loans, net of unearned income | 135,930 | 135,930 | 141,479 | ||
Corporate | In North America offices | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 59,790 | 59,790 | 56,176 | ||
Corporate | In North America offices | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 36,268 | 36,268 | 43,399 | ||
Corporate | In North America offices | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 17,495 | 17,495 | 17,829 | ||
Corporate | In North America offices | Installment and other | |||||
Loans | |||||
Loans, net of unearned income | 22,153 | 22,153 | 23,767 | ||
Corporate | In North America offices | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 224 | 224 | 308 | ||
Corporate | In offices outside North America | |||||
Loans | |||||
Loans, net of unearned income | 150,091 | 150,091 | 147,675 | ||
Corporate | In offices outside North America | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 95,836 | 95,836 | 93,967 | ||
Corporate | In offices outside North America | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 21,701 | 21,701 | 21,931 | ||
Corporate | In offices outside North America | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 6,076 | 6,076 | 4,179 | ||
Corporate | In offices outside North America | Installment and other | |||||
Loans | |||||
Loans, net of unearned income | 23,395 | 23,395 | 23,347 | ||
Corporate | In offices outside North America | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 49 | 49 | 46 | ||
Corporate | In offices outside North America | Government and official institutions | |||||
Loans | |||||
Loans, net of unearned income | $ 3,034 | $ 3,034 | $ 4,205 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 660,612 | $ 657,221 |
Loans at fair value | 5,766 | 5,360 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 300 | 400 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 839 | 1,898 |
Total non-accrual | 1,261 | 1,122 |
Loans, net of unearned income | 286,021 | 289,154 |
Loans at fair value | 5,529 | 5,123 |
Corporate | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 697 | 1,357 |
Total non-accrual | 856 | 860 |
Loans, net of unearned income | 152,591 | 147,803 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 21 | 335 |
Total non-accrual | 93 | 152 |
Loans, net of unearned income | 57,594 | 64,907 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 30 | 42 |
Total non-accrual | 291 | 33 |
Loans, net of unearned income | 23,501 | 21,949 |
Corporate | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 1 |
Total non-accrual | 0 | 10 |
Loans, net of unearned income | 273 | 354 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 91 | 163 |
Total non-accrual | 21 | 67 |
Loans, net of unearned income | 46,533 | 49,018 |
Corporate | 30–89 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 572 | 1,171 |
Corporate | 30–89 days past due | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 500 | 763 |
Corporate | 30–89 days past due | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 10 | 233 |
Corporate | 30–89 days past due | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 6 | 30 |
Corporate | 30–89 days past due | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 0 |
Corporate | 30–89 days past due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 56 | 145 |
Corporate | Equal to and greater than 90 days past due and accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 267 | 727 |
Corporate | Equal to and greater than 90 days past due and accruing | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 197 | 594 |
Corporate | Equal to and greater than 90 days past due and accruing | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 11 | 102 |
Corporate | Equal to and greater than 90 days past due and accruing | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 24 | 12 |
Corporate | Equal to and greater than 90 days past due and accruing | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 0 | 1 |
Corporate | Equal to and greater than 90 days past due and accruing | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Past due and accruing | 35 | 18 |
Corporate | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 278,392 | 281,011 |
Corporate | Current | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 151,038 | 145,586 |
Corporate | Current | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 57,480 | 64,420 |
Corporate | Current | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 23,180 | 21,874 |
Corporate | Current | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 273 | 343 |
Corporate | Current | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 46,421 | $ 48,788 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 660,612 | $ 657,221 |
Loans at fair value | 5,766 | 5,360 |
Corporate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 286,021 | 289,154 |
Total non-accrual | 1,261 | 1,122 |
Loans at fair value | 5,529 | 5,123 |
Corporate | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 152,591 | 147,803 |
Total non-accrual | 856 | 860 |
Corporate | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 57,594 | 64,907 |
Total non-accrual | 93 | 152 |
Corporate | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 23,501 | 21,949 |
Total non-accrual | 291 | 33 |
Corporate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 46,533 | 49,018 |
Total non-accrual | 21 | 67 |
Corporate | Corporate loans, net of unearned income | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 69,004 | 88,444 |
One year prior to current fiscal year | 33,351 | 21,137 |
Two years prior to current fiscal year | 18,824 | 13,019 |
Three years prior to current fiscal year | 10,566 | 10,492 |
Four years prior to current fiscal year | 9,113 | 8,051 |
Prior | 23,174 | 18,854 |
Revolving line of credit arrangements | 116,460 | 124,034 |
Loans, net of unearned income | 286,021 | 289,154 |
Loans at fair value | 5,529 | 5,123 |
Corporate | Corporate loans, net of unearned income | Revision of Prior Period, Adjustment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | (24,900) | |
One year prior to current fiscal year | 2,000 | |
Two years prior to current fiscal year | 3,200 | |
Three years prior to current fiscal year | 4,600 | |
Four years prior to current fiscal year | 4,100 | |
Prior | 11,000 | |
Corporate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 50,336 | 64,574 |
One year prior to current fiscal year | 24,003 | 15,924 |
Two years prior to current fiscal year | 14,188 | 9,904 |
Three years prior to current fiscal year | 7,978 | 7,642 |
Four years prior to current fiscal year | 6,384 | 6,196 |
Prior | 17,558 | 13,913 |
Revolving line of credit arrangements | 95,176 | 102,777 |
Loans, net of unearned income | 215,623 | 220,930 |
Corporate | Investment grade | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 40,041 | 40,639 |
One year prior to current fiscal year | 8,089 | 6,124 |
Two years prior to current fiscal year | 5,285 | 3,620 |
Three years prior to current fiscal year | 2,809 | 3,458 |
Four years prior to current fiscal year | 3,151 | 2,617 |
Prior | 8,415 | 7,048 |
Revolving line of credit arrangements | 37,929 | 38,358 |
Loans, net of unearned income | 105,719 | 101,864 |
Corporate | Investment grade | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,390 | 11,850 |
One year prior to current fiscal year | 4,490 | 3,877 |
Two years prior to current fiscal year | 3,816 | 835 |
Three years prior to current fiscal year | 572 | 922 |
Four years prior to current fiscal year | 708 | 333 |
Prior | 2,087 | 1,327 |
Revolving line of credit arrangements | 30,865 | 37,462 |
Loans, net of unearned income | 48,928 | 56,606 |
Corporate | Investment grade | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,731 | 4,436 |
One year prior to current fiscal year | 4,803 | 3,236 |
Two years prior to current fiscal year | 3,752 | 4,010 |
Three years prior to current fiscal year | 3,639 | 2,619 |
Four years prior to current fiscal year | 1,791 | 1,127 |
Prior | 2,259 | 1,706 |
Revolving line of credit arrangements | 131 | 152 |
Loans, net of unearned income | 18,106 | 17,286 |
Corporate | Investment grade | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,174 | 7,649 |
One year prior to current fiscal year | 6,621 | 2,687 |
Two years prior to current fiscal year | 1,335 | 1,439 |
Three years prior to current fiscal year | 958 | 643 |
Four years prior to current fiscal year | 734 | 2,119 |
Prior | 4,797 | 3,832 |
Revolving line of credit arrangements | 26,251 | 26,805 |
Loans, net of unearned income | 42,870 | 45,174 |
Corporate | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 18,668 | 23,870 |
One year prior to current fiscal year | 9,348 | 5,213 |
Two years prior to current fiscal year | 4,636 | 3,115 |
Three years prior to current fiscal year | 2,588 | 2,850 |
Four years prior to current fiscal year | 2,729 | 1,855 |
Prior | 5,616 | 4,941 |
Revolving line of credit arrangements | 21,284 | 21,257 |
Loans, net of unearned income | 64,869 | 63,101 |
Corporate | Non-investment grade, accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 14,071 | 17,278 |
One year prior to current fiscal year | 6,408 | 3,139 |
Two years prior to current fiscal year | 2,351 | 1,973 |
Three years prior to current fiscal year | 1,666 | 1,331 |
Four years prior to current fiscal year | 907 | 965 |
Prior | 3,657 | 3,546 |
Revolving line of credit arrangements | 16,956 | 16,848 |
Loans, net of unearned income | 46,016 | 45,080 |
Corporate | Non-investment grade, accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3,421 | 4,708 |
One year prior to current fiscal year | 1,552 | 630 |
Two years prior to current fiscal year | 892 | 197 |
Three years prior to current fiscal year | 23 | 254 |
Four years prior to current fiscal year | 437 | 47 |
Prior | 176 | 240 |
Revolving line of credit arrangements | 2,072 | 2,073 |
Loans, net of unearned income | 8,573 | 8,149 |
Corporate | Non-investment grade, accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 608 | 582 |
One year prior to current fiscal year | 544 | 835 |
Two years prior to current fiscal year | 782 | 429 |
Three years prior to current fiscal year | 510 | 729 |
Four years prior to current fiscal year | 725 | 783 |
Prior | 1,419 | 801 |
Revolving line of credit arrangements | 516 | 472 |
Loans, net of unearned income | 5,104 | 4,631 |
Corporate | Non-investment grade, accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 559 | 1,244 |
One year prior to current fiscal year | 756 | 559 |
Two years prior to current fiscal year | 478 | 391 |
Three years prior to current fiscal year | 372 | 413 |
Four years prior to current fiscal year | 497 | 1 |
Prior | 108 | 219 |
Revolving line of credit arrangements | 1,145 | 1,292 |
Loans, net of unearned income | 3,915 | 4,119 |
Corporate | Non-investment grade, non-accrual | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5 | 1 |
One year prior to current fiscal year | 81 | 12 |
Two years prior to current fiscal year | 59 | 99 |
Three years prior to current fiscal year | 9 | 115 |
Four years prior to current fiscal year | 52 | 49 |
Prior | 159 | 105 |
Revolving line of credit arrangements | 491 | 479 |
Total non-accrual | 856 | 860 |
Corporate | Non-investment grade, non-accrual | Financial institutions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 41 |
One year prior to current fiscal year | 3 | 34 |
Two years prior to current fiscal year | 35 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 8 | 0 |
Prior | 0 | 0 |
Revolving line of credit arrangements | 47 | 77 |
Total non-accrual | 93 | 152 |
Corporate | Non-investment grade, non-accrual | Mortgage and real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3 | 10 |
One year prior to current fiscal year | 0 | 4 |
Two years prior to current fiscal year | 38 | 0 |
Three years prior to current fiscal year | 8 | 0 |
Four years prior to current fiscal year | 103 | 0 |
Prior | 86 | 19 |
Revolving line of credit arrangements | 53 | 0 |
Total non-accrual | 291 | 33 |
Corporate | Non-investment grade, non-accrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1 | 6 |
One year prior to current fiscal year | 4 | 0 |
Two years prior to current fiscal year | 1 | 26 |
Three years prior to current fiscal year | 0 | 8 |
Four years prior to current fiscal year | 0 | 10 |
Prior | 11 | 11 |
Revolving line of credit arrangements | 4 | 16 |
Total non-accrual | $ 21 | $ 77 |
LOANS - Corporate Loans Gross C
LOANS - Corporate Loans Gross Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 1,879 | $ 1,212 | $ 3,513 | $ 2,452 |
Corporate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 8 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 2 | |||
2019 | 0 | |||
Prior | 4 | |||
Revolving line of credit arrangement | 111 | |||
Total | $ 86 | $ 57 | 125 | $ 105 |
Corporate | Commercial and industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 8 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 1 | |||
2019 | 0 | |||
Prior | 2 | |||
Revolving line of credit arrangement | 48 | |||
Total | 59 | |||
Corporate | Financial institutions | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
Prior | 0 | |||
Revolving line of credit arrangement | 33 | |||
Total | 33 | |||
Corporate | Mortgage and real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 1 | |||
2019 | 0 | |||
Prior | 2 | |||
Revolving line of credit arrangement | 0 | |||
Total | 3 | |||
Corporate | Other | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
Prior | 0 | |||
Revolving line of credit arrangement | 30 | |||
Total | $ 30 |
LOANS - Non-Accrual Corporate L
LOANS - Non-Accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | $ 769 | $ 769 | $ 765 | ||
Recorded investment | 492 | 492 | 357 | ||
Related specific allowance | 295 | 295 | 323 | ||
Interest income recognized | 13 | $ 11 | 24 | $ 23 | |
Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 528 | 528 | 583 | ||
Recorded investment | 328 | 328 | 277 | ||
Related specific allowance | 221 | 221 | 268 | ||
Financial institutions | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 87 | 87 | 149 | ||
Recorded investment | 6 | 6 | 3 | ||
Related specific allowance | 48 | 48 | 51 | ||
Mortgage and real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 153 | 153 | 33 | ||
Recorded investment | 138 | 138 | 0 | ||
Related specific allowance | 25 | 25 | 4 | ||
Lease financing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 0 | 0 | 10 | ||
Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 1 | 1 | 0 | ||
Recorded investment | 20 | 20 | 67 | ||
Related specific allowance | $ 1 | $ 1 | $ 0 |
LOANS - Corporate Loan Modifica
LOANS - Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) - Corporate $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | $ 113 | $ 170 |
Commitments to lend | 492 | 492 |
Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | 111 | 143 |
Combination: term extension and payment delay | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | 2 | 27 |
Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | $ 66 | $ 121 |
Weighted average term extension | 22 months | 21 months |
Commercial and industrial | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | $ 65 | $ 95 |
Commercial and industrial | Combination: term extension and payment delay | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | 1 | 26 |
Financial institutions | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | 0 | 0 |
Financial institutions | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | 0 | 0 |
Financial institutions | Combination: term extension and payment delay | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | 0 | 0 |
Mortgage and real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | $ 47 | $ 49 |
Weighted average term extension | 24 months | 23 months |
Mortgage and real estate | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | $ 46 | $ 48 |
Mortgage and real estate | Combination: term extension and payment delay | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | 1 | 1 |
Other | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | 0 | 0 |
Other | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | 0 | 0 |
Other | Combination: term extension and payment delay | ||
Financing Receivable, Modified [Line Items] | ||
Total modifications balance | $ 0 | $ 0 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | $ 26 | $ 38 |
Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 3 | 15 |
Other | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 23 | 23 |
TDRs involving changes in the amount and/or timing of principal payments | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 0 | 1 |
TDRs involving changes in the amount and/or timing of principal payments | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Other | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 0 | 1 |
TDRs involving vhanges in the amount and/or timing of interest payments | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
TDRs involving vhanges in the amount and/or timing of interest payments | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
TDRs involving vhanges in the amount and/or timing of interest payments | Other | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 26 | 37 |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | 3 | 15 |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Other | ||
Financing Receivable, Modified [Line Items] | ||
Troubled debt restructurings | $ 23 | $ 22 |
LOANS - Performance of Modified
LOANS - Performance of Modified Corporate Loans (Details) - Corporate $ in Millions | Jun. 30, 2023 USD ($) |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | $ 170 |
Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 170 |
30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Commercial and industrial | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 121 |
Commercial and industrial | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 121 |
Commercial and industrial | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Commercial and industrial | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Financial institutions | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Financial institutions | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Financial institutions | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Financial institutions | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Mortgage and real estate | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 49 |
Mortgage and real estate | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 49 |
Mortgage and real estate | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Mortgage and real estate | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Other | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Other | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Other | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Other | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | $ 0 |
LOANS - Defaults of Modified Co
LOANS - Defaults of Modified Corporate Loans (Details) - Corporate $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Financing Receivable, Modified [Line Items] | ||
TDR balances | $ 203 | $ 203 |
Total loans defaulted within one year of modification | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
TDR balances | 148 | 148 |
Total loans defaulted within one year of modification | 0 | 0 |
Mortgage and real estate | ||
Financing Receivable, Modified [Line Items] | ||
TDR balances | 16 | 16 |
Total loans defaulted within one year of modification | 0 | 0 |
Other | ||
Financing Receivable, Modified [Line Items] | ||
TDR balances | 39 | 39 |
Total loans defaulted within one year of modification | $ 0 | $ 0 |
LOANS - Consumer Loans, Delinqu
LOANS - Consumer Loans, Delinquencies and Non-Accrual Details (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 660,612 | $ 660,612 | $ 657,221 | ||
Loans held at fair value | 5,766 | 5,766 | 5,360 | ||
Reversal of accrued interest | 300 | $ 200 | 500 | $ 300 | |
Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 374,591 | 374,591 | 368,067 | ||
Non-accrual loans for which there is no ACLL | 151 | 151 | 140 | ||
Non-accrual loans for which there is an ACLL | 1,170 | 1,170 | 1,177 | ||
Total non-accrual | 1,321 | 1,321 | 1,317 | ||
90 days past due and accruing | 1,947 | 1,947 | 1,658 | ||
Loans held at fair value | 237 | 237 | 237 | ||
Unearned income | 769 | 769 | 712 | ||
Accrued interest receivable | 1,000 | 1,000 | 1,000 | ||
Consumer | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 30,596 | 30,596 | 31,478 | ||
Consumer | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 369,316 | 369,316 | 363,256 | ||
Consumer | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,572 | 2,572 | 2,372 | ||
Consumer | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,454 | 2,454 | 2,153 | ||
Consumer | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 249 | 249 | 286 | ||
Consumer | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 296,792 | 296,792 | 289,014 | ||
Non-accrual loans for which there is no ACLL | 151 | 151 | 140 | ||
Non-accrual loans for which there is an ACLL | 553 | 553 | 608 | ||
Total non-accrual | 704 | 704 | 748 | ||
90 days past due and accruing | 1,869 | 1,869 | 1,589 | ||
Consumer | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 292,174 | 292,174 | 284,782 | ||
Consumer | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,236 | 2,236 | 2,058 | ||
Consumer | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 2,133 | 2,133 | 1,888 | ||
Consumer | In North America offices | 90+ days past due | Personal Banking and Wealth Management | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 30,600 | 30,600 | 31,500 | ||
Consumer | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 249 | 249 | 286 | ||
Consumer | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 77,799 | 77,799 | 79,053 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 617 | 617 | 569 | ||
Total non-accrual | 617 | 617 | 569 | ||
90 days past due and accruing | 78 | 78 | 69 | ||
Consumer | In offices outside North America | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 17,902 | 17,902 | 17,762 | ||
Consumer | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 77,142 | 77,142 | 78,474 | ||
Consumer | In offices outside North America | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 336 | 336 | 314 | ||
Consumer | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 321 | 321 | 265 | ||
Consumer | In offices outside North America | 90+ days past due | Personal Banking and Wealth Management | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 17,900 | 17,900 | 17,800 | ||
Consumer | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer | Residential mortgages | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 102,680 | 102,680 | 96,039 | ||
Loans held at fair value | 237 | 237 | 237 | ||
Consumer | Residential mortgages | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | |||
Consumer | Residential mortgages | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 102,680 | 102,680 | 96,039 | ||
Non-accrual loans for which there is no ACLL | 101 | 101 | 86 | ||
Non-accrual loans for which there is an ACLL | 380 | 380 | 434 | ||
Total non-accrual | 481 | 481 | 520 | ||
90 days past due and accruing | 139 | 139 | 163 | ||
Mortgage loans in process of foreclosure | 200 | 200 | 100 | ||
Consumer | Residential mortgages | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 101,780 | 101,780 | 95,023 | ||
Consumer | Residential mortgages | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 371 | 371 | 421 | ||
Consumer | Residential mortgages | In North America offices | 30–89 days past due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 100 | 100 | 100 | ||
Consumer | Residential mortgages | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 285 | 285 | 316 | ||
Consumer | Residential mortgages | In North America offices | 90+ days past due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 100 | 100 | 200 | ||
Consumer | Residential mortgages | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 244 | 244 | 279 | ||
Consumer | Residential mortgages | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 27,090 | 27,090 | 28,114 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 328 | 328 | 305 | ||
Total non-accrual | 328 | 328 | 305 | ||
90 days past due and accruing | 18 | 18 | 13 | ||
Mortgage loans in process of foreclosure | 0 | 0 | 0 | ||
Consumer | Residential mortgages | In offices outside North America | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer | Residential mortgages | In offices outside North America | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 20,400 | 20,400 | 19,800 | ||
Consumer | Residential mortgages | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 26,950 | 26,950 | 27,946 | ||
Consumer | Residential mortgages | In offices outside North America | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 48 | 48 | 62 | ||
Consumer | Residential mortgages | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 92 | 92 | 106 | ||
Consumer | Residential mortgages | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer | Home equity loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 4,000 | 4,000 | 4,580 | ||
Consumer | Home equity loans | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | |||
Consumer | Home equity loans | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 4,000 | 4,000 | 4,580 | ||
Non-accrual loans for which there is no ACLL | 46 | 46 | 51 | ||
Non-accrual loans for which there is an ACLL | 139 | 139 | 151 | ||
Total non-accrual | 185 | 185 | 202 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Home equity loans in process of foreclosure | 100 | 100 | 100 | ||
Consumer | Home equity loans | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 3,869 | 3,869 | 4,407 | ||
Consumer | Home equity loans | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 35 | 35 | 38 | ||
Consumer | Home equity loans | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 96 | 96 | 135 | ||
Consumer | Home equity loans | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer | Credit cards | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 152,352 | 152,352 | 150,098 | ||
Consumer | Credit cards | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | |||
Consumer | Credit cards | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 152,951 | 152,951 | 150,643 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 0 | 0 | 0 | ||
Total non-accrual | 0 | 0 | 0 | ||
90 days past due and accruing | 1,723 | 1,723 | 1,415 | ||
Consumer | Credit cards | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 149,487 | 149,487 | 147,717 | ||
Consumer | Credit cards | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 1,741 | 1,741 | 1,511 | ||
Consumer | Credit cards | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 1,723 | 1,723 | 1,415 | ||
Consumer | Credit cards | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer | Credit cards | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 13,714 | 13,714 | 12,955 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 172 | 172 | 127 | ||
Total non-accrual | 172 | 172 | 127 | ||
90 days past due and accruing | 60 | 60 | 56 | ||
Consumer | Credit cards | In offices outside North America | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer | Credit cards | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 13,344 | 13,344 | 12,659 | ||
Consumer | Credit cards | In offices outside North America | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 180 | 180 | 147 | ||
Consumer | Credit cards | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 190 | 190 | 149 | ||
Consumer | Credit cards | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 0 | 0 | 0 | ||
Consumer | Personal, small business and other | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 36,242 | 36,242 | 36,812 | ||
Consumer | Personal, small business and other | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 30,596 | 30,596 | 31,478 | ||
Consumer | Personal, small business and other | In North America offices | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 37,161 | 37,161 | 37,752 | ||
Non-accrual loans for which there is no ACLL | 4 | 4 | 3 | ||
Non-accrual loans for which there is an ACLL | 34 | 34 | 23 | ||
Total non-accrual | 38 | 38 | 26 | ||
90 days past due and accruing | 7 | 7 | 11 | ||
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 33,100 | 33,100 | 34,000 | ||
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 30,600 | $ 30,600 | $ 31,500 | ||
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | Internal Investment Grade | |||||
Financing Receivable, Past Due [Line Items] | |||||
Percentage of loans rated investment grade | 99% | 99% | 98% | ||
Consumer | Personal, small business and other | In North America offices | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 37,038 | $ 37,038 | $ 37,635 | ||
Consumer | Personal, small business and other | In North America offices | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 89 | 89 | 88 | ||
Consumer | Personal, small business and other | In North America offices | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 29 | 29 | 22 | ||
Consumer | Personal, small business and other | In North America offices | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 5 | 5 | 7 | ||
Consumer | Personal, small business and other | In offices outside North America | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 36,995 | 36,995 | 37,984 | ||
Non-accrual loans for which there is no ACLL | 0 | 0 | 0 | ||
Non-accrual loans for which there is an ACLL | 117 | 117 | 137 | ||
Total non-accrual | 117 | 117 | 137 | ||
90 days past due and accruing | 0 | 0 | 0 | ||
Consumer | Personal, small business and other | In offices outside North America | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 17,902 | $ 17,902 | $ 17,762 | ||
Consumer | Personal, small business and other | In offices outside North America | Internal Investment Grade | |||||
Financing Receivable, Past Due [Line Items] | |||||
Percentage of loans rated investment grade | 99% | 99% | 98% | ||
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 26,000 | $ 26,000 | $ 26,600 | ||
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | Classifiably managed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 17,900 | $ 17,900 | $ 17,800 | ||
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | Internal Investment Grade | |||||
Financing Receivable, Past Due [Line Items] | |||||
Percentage of loans rated investment grade | 93% | 93% | 94% | ||
Consumer | Personal, small business and other | In offices outside North America | Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 36,848 | $ 36,848 | $ 37,869 | ||
Consumer | Personal, small business and other | In offices outside North America | 30–89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 108 | 108 | 105 | ||
Consumer | Personal, small business and other | In offices outside North America | 90+ days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | 39 | 39 | 10 | ||
Consumer | Personal, small business and other | In offices outside North America | Past Due | Government-guaranteed | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans, net of unearned income | $ 0 | $ 0 | $ 0 |
LOANS - Interest Income Recogni
LOANS - Interest Income Recognized for Non-Accrual Consumer Loans (Details) - Consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | $ 9 | $ 5 | $ 15 | $ 9 |
Loans sold and/or reclassified to held-for-sale | 2 | 367 | 1,800 | 374 |
In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 5 | 5 | 10 | 9 |
In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 4 | 0 | 5 | 0 |
Residential mortgages | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 3 | 3 | 6 | 6 |
Residential mortgages | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 4 | 0 | 5 | 0 |
Home equity loans | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 1 | 1 | 3 | 2 |
Credit cards | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Credit cards | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Personal, small business and other | In North America offices | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | 1 | 1 | 1 | 1 |
Personal, small business and other | In offices outside North America | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Interest income | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Consumer Loans Credit S
LOANS - Consumer Loans Credit Scores (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 660,612 | $ 657,221 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 374,591 | 368,067 |
Consumer | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,454 | 2,153 |
Consumer | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 296,792 | 289,014 |
Consumer | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,133 | 1,888 |
Consumer | In North America offices | 90+ days past due | Personal Banking and Wealth Management | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 30,600 | 31,500 |
Consumer | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 77,799 | 79,053 |
Consumer | In offices outside North America | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 321 | 265 |
Consumer | In offices outside North America | 90+ days past due | Personal Banking and Wealth Management | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 17,900 | 17,800 |
Consumer | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 102,680 | 96,039 |
Consumer | Residential mortgages | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 102,680 | 96,039 |
Consumer | Residential mortgages | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 285 | 316 |
Consumer | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 27,090 | 28,114 |
Consumer | Residential mortgages | In offices outside North America | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 92 | 106 |
Consumer | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,000 | 4,580 |
Consumer | Home equity loans | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,000 | 4,580 |
Consumer | Home equity loans | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 96 | 135 |
Consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 152,352 | 150,098 |
Consumer | Credit cards | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 152,951 | 150,643 |
Consumer | Credit cards | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,723 | 1,415 |
Consumer | Credit cards | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 63 | 75 |
Loans, net of unearned income | 13,714 | 12,955 |
Consumer | Credit cards | In offices outside North America | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 190 | 149 |
Consumer | Credit cards | Canada | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 599 | 545 |
Consumer | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 49 | 67 |
Loans, net of unearned income | 36,242 | 36,812 |
Consumer | Personal, small business and other | In North America offices | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 37,161 | 37,752 |
Consumer | Personal, small business and other | In North America offices | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 29 | 22 |
Consumer | Personal, small business and other | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 36,995 | $ 37,984 |
Consumer | Personal, small business and other | In offices outside North America | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of loans rated investment grade | 99% | 98% |
Consumer | Personal, small business and other | In offices outside North America | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 39 | $ 10 |
Consumer | Personal, small business and other | Canada | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 919 | 940 |
Consumer | Classifiably Managed and Delinquency Managed | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 79,300 | 80,500 |
Consumer | Less than 680 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 35,545 | 34,306 |
Consumer | Less than 680 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 151 | 691 |
One year prior to current fiscal year | 717 | 639 |
Two years prior to current fiscal year | 602 | 431 |
Three years prior to current fiscal year | 393 | 321 |
Four years prior to current fiscal year | 312 | 302 |
Prior | 2,185 | 2,020 |
Loans, net of unearned income | 4,360 | 4,404 |
Consumer | Less than 680 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 490 | 552 |
Consumer | Less than 680 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 71 | 62 |
Consumer | Less than 680 | Home equity term loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 1 |
Three years prior to current fiscal year | 1 | 1 |
Four years prior to current fiscal year | 1 | 1 |
Prior | 90 | 103 |
Loans, net of unearned income | 92 | 106 |
Consumer | Less than 680 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 653 | 720 |
Consumer | Less than 680 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 29,111 | 27,901 |
Consumer | Less than 680 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 913 | 766 |
Loans, net of unearned income | 30,024 | 28,667 |
Consumer | Less than 680 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 10 | 247 |
One year prior to current fiscal year | 268 | 96 |
Two years prior to current fiscal year | 80 | 15 |
Three years prior to current fiscal year | 11 | 21 |
Four years prior to current fiscal year | 13 | 10 |
Prior | 126 | 126 |
Loans, net of unearned income | 508 | 515 |
Consumer | 680 to 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 90,663 | 89,490 |
Consumer | 680 to 760 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,704 | 7,530 |
One year prior to current fiscal year | 6,659 | 5,933 |
Two years prior to current fiscal year | 5,747 | 4,621 |
Three years prior to current fiscal year | 4,360 | 2,505 |
Four years prior to current fiscal year | 2,345 | 1,072 |
Prior | 7,099 | 6,551 |
Loans, net of unearned income | 28,914 | 28,212 |
Consumer | 680 to 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,212 | 1,536 |
Consumer | 680 to 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 76 | 65 |
Consumer | 680 to 760 | Home equity term loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 1 |
Two years prior to current fiscal year | 1 | 2 |
Three years prior to current fiscal year | 2 | 2 |
Four years prior to current fiscal year | 1 | 2 |
Prior | 133 | 144 |
Loans, net of unearned income | 137 | 151 |
Consumer | 680 to 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,425 | 1,752 |
Consumer | 680 to 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 59,069 | 58,213 |
Consumer | 680 to 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 357 | 354 |
Loans, net of unearned income | 59,426 | 58,567 |
Consumer | 680 to 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 45 | 546 |
One year prior to current fiscal year | 515 | 170 |
Two years prior to current fiscal year | 129 | 20 |
Three years prior to current fiscal year | 14 | 23 |
Four years prior to current fiscal year | 14 | 10 |
Prior | 181 | 190 |
Loans, net of unearned income | 898 | 959 |
Consumer | Greater than 760 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 125,740 | 120,733 |
Consumer | Greater than 760 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5,671 | 12,928 |
One year prior to current fiscal year | 13,618 | 12,672 |
Two years prior to current fiscal year | 12,540 | 10,936 |
Three years prior to current fiscal year | 10,860 | 5,445 |
Four years prior to current fiscal year | 5,350 | 1,899 |
Prior | 13,907 | 12,649 |
Loans, net of unearned income | 61,946 | 56,529 |
Consumer | Greater than 760 | Home equity loans (pre-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,736 | 1,876 |
Consumer | Greater than 760 | Home equity loans (post-reset) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 45 | 40 |
Consumer | Greater than 760 | Home equity term loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 1 |
Two years prior to current fiscal year | 1 | 2 |
Three years prior to current fiscal year | 2 | 2 |
Four years prior to current fiscal year | 1 | 1 |
Prior | 104 | 111 |
Loans, net of unearned income | 108 | 117 |
Consumer | Greater than 760 | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,889 | 2,033 |
Consumer | Greater than 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 60,712 | 60,896 |
Consumer | Greater than 760 | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving loans converted to term loans | 54 | 54 |
Loans, net of unearned income | 60,766 | 60,950 |
Consumer | Greater than 760 | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 105 | 800 |
One year prior to current fiscal year | 712 | 210 |
Two years prior to current fiscal year | 151 | 30 |
Three years prior to current fiscal year | 20 | 28 |
Four years prior to current fiscal year | 16 | 9 |
Prior | 135 | 144 |
Loans, net of unearned income | 1,139 | 1,221 |
Consumer | Classifiably managed | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 30,596 | 31,478 |
Consumer | Classifiably managed | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 17,902 | 17,762 |
Consumer | Classifiably managed | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | |
Consumer | Classifiably managed | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Consumer | Classifiably managed | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | |
Consumer | Classifiably managed | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | |
Consumer | Classifiably managed | Credit cards | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Consumer | Classifiably managed | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 30,596 | 31,478 |
Consumer | Classifiably managed | Personal, small business and other | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 17,902 | 17,762 |
Consumer | FICO not available | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 12,730 | 11,522 |
Consumer | FICO not available | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 7,460 | 6,894 |
Consumer | FICO not available | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 33 | 75 |
Consumer | FICO not available | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,136 | 1,914 |
Consumer | FICO not available | Personal, small business and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,101 | 2,639 |
Consumer | Total loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 295,274 | $ 287,529 |
LOANS - Consumer Loans Gross Cr
LOANS - Consumer Loans Gross Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 1,879 | $ 1,212 | $ 3,513 | $ 2,452 |
Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 1,793 | $ 1,155 | 3,388 | $ 2,347 |
Consumer | Residential mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 0 | |||
2022 | 1 | |||
2021 | 0 | |||
2020 | 1 | |||
2019 | 3 | |||
Prior | 20 | |||
Total | 25 | |||
Consumer | Home equity loans (pre-reset) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 2 | |||
Consumer | Home equity loans (post-reset) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Consumer | Home equity term loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Revolving loans converted to term loans | 1 | |||
Consumer | Home equity loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3 | |||
Consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Revolving loans converted to term loans | 87 | |||
Total | 2,925 | |||
Consumer | Credit cards | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3,012 | |||
Consumer | Personal, small business and other | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2023 | 69 | |||
2022 | 89 | |||
2021 | 56 | |||
2020 | 23 | |||
2019 | 27 | |||
Prior | 84 | |||
Total | $ 348 |
LOANS - Loan-to-Value Ratios Co
LOANS - Loan-to-Value Ratios Consumer Loans (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 660,612 | $ 657,221 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 374,591 | 368,067 |
Consumer | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 77,799 | 79,053 |
Consumer | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 95,159 | 90,741 |
Consumer | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 9,929 | 8,385 |
Consumer | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 209 | 263 |
Consumer | LTV not available | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,383 | 1,230 |
Consumer | Total | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 106,680 | 100,619 |
Consumer | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 102,680 | 96,039 |
Consumer | Residential mortgages | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 102,680 | 96,039 |
Consumer | Residential mortgages | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 27,090 | 28,114 |
Consumer | Residential mortgages | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,634 | 15,644 |
One year prior to current fiscal year | 16,146 | 19,104 |
Two years prior to current fiscal year | 18,846 | 16,935 |
Three years prior to current fiscal year | 16,451 | 8,789 |
Four years prior to current fiscal year | 8,395 | 3,598 |
Prior | 25,029 | 22,367 |
Loans, net of unearned income | 91,501 | 86,437 |
Consumer | Residential mortgages | Less than or equal to 80% | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,847 | 3,106 |
One year prior to current fiscal year | 3,356 | 4,144 |
Two years prior to current fiscal year | 3,713 | 3,293 |
Three years prior to current fiscal year | 2,845 | 3,048 |
Four years prior to current fiscal year | 2,775 | 2,074 |
Prior | 8,942 | 9,201 |
Loans, net of unearned income | $ 23,478 | $ 24,866 |
Loan to value ratio | 52% | 51% |
Consumer | Residential mortgages | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 1,975 | $ 6,497 |
One year prior to current fiscal year | 5,916 | 1,227 |
Two years prior to current fiscal year | 1,096 | 267 |
Three years prior to current fiscal year | 362 | 140 |
Four years prior to current fiscal year | 226 | 74 |
Prior | 318 | 132 |
Loans, net of unearned income | 9,893 | 8,337 |
Consumer | Residential mortgages | Greater than 80% but less than or equal to 100% | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 620 | 975 |
One year prior to current fiscal year | 1,102 | 964 |
Two years prior to current fiscal year | 1,069 | 502 |
Three years prior to current fiscal year | 385 | 92 |
Four years prior to current fiscal year | 63 | 48 |
Prior | 44 | 36 |
Loans, net of unearned income | 3,283 | 2,617 |
Consumer | Residential mortgages | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6 | 40 |
One year prior to current fiscal year | 43 | 33 |
Two years prior to current fiscal year | 33 | 1 |
Three years prior to current fiscal year | 1 | 23 |
Four years prior to current fiscal year | 26 | 9 |
Prior | 78 | 74 |
Loans, net of unearned income | 187 | 180 |
Consumer | Residential mortgages | Greater than 100% | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 294 |
One year prior to current fiscal year | 33 | 273 |
Two years prior to current fiscal year | 44 | 25 |
Three years prior to current fiscal year | 0 | 1 |
Four years prior to current fiscal year | 1 | 0 |
Prior | 8 | 7 |
Loans, net of unearned income | 86 | 600 |
Consumer | Residential mortgages | LTV not available | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,099 | 1,085 |
Consumer | Residential mortgages | LTV not available | In offices outside North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 243 | 31 |
Consumer | Home equity loans (pre-reset) | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,167 | 3,677 |
Consumer | Home equity loans (pre-reset) | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 28 | 36 |
Consumer | Home equity loans (pre-reset) | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 9 | 56 |
Consumer | Home equity loans (post-reset) | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 491 | 627 |
Consumer | Home equity loans (post-reset) | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 8 | 12 |
Consumer | Home equity loans (post-reset) | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 13 | 27 |
Consumer | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,000 | 4,580 |
Consumer | Home equity loans | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 4,000 | 4,580 |
Consumer | Home equity loans | Less than or equal to 80% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,658 | 4,304 |
Consumer | Home equity loans | Greater than 80% but less than or equal to 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 36 | 48 |
Consumer | Home equity loans | Greater than 100% | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 22 | 83 |
Consumer | Home equity loans | LTV not available | UNITED STATES | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 284 | $ 145 |
LOANS - Consumer Loans and Rati
LOANS - Consumer Loans and Ratios Outside of North America (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 660,612 | $ 657,221 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 374,591 | 368,067 | |
Consumer | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 2,572 | 2,372 | |
Consumer | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 2,454 | 2,153 | |
Consumer | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 30,596 | 31,478 | |
Consumer | Residential mortgages | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 102,680 | 96,039 | |
Consumer | Residential mortgages | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 0 | ||
Consumer | Credit cards | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 152,352 | 150,098 | |
Consumer | Credit cards | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 0 | ||
Consumer | Personal, small business and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 36,242 | 36,812 | |
Consumer | Personal, small business and other | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 30,596 | 31,478 | |
In offices outside North America | Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 77,799 | 79,053 | |
NCL ratio | 1.12% | 0.72% | |
In offices outside North America | Consumer | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 336 | $ 314 | |
Past due ratio | 0.56% | 0.51% | |
In offices outside North America | Consumer | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 321 | $ 265 | |
Past due ratio | 0.54% | 0.43% | |
In offices outside North America | Consumer | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 17,902 | $ 17,762 | |
In offices outside North America | Consumer | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 59,897 | 61,291 | |
In offices outside North America | Consumer | Classifiably Managed and Delinquency Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 79,300 | 80,500 | |
In offices outside North America | Consumer | Residential mortgages | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 27,090 | 28,114 | |
NCL ratio | (0.01%) | 0.04% | |
In offices outside North America | Consumer | Residential mortgages | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 48 | $ 62 | |
Past due ratio | 0.18% | 0.22% | |
In offices outside North America | Consumer | Residential mortgages | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 92 | $ 106 | |
Past due ratio | 0.34% | 0.38% | |
In offices outside North America | Consumer | Residential mortgages | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 0 | $ 0 | |
In offices outside North America | Consumer | Residential mortgages | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 27,090 | 28,114 | |
In offices outside North America | Consumer | Residential mortgages | Global Wealth Management Business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 20,400 | 19,800 | |
In offices outside North America | Consumer | Credit cards | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 13,714 | 12,955 | |
NCL ratio | 3.98% | 3.08% | |
In offices outside North America | Consumer | Credit cards | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 180 | $ 147 | |
Past due ratio | 1.31% | 1.13% | |
In offices outside North America | Consumer | Credit cards | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 190 | $ 149 | |
Past due ratio | 1.39% | 1.15% | |
In offices outside North America | Consumer | Credit cards | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 0 | $ 0 | |
In offices outside North America | Consumer | Credit cards | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 13,714 | 12,955 | |
In offices outside North America | Consumer | Personal, small business and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 36,995 | 37,984 | |
NCL ratio | 0.91% | 0.55% | |
In offices outside North America | Consumer | Personal, small business and other | 30–89 days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 108 | $ 105 | |
Past due ratio | 0.57% | 0.52% | |
In offices outside North America | Consumer | Personal, small business and other | 90+ days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 39 | $ 10 | |
Past due ratio | 0.20% | 0.05% | |
In offices outside North America | Consumer | Personal, small business and other | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 17,902 | $ 17,762 | |
In offices outside North America | Consumer | Personal, small business and other | FICO Score, Delinquency Managed Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 19,093 | 20,222 | |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 26,000 | 26,600 | |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | Classifiably managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | 17,900 | 17,800 | |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | Classifiably Managed and Delinquency Managed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, net of unearned income | $ 26,000 | $ 26,600 |
LOANS - Types of Consumer Loan
LOANS - Types of Consumer Loan Modifications and Their Financial Effect (Details) - Consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
In North America offices | ||
Financing Receivable, Impaired [Line Items] | ||
Modifications as % of loans | 0.11% | 0.21% |
Total modifications balance | $ 335 | $ 624 |
In North America offices | Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 276 | 501 |
In North America offices | Term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 16 | 31 |
In North America offices | Payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 30 | 70 |
In North America offices | Combination: interest rate reduction and term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 13 | 22 |
In North America offices | Combination: term extension and payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 0 | $ 0 |
In offices outside North America | ||
Financing Receivable, Impaired [Line Items] | ||
Modifications as % of loans | 0.38% | 0.43% |
Total modifications balance | $ 297 | $ 335 |
In offices outside North America | Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 16 | 31 |
In offices outside North America | Term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 2 | 4 |
In offices outside North America | Payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
In offices outside North America | Combination: interest rate reduction and term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 4 | 10 |
In offices outside North America | Combination: term extension and payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 275 | $ 290 |
Residential mortgages | In North America offices | ||
Financing Receivable, Impaired [Line Items] | ||
Trial modifications, period | 3 months | |
Trial modifications, amount | 15 | $ 26 |
Loans that had gone through bankruptcy | $ 1 | $ 2 |
Modifications as % of loans | 0.05% | 0.10% |
Total modifications balance | $ 47 | $ 100 |
Weighted average interest rate reduction % | 1% | 1% |
Weighted average term extension | 191 months | 187 months |
Weighted average delay in payments | 6 months | 6 months |
Residential mortgages | In North America offices | Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 1 | $ 1 |
Residential mortgages | In North America offices | Term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 15 | 30 |
Residential mortgages | In North America offices | Payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 29 | 64 |
Residential mortgages | In North America offices | Combination: interest rate reduction and term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 2 | 5 |
Residential mortgages | In North America offices | Combination: term extension and payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 0 | $ 0 |
Residential mortgages | In offices outside North America | ||
Financing Receivable, Impaired [Line Items] | ||
Modifications as % of loans | 1.03% | 1.09% |
Total modifications balance | $ 278 | $ 296 |
Weighted average interest rate reduction % | 0% | 0% |
Weighted average term extension | 1 month | 2 months |
Weighted average delay in payments | 1 month | 2 months |
Payment deferral period | 4 months | |
Residential mortgages | In offices outside North America | Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 3 | $ 5 |
Residential mortgages | In offices outside North America | Term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Residential mortgages | In offices outside North America | Payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Residential mortgages | In offices outside North America | Combination: interest rate reduction and term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 1 |
Residential mortgages | In offices outside North America | Combination: term extension and payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 275 | $ 290 |
Home equity loans | In North America offices | ||
Financing Receivable, Impaired [Line Items] | ||
Modifications as % of loans | 0.23% | 0.48% |
Total modifications balance | $ 9 | $ 19 |
Weighted average interest rate reduction % | 2% | 2% |
Weighted average term extension | 119 months | 120 months |
Weighted average delay in payments | 6 months | 6 months |
Home equity loans | In North America offices | Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 0 | $ 0 |
Home equity loans | In North America offices | Term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Home equity loans | In North America offices | Payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 1 | 6 |
Home equity loans | In North America offices | Combination: interest rate reduction and term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 8 | 13 |
Home equity loans | In North America offices | Combination: term extension and payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Credit cards | ||
Financing Receivable, Impaired [Line Items] | ||
Loans forgiven | $ 16 | $ 26 |
Credit cards | In North America offices | ||
Financing Receivable, Impaired [Line Items] | ||
Modifications as % of loans | 0.18% | 0.33% |
Total modifications balance | $ 275 | $ 499 |
Weighted average interest rate reduction % | 22% | 22% |
Credit cards | In North America offices | Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 275 | $ 499 |
Credit cards | In North America offices | Term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Credit cards | In North America offices | Payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Credit cards | In North America offices | Combination: interest rate reduction and term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Credit cards | In North America offices | Combination: term extension and payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 0 | $ 0 |
Credit cards | In offices outside North America | ||
Financing Receivable, Impaired [Line Items] | ||
Modifications as % of loans | 0.09% | 0.17% |
Total modifications balance | $ 12 | $ 23 |
Weighted average interest rate reduction % | 18% | 18% |
Credit cards | In offices outside North America | Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 12 | $ 23 |
Credit cards | In offices outside North America | Term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Credit cards | In offices outside North America | Payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Credit cards | In offices outside North America | Combination: interest rate reduction and term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Credit cards | In offices outside North America | Combination: term extension and payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Personal, small business and other | ||
Financing Receivable, Impaired [Line Items] | ||
Loans forgiven | $ 1 | $ 1 |
Personal, small business and other | In North America offices | ||
Financing Receivable, Impaired [Line Items] | ||
Modifications as % of loans | 0.01% | 0.02% |
Total modifications balance | $ 4 | $ 6 |
Weighted average interest rate reduction % | 6% | 6% |
Weighted average term extension | 13 months | 14 months |
Personal, small business and other | In North America offices | Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 0 | $ 1 |
Personal, small business and other | In North America offices | Term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 1 | 1 |
Personal, small business and other | In North America offices | Payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Personal, small business and other | In North America offices | Combination: interest rate reduction and term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 3 | 4 |
Personal, small business and other | In North America offices | Combination: term extension and payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 0 | $ 0 |
Personal, small business and other | In offices outside North America | ||
Financing Receivable, Impaired [Line Items] | ||
Modifications as % of loans | 0.02% | 0.04% |
Total modifications balance | $ 7 | $ 16 |
Weighted average interest rate reduction % | 9% | 8% |
Weighted average term extension | 20 months | 21 months |
Personal, small business and other | In offices outside North America | Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 1 | $ 3 |
Personal, small business and other | In offices outside North America | Term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 2 | 4 |
Personal, small business and other | In offices outside North America | Payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 0 | 0 |
Personal, small business and other | In offices outside North America | Combination: interest rate reduction and term extension | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | 4 | 9 |
Personal, small business and other | In offices outside North America | Combination: term extension and payment delay | ||
Financing Receivable, Impaired [Line Items] | ||
Total modifications balance | $ 0 | $ 0 |
LOANS - Consumer Loans Troubled
LOANS - Consumer Loans Troubled Debt Restructurings (Details) - Consumer $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) loan | Jun. 30, 2022 USD ($) loan | |
In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 37,307 | 78,643 |
Post-modification recorded investment | $ 221 | $ 485 |
In North America offices | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 279 | 625 |
Post-modification recorded investment | $ 56 | $ 137 |
Average interest rate reduction | 0% | 0% |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 0.4 | $ 2 |
In North America offices | Residential mortgages | New OCC guidance | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 0.4 | $ 2 |
In North America offices | Home equity loans | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 103 | 207 |
Post-modification recorded investment | $ 7 | $ 16 |
Average interest rate reduction | 0% | 0% |
In North America offices | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 36,820 | 77,560 |
Post-modification recorded investment | $ 157 | $ 330 |
Average interest rate reduction | 18% | 17% |
In North America offices | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 105 | 251 |
Post-modification recorded investment | $ 1 | $ 2 |
Average interest rate reduction | 5% | 5% |
In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 4,167 | 10,022 |
Post-modification recorded investment | $ 24 | $ 61 |
In offices outside North America | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 110 | 293 |
Post-modification recorded investment | $ 4 | $ 10 |
Average interest rate reduction | 0% | 0% |
In offices outside North America | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 3,462 | 8,462 |
Post-modification recorded investment | $ 13 | $ 35 |
Average interest rate reduction | 27% | 23% |
In offices outside North America | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Number of loans modified | loan | 595 | 1,267 |
Post-modification recorded investment | $ 7 | $ 16 |
Average interest rate reduction | 8% | 8% |
Deferred principal | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | $ 0 | $ 0 |
Deferred principal | In North America offices | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In North America offices | Home equity loans | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In North America offices | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In North America offices | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside North America | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside North America | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside North America | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Home equity loans | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside North America | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside North America | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside North America | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Home equity loans | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In offices outside North America | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 1 |
Principal forgiveness | In offices outside North America | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In offices outside North America | Credit cards | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | 0 | 1 |
Principal forgiveness | In offices outside North America | Personal, small business and other | ||
Financing Receivable, Modified [Line Items] | ||
Post-modification recorded investment | $ 0 | $ 0 |
LOANS - Performance of Modifi_2
LOANS - Performance of Modified Consumer Loans (Details) - Consumer $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | $ 624 |
Gross credit losses | 57 |
In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 375 |
In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 123 |
In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 126 |
In offices outside North America | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 335 |
Gross credit losses | 1 |
In offices outside North America | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 329 |
In offices outside North America | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 4 |
In offices outside North America | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 2 |
Residential mortgages | In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 100 |
Gross credit losses | 0 |
Residential mortgages | In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 36 |
Residential mortgages | In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 20 |
Residential mortgages | In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 44 |
Residential mortgages | In offices outside North America | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 296 |
Gross credit losses | 0 |
Residential mortgages | In offices outside North America | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 295 |
Residential mortgages | In offices outside North America | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 1 |
Residential mortgages | In offices outside North America | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Home equity loans | In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 19 |
Gross credit losses | 0 |
Home equity loans | In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 14 |
Home equity loans | In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 1 |
Home equity loans | In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 4 |
Credit cards | In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 499 |
Gross credit losses | 57 |
Credit cards | In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 319 |
Credit cards | In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 102 |
Credit cards | In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 78 |
Credit cards | In offices outside North America | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 23 |
Gross credit losses | 0 |
Credit cards | In offices outside North America | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 20 |
Credit cards | In offices outside North America | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 2 |
Credit cards | In offices outside North America | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 1 |
Personal, small business and other | In North America offices | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 6 |
Gross credit losses | 0 |
Personal, small business and other | In North America offices | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 6 |
Personal, small business and other | In North America offices | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Personal, small business and other | In North America offices | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 0 |
Personal, small business and other | In offices outside North America | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 16 |
Gross credit losses | 1 |
Personal, small business and other | In offices outside North America | Current | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 14 |
Personal, small business and other | In offices outside North America | 30–89 days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | 1 |
Personal, small business and other | In offices outside North America | 90+ days past due | |
Financing Receivable, Modified [Line Items] | |
Total modified loans balance | $ 1 |
LOANS - Defaults of Modified _2
LOANS - Defaults of Modified Consumer Loans (Details) - Consumer - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | $ 51 | $ 74 | $ 56 | $ 135 |
In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 51 | 56 | ||
In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 7 | 2 | 16 |
In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 1 | ||
In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 1 | ||
In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 13 | 1 | 17 |
Residential mortgages | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 1 | ||
Residential mortgages | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 3 | 0 | 7 |
Residential mortgages | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Residential mortgages | In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 2 | 0 | 2 |
Home equity loans | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Home equity loans | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 50 | 59 | 55 | 116 |
Credit cards | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 50 | 55 | ||
Credit cards | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 3 | 1 | 7 |
Credit cards | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 1 | 1 | ||
Credit cards | In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Credit cards | In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | 0 | 0 |
Personal, small business and other | In North America offices | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In North America offices | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | $ 1 | 1 | $ 2 |
Personal, small business and other | In offices outside North America | Interest rate reduction | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | Term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | Payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | Combination: interest rate reduction and term extension | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 1 | ||
Personal, small business and other | In offices outside North America | Combination: term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | 0 | 0 | ||
Personal, small business and other | In offices outside North America | Combination: interest rate reduction, term extension and payment delay | ||||
Financing Receivable, Modified [Line Items] | ||||
Total loans defaulted within one year of modification | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 17,169 | $ 15,393 | $ 16,974 | $ 16,455 | |
Gross credit losses on loans | (1,879) | (1,212) | (3,513) | (2,452) | |
Gross recoveries on loans | 375 | 362 | 707 | 730 | |
Net credit losses on loans (NCLs) | (1,504) | (850) | (2,806) | (1,722) | |
Net reserve builds (releases) for loans | 290 | 520 | 687 | (260) | |
Net specific reserve builds (releases) for loans | (33) | 14 | 5 | 182 | |
Total provision for credit losses on loans (PCLL) | 1,761 | 1,384 | 3,498 | 1,644 | |
Other, net (see table below) | 70 | 25 | 182 | (425) | |
ACLL at end of period | 17,496 | 15,952 | 17,496 | 15,952 | |
Allowance for credit losses on unfunded commitments | |||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | 1,959 | 2,343 | 2,151 | 1,871 | |
Provision (release) for credit losses on unfunded lending commitments | (96) | (159) | (290) | 315 | |
Other, net | (1) | 9 | 1 | 7 | |
ACLUC at end of period | 1,862 | 2,193 | 1,862 | 2,193 | |
Total allowance for credit losses on loans, leases and unfunded lending commitments | 19,358 | 18,145 | 19,358 | 18,145 | $ 19,125 |
Sales or transfers of various consumer loan portfolios to HFS | |||||
Reclasses of consumer ACLL to HFS | 0 | 0 | 0 | (350) | |
FX translation and other | 70 | 25 | 182 | (75) | |
Other, net | 70 | 25 | 182 | (425) | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 0 | 0 | (352) | 0 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 17,169 | $ 15,393 | $ 16,622 | $ 16,455 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | $ 17,169 | $ 15,393 | $ 16,974 | $ 16,455 | |
Charge-offs | (1,879) | (1,212) | (3,513) | (2,452) | |
Recoveries | 375 | 362 | 707 | 730 | |
Replenishment of NCLs | 1,504 | 850 | 2,806 | 1,722 | |
Net reserve builds (releases) | 290 | 520 | 687 | (260) | |
Net specific reserve builds (releases) | (33) | 14 | 5 | 182 | |
Other | 70 | 25 | 182 | (425) | |
ACLL at end of period | 17,496 | 15,952 | 17,496 | 15,952 | |
ACLL | |||||
Collectively evaluated | 17,162 | 17,162 | $ 16,053 | ||
Individually evaluated | 334 | 334 | 919 | ||
Total ACLL | 17,496 | 15,952 | 17,496 | 15,952 | 16,974 |
Loans, net of unearned income | |||||
Collectively evaluated | 653,432 | 653,432 | 647,704 | ||
Individually evaluated | 1,300 | 1,300 | 4,043 | ||
Loans held at fair value | 5,766 | 5,766 | 5,360 | ||
Loans, net of unearned income | 660,612 | 660,612 | 657,221 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 0 | 0 | (352) | 0 | |
ACLL | |||||
Total ACLL | (352) | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 17,169 | 15,393 | 16,622 | 16,455 | |
ACLL | |||||
Total ACLL | 16,622 | ||||
Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 0 | 0 | 2 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | 114 | 114 | 114 | ||
Corporate | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 2,780 | 3,025 | 2,855 | 2,415 | |
Charge-offs | (86) | (57) | (125) | (105) | |
Recoveries | 11 | 34 | 28 | 51 | |
Replenishment of NCLs | 75 | 23 | 97 | 54 | |
Net reserve builds (releases) | (119) | (128) | (209) | 249 | |
Net specific reserve builds (releases) | (33) | 49 | (28) | 273 | |
Other | 2 | 23 | 12 | 32 | |
ACLL at end of period | 2,630 | 2,969 | 2,630 | 2,969 | |
ACLL | |||||
Collectively evaluated | 2,335 | 2,335 | 2,532 | ||
Individually evaluated | 295 | 295 | 323 | ||
Total ACLL | 2,630 | 2,969 | 2,630 | 2,969 | 2,855 |
Loans, net of unearned income | |||||
Collectively evaluated | 279,231 | 279,231 | 282,909 | ||
Individually evaluated | 1,261 | 1,261 | 1,122 | ||
Loans held at fair value | 5,529 | 5,529 | 5,123 | ||
Loans, net of unearned income | 286,021 | 286,021 | 289,154 | ||
Corporate | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 0 | 0 | |||
ACLL | |||||
Total ACLL | 0 | ||||
Corporate | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 2,855 | 2,415 | |||
ACLL | |||||
Total ACLL | 2,855 | ||||
Corporate | Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 0 | 0 | 0 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | 0 | 0 | 0 | ||
Consumer | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 14,389 | 12,368 | 14,119 | 14,040 | |
Charge-offs | (1,793) | (1,155) | (3,388) | (2,347) | |
Recoveries | 364 | 328 | 679 | 679 | |
Replenishment of NCLs | 1,429 | 827 | 2,709 | 1,668 | |
Net reserve builds (releases) | 409 | 648 | 896 | (509) | |
Net specific reserve builds (releases) | 0 | (35) | 33 | (91) | |
Other | 68 | 2 | 170 | (457) | |
ACLL at end of period | 14,866 | 12,983 | 14,866 | 12,983 | |
ACLL | |||||
Collectively evaluated | 14,827 | 14,827 | 13,521 | ||
Individually evaluated | 39 | 39 | 596 | ||
Total ACLL | 14,866 | $ 12,983 | 14,866 | 12,983 | 14,119 |
Loans, net of unearned income | |||||
Collectively evaluated | 374,201 | 374,201 | 364,795 | ||
Individually evaluated | 39 | 39 | 2,921 | ||
Loans held at fair value | 237 | 237 | 237 | ||
Loans, net of unearned income | 374,591 | 374,591 | 368,067 | ||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | (352) | 0 | |||
ACLL | |||||
Total ACLL | (352) | ||||
Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for credit losses | |||||
Allowance for credit losses on loans (ACLL) at beginning of period | 13,767 | $ 14,040 | |||
ACLL | |||||
Total ACLL | 13,767 | ||||
Consumer | Purchased credit deteriorated | |||||
ACLL | |||||
Purchased credit deteriorated | 0 | 0 | 2 | ||
Loans, net of unearned income | |||||
Purchased credit deteriorated | $ 114 | $ 114 | $ 114 |
ALLOWANCE FOR CREDIT LOSSES - N
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for loan losses disclosures | ||||||
Allowance for credit losses on loans, leases and unfunded lending commitments | $ 19,358 | $ 19,125 | $ 18,145 | |||
Allowance for credit losses | 17,496 | $ 17,169 | 16,974 | 15,952 | $ 15,393 | $ 16,455 |
Allowance for credit losses on unfunded commitments (ACLUC) | 1,862 | 1,959 | 2,151 | 2,193 | 2,343 | 1,871 |
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | 0 | (352) | 0 | 0 | ||
Consumer | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | 14,866 | 14,389 | 14,119 | 12,983 | 12,368 | 14,040 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | (352) | 0 | ||||
Corporate | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | $ 2,630 | $ 2,780 | 2,855 | $ 2,969 | $ 3,025 | 2,415 |
Corporate | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Allowance for loan losses disclosures | ||||||
Allowance for credit losses | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - S
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for HTM Debt Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | $ 104 | $ 85 | $ 120 | $ 87 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | (4) | 20 | (21) | 18 |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | (4) | 20 | (21) | 18 |
Other, net | (1) | 0 | ||
Allowance for credit losses on HTM debt securities at end of quarter | 99 | 105 | 99 | 105 |
Mortgage-backed securities | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | 2 | 4 | 1 | 6 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | 3 | (2) | 5 | (4) |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 3 | (2) | 5 | (4) |
Other, net | 0 | (1) | ||
Allowance for credit losses on HTM debt securities at end of quarter | 5 | 2 | 5 | 2 |
State and municipal | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | 98 | 79 | 113 | 75 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | (6) | 14 | (21) | 18 |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | (6) | 14 | (21) | 18 |
Other, net | 0 | 0 | ||
Allowance for credit losses on HTM debt securities at end of quarter | 92 | 93 | 92 | 93 |
Foreign government | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | 3 | 2 | 3 | 4 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | (1) | 1 | (1) | (1) |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | (1) | 1 | (1) | (1) |
Other, net | 0 | 0 | ||
Allowance for credit losses on HTM debt securities at end of quarter | 2 | 3 | 2 | 3 |
Asset- backed | ||||
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses on HTM debt securities at beginning of quarter | 1 | 0 | 3 | 2 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | 0 | 7 | (4) | 5 |
Net specific reserve builds (releases) | 0 | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 0 | 7 | (4) | 5 |
Other, net | (1) | 1 | ||
Allowance for credit losses on HTM debt securities at end of quarter | $ 0 | $ 7 | $ 0 | $ 7 |
ALLOWANCE FOR CREDIT LOSSES -_3
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for Other Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | $ 528 | $ 43 | $ 123 | $ 53 |
Gross credit losses | (24) | (8) | (35) | (15) |
Gross recoveries | 5 | 2 | 5 | 2 |
Net credit losses (NCLs) | (19) | (6) | (30) | (13) |
Net reserve builds (releases) | 130 | 1 | 544 | (10) |
Total provision for credit losses | 149 | 7 | 574 | 3 |
Other, net | 1 | 30 | (8) | 31 |
Allowance for credit losses on other assets at end of quarter | 659 | 74 | 659 | 74 |
Deposits with banks | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 135 | 15 | 51 | 21 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | (114) | 2 | (29) | (4) |
Total provision for credit losses | (114) | 2 | (29) | (4) |
Other, net | 0 | 0 | (1) | 0 |
Allowance for credit losses on other assets at end of quarter | 21 | 17 | 21 | 17 |
Securities borrowed and purchased under agreements to resell | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 30 | 4 | 36 | 6 |
Gross credit losses | 0 | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 | 0 |
Net reserve builds (releases) | 0 | (8) | (3) | (10) |
Total provision for credit losses | 0 | (8) | (3) | (10) |
Other, net | (4) | 31 | (7) | 31 |
Allowance for credit losses on other assets at end of quarter | 26 | 27 | 26 | 27 |
Brokerage receivables | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 0 | 0 | ||
Gross credit losses | 0 | 0 | ||
Gross recoveries | 0 | 0 | ||
Net credit losses (NCLs) | 0 | 0 | ||
Net reserve builds (releases) | 0 | 0 | ||
Total provision for credit losses | 0 | 0 | ||
Other, net | 0 | 0 | ||
Allowance for credit losses on other assets at end of quarter | 0 | 0 | ||
All other assets | ||||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | ||||
Allowance for credit losses on other assets at beginning of quarter | 363 | 24 | 36 | 26 |
Gross credit losses | (24) | (8) | (35) | (15) |
Gross recoveries | 5 | 2 | 5 | 2 |
Net credit losses (NCLs) | (19) | (6) | (30) | (13) |
Net reserve builds (releases) | 244 | 7 | 576 | 4 |
Total provision for credit losses | 263 | 13 | 606 | 17 |
Other, net | 5 | (1) | 0 | 0 |
Allowance for credit losses on other assets at end of quarter | $ 612 | $ 30 | $ 612 | $ 30 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Goodwill | ||
Balance of goodwill at beginning of period | $ 19,882 | $ 19,691 |
Foreign currency translation | 116 | 191 |
Balance of goodwill at end of period | 19,998 | 19,882 |
Institutional Clients Group | ||
Goodwill | ||
Balance of goodwill at beginning of period | 9,028 | 8,986 |
Foreign currency translation | 13 | 42 |
Balance of goodwill at end of period | 9,041 | 9,028 |
Personal Banking and Wealth Management | ||
Goodwill | ||
Balance of goodwill at beginning of period | 9,810 | 9,741 |
Foreign currency translation | 48 | 69 |
Balance of goodwill at end of period | 9,858 | 9,810 |
Legacy Franchises | ||
Goodwill | ||
Balance of goodwill at beginning of period | 1,044 | 964 |
Foreign currency translation | 55 | 80 |
Balance of goodwill at end of period | $ 1,099 | $ 1,044 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 10,104 | $ 10,078 |
Accumulated amortization of Intangible assets (excluding MSRs) | 6,209 | 6,315 |
Net carrying amount of Intangible assets (excluding MSRs) | 3,895 | 3,763 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 681 | 665 |
Mortgage servicing rights (MSRs) | 681 | 665 |
Gross carrying amount of Intangible assets | 10,785 | 10,743 |
Accumulated amortization of Intangible assets | 6,209 | 6,315 |
Total intangible assets | 4,576 | 4,428 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 217 | 192 |
Net carrying amount of Intangible assets (excluding MSRs) | 217 | 192 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,302 | 5,513 |
Accumulated amortization of Intangible assets (excluding MSRs) | 4,290 | 4,426 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,012 | 1,087 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 4,193 | 3,903 |
Accumulated amortization of Intangible assets (excluding MSRs) | 1,612 | 1,518 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,581 | 2,385 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 355 | 373 |
Accumulated amortization of Intangible assets (excluding MSRs) | 271 | 283 |
Net carrying amount of Intangible assets (excluding MSRs) | 84 | 90 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 37 | 32 |
Accumulated amortization of Intangible assets (excluding MSRs) | 36 | 31 |
Net carrying amount of Intangible assets (excluding MSRs) | 1 | 1 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 0 | 65 |
Accumulated amortization of Intangible assets (excluding MSRs) | 0 | 57 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 0 | $ 8 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | $ 3,763 | |
Acquisitions/renewals/ divestitures | 301 | |
Amortization | (189) | |
Impairments | 0 | |
FX translation and other | 20 | |
Ending balance | 3,895 | |
Mortgage servicing rights (MSRs) | 681 | $ 665 |
Total intangible assets | 4,576 | $ 4,428 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 192 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 25 | |
Ending balance | 217 | |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1,087 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | (75) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 1,012 | |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2,385 | |
Acquisitions/renewals/ divestitures | 290 | |
Amortization | (94) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 2,581 | |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 90 | |
Acquisitions/renewals/ divestitures | 11 | |
Amortization | (12) | |
Impairments | 0 | |
FX translation and other | (5) | |
Ending balance | 84 | |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 1 | |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 8 | |
Acquisitions/renewals/ divestitures | 0 | |
Amortization | (8) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | $ 0 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Deposit Liability [Line Items] | ||
Non-interest-bearing deposits in U.S. offices | $ 109,844 | $ 122,655 |
Interest-bearing deposits in U.S. offices (including $998 and $903 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 590,700 | 607,470 |
Non-interest-bearing deposits in offices outside the U.S. | 91,899 | 95,182 |
Interest-bearing deposits in offices outside the U.S. (including $1,600 and $972 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 527,424 | 540,647 |
Total deposits | 1,319,867 | 1,365,954 |
Fair value | ||
Deposit Liability [Line Items] | ||
Interest-bearing deposits in U.S. offices (including $998 and $903 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 998 | 903 |
Interest-bearing deposits in offices outside the U.S. (including $1,600 and $972 as of June 30, 2023 and December 31, 2022, respectively, at fair value) | 1,600 | 972 |
Total deposits | $ 1,316,300 | $ 1,345,400 |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Commercial paper | $ 20,922 | $ 25,530 |
Other borrowings | 19,508 | 21,566 |
Total short-term borrowings | 40,430 | 47,096 |
Collateralized short-term advances from Federal Home Loan Bank | 10,000 | 12,000 |
Bank | ||
Short-term Debt [Line Items] | ||
Commercial paper | 11,108 | 11,185 |
Broker-dealer and other | ||
Short-term Debt [Line Items] | ||
Commercial paper | $ 9,814 | $ 14,345 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument | ||
Long-term debt, at fair value | $ 274,510 | $ 271,606 |
Trust preferred securities | 1,600 | 1,600 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 163,043 | 166,257 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 19,101 | 21,113 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 7,500 | 7,300 |
Broker-dealer and other | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 92,366 | $ 84,236 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Jun. 30, 2023 USD ($) shares |
Trust Preferred Securities | |
Liquidation value | $ 2,440 |
Junior subordinated debentures owned by the Trust, amount | $ 2,446 |
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 XIII | LIBOR | |
Trust Preferred Securities | |
Basis spread on variable rate | 0.0637 |
Citigroup Capital XIII | SOFR | |
Trust Preferred Securities | |
Basis spread on variable rate | 0.0026161 |
Additional basis spread on variable rate | 6.37% |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | $ 201,838 | |||||
Balance, end of period | $ 209,422 | $ 199,626 | 209,422 | $ 199,626 | ||
Liability for future policyholder benefits | 560 | 560 | ||||
Net unrealized gains (losses) on debt securities | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (5,162) | (4,891) | (5,998) | (614) | ||
Other comprehensive income before reclassifications | 133 | (1,612) | 988 | (5,895) | ||
Increase (decrease) due to amounts reclassified from AOCI | (7) | 111 | (26) | 117 | ||
Total other comprehensive income | 126 | (1,501) | 962 | (5,778) | ||
Balance, end of period | (5,036) | (6,392) | (5,036) | (6,392) | ||
Net unrealized gains (losses) on debt securities | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 0 | |||||
Net unrealized gains (losses) on debt securities | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (5,998) | |||||
Debt valuation adjustment (DVA) | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 517 | (394) | 842 | (1,187) | ||
Other comprehensive income before reclassifications | (613) | 1,968 | (940) | 2,761 | ||
Increase (decrease) due to amounts reclassified from AOCI | (6) | (1) | (4) | (1) | ||
Total other comprehensive income | (619) | 1,967 | (944) | 2,760 | ||
Balance, end of period | (102) | 1,573 | (102) | 1,573 | ||
Debt valuation adjustment (DVA) | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 0 | |||||
Debt valuation adjustment (DVA) | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 842 | |||||
Cash flow hedges | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (2,161) | (1,440) | (2,522) | 101 | ||
Other comprehensive income before reclassifications | (206) | (515) | (200) | (1,839) | ||
Increase (decrease) due to amounts reclassified from AOCI | 377 | (151) | 732 | (368) | ||
Total other comprehensive income | 171 | (666) | 532 | (2,207) | ||
Balance, end of period | (1,990) | (2,106) | (1,990) | (2,106) | ||
Cash flow hedges | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 0 | |||||
Cash flow hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (2,522) | |||||
Benefit plans | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (5,859) | (5,681) | (5,755) | (5,852) | ||
Other comprehensive income before reclassifications | (170) | (271) | (302) | 21 | ||
Increase (decrease) due to amounts reclassified from AOCI | 34 | 182 | 62 | 61 | ||
Total other comprehensive income | (136) | (89) | (240) | 82 | ||
Balance, end of period | (5,995) | (5,770) | (5,995) | (5,770) | ||
Benefit plans | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 0 | |||||
Benefit plans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (5,755) | |||||
CTA, net of hedges | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (32,796) | (31,180) | (33,637) | (31,166) | ||
Other comprehensive income before reclassifications | 23 | (1,975) | 864 | (1,989) | ||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 345 | 0 | 345 | ||
Total other comprehensive income | 23 | (1,630) | 864 | (1,644) | ||
Balance, end of period | (32,773) | (32,810) | (32,773) | (32,810) | ||
CTA, net of hedges | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 0 | |||||
CTA, net of hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (33,637) | |||||
Excluded component of fair value hedges | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (12) | 1 | 8 | (47) | ||
Other comprehensive income before reclassifications | 27 | 4 | 11 | 50 | ||
Increase (decrease) due to amounts reclassified from AOCI | (10) | 5 | (14) | 7 | ||
Total other comprehensive income | 17 | 9 | (3) | 57 | ||
Balance, end of period | 5 | 10 | 5 | 10 | ||
Excluded component of fair value hedges | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 0 | |||||
Excluded component of fair value hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 8 | |||||
Long-duration insurance contracts | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 32 | 0 | 0 | 0 | ||
Other comprehensive income before reclassifications | (6) | 0 | (1) | 0 | ||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | 0 | ||
Total other comprehensive income | (6) | 0 | (1) | 0 | ||
Balance, end of period | 26 | 0 | 26 | 0 | ||
Long-duration insurance contracts | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 27 | |||||
Long-duration insurance contracts | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 27 | |||||
Accumulated other comprehensive income (loss) | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | (45,441) | (43,585) | (47,062) | (38,765) | ||
Other comprehensive income before reclassifications | (812) | (2,401) | 420 | (6,891) | ||
Increase (decrease) due to amounts reclassified from AOCI | 388 | 491 | 750 | 161 | ||
Total other comprehensive income | (424) | (1,910) | 1,170 | (6,730) | ||
Balance, end of period | (45,865) | (45,495) | (45,865) | (45,495) | ||
Accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | 0 | [1] | 0 | [1] | 27 | 0 |
Accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss) | ||||||
Balance, beginning of period | $ (45,441) | $ (43,585) | $ (47,035) | $ (38,765) | ||
[1]See Note 1 for additional details. |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | $ 201,838 | |||||
Balance, end of period | $ 209,422 | $ 199,626 | 209,422 | $ 199,626 | ||
Change in net unrealized gains (losses) on debt securities | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Other comprehensive income (loss), pretax | 210 | (1,990) | 1,323 | (7,614) | ||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Other comprehensive income (loss), tax effect | (84) | 489 | (361) | 1,836 | ||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | (5,162) | (4,891) | (5,998) | (614) | ||
Total other comprehensive income | 126 | (1,501) | 962 | (5,778) | ||
Balance, end of period | (5,036) | (6,392) | (5,036) | (6,392) | ||
Change in net unrealized gains (losses) on debt securities | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 0 | |||||
Change in net unrealized gains (losses) on debt securities | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | (5,998) | |||||
Debt valuation adjustment (DVA) | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Other comprehensive income (loss), pretax | (837) | 2,592 | (1,270) | 3,642 | ||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Other comprehensive income (loss), tax effect | 218 | (625) | 326 | (882) | ||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 517 | (394) | 842 | (1,187) | ||
Total other comprehensive income | (619) | 1,967 | (944) | 2,760 | ||
Balance, end of period | (102) | 1,573 | (102) | 1,573 | ||
Debt valuation adjustment (DVA) | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 0 | |||||
Debt valuation adjustment (DVA) | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 842 | |||||
Hedges | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | (12) | 1 | 8 | (47) | ||
Total other comprehensive income | 17 | 9 | (3) | 57 | ||
Balance, end of period | 5 | 10 | 5 | 10 | ||
Hedges | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 0 | |||||
Hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 8 | |||||
Benefit plans | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Other comprehensive income (loss), pretax | (156) | (73) | (312) | 104 | ||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Other comprehensive income (loss), tax effect | 20 | (16) | 72 | (22) | ||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | (5,859) | (5,681) | (5,755) | (5,852) | ||
Total other comprehensive income | (136) | (89) | (240) | 82 | ||
Balance, end of period | (5,995) | (5,770) | (5,995) | (5,770) | ||
Benefit plans | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 0 | |||||
Benefit plans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | (5,755) | |||||
Foreign currency translation adjustment | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Other comprehensive income (loss), pretax | 15 | (1,414) | 803 | (1,483) | ||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Other comprehensive income (loss), tax effect | 8 | (216) | 61 | (161) | ||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | (32,796) | (31,180) | (33,637) | (31,166) | ||
Total other comprehensive income | 23 | (1,630) | 864 | (1,644) | ||
Balance, end of period | (32,773) | (32,810) | (32,773) | (32,810) | ||
Foreign currency translation adjustment | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 0 | |||||
Foreign currency translation adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | (33,637) | |||||
Long-duration insurance contracts | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Other comprehensive income (loss), pretax | (8) | (2) | ||||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Other comprehensive income (loss), tax effect | 2 | 1 | ||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 32 | 0 | 0 | 0 | ||
Total other comprehensive income | (6) | 0 | (1) | 0 | ||
Balance, end of period | 26 | 0 | 26 | 0 | ||
Long-duration insurance contracts | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 27 | |||||
Long-duration insurance contracts | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 27 | |||||
Citigroup's accumulated other comprehensive income (loss) | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Balance, beginning of period, pretax | (53,443) | (51,807) | (55,253) | (45,383) | ||
Other comprehensive income (loss), pretax | (521) | (1,759) | 1,250 | (8,183) | ||
Balance, end of period, pretax | (53,964) | (53,566) | (53,964) | (53,566) | ||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Balance, beginning of period, tax effect | 8,002 | 8,222 | 8,191 | 6,618 | ||
Other comprehensive income (loss), tax effect | 97 | (151) | (80) | 1,453 | ||
Balance, end of period, tax effect | 8,099 | 8,071 | 8,099 | 8,071 | ||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | (45,441) | (43,585) | (47,062) | (38,765) | ||
Total other comprehensive income | (424) | (1,910) | 1,170 | (6,730) | ||
Balance, end of period | (45,865) | (45,495) | (45,865) | (45,495) | ||
Citigroup's accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Balance, beginning of period, pretax | 39 | |||||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Balance, beginning of period, tax effect | (12) | |||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | 0 | [1] | 0 | [1] | 27 | 0 |
Citigroup's accumulated other comprehensive income (loss) | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Balance, beginning of period, pretax | (55,214) | |||||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Balance, beginning of period, tax effect | 8,179 | |||||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Balance, beginning of period | (45,441) | (43,585) | (47,035) | (38,765) | ||
Cash flow hedges | Hedges | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Other comprehensive income (loss), pretax | 233 | (886) | 712 | (2,908) | ||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Other comprehensive income (loss), tax effect | (62) | 220 | (180) | 701 | ||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Total other comprehensive income | 171 | (666) | 532 | (2,207) | ||
Fair value hedges | Hedges | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Other comprehensive income (loss), pretax | 22 | 12 | (4) | 76 | ||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Other comprehensive income (loss), tax effect | (5) | (3) | 1 | (19) | ||
Change in accumulated other comprehensive income (loss), after-tax | ||||||
Total other comprehensive income | $ 17 | 9 | $ (3) | 57 | ||
Fair value hedges | Long-duration insurance contracts | ||||||
Change in accumulated other comprehensive income (loss), pretax | ||||||
Other comprehensive income (loss), pretax | 0 | 0 | ||||
Change in accumulated other comprehensive income (loss), tax effect | ||||||
Other comprehensive income (loss), tax effect | $ 0 | $ 0 | ||||
[1]See Note 1 for additional details. |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses | $ (49) | $ 58 | $ (121) | $ (22) |
Gross impairment losses | 71 | 96 | 157 | 186 |
Tax effect | 1,090 | 1,182 | 2,621 | 2,123 |
Income (loss) from continuing operations | (2,952) | (4,789) | (7,604) | (9,114) |
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 | (7) | 111 | (26) | 117 |
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 | (49) | 58 | (121) | (22) |
Gross impairment losses | 43 | 90 | 94 | 180 |
Income from continuing operations before income taxes | (6) | 148 | (27) | 158 |
Tax effect | (1) | (37) | 1 | (41) |
Income (loss) from continuing operations | (7) | 111 | (26) | 117 |
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 | (6) | (1) | (4) | (1) |
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 | (7) | (1) | (4) | (1) |
Tax effect | 1 | 0 | 0 | 0 |
Income (loss) from continuing operations | (6) | (1) | (4) | (1) |
Cash flow hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 377 | (151) | 732 | (368) |
Cash flow hedges | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 496 | (198) | 966 | (483) |
Tax effect | (119) | 47 | (234) | 115 |
Cash flow 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 | 495 | (199) | 964 | (485) |
Cash flow 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 | 1 | 1 | 2 | 2 |
Benefit plan adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 47 | 236 | 85 | 84 |
Total tax effect | (13) | (54) | (23) | (23) |
Total amounts reclassified out of AOCI, after-tax | 34 | 182 | 62 | 61 |
Prior service cost (benefit) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | (5) | (5) | (11) | (11) |
Net actuarial loss | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 51 | 58 | 100 | 128 |
Curtailment/settlement impact | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 1 | 183 | (4) | (33) |
Excluded component of fair value hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | (10) | 5 | (14) | 7 |
Excluded component of fair value 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 | (13) | 7 | (19) | 10 |
Tax effect | 3 | (2) | 5 | (3) |
Total amounts reclassified out of AOCI, after-tax | (10) | 5 | (14) | 7 |
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 | 345 | 0 | 345 |
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 | 397 | 0 | 397 |
Tax effect | 0 | (52) | 0 | (52) |
Long-duration insurance contracts | ||||
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 |
Long-duration insurance contracts | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 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 | 517 | 589 | 1,001 | 165 |
Total tax effect | (129) | (98) | (251) | (4) |
Total amounts reclassified out of AOCI, after-tax | $ 388 | $ 491 | $ 750 | $ 161 |
PREFERRED STOCK - Schedule of P
PREFERRED STOCK - Schedule of Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||
Carrying value | $ 20,245 | $ 18,995 |
Series A | ||
Class of Stock [Line Items] | ||
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | 1,500 |
Series A | LIBOR | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4.068% | |
Series A | SOFR | ||
Class of Stock [Line Items] | ||
Basis spread on variable dividend rate | 0.26161% | |
Preferred Stock, Additional Basis Spread on Dividend Rate | 4.068% | |
Series B | ||
Class of Stock [Line Items] | ||
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 750,000 | |
Carrying value | $ 750 | 750 |
Series B | LIBOR | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4.23% | |
Series D | ||
Class of Stock [Line Items] | ||
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,250,000 | |
Carrying value | $ 1,250 | 1,250 |
Series D | LIBOR | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 3.466% | |
Series D | SOFR | ||
Class of Stock [Line Items] | ||
Basis spread on variable dividend rate | 0.26161% | |
Preferred Stock, Additional Basis Spread on Dividend Rate | 3.466% | |
Series J | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 7.125% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 25 | |
Number of depositary shares (in shares) | 38,000,000 | |
Carrying value | $ 950 | 950 |
Series J | SOFR | ||
Class of Stock [Line Items] | ||
Basis spread on variable dividend rate | 0.26161% | |
Preferred Stock, Additional Basis Spread on Dividend Rate | 4.04% | |
Series K | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 6.875% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 25 | |
Number of depositary shares (in shares) | 59,800,000 | |
Carrying value | $ 1,495 | 1,495 |
Series M | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 6.30% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,750,000 | |
Carrying value | $ 1,750 | 1,750 |
Series P | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 5.95% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 2,000,000 | |
Carrying value | $ 2,000 | 2,000 |
Series T | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 6.25% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | 1,500 |
Series U | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 5% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | 1,500 |
Series V | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4.70% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | 1,500 |
Series W | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,500,000 | |
Carrying value | $ 1,500 | 1,500 |
Series X | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 3.875% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 2,300,000 | |
Carrying value | $ 2,300 | 2,300 |
Series Y | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4.15% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,000,000 | |
Carrying value | $ 1,000 | 1,000 |
Series Z Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 7.375% | |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | |
Number of depositary shares (in shares) | 1,250,000 | |
Carrying value | $ 1,250 | $ 0 |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 452,854 | $ 511,990 |
Consolidated VIE/SPE assets | 61,996 | 62,201 |
Significant unconsolidated VIE assets | 390,858 | 449,789 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 50,242 | 50,861 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,993 | 4,170 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 15,336 | 15,322 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 139 | 61 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 69,710 | 70,414 |
Private equity | ||
Variable Interest Entity | ||
Significant unconsolidated VIE assets | 11,000 | 69,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 534 | 498 |
Venture capital investments | ||
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 16,800 | 33,600 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 31,666 | 32,021 |
Consolidated VIE/SPE assets | 31,666 | 32,021 |
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 securitizations - U.S. agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 125,515 | 117,358 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 125,515 | 117,358 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,093 | 2,052 |
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 | 138 | 48 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,231 | 2,100 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 66,721 | 67,704 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 66,721 | 67,704 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,191 | 3,294 |
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 | 3,191 | 3,294 |
Citi-administered asset-backed commercial paper conduits | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 18,600 | 19,621 |
Consolidated VIE/SPE assets | 18,600 | 19,621 |
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 | 5,916 | 7,600 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 5,916 | 7,600 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,525 | 2,601 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,525 | 2,601 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 180,279 | 242,348 |
Consolidated VIE/SPE assets | 10,931 | 9,672 |
Significant unconsolidated VIE assets | 169,348 | 232,676 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 39,875 | 40,121 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 955 | 1,022 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 11,636 | 10,726 |
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 | 52,466 | 51,869 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,527 | 2,155 |
Consolidated VIE/SPE assets | 596 | 672 |
Significant unconsolidated VIE assets | 931 | 1,483 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 16 | 2 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 681 | 1,108 |
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 | 697 | 1,110 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 21,653 | 22,167 |
Consolidated VIE/SPE assets | 3 | 3 |
Significant unconsolidated VIE assets | 21,650 | 22,164 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,463 | 2,731 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,031 | 3,143 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 2,941 | 3,420 |
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 | 8,435 | 9,294 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 487 | 482 |
Consolidated VIE/SPE assets | 97 | 121 |
Significant unconsolidated VIE assets | 390 | 361 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 75 | 58 |
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 | 13 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 75 | 71 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 490 | 534 |
Consolidated VIE/SPE assets | 103 | 91 |
Significant unconsolidated VIE assets | 387 | 443 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 4 | 2 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 7 | 5 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 78 | 68 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 1 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | $ 90 | 75 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 0 | |
Consolidated VIE/SPE assets | 0 | |
Significant unconsolidated VIE assets | 0 | |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | $ 0 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Assets and Liabilities of VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Cash | $ 25,763 | $ 30,577 | $ 24,902 | |||
Trading account assets | 423,189 | 334,114 | ||||
Investments | 507,145 | 526,582 | ||||
Loans, net of unearned income | 660,612 | 657,221 | ||||
Allowance for credit losses on loans (ACLL) | (17,496) | $ (17,169) | (16,974) | (15,952) | $ (15,393) | $ (16,455) |
Total loans, net | 643,116 | 640,247 | ||||
Other assets, at fair value | 102,972 | 103,743 | ||||
Total assets | 2,423,675 | 2,416,676 | ||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||
Short-term borrowings, at fair value | 40,430 | 47,096 | ||||
Long-term debt | 274,510 | 271,606 | ||||
Other liabilities, plus allowances | 79,314 | 87,873 | ||||
Total liabilities | 2,214,253 | 2,214,838 | ||||
Consumer | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | 374,591 | 368,067 | ||||
Allowance for credit losses on loans (ACLL) | (14,866) | (14,389) | (14,119) | (12,983) | (12,368) | (14,040) |
Corporate | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | 286,021 | 289,154 | ||||
Allowance for credit losses on loans (ACLL) | (2,630) | $ (2,780) | (2,855) | $ (2,969) | $ (3,025) | $ (2,415) |
Consolidated VIEs | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Cash | 69 | 61 | ||||
Trading account assets | 10,417 | 9,153 | ||||
Investments | 496 | 594 | ||||
Loans, net of unearned income | 53,517 | 54,808 | ||||
Allowance for credit losses on loans (ACLL) | (2,623) | (2,520) | ||||
Total loans, net | 50,894 | 52,288 | ||||
Other assets, at fair value | 120 | 105 | ||||
Total assets | 61,996 | 62,201 | ||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||
Short-term borrowings, at fair value | 9,652 | 9,807 | ||||
Long-term debt | 7,930 | 10,324 | ||||
Other liabilities, plus allowances | 853 | 622 | ||||
Total liabilities | 18,435 | 20,753 | ||||
Consolidated VIEs | Consumer | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | 34,786 | 35,026 | ||||
Consolidated VIEs | Corporate | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||
Loans, net of unearned income | $ 18,731 | $ 19,782 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 15,336 | $ 15,322 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 681 | 1,108 |
Liquidity facilities | Non-agency-sponsored mortgage securitizations | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
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 | 681 | 1,108 |
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 | 14,655 | 14,214 |
Loan / equity commitments | Non-agency-sponsored mortgage securitizations | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 11,636 | 10,726 |
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 | 2,941 | 3,420 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 78 | 68 |
Loan / equity commitments | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 0 | $ 0 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Variable Interest Entity | |||
Cash | $ 25,763 | $ 30,577 | $ 24,902 |
Trading account assets | 423,189 | 334,114 | |
Investments | 507,145 | 526,582 | |
Other assets | 102,972 | 103,743 | |
Total assets | 2,423,675 | 2,416,676 | |
Unconsolidated VIEs | |||
Variable Interest Entity | |||
Cash | 0 | 0 | |
Trading account assets | 1,600 | 1,600 | |
Investments | 8,500 | 8,600 | |
Total loans, net of allowance | 43,500 | 44,200 | |
Other assets | 600 | 600 | |
Total assets | $ 54,200 | $ 55,000 |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 trust | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of trusts to hold securitized credit card receivables | 2 |
SECURITIZATIONS AND VARIABLE _8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | $ 1,600 | $ 1,900 | $ 2,300 | $ 4,000 | |
Proceeds from new securitizations | 1,600 | 1,800 | 2,400 | 3,900 | |
Contractual servicing fees received | 0 | 0 | 100 | 0 | |
Cash flows received on retained interests and other net cash flows | 0 | 0 | 0 | 0 | |
Purchases of previously transferred financial assets | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | 0.2 | 0.3 | 0.3 | 0.6 | |
Carrying value of retained interests | 684 | 684 | $ 659 | ||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Principal securitized | 1,000 | 8,600 | 2,300 | 10,200 | |
Proceeds from new securitizations | 900 | 8,400 | 2,000 | 10,000 | |
Contractual servicing fees received | 0 | 0 | 0 | 0 | |
Cash flows received on retained interests and other net cash flows | 100 | 0 | 100 | 0 | |
Purchases of previously transferred financial assets | 0 | 0 | 0 | 0 | |
Gains recognized on the securitization | 11.3 | $ 35 | 13.7 | $ 73.7 | |
Senior interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | 1,043 | 1,043 | 1,119 | ||
Subordinated interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | 959 | 959 | $ 943 | ||
Personal loan | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 1.7 | $ 1.7 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | $ 30,000 | $ 30,000 | $ 30,800 | ||
Liquidation losses | 0 | $ (0.3) | 2.3 | $ 1.2 | |
Commercial and other | |||||
Variable Interest Entity | |||||
Securitized assets | 28,700 | 28,700 | 28,800 | ||
Liquidation losses | 0 | 0 | 0 | 0 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Variable Interest Entity | |||||
Securitized assets | 58,700 | 58,700 | 59,600 | ||
Liquidation losses | 0 | $ (0.3) | 2.3 | $ 1.2 | |
Personal loan | |||||
Variable Interest Entity | |||||
Securitized assets | 100 | 100 | |||
90+ days past due | Residential mortgages | |||||
Variable Interest Entity | |||||
Securitized assets | 500 | 500 | 500 | ||
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 | $ 500 | $ 500 | $ 500 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | $ 681,000,000 | $ 600,000,000 | $ 681,000,000 | $ 600,000,000 | |
Principal amount of loans and other financial instruments | 51,000,000,000 | 49,000,000,000 | 51,000,000,000 | 49,000,000,000 | |
Capitalized MSRs | |||||
Balance, at beginning of period | 658,000,000 | 520,000,000 | 665,000,000 | 404,000,000 | |
Originations | 19,000,000 | 35,000,000 | 31,000,000 | 69,000,000 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | 22,000,000 | 59,000,000 | 19,000,000 | 158,000,000 | |
Other changes | (18,000,000) | (14,000,000) | (34,000,000) | (31,000,000) | |
Sale of MSRs | 0 | 0 | 0 | 0 | |
Balance, as of June 30 | 681,000,000 | 600,000,000 | 681,000,000 | 600,000,000 | |
MSR fees | |||||
Servicing fees | 32,000,000 | 30,000,000 | 65,000,000 | 59,000,000 | |
Late fees | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | |
Total MSR fees | 33,000,000 | 31,000,000 | 67,000,000 | 61,000,000 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 0 | 0 | $ 0 | ||
Mortgage securitizations - U.S. agency-sponsored | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | ||
Securities transferred to re-securitization entities | 3,300,000,000 | $ 5,600,000,000 | 8,600,000,000 | $ 14,900,000,000 | |
Market value of retained interest related to re-securitization transaction | 402,000,000 | 402,000,000 | 801,000,000 | ||
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 86,800,000,000 | $ 86,800,000,000 | $ 79,400,000,000 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 20,922,000,000 | $ 25,530,000,000 |
Citi-administered asset-backed commercial paper conduits | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 18,600,000,000 | 19,600,000,000 |
Incremental funding commitments with clients | $ 16,100,000,000 | $ 13,900,000,000 |
Weighted average life of commercial paper issued by conduits | 66 days | 64 days |
Citi-administered asset-backed commercial paper conduits | Minimum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 8% | |
Floor price of conduit's assets | $ 350,000,000 | |
Citi-administered asset-backed commercial paper conduits | Maximum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 10% | |
Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Letters of credit provided to conduits | $ 1,900,000,000 | $ 1,900,000,000 |
Commercial paper | $ 7,700,000,000 | $ 8,600,000,000 |
SECURITIZATIONS AND VARIABLE_12
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, 2023 | Dec. 31, 2022 | |
Variable Interest Entity | ||
Liquidity agreements, customer TOB trust | $ 0.7 | $ 1.1 |
Notional amount of offsetting reimbursement agreements | 0.5 | 0.7 |
Liquidity agreements, other trusts | $ 1.4 | $ 1.4 |
Maximum | ||
Variable Interest Entity | ||
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | 25% |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 390,858 | $ 449,789 |
Maximum exposure to unconsolidated VIEs | 69,710 | 70,414 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 43,836 | 43,236 |
Maximum exposure to unconsolidated VIEs | 9,100 | 8,806 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 21,396 | 23,120 |
Maximum exposure to unconsolidated VIEs | 14,535 | 15,077 |
Other (including investment funds, airlines and shipping) | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 104,116 | 166,320 |
Maximum exposure to unconsolidated VIEs | 28,831 | 27,986 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 169,348 | 232,676 |
Maximum exposure to unconsolidated VIEs | $ 52,466 | $ 51,869 |
DERIVATIVES - Derivative Notion
DERIVATIVES - Derivative Notionals (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives | ||
Reduction in derivative receivables | $ (403,000) | $ (444,987) |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | 347,586 | 349,195 |
Reduction in derivative receivables | (2,161) | (2,888) |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 256,131 | 255,280 |
Reduction in derivative receivables | (540) | (597) |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 256,131 | 255,280 |
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 | ||
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 | 89,869 | 92,344 |
Reduction in derivative receivables | (1,621) | (2,291) |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 42,117 | 48,678 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 47,752 | 43,666 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
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 | ||
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 | 1,586 | 1,571 |
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 | 1,586 | 1,571 |
Hedging instruments under ASC 815 | Commodity and other contracts | Written | ||
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 | ||
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 | 51,877,545 | 45,032,245 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 35,484,373 | 30,565,052 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 26,965,401 | 23,780,711 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 3,494,099 | 2,966,025 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written | ||
Derivatives | ||
Derivative notionals | 2,598,919 | 1,937,025 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 2,425,954 | 1,881,291 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 13,151,552 | 11,669,079 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 7,613,604 | 6,746,070 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 3,869,688 | 3,350,341 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written | ||
Derivatives | ||
Derivative notionals | 838,598 | 789,077 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 829,662 | 783,591 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,363,998 | 1,213,082 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 273,483 | 266,115 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 87,637 | 76,935 |
Other derivative instruments, Trading derivatives | Equity contract options | Written | ||
Derivatives | ||
Derivative notionals | 558,215 | 482,266 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 444,663 | 387,766 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 362,430 | 350,257 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 82,002 | 90,884 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 177,615 | 165,314 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written | ||
Derivatives | ||
Derivative notionals | 50,931 | 45,862 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 51,882 | 48,197 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,515,192 | 1,234,775 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written | ||
Derivatives | ||
Derivative notionals | 725,634 | 593,136 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $ 789,558 | $ 641,639 |
DERIVATIVES - Derivative Mark-t
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Derivative receivables | $ 403,000 | $ 444,987 |
Less: Netting agreements to assets | (312,754) | (346,545) |
Less: Netting of cash collateral received | (18,645) | (23,136) |
Total trading account derivatives, assets | 71,601 | 75,306 |
Less: Cash collateral received | (723) | (1,455) |
Less: Non-cash collateral received | (3,841) | (5,923) |
Total net receivables | 67,037 | 67,928 |
Liabilities | ||
Derivative payables | 397,015 | 436,493 |
Less: Netting agreements to liabilities | (312,754) | (346,545) |
Less: Netting of cash collateral paid | (28,221) | (30,032) |
Total derivative liabilities | 56,040 | 59,916 |
Less: Cash collateral paid | (2,793) | (2,272) |
Less: Non-cash collateral paid | (10,406) | (13,475) |
Total net payables | 42,841 | 44,169 |
Trading account assets | ||
Liabilities | ||
Does not meet applicable offsetting guidance, assets | 14,000 | 14,000 |
Trading account assets | Over-the-counter | ||
Liabilities | ||
Less: Netting agreements to liabilities | (241,000) | (276,000) |
Trading account assets | Cleared | ||
Liabilities | ||
Less: Netting agreements to liabilities | (48,000) | (49,000) |
Trading account assets | Exchange traded | ||
Liabilities | ||
Less: Netting agreements to liabilities | (24,000) | (22,000) |
Trading accounts liabilities | ||
Liabilities | ||
Does not meet applicable offsetting guidance, liabilities | 9,000 | 11,000 |
Trading accounts liabilities | Over-the-counter | ||
Assets | ||
Less: Netting agreements to assets | (241,000) | (276,000) |
Trading accounts liabilities | Cleared | ||
Assets | ||
Less: Netting agreements to assets | (48,000) | (49,000) |
Trading accounts liabilities | Exchange traded | ||
Assets | ||
Less: Netting agreements to assets | (24,000) | (22,000) |
Derivative instruments designated as ASC 815 hedges | ||
Assets | ||
Derivative receivables | 2,161 | 2,888 |
Liabilities | ||
Derivative payables | 1,342 | 1,871 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | ||
Assets | ||
Derivative receivables | 540 | 597 |
Liabilities | ||
Derivative payables | 36 | 102 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 414 | 468 |
Liabilities | ||
Derivative payables | 18 | 1 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Cleared | ||
Assets | ||
Derivative receivables | 126 | 129 |
Liabilities | ||
Derivative payables | 18 | 101 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 1,621 | 2,291 |
Liabilities | ||
Derivative payables | 1,306 | 1,769 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 1,620 | 2,288 |
Liabilities | ||
Derivative payables | 1,306 | 1,766 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Cleared | ||
Assets | ||
Derivative receivables | 1 | 3 |
Liabilities | ||
Derivative payables | 0 | 3 |
Derivatives instruments not designated as ASC 815 hedges | ||
Assets | ||
Derivative receivables | 400,839 | 442,099 |
Liabilities | ||
Derivative payables | 395,673 | 434,622 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | ||
Assets | ||
Derivative receivables | 168,154 | 177,607 |
Liabilities | ||
Derivative payables | 164,175 | 172,518 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 120,857 | 126,844 |
Liabilities | ||
Derivative payables | 114,712 | 119,854 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Cleared | ||
Assets | ||
Derivative receivables | 47,014 | 50,515 |
Liabilities | ||
Derivative payables | 49,212 | 52,566 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 283 | 248 |
Liabilities | ||
Derivative payables | 251 | 98 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 158,235 | 185,372 |
Liabilities | ||
Derivative payables | 151,519 | 184,226 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 157,724 | 184,869 |
Liabilities | ||
Derivative payables | 150,913 | 183,578 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Cleared | ||
Assets | ||
Derivative receivables | 511 | 502 |
Liabilities | ||
Derivative payables | 601 | 643 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Exchange traded | ||
Assets | ||
Derivative receivables | 0 | 1 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Liabilities | ||
Derivative payables | 5 | 5 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | ||
Assets | ||
Derivative receivables | 47,085 | 42,407 |
Liabilities | ||
Derivative payables | 51,581 | 43,783 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 22,029 | 19,674 |
Liabilities | ||
Derivative payables | 27,163 | 21,871 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Cleared | ||
Assets | ||
Derivative receivables | 36 | 1 |
Liabilities | ||
Derivative payables | 6 | 4 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 25,020 | 22,732 |
Liabilities | ||
Derivative payables | 24,412 | 21,908 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | ||
Assets | ||
Derivative receivables | 16,526 | 28,324 |
Liabilities | ||
Derivative payables | 17,670 | 26,318 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Over-the-counter | ||
Assets | ||
Derivative receivables | 15,640 | 27,285 |
Liabilities | ||
Derivative payables | 16,678 | 24,912 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Exchange traded | ||
Assets | ||
Derivative receivables | 886 | 1,039 |
Liabilities | ||
Derivative payables | 992 | 1,406 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | ||
Assets | ||
Derivative receivables | 10,839 | 8,389 |
Liabilities | ||
Derivative payables | 10,728 | 7,777 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Over-the-counter | ||
Assets | ||
Derivative receivables | 6,566 | 6,836 |
Liabilities | ||
Derivative payables | 6,607 | 5,807 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Cleared | ||
Assets | ||
Derivative receivables | 4,273 | 1,553 |
Liabilities | ||
Derivative payables | $ 4,121 | $ 1,970 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (28) | $ 68 | $ (98) | $ 63 |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | (22) | 72 | (34) | 144 |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (6) | $ (4) | $ (64) | $ (81) |
DERIVATIVES - Fair Value Hedges
DERIVATIVES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gain (loss) on fair value hedges | ||||
Gain (loss) under mark-to-market approach | $ 41 | $ (28) | ||
Gain (loss) under amortization approach | 11 | 2 | ||
Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | $ 921 | $ (1,491) | 961 | (1,044) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (921) | 1,490 | (961) | 1,042 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 54 | 47 | 125 | 127 |
Net interest income | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (491) | (1,717) | (492) | (6,383) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 488 | 1,646 | 481 | 6,243 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | (5) | 0 | (11) |
Interest rate contracts (gross) | 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 (gross) | Net interest income | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (491) | (1,717) | (492) | (6,383) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 488 | 1,646 | 481 | 6,243 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | (5) | 0 | (11) |
Foreign exchange contracts (gross) | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) of cross currency basis included in AOCI | 12 | 76 | ||
Foreign exchange contracts (gross) | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 738 | (1,234) | 1,286 | (1,659) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (738) | 1,233 | (1,286) | 1,657 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 2 | 73 | 24 | 104 |
Foreign exchange contracts (gross) | Net interest income | ||||
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 hedges | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 183 | (257) | (325) | 615 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (183) | 257 | 325 | (615) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 52 | (26) | 101 | 23 |
Commodity hedges | Net interest income | ||||
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, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Debt securities AFS, carrying amount of hedged asset/liability | $ 87,804 | $ 98,837 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (2,936) | (2,976) |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | (360) | (333) |
Long-term debt, carrying amount of hedged asset/liability | 130,665 | 144,549 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | (3,522) | (5,040) |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | (4,816) | (3,399) |
Physical commodities inventories | 8,000 | |
Physical commodities inventories, cumulative basis adjustments | 540 | |
Cumulative basis adjustment within active hedges | (201) | (91) |
Cumulative basis adjustment within de-designated hedges | (283) | (309) |
Amount of designated hedged items | 7,000 | 3,000 |
Amortized cost basis of closed portfolios used in hedging relations | $ 13,000 | $ 11,000 |
DERIVATIVES - Cash Flow Hedges
DERIVATIVES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | $ (263) | $ (688) | $ (254) | $ (2,425) |
Amount of gain (loss) reclassified from AOCI to earnings | 47 | |||
Net pretax change in cash flow hedges included within AOCI | 233 | (886) | 712 | (2,908) |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ (1,300) | |||
Maximum length of time hedged in cash flow hedge | 13 years | |||
Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | (280) | (681) | $ (259) | (2,441) |
Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) recognized in AOCI on derivative | 17 | (7) | 5 | 16 |
Other revenue | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (1) | (2) | (2) |
Other revenue | 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 revenue | Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (1) | (1) | (2) | (2) |
Net interest income | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (495) | 199 | (964) | 485 |
Net interest income | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | (495) | 199 | (964) | 485 |
Net interest income | 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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative gain (losses) | ||||
Amount of gain (loss) reclassified from AOCI to earnings | $ 47 | |||
Net investment hedges | Foreign currency translation adjustment | ||||
Derivative gain (losses) | ||||
Gain (loss) recognized in AOCI | $ (272) | $ 836 | $ (948) | $ 641 |
DERIVATIVES - Credit Derivative
DERIVATIVES - Credit Derivatives (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) agency | Dec. 31, 2022 USD ($) | |
Credit Risk Derivatives | ||
Fair values, receivable | $ 10,839 | $ 8,389 |
Fair values, payable | 10,728 | 7,777 |
Notionals, protection purchased | 789,558 | 641,639 |
Notionals, protection sold | 725,634 | 593,136 |
Fair value of derivative in liability position | 16,000 | 18,000 |
Fair value of collateral already posted | $ 14,000 | 15,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 800 | |
Collateral to be segregated | 16 | |
Aggregate cash obligations and collateral requirements | 800 | |
Fair value gross derivative assets | 312,754 | 346,545 |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, receivable | 4,249 | 5,094 |
Fair values, payable | 7,011 | 3,573 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, receivable | 6,590 | 3,295 |
Fair values, payable | 3,717 | 4,204 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, receivable | 1,242 | 1,753 |
Fair values, payable | 1,642 | 1,801 |
Notionals, protection purchased | 164,261 | 147,031 |
Notionals, protection sold | 146,723 | 148,721 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 7,503 | 4,577 |
Fair values, payable | 7,102 | 4,134 |
Notionals, protection purchased | 570,605 | 443,113 |
Notionals, protection sold | 538,159 | 407,293 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, receivable | 2,094 | 2,059 |
Fair values, payable | 1,984 | 1,842 |
Notionals, protection purchased | 54,692 | 51,495 |
Notionals, protection sold | 40,752 | 37,122 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 5,491 | 3,796 |
Fair values, payable | 4,977 | 2,970 |
Notionals, protection purchased | 619,717 | 499,339 |
Notionals, protection sold | 574,059 | 462,873 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, receivable | 5,348 | 4,593 |
Fair values, payable | 5,751 | 4,807 |
Notionals, protection purchased | 169,841 | 142,300 |
Notionals, protection sold | 151,575 | 130,263 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, receivable | 10,015 | 6,867 |
Fair values, payable | 10,352 | 7,360 |
Notionals, protection purchased | 768,300 | 623,981 |
Notionals, protection sold | 721,289 | 586,504 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, receivable | 824 | 1,522 |
Fair values, payable | 376 | 417 |
Notionals, protection purchased | 21,258 | 17,658 |
Notionals, protection sold | 4,345 | 6,632 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 2,700 | 1,400 |
Fair value of derecognized assets | 2,700 | 1,400 |
Fair value gross derivative assets | 39 | 27 |
Trading derivatives, liability | $ 24 | $ 32 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (651) | $ (651) | $ (816) | ||
Asset FVA | (502) | (502) | (622) | ||
Citigroup (own credit) CVA | 456 | 456 | 607 | ||
Liability FVA | 219 | 219 | 263 | ||
Total CVA and FVA—derivative instruments | (478) | (478) | $ (568) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | 4 | $ (94) | (30) | $ (201) | |
Asset FVA | 100 | (46) | 94 | (151) | |
Own credit CVA | (114) | 182 | (149) | 298 | |
Liability FVA | (17) | 68 | (44) | 90 | |
Total CVA and FVA—derivative instruments | (27) | 110 | (129) | 36 | |
DVA related to own FVO liabilities | (837) | 2,592 | (1,270) | 3,642 | |
Total CVA, DVA and FVA | $ (864) | $ 2,702 | $ (1,399) | $ 3,678 |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | $ (219,046) | $ (112,391) |
Trading account assets | 423,189 | 334,114 |
Netting agreements | (312,754) | (346,545) |
Netting of cash collateral received | (18,645) | (23,136) |
Trading derivatives | 71,601 | 75,306 |
Investments | 507,145 | 526,582 |
Loans held at fair value | 5,766 | 5,360 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (219,046) | (112,391) |
Netting agreements | (312,754) | (346,545) |
Netting of cash collateral paid | (28,221) | (30,032) |
Total derivative liabilities | 56,040 | 59,916 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Investments measured at net asset value excluded from Level 3 | 24 | 27 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 428,314 | 350,294 |
Federal funds sold and securities borrowed and purchased under agreements to resell, Netting | (218,188) | (110,767) |
Federal funds sold and securities borrowed and purchased under agreements to resell | 210,126 | 239,527 |
Investments | 238,039 | 250,547 |
Loans held at fair value | 5,766 | 5,360 |
Mortgage servicing rights | 681 | 665 |
Assets before netting | 1,441,025 | 1,321,319 |
Netting, Assets, total of netting agreements and cash collateral received | (549,587) | (480,448) |
Total assets | 891,438 | 840,871 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 2,598 | 1,875 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 214,431 | 156,853 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Netting | (151,631) | (85,967) |
Federal funds purchased and securities loaned and sold under agreements to repurchase | 62,800 | 70,886 |
Securities sold, not yet purchased | 114,616 | 110,720 |
Trading liabilities | 114,624 | 110,731 |
Short-term borrowings | 5,622 | 6,222 |
Long-term debt | 115,937 | 105,995 |
Total liabilities, Gross | 856,216 | 822,608 |
Total liabilities, Netting | (492,606) | (462,544) |
Total liabilities | 363,610 | 360,064 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 397,015 | 436,493 |
Total trading derivatives and cash collateral, liability | 397,015 | 436,493 |
Netting agreements | (312,754) | (346,545) |
Netting of cash collateral paid | (28,221) | (30,032) |
Netting, Liabilities, total of netting agreements and cash collateral received | (340,975) | (376,577) |
Total derivative liabilities | 56,040 | 59,916 |
Recurring | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 164,211 | 172,620 |
Recurring | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 152,825 | 185,995 |
Recurring | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 51,581 | 43,783 |
Recurring | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 17,670 | 26,318 |
Recurring | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 10,728 | 7,777 |
Recurring | Other financial liabilities measured on a recurring basis | ||
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 | 5,989 | 4,439 |
Total other assets and cash collateral, gross | 5,989 | 4,439 |
Recurring | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 8 | 11 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 60,006 | 38,409 |
Investments | 15,302 | 11,749 |
Recurring | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 55,958 | 35,478 |
Investments | 14,963 | 11,262 |
Recurring | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,082 | 1,988 |
Investments | 337 | 485 |
Recurring | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 966 | 943 |
Investments | 2 | 2 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 90,594 | 67,581 |
Investments | 82,243 | 92,290 |
Recurring | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,095 | 2,263 |
Investments | 2,202 | 2,223 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 92,216 | 64,352 |
Investments | 125,270 | 133,277 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 18,899 | 13,942 |
Investments | 5,327 | 4,916 |
Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 67,583 | 54,361 |
Investments | 296 | 429 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,099 | 2,265 |
Investments | 846 | 1,030 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 18,096 | 15,635 |
Investments | 6,144 | 4,194 |
Recurring | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 409 | 439 |
Recurring | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 351,588 | 258,808 |
Recurring | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 403,000 | 444,987 |
Trading derivative, asset, gross net cash collateral paid | 403,000 | 444,987 |
Netting agreements | (312,754) | (346,545) |
Netting of cash collateral received | (18,645) | (23,136) |
Total trading derivatives, netting | (331,399) | (369,681) |
Trading derivatives | 71,601 | 75,306 |
Recurring | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 168,694 | 178,204 |
Recurring | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 159,856 | 187,663 |
Recurring | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 47,085 | 42,407 |
Recurring | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 16,526 | 28,324 |
Recurring | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 10,839 | 8,389 |
Recurring | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total trading derivatives, netting | 0 | 0 |
Total other assets and cash collateral, gross | 13,637 | 10,658 |
Other assets | 13,637 | 10,658 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 0 | 0 |
Investments | 135,560 | 152,754 |
Loans held at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 343,367 | $ 304,439 |
Total as a percentage of gross assets | 23.80% | 23% |
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 | 98,359 | 97,559 |
Trading liabilities | 98,359 | 97,559 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, Gross | $ 104,198 | $ 102,003 |
Total as a percentage of gross liabilities | 12.20% | 12.40% |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 46 | $ 247 |
Recurring | Level 1 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 19 | 175 |
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 | 27 | 70 |
Recurring | Level 1 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 2 |
Recurring | Level 1 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 5,793 | 4,197 |
Recurring | Level 1 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1 | 1 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1 | 1 |
Investments | 0 | 0 |
Recurring | Level 1 | Commercial | ||
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 | 88,273 | 63,067 |
Investments | 81,878 | 91,851 |
Recurring | Level 1 | State and municipal | ||
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 | 56,090 | 38,383 |
Investments | 50,928 | 58,419 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,695 | 1,593 |
Investments | 2,590 | 2,230 |
Recurring | Level 1 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 55,898 | 43,990 |
Investments | 164 | 254 |
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 | 5 | 24 |
Investments | 0 | 0 |
Recurring | Level 1 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Recurring | Level 1 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 201,962 | 147,058 |
Recurring | Level 1 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 52 | 317 |
Recurring | Level 1 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 21 | 297 |
Recurring | Level 1 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 31 | 20 |
Recurring | Level 1 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 5,793 | 4,310 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 428,174 | 350,145 |
Investments | 100,715 | 95,744 |
Loans held at fair value | 5,525 | 3,999 |
Mortgage servicing rights | 0 | 0 |
Assets before netting | $ 1,083,784 | $ 1,001,032 |
Total as a percentage of gross assets | 75.20% | 75.80% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 2,572 | $ 1,860 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 213,804 | 155,822 |
Securities sold, not yet purchased | 16,195 | 13,111 |
Trading liabilities | 16,199 | 13,119 |
Short-term borrowings | 5,326 | 6,184 |
Long-term debt | 78,733 | 69,878 |
Total liabilities, Gross | $ 704,104 | $ 674,144 |
Total as a percentage of gross liabilities | 82.20% | 82% |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 387,297 | $ 427,041 |
Recurring | Level 2 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 159,959 | 169,049 |
Recurring | Level 2 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 152,029 | 185,279 |
Recurring | Level 2 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 48,699 | 40,905 |
Recurring | Level 2 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 16,892 | 25,093 |
Recurring | Level 2 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 9,718 | 6,715 |
Recurring | Level 2 | Other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 173 | 240 |
Recurring | Level 2 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 4 | 8 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 59,019 | 37,497 |
Investments | 15,245 | 11,678 |
Recurring | Level 2 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 55,299 | 34,878 |
Investments | 14,931 | 11,232 |
Recurring | Level 2 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,936 | 1,821 |
Investments | 312 | 444 |
Recurring | Level 2 | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 784 | 798 |
Investments | 2 | 2 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,321 | 4,513 |
Investments | 344 | 439 |
Recurring | Level 2 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,092 | 2,256 |
Investments | 1,695 | 1,637 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 36,045 | 25,850 |
Investments | 73,928 | 74,250 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 16,623 | 11,955 |
Investments | 2,447 | 2,343 |
Recurring | Level 2 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 11,400 | 10,179 |
Investments | 119 | 165 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,560 | 1,597 |
Investments | 845 | 1,029 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 16,613 | 14,963 |
Investments | 6,087 | 4,194 |
Recurring | Level 2 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 5 | 9 |
Recurring | Level 2 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 145,673 | 108,810 |
Recurring | Level 2 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 395,926 | 436,043 |
Recurring | Level 2 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 166,402 | 174,156 |
Recurring | Level 2 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 158,360 | 186,897 |
Recurring | Level 2 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 45,762 | 40,683 |
Recurring | Level 2 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 15,418 | 26,823 |
Recurring | Level 2 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 9,984 | 7,484 |
Recurring | Level 2 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 7,771 | 6,291 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Federal funds sold and securities borrowed and purchased under agreements to resell | 140 | 149 |
Investments | 1,764 | 2,049 |
Loans held at fair value | 241 | 1,361 |
Mortgage servicing rights | 681 | 665 |
Assets before netting | $ 13,874 | $ 15,848 |
Total as a percentage of gross assets | 1% | 1.20% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 26 | $ 15 |
Federal funds purchased and securities loaned and sold under agreements to repurchase, Gross | 627 | 1,031 |
Securities sold, not yet purchased | 62 | 50 |
Trading liabilities | 66 | 53 |
Short-term borrowings | 296 | 38 |
Long-term debt | 37,204 | 36,117 |
Total liabilities, Gross | $ 47,914 | $ 46,461 |
Total as a percentage of gross liabilities | 5.60% | 5.60% |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 9,672 | $ 9,205 |
Recurring | Level 3 | Trading account liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 4,233 | 3,396 |
Recurring | Level 3 | Trading account liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 796 | 716 |
Recurring | Level 3 | Trading account liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,855 | 2,808 |
Recurring | Level 3 | Trading account liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 778 | 1,223 |
Recurring | Level 3 | Trading account liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,010 | 1,062 |
Recurring | Level 3 | Other financial liabilities measured on a recurring basis | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other liabilities, gross | 23 | 2 |
Recurring | Level 3 | Other trading liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 4 | 3 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 986 | 911 |
Investments | 57 | 71 |
Recurring | Level 3 | Mortgage securitizations - U.S. agency-sponsored | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 659 | 600 |
Investments | 32 | 30 |
Recurring | Level 3 | Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 145 | 166 |
Investments | 25 | 41 |
Recurring | Level 3 | Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 182 | 145 |
Investments | 0 | 0 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 1 |
Investments | 21 | 0 |
Recurring | Level 3 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3 | 7 |
Investments | 507 | 586 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 81 | 119 |
Investments | 414 | 608 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 581 | 394 |
Investments | 290 | 343 |
Recurring | Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 285 | 192 |
Investments | 13 | 10 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 539 | 668 |
Investments | 1 | 1 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,478 | 648 |
Investments | 57 | 0 |
Recurring | Level 3 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 404 | 430 |
Recurring | Level 3 | Trading non-derivative assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,953 | 2,940 |
Recurring | Level 3 | Trading account derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 7,022 | 8,627 |
Recurring | Level 3 | Trading account derivatives | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 2,271 | 3,751 |
Recurring | Level 3 | Trading account derivatives | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,496 | 766 |
Recurring | Level 3 | Trading account derivatives | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,292 | 1,704 |
Recurring | Level 3 | Trading account derivatives | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,108 | 1,501 |
Recurring | Level 3 | Trading account derivatives | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 855 | 905 |
Recurring | Level 3 | Non-trading derivatives and other financial assets measured on a recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | $ 73 | $ 57 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Trading derivatives, net | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | $ (1,037) | $ (703) | $ (578) | $ (112) |
Net realized/unrealized gains (losses) included in principal transactions | (1,499) | 2,606 | (2,304) | 4,326 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (8) | (56) | 6 | (585) |
Transfers out of Level 3 | (94) | (170) | 571 | (1,162) |
Purchases | 12 | 367 | (220) | 709 |
Issuances | 0 | 26 | 0 | 26 |
Sales | (59) | (742) | (124) | (1,076) |
Settlements | 35 | (486) | (1) | (1,284) |
Balance at end of period, asset (liability), net | (2,650) | 842 | (2,650) | 842 |
Unrealized gains (losses) still held | (1,739) | 2,001 | (2,191) | 2,834 |
Trading derivatives, net | 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 | 260 | 779 | 355 | 1,726 |
Net realized/unrealized gains (losses) included in principal transactions | (1,550) | 434 | (1,689) | 600 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (167) | 141 | (202) | 73 |
Transfers out of Level 3 | (669) | (272) | (659) | (803) |
Purchases | (17) | 7 | (13) | 9 |
Issuances | 0 | 6 | 0 | 6 |
Sales | 13 | (6) | 13 | (6) |
Settlements | 168 | (208) | 233 | (724) |
Balance at end of period, asset (liability), net | (1,962) | 881 | (1,962) | 881 |
Unrealized gains (losses) still held | (1,486) | 473 | (1,713) | 650 |
Trading derivatives, net | 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 | 76 | (131) | 50 | (89) |
Net realized/unrealized gains (losses) included in principal transactions | 503 | 769 | 546 | 1,164 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 121 | 34 | 104 | (475) |
Transfers out of Level 3 | 50 | (50) | 48 | (6) |
Purchases | 27 | 73 | 102 | 175 |
Issuances | 0 | 20 | 0 | 20 |
Sales | (42) | (547) | (81) | (611) |
Settlements | (35) | (12) | (69) | (22) |
Balance at end of period, asset (liability), net | 700 | 156 | 700 | 156 |
Unrealized gains (losses) still held | 438 | 126 | 497 | 235 |
Trading derivatives, net | 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 | (1,582) | (1,564) | (1,104) | (2,140) |
Net realized/unrealized gains (losses) included in principal transactions | (486) | 1,189 | (878) | 1,997 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (16) | (60) | (67) | (73) |
Transfers out of Level 3 | 572 | 232 | 806 | 207 |
Purchases | (7) | 220 | (253) | 405 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (21) | (91) | (44) | (316) |
Settlements | (23) | (27) | (23) | (181) |
Balance at end of period, asset (liability), net | (1,563) | (101) | (1,563) | (101) |
Unrealized gains (losses) still held | (494) | 1,182 | (624) | 1,634 |
Trading derivatives, net | 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 | 230 | 217 | 278 | 422 |
Net realized/unrealized gains (losses) included in principal transactions | 188 | 208 | (137) | 622 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 74 | (74) | 174 | (45) |
Transfers out of Level 3 | (83) | 84 | 240 | (409) |
Purchases | 9 | 67 | (58) | 120 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (9) | (98) | (12) | (142) |
Settlements | (79) | (149) | (155) | (313) |
Balance at end of period, asset (liability), net | 330 | 255 | 330 | 255 |
Unrealized gains (losses) still held | 18 | 246 | (148) | 410 |
Trading derivatives, net | 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 | (21) | (4) | (157) | (31) |
Net realized/unrealized gains (losses) included in principal transactions | (154) | 6 | (146) | (57) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (20) | (97) | (3) | (65) |
Transfers out of Level 3 | 36 | (164) | 136 | (151) |
Purchases | 0 | 0 | 2 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (1) |
Settlements | 4 | (90) | 13 | (44) |
Balance at end of period, asset (liability), net | (155) | (349) | (155) | (349) |
Unrealized gains (losses) still held | (215) | (26) | (203) | (95) |
Other financial liabilities measured on a recurring basis | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 20 | |||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | |||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (1) | |||
Transfers into Level 3, liabilities | 0 | |||
Transfers out of Level 3, liabilities | (1) | |||
Purchases, liability | 0 | |||
Issuance, liability | 3 | |||
Sales, liability | 0 | |||
Settlements, liability | 0 | |||
Balance at end of period, liability | 23 | 23 | ||
Unrealized gains (losses) still held, liabilities | (1) | |||
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 16 | 191 | 15 | 183 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (7) | 0 | (7) | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 7 | (2) | 3 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 7 |
Transfers out of Level 3, liabilities | 0 | (122) | (1) | (122) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 13 | 17 | 13 | 18 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (10) | (61) | (10) | (65) |
Balance at end of period, liability | 26 | 18 | 26 | 18 |
Unrealized gains (losses) still held, liabilities | (7) | 0 | (7) | 0 |
Securities loaned and sold under agreements to repurchase | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 809 | 612 | 1,031 | 643 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 1 | 24 | (6) | 50 |
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 | (24) | (3) | (24) | (3) |
Purchases, liability | 511 | 16 | 1,335 | 16 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (668) | (8) | (1,721) | (13) |
Balance at end of period, liability | 627 | 593 | 627 | 593 |
Unrealized gains (losses) still held, liabilities | 1 | 10 | 0 | 28 |
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 | 72 | 38 | 50 | 65 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 2 | (8) | (13) | 21 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 5 | 10 | 11 | 35 |
Transfers out of Level 3, liabilities | (15) | (4) | (31) | (19) |
Purchases, liability | 33 | 30 | 64 | 83 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 0 | 1 | 0 | 1 |
Settlements, liability | (31) | (11) | (45) | (72) |
Balance at end of period, liability | 62 | 72 | 62 | 72 |
Unrealized gains (losses) still held, liabilities | 4 | (12) | 6 | (2) |
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 | 1 | 3 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 2 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | ||
Transfers into Level 3, liabilities | 3 | 3 | ||
Transfers out of Level 3, liabilities | 0 | 0 | ||
Purchases, liability | 0 | 0 | ||
Issuance, liability | 0 | 0 | ||
Sales, liability | 0 | 0 | ||
Settlements, liability | 0 | 0 | ||
Balance at end of period, liability | 4 | 4 | ||
Unrealized gains (losses) still held, liabilities | (1) | 0 | ||
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 281 | 36 | 38 | 105 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 13 | 1 | 40 | 89 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 19 | 12 | 19 | 40 |
Transfers out of Level 3, liabilities | (11) | (12) | (16) | (21) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 21 | 69 | 297 | 76 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (1) | (23) | (2) | (30) |
Balance at end of period, liability | 296 | 81 | 296 | 81 |
Unrealized gains (losses) still held, liabilities | (4) | 2 | (9) | 1 |
Long-term debt | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Transfers out of Level 3 | (1,300) | (6,100) | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 36,581 | 27,432 | 36,117 | 25,509 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 893 | 4,719 | (227) | 8,245 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 2,130 | 3,335 | 3,228 | 6,743 |
Transfers out of Level 3, liabilities | (1,263) | (2,634) | (6,106) | (3,507) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 808 | 6,527 | 4,344 | 9,699 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (159) | (163) | (606) | (421) |
Balance at end of period, liability | 37,204 | 29,778 | 37,204 | 29,778 |
Unrealized gains (losses) still held, liabilities | 591 | 4,232 | 964 | (4,197) |
Other financial liabilities measured on a recurring basis | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 2 | 1 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 1 | 1 | ||
Transfers into Level 3, liabilities | 0 | 0 | ||
Transfers out of Level 3, liabilities | (1) | 0 | ||
Purchases, liability | 0 | 0 | ||
Issuance, liability | 23 | 0 | ||
Sales, liability | 0 | 0 | ||
Settlements, liability | 0 | 0 | ||
Balance at end of period, liability | 23 | 0 | 23 | 0 |
Unrealized gains (losses) still held, liabilities | (1) | 0 | ||
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 | 153 | 202 | 149 | 231 |
Net realized/unrealized gains (losses) included in principal transactions | (10) | (12) | 3 | (1) |
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 | (2) | 0 | (2) | 0 |
Purchases, assets | 0 | 36 | 137 | 124 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (1) | (43) | (147) | (171) |
Balance at end of period, asset | 140 | 183 | 140 | 183 |
Unrealized gains (losses) still held, assets | (8) | (10) | 5 | (7) |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3,242 | 2,940 | 2,940 | 2,520 |
Net realized/unrealized gains (losses) included in principal transactions | 377 | 64 | 476 | 118 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 484 | 1,045 | 953 | 1,455 |
Transfers out of Level 3, assets | (332) | (545) | (729) | (870) |
Purchases, assets | 963 | 1,044 | 1,816 | 2,361 |
Issuance, assets | 0 | 6 | 0 | 16 |
Sales, assets | (781) | (1,066) | (1,503) | (2,108) |
Settlements, assets | 0 | (4) | 0 | (8) |
Balance at end of period, asset | 3,953 | 3,484 | 3,953 | 3,484 |
Unrealized gains (losses) still held, assets | 431 | 2 | 518 | (43) |
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 | 658 | 498 | 600 | 496 |
Net realized/unrealized gains (losses) included in principal transactions | (32) | (15) | (10) | (13) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 93 | 80 | 185 | 127 |
Transfers out of Level 3, assets | (124) | (89) | (266) | (158) |
Purchases, assets | 147 | 318 | 370 | 484 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (83) | (84) | (220) | (228) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 659 | 708 | 659 | 708 |
Unrealized gains (losses) still held, assets | (24) | (19) | (35) | (21) |
Trading non-derivative assets | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 162 | 118 | 166 | 104 |
Net realized/unrealized gains (losses) included in principal transactions | (2) | 0 | (1) | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 35 | 28 | 61 | 61 |
Transfers out of Level 3, assets | (43) | (11) | (62) | (32) |
Purchases, assets | 39 | 47 | 100 | 85 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (46) | (29) | (119) | (65) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 145 | 153 | 145 | 153 |
Unrealized gains (losses) still held, assets | (3) | (4) | (13) | (5) |
Trading non-derivative assets | Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 163 | 52 | 145 | 81 |
Net realized/unrealized gains (losses) included in principal transactions | (10) | (3) | (15) | (5) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 48 | 96 | 104 | 97 |
Transfers out of Level 3, assets | (18) | (8) | (31) | (34) |
Purchases, assets | 31 | 4 | 50 | 9 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (32) | (3) | (71) | (10) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 182 | 138 | 182 | 138 |
Unrealized gains (losses) still held, assets | (7) | (3) | (13) | (2) |
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 | 983 | 668 | 911 | 681 |
Net realized/unrealized gains (losses) included in principal transactions | (44) | (18) | (26) | (18) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 176 | 204 | 350 | 285 |
Transfers out of Level 3, assets | (185) | (108) | (359) | (224) |
Purchases, assets | 217 | 369 | 520 | 578 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (161) | (116) | (410) | (303) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 986 | 999 | 986 | 999 |
Unrealized gains (losses) still held, assets | (34) | (26) | (61) | (28) |
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 | 1 | 2 | 1 | 4 |
Net realized/unrealized gains (losses) included in principal transactions | (1) | 0 | (1) | (4) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 2 |
Transfers out of Level 3, assets | 0 | (1) | 0 | (1) |
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 | 1 | 0 | 1 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Trading non-derivative assets | State and municipal | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 23 | 6 | 7 | 37 |
Net realized/unrealized gains (losses) included in principal transactions | (1) | 4 | (3) | 5 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 71 | 19 | 71 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (20) |
Purchases, assets | 0 | 0 | 0 | 1 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (19) | (1) | (20) | (14) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 3 | 80 | 3 | 80 |
Unrealized gains (losses) still held, assets | 0 | (3) | 0 | (5) |
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 | 53 | 94 | 119 | 23 |
Net realized/unrealized gains (losses) included in principal transactions | (1) | (27) | 6 | (26) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 8 | 249 | 8 | 299 |
Transfers out of Level 3, assets | (2) | (1) | (27) | (1) |
Purchases, assets | 49 | 57 | 61 | 87 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (26) | (8) | (86) | (18) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 81 | 364 | 81 | 364 |
Unrealized gains (losses) still held, assets | (1) | (12) | 5 | (18) |
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 296 | 1,013 | 394 | 412 |
Net realized/unrealized gains (losses) included in principal transactions | 46 | 59 | 76 | 68 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 196 | 120 | 210 | 262 |
Transfers out of Level 3, assets | (51) | (244) | (178) | (278) |
Purchases, assets | 256 | 181 | 352 | 828 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (162) | (592) | (273) | (755) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 581 | 537 | 581 | 537 |
Unrealized gains (losses) still held, assets | 88 | 38 | 153 | 18 |
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 | 225 | 199 | 192 | 174 |
Net realized/unrealized gains (losses) included in principal transactions | 6 | (9) | 9 | (14) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 14 | 14 | 26 | 63 |
Transfers out of Level 3, assets | (2) | (61) | (8) | (87) |
Purchases, assets | 66 | 58 | 97 | 108 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (24) | (68) | (31) | (111) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 285 | 133 | 285 | 133 |
Unrealized gains (losses) still held, assets | 5 | (23) | 10 | (40) |
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 | 567 | 466 | 668 | 613 |
Net realized/unrealized gains (losses) included in principal transactions | (1) | (24) | 14 | (19) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 74 | 82 | 79 | 140 |
Transfers out of Level 3, assets | (18) | (100) | (81) | (167) |
Purchases, assets | 197 | 262 | 318 | 393 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (280) | (132) | (459) | (406) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 539 | 554 | 539 | 554 |
Unrealized gains (losses) still held, assets | (5) | (26) | 0 | (45) |
Trading non-derivative assets | Other debt securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,094 | 492 | 648 | 576 |
Net realized/unrealized gains (losses) included in principal transactions | 373 | 79 | 401 | 126 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 16 | 305 | 261 | 333 |
Transfers out of Level 3, assets | (74) | (30) | (76) | (92) |
Purchases, assets | 178 | 117 | 468 | 366 |
Issuance, assets | 0 | 6 | 0 | 16 |
Sales, assets | (109) | (149) | (224) | (501) |
Settlements, assets | 0 | (4) | 0 | (8) |
Balance at end of period, asset | 1,478 | 816 | 1,478 | 816 |
Unrealized gains (losses) still held, assets | 378 | 54 | 411 | 75 |
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,893 | 2,378 | 2,049 | 2,227 |
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 | (16) | (64) | (3) | (147) |
Transfers into Level 3 | 15 | 100 | 28 | 415 |
Transfers out of Level 3, assets | (24) | (195) | (161) | (304) |
Purchases, assets | 457 | 223 | 738 | 410 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (561) | (179) | (887) | (338) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1,764 | 2,263 | 1,764 | 2,263 |
Unrealized gains (losses) still held, assets | (8) | (45) | 10 | (85) |
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 | 28 | 46 | 30 | 51 |
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 | (2) | (1) | (9) |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3, assets | 0 | (10) | 0 | (10) |
Purchases, assets | 4 | 0 | 4 | 4 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1) | (6) | (1) | (9) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 32 | 28 | 32 | 28 |
Unrealized gains (losses) still held, assets | (1) | (2) | (4) | (4) |
Investments | Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 25 | 44 | 41 | 94 |
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 | (4) | 0 | (6) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (39) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | (16) | (9) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 25 | 40 | 25 | 40 |
Unrealized gains (losses) still held, assets | 0 | (4) | 0 | (5) |
Investments | Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | ||
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3, assets | 0 | 0 | ||
Purchases, assets | 0 | 0 | ||
Issuance, assets | 0 | 0 | ||
Sales, assets | 0 | 0 | ||
Settlements, assets | 0 | 0 | ||
Balance at end of period, asset | 0 | 0 | ||
Unrealized gains (losses) still held, assets | 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 | 53 | 90 | 71 | 145 |
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 | (6) | (1) | (15) |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3, assets | 0 | (10) | 0 | (49) |
Purchases, assets | 4 | 0 | 4 | 4 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1) | (6) | (17) | (18) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 57 | 68 | 57 | 68 |
Unrealized gains (losses) still held, assets | (1) | (6) | (4) | (9) |
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 | 51 | 1 | 0 | 1 |
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 | (1) | 0 | (1) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 51 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (30) | 0 | (30) | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 21 | 0 | 21 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | State and municipal | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 521 | 705 | 586 | 772 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (8) | (34) | 9 | (78) |
Transfers into Level 3 | 0 | 0 | 1 | 0 |
Transfers out of Level 3, assets | (2) | (131) | (77) | (142) |
Purchases, assets | 0 | 1 | 1 | 1 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (4) | (2) | (13) | (14) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 507 | 539 | 507 | 539 |
Unrealized gains (losses) still held, assets | (8) | (14) | 5 | (47) |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 551 | 1,029 | 608 | 786 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 7 | (15) | 5 | (39) |
Transfers into Level 3 | 15 | 0 | 25 | 250 |
Transfers out of Level 3, assets | (17) | (54) | (18) | (113) |
Purchases, assets | 363 | 202 | 523 | 385 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (505) | (161) | (729) | (268) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 414 | 1,001 | 414 | 1,001 |
Unrealized gains (losses) still held, assets | 7 | (16) | 8 | (19) |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 291 | 237 | 343 | 188 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (4) | (3) | (1) | (7) |
Transfers into Level 3 | 0 | 100 | 0 | 153 |
Transfers out of Level 3, assets | 0 | 0 | (61) | 0 |
Purchases, assets | 23 | 0 | 81 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (20) | 0 | (72) | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 290 | 334 | 290 | 334 |
Unrealized gains (losses) still held, assets | (4) | (1) | (4) | (2) |
Investments | Marketable equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 12 | 16 | 10 | 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 | 1 | (6) | 3 | (6) |
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 | 13 | 10 | 13 | 10 |
Unrealized gains (losses) still held, assets | (7) | (7) | 0 | (7) |
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1 | 2 | 1 | 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 | (1) | 0 | 11 |
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 | (13) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1 | 1 | 1 | 1 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Other debt securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 4 | 0 | ||
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 1 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3, assets | (5) | (5) | ||
Purchases, assets | 57 | 62 | ||
Issuance, assets | 0 | 0 | ||
Sales, assets | 0 | 0 | ||
Settlements, assets | 0 | 0 | ||
Balance at end of period, asset | 57 | 57 | ||
Unrealized gains (losses) still held, assets | 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 | 409 | 298 | 430 | 316 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (14) | 2 | (18) | (12) |
Transfers into Level 3 | 0 | 0 | 2 | 11 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 10 | 20 | 16 | 20 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (1) | (10) | (26) | (25) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 404 | 310 | 404 | 310 |
Unrealized gains (losses) still held, assets | 5 | (1) | 5 | (1) |
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 640 | 622 | 1,361 | 711 |
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 | (281) | (105) | (264) | (190) |
Transfers into Level 3 | 2 | 1 | 2 | 1 |
Transfers out of Level 3, assets | (119) | (193) | (309) | (195) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 1 | 106 | 1 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (1) | (1) | (655) | (3) |
Balance at end of period, asset | 241 | 325 | 241 | 325 |
Unrealized gains (losses) still held, assets | (146) | (7) | (133) | 166 |
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 658 | 520 | 665 | 404 |
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 | 21 | 59 | 18 | 158 |
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 | 19 | 35 | 31 | 69 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | (17) | (14) | (33) | (31) |
Balance at end of period, asset | 681 | 600 | 681 | 600 |
Unrealized gains (losses) still held, assets | 22 | 59 | 20 | 157 |
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 | 52 | 68 | 57 | 73 |
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 | 4 | (2) | 7 |
Transfers into Level 3 | 0 | 7 | 0 | 7 |
Transfers out of Level 3, assets | (1) | (12) | (2) | (16) |
Purchases, assets | 21 | 13 | 22 | 14 |
Issuance, assets | 0 | 15 | 0 | 40 |
Sales, assets | 0 | 0 | (2) | (1) |
Settlements, assets | 0 | (32) | 0 | (61) |
Balance at end of period, asset | 73 | 63 | 73 | 63 |
Unrealized gains (losses) still held, assets | $ 0 | $ 7 | $ 0 | $ 48 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | $ 2,130 | $ 3,335 | $ 3,228 | $ 6,743 |
Transfers out of Level 3 | 1,300 | 6,100 | ||
Transfers out of Level 3, liabilities | $ 1,263 | $ 2,634 | 6,106 | 3,507 |
Option Volatility | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | 2,900 | 4,500 | ||
Equity Volatility | ||||
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | $ 300 | $ 2,200 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Jun. 30, 2023 USD ($) year | Dec. 31, 2022 USD ($) year |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 729,000,000 | $ 895,000,000 |
Derivative assets | 71,601,000,000 | 75,306,000,000 |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 140,000,000 | 146,000,000 |
State and municipal, foreign government, corporate and other debt securities | 973,000,000 | |
Marketable equity securities | 34,000,000 | 31,000,000 |
Loans and leases | 1,059,000,000 | |
Mortgage servicing rights | 85,000,000 | 84,000,000 |
Interest-bearing deposits | 15,000,000 | |
Securities loaned and sold under agreement to repurchase | 627,000,000 | |
Short-term borrowings and long-term debt | 37,378,000,000 | 36,155,000,000 |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 970,000,000 | |
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Fair Value Disclosure | 6,000,000 | |
Model-based | Level 3 | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 6,435,000,000 | 7,108,000,000 |
Model-based | Level 3 | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,916,000,000 | 1,437,000,000 |
Model-based | Level 3 | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 4,062,000,000 | 4,430,000,000 |
Model-based | Level 3 | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,772,000,000 | 2,724,000,000 |
Model-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1,307,000,000 | 1,520,000,000 |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 726,000,000 | 732,000,000 |
Asset-backed securities | 77,000,000 | 308,000,000 |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 310,000,000 | 228,000,000 |
State and municipal, foreign government, corporate and other debt securities | 2,349,000,000 | 2,360,000,000 |
Marketable equity securities | 241,000,000 | 147,000,000 |
Asset-backed securities | 463,000,000 | 304,000,000 |
Non-marketable equities | 101,000,000 | |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 95,000,000 | 57,000,000 |
Loans and leases | 234,000,000 | 304,000,000 |
Securities sold, not yet purchased and other trading liabilities | 60,000,000 | |
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Fair Value Disclosure | 47,000,000 | |
Price-based | Level 3 | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 510,000,000 | 439,000,000 |
Comparable analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 298,000,000 | 287,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 57,000,000 | |
Mortgage servicing rights | 597,000,000 | $ 580,000,000 |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | $ 26,000,000 | |
Minimum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 1.23% | 2.61% |
Securities loaned and sold under agreement to repurchase | 0.0396 | |
Securities Loaned And Sold Under Agreements To Repurchase, Measurement Input | 0.0401 | |
Minimum | Model-based | Level 3 | Interest Rate | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0257 | |
Minimum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 0.15% |
State and municipal, foreign government, corporate and other debt securities | 0.0035 | |
Minimum | Model-based | Level 3 | Credit Spread | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0116 | |
Minimum | Model-based | Level 3 | Credit Spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0007 | 0.000250 |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 3 | 2.24 |
Mortgage servicing rights | year | 3.84 | 3.92 |
Minimum | Model-based | Level 3 | WAL | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.24 | |
Minimum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 7,148,000,000 | |
Marketable equity securities | 7,148,000,000 | |
Derivative assets | year | 7,148,000,000 | |
Minimum | Model-based | Level 3 | Recovery | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 7,148,000,000 | |
Minimum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.0028 | 0.0033 |
Minimum | Model-based | Level 3 | IR Normal Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0028 | 0.0033 |
Minimum | Model-based | Level 3 | IR Normal Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0033 | |
Minimum | Model-based | Level 3 | IR Basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0028 | (0.0423) |
Minimum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0005 | |
Minimum | Model-based | Level 3 | Equity Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0005 | |
Minimum | Model-based | Level 3 | Equity Volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0 | 0.0005 |
Minimum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Measurement Input | 0.0200 | |
Minimum | Model-based | Level 3 | Equity Forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7262 | 0.6834 |
Minimum | Model-based | Level 3 | Equity - FX Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3 | (0.9500) |
Minimum | Model-based | Level 3 | Equity-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.2200) | |
Minimum | Model-based | Level 3 | Equity-IR Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.1883) | |
Minimum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | (0.2100) | |
Minimum | Model-based | Level 3 | Commodity Correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.2100) | (0.3200) |
Minimum | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0879 | |
Minimum | Model-based | Level 3 | Commodity Volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0879 | 0.1043 |
Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.1746 | |
Interest-bearing deposits | 1 | |
Minimum | Model-based | Level 3 | Forward Price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1746 | 0.1427 |
Minimum | Model-based | Level 3 | Equity - Equity Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.9000) | (0.0398) |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 4.46% | 4.41% |
Asset-backed securities | 6.12% | 5.76% |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 1.11 | $ 1.04 |
State and municipal, foreign government, corporate and other debt securities | 0.01 | 0.01 |
Marketable equity securities | 0 | 0 |
Asset-backed securities | 5.45 | 10.50 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | $ 0.01 | $ 80.16 |
Loans and leases | 69.49 | 0.01 |
Securities sold, not yet purchased and other trading liabilities | $ 0 | |
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Measurement Input | 0 | |
Minimum | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3.66 | |
Derivative assets | $ 31.71 | |
Minimum | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 14 | |
Minimum | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 3.60 | |
Minimum | Price-based | Level 3 | Equity Forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.6834 | |
Minimum | Price-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | (0.2100) | |
Minimum | Price-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0879 | |
Minimum | Price-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.1746 | 0.1427 |
Minimum | Price-based | Level 3 | Recovery Rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0600 | 0.2500 |
Minimum | Price-based | Level 3 | Credit Correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3000 | 0.2500 |
Minimum | Price-based | Level 3 | Upfront Points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0064) | |
Minimum | Price-based | Level 3 | Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.0810 | |
Minimum | Price-based | Level 3 | Credit Spread Volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3558 | |
Minimum | Comparable analysis | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1000 | 0.0860 |
Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0 | (0.0040) |
Minimum | Cash flow | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 13.80 | |
Minimum | Cash flow | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.0850 | |
Minimum | Cash flow | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 3.70 | |
Minimum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1 | |
Maximum | Model-based | Level 3 | Interest Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 1.23% | 2.61% |
Securities loaned and sold under agreement to repurchase | 0.0553 | |
Securities Loaned And Sold Under Agreements To Repurchase, Measurement Input | 0.0497 | |
Maximum | Model-based | Level 3 | Interest Rate | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0524 | |
Maximum | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 0.15% |
State and municipal, foreign government, corporate and other debt securities | 0.0508 | |
Maximum | Model-based | Level 3 | Credit Spread | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0626 | |
Maximum | Model-based | Level 3 | Credit Spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0520 | 0.095510 |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 3 | 2.24 |
Mortgage servicing rights | year | 9.17 | 9.33 |
Maximum | Model-based | Level 3 | WAL | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.24 | |
Maximum | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 7,148,000,000 | |
Marketable equity securities | 7,148,000,000 | |
Derivative assets | year | 7,148,000,000 | |
Maximum | Model-based | Level 3 | Recovery | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 7,148,000,000 | |
Maximum | Model-based | Level 3 | IR Normal Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.1300 | 0.0182 |
Maximum | Model-based | Level 3 | IR Normal Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1500 | 0.0182 |
Maximum | Model-based | Level 3 | IR Normal Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0147 | |
Maximum | Model-based | Level 3 | IR Basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4499 | 0.0968 |
Maximum | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 3.0072 | |
Maximum | Model-based | Level 3 | Equity Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3.0072 | |
Maximum | Model-based | Level 3 | Equity Volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.7949 | 3.0072 |
Maximum | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Measurement Input | 0.4000 | |
Maximum | Model-based | Level 3 | Equity Forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.6504 | 2.7161 |
Maximum | Model-based | Level 3 | Equity - FX Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3 | 0.5000 |
Maximum | Model-based | Level 3 | Equity-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | |
Maximum | Model-based | Level 3 | Equity-IR Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | |
Maximum | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.9573 | |
Maximum | Model-based | Level 3 | Commodity Correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9573 | 0.9194 |
Maximum | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 1.6693 | |
Maximum | Model-based | Level 3 | Commodity Volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.6693 | 1.5150 |
Maximum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 2.1896 | |
Interest-bearing deposits | 1.0130 | |
Maximum | Model-based | Level 3 | Forward Price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 4.6341 | 3.8550 |
Maximum | Model-based | Level 3 | Equity - Equity Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7000 | 0.9868 |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 19.42% | 20.30% |
Asset-backed securities | 11.91% | 18.58% |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 102.74 | $ 99.71 |
State and municipal, foreign government, corporate and other debt securities | 114.74 | 994.68 |
Marketable equity securities | 10,165.3 | 9,087.76 |
Asset-backed securities | 140 | 145 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | $ 106.50 | $ 105.32 |
Loans and leases | 106.96 | 100.53 |
Securities sold, not yet purchased and other trading liabilities | $ 10,616 | |
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Measurement Input | 9,087.76 | |
Maximum | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 99.49 | |
Derivative assets | $ 99 | |
Maximum | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.70 | |
Maximum | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 13.90 | |
Maximum | Price-based | Level 3 | Equity Forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 2.7161 | |
Maximum | Price-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.9573 | |
Maximum | Price-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.6693 | |
Maximum | Price-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 3.8318 | 3.2485 |
Maximum | Price-based | Level 3 | Recovery Rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7500 | 0.7500 |
Maximum | Price-based | Level 3 | Credit Correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9000 | 0.8000 |
Maximum | Price-based | Level 3 | Upfront Points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9900 | |
Maximum | Price-based | Level 3 | Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1750 | |
Maximum | Price-based | Level 3 | Credit Spread Volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6479 | |
Maximum | Comparable analysis | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1200 | 0.1700 |
Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1200 | 0.1320 |
Maximum | Cash flow | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.40 | |
Maximum | Cash flow | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.3300 | |
Maximum | Cash flow | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 13.77 | |
Maximum | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1 | |
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 | 1.23% | 2.61% |
Securities loaned and sold under agreement to repurchase | 0.0424 | |
Securities Loaned And Sold Under Agreements To Repurchase, Measurement Input | 0.0407 | |
Weighted Average | Model-based | Level 3 | Interest Rate | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0313 | |
Weighted Average | Model-based | Level 3 | Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities borrowed and purchased under agreements to resell | 0.15% | 0.15% |
State and municipal, foreign government, corporate and other debt securities | 0.0275 | |
Weighted Average | Model-based | Level 3 | Credit Spread | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0594 | |
Weighted Average | Model-based | Level 3 | Credit Spread | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0095 | 0.010127 |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | 3 | 2.24 |
Mortgage servicing rights | year | 7.71 | 7.71 |
Weighted Average | Model-based | Level 3 | WAL | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 2.24 | |
Weighted Average | Model-based | Level 3 | Recovery | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Marketable equity securities | $ 7,148,000,000 | |
Marketable equity securities | 7,148,000,000 | |
Derivative assets | year | 7,148,000,000 | |
Weighted Average | Model-based | Level 3 | Recovery | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 7,148,000,000 | |
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 | 0.0107 | 0.0089 |
Weighted Average | Model-based | Level 3 | IR Normal Volatility | Interest rate contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0120 | 0.0096 |
Weighted Average | Model-based | Level 3 | IR Normal Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0067 | |
Weighted Average | Model-based | Level 3 | IR Basis | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0171 | (0.0003) |
Weighted Average | Model-based | Level 3 | Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.4262 | |
Weighted Average | Model-based | Level 3 | Equity Volatility | Foreign exchange contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3391 | |
Weighted Average | Model-based | Level 3 | Equity Volatility | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3330 | 0.4147 |
Weighted Average | Model-based | Level 3 | FX Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Measurement Input | 0.1285 | |
Weighted Average | Model-based | Level 3 | Equity Forward | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0544 | 1.0350 |
Weighted Average | Model-based | Level 3 | Equity - FX Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 3 | (0.1633) |
Weighted Average | Model-based | Level 3 | Equity-IR Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3004 | |
Weighted Average | Model-based | Level 3 | Equity-IR Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3237 | |
Weighted Average | Model-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.4310 | |
Weighted Average | Model-based | Level 3 | Commodity Correlation | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4310 | 0.3670 |
Weighted Average | Model-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.2752 | |
Weighted Average | Model-based | Level 3 | Commodity Volatility | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2752 | 0.3355 |
Weighted Average | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 1.0259 | |
Interest-bearing deposits | 1.0007 | |
Weighted Average | Model-based | Level 3 | Forward Price | Commodity and other contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0470 | 1.0608 |
Weighted Average | Model-based | Level 3 | Equity - Equity Correlation | Equity contracts (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.1124) | 0.8563 |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 9.45% | 9.74% |
Asset-backed securities | 8.58% | 9.34% |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | $ 53.57 | $ 51.51 |
State and municipal, foreign government, corporate and other debt securities | 83.15 | 245.85 |
Marketable equity securities | 171.81 | 114.29 |
Asset-backed securities | 70.87 | 74.97 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | $ 87.76 | $ 92.65 |
Loans and leases | 72.06 | 84.77 |
Securities sold, not yet purchased and other trading liabilities | $ 72 | |
Securities Loaned Or Sold Under Agreements To Repurchase And Other Trading Liabilities, Measurement Input | 41.22 | |
Weighted Average | Price-based | Level 3 | Price | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 36.20 | |
Derivative assets | $ 78.75 | |
Weighted Average | Price-based | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 15.16 | |
Weighted Average | Price-based | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 12.40 | |
Weighted Average | Price-based | Level 3 | Equity Forward | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.0349 | |
Weighted Average | Price-based | Level 3 | Commodity Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.4310 | |
Weighted Average | Price-based | Level 3 | Commodity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.2752 | |
Weighted Average | Price-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 1.0986 | 1.0507 |
Weighted Average | Price-based | Level 3 | Recovery Rate | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3752 | 0.4227 |
Weighted Average | Price-based | Level 3 | Credit Correlation | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5034 | 0.4238 |
Weighted Average | Price-based | Level 3 | Upfront Points | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5449 | |
Weighted Average | Price-based | Level 3 | Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1044 | |
Weighted Average | Price-based | Level 3 | Credit Spread Volatility | Credit derivatives (gross) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4047 | |
Weighted Average | Comparable analysis | Level 3 | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1008 | 0.1016 |
Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0512 | 0.0536 |
Weighted Average | Cash flow | Level 3 | PE Ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 14.23 | |
Weighted Average | Cash flow | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1728 | |
Weighted Average | Cash flow | Level 3 | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 10.94 | |
Weighted Average | Model-based | Level 3 | Forward Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 1 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 7,745 | $ 8,040 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans HFS | 761 | 457 |
Other real estate owned | 0 | 0 |
Loans | 0 | 0 |
Non-marketable equity securities measured using the measurement alternative | 0 | 0 |
Total assets | 761 | 457 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans HFS | 1,564 | 1,879 |
Other real estate owned | 3 | 1 |
Loans | 170 | 69 |
Non-marketable equity securities measured using the measurement alternative | 48 | 597 |
Total assets | 1,785 | 2,546 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans HFS | 2,325 | 2,336 |
Other real estate owned | 3 | 1 |
Loans | 170 | 69 |
Non-marketable equity securities measured using the measurement alternative | 48 | 597 |
Total assets | $ 2,546 | $ 3,003 |
FAIR VALUE MEASUREMENT - Valu_2
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (58,000,000) | $ (39,000,000) | $ (98,000,000) | $ (86,000,000) | |
Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans HFS | 1,564,000,000 | 1,564,000,000 | $ 1,879,000,000 | ||
Price-based | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 101,000,000 | ||||
Price-based | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans HFS | 1,558,000,000 | 1,558,000,000 | 1,830,000,000 | ||
Other real estate owned | 2,000,000 | 2,000,000 | 1,000,000 | ||
Loans | 83,000,000 | 83,000,000 | |||
Non-marketable equities | 35,000,000 | 35,000,000 | 363,000,000 | ||
Price-based | Price | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans HFS | 75 | 75 | $ 0.88 | ||
Non-marketable equities | 0.10 | 0.10 | |||
Non-marketable equities | 0.46 | ||||
Price-based | Price | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans HFS | 100 | 100 | $ 100.23 | ||
Non-marketable equities | 3.30 | 3.30 | |||
Non-marketable equities | 2,416.43 | ||||
Price-based | Price | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans HFS | 89.85 | 89.85 | $ 65.91 | ||
Non-marketable equities | 2.25 | 2.25 | |||
Non-marketable equities | 557.86 | ||||
Price-based | Appraised Value | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 24,300 | 24,300 | $ 30,000 | ||
Price-based | Appraised Value | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 666,000 | 666,000 | 441,750 | ||
Price-based | Appraised Value | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 404,791 | 404,791 | $ 310,552 | ||
Price-based | Revenue Multiple | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 3.60 | ||||
Price-based | Revenue Multiple | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 13.90 | ||||
Price-based | Revenue Multiple | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 12.40 | ||||
Price-based | Revenue Multiple | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | $ 234,000,000 | ||||
Price-based | Revenue Multiple | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 4.95 | ||||
Price-based | Revenue Multiple | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 73.10 | ||||
Price-based | Revenue Multiple | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 19.68 | ||||
Recovery analysis | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans | 86,000,000 | 86,000,000 | $ 45,000,000 | ||
Recovery analysis | Appraised Value | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 12,000 | 12,000 | 12,000 | ||
Recovery analysis | Appraised Value | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 77,400,786 | 77,400,786 | 14,022,820 | ||
Recovery analysis | Appraised Value | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 42,187,539 | 42,187,539 | 3,714,342 | ||
Comparable analysis | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | $ 13,000,000 | $ 13,000,000 | |||
Comparable analysis | Revenue Multiple | Nonrecurring | Level 3 | Minimum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 1.20 | 1.20 | |||
Comparable analysis | Revenue Multiple | Nonrecurring | Level 3 | Maximum | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 10.20 | 10.20 | |||
Comparable analysis | Revenue Multiple | Nonrecurring | Level 3 | Weighted Average | |||||
Valuation techniques and inputs | |||||
Non-marketable equities | 9.19 | 9.19 | |||
Appraised value | Nonrecurring | Level 3 | |||||
Valuation techniques and inputs | |||||
Loans | $ 24,000,000 | ||||
Loans held-for-sale | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (15,000,000) | (86,000,000) | $ (26,000,000) | (223,000,000) | |
Other real estate owned | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | 0 | 0 | 0 | 0 | |
Loans | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (16,000,000) | 4,000,000 | (18,000,000) | 9,000,000 | |
Non-marketable equity securities measured using the measurement alternative | Nonrecurring | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (27,000,000) | $ 43,000,000 | $ (54,000,000) | $ 128,000,000 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||||||
Loans | $ 5,766 | $ 5,360 | ||||
Liabilities | ||||||
Deposits | 1,319,867 | 1,365,954 | ||||
Allowance for credit losses | 17,496 | $ 17,169 | 16,974 | $ 15,952 | $ 15,393 | $ 16,455 |
Loans, net of unearned income | 660,612 | 657,221 | ||||
Corporate | ||||||
Assets | ||||||
Loans | 5,529 | 5,123 | ||||
Liabilities | ||||||
Allowance for credit losses | 2,630 | $ 2,780 | 2,855 | $ 2,969 | $ 3,025 | $ 2,415 |
Loans, net of unearned income | 286,021 | 289,154 | ||||
Carrying value | ||||||
Assets | ||||||
Investments, net of allowance | 267,500 | 274,300 | ||||
Securities borrowed and purchased under agreements to resell | 127,000 | 125,900 | ||||
Loans | 637,100 | 634,500 | ||||
Other financial assets | 389,000 | 427,100 | ||||
Liabilities | ||||||
Deposits | 1,317,300 | 1,364,100 | ||||
Securities loaned and sold under agreements to repurchase | 197,200 | 131,600 | ||||
Long-term debt | 158,600 | 165,600 | ||||
Other financial liabilities | 136,700 | 142,400 | ||||
Allowance for credit losses | 17,500 | 17,000 | ||||
Estimated fair value | ||||||
Assets | ||||||
Investments, net of allowance | 243,600 | 249,200 | ||||
Securities borrowed and purchased under agreements to resell | 127,000 | 125,900 | ||||
Loans | 646,900 | 634,900 | ||||
Other financial assets | 389,000 | 427,100 | ||||
Liabilities | ||||||
Deposits | 1,316,300 | 1,345,400 | ||||
Securities loaned and sold under agreements to repurchase | 197,200 | 131,600 | ||||
Long-term debt | 160,700 | 160,500 | ||||
Other financial liabilities | 136,700 | 142,400 | ||||
Estimated fair value | Corporate | ||||||
Liabilities | ||||||
Loans, net of unearned income | 5,529 | 5,123 | ||||
Estimated fair value | Level 1 | ||||||
Assets | ||||||
Investments, net of allowance | 124,100 | 123,200 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 279,200 | 320,000 | ||||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Other financial liabilities | 0 | 0 | ||||
Estimated fair value | Level 2 | ||||||
Assets | ||||||
Investments, net of allowance | 117,200 | 123,100 | ||||
Securities borrowed and purchased under agreements to resell | 127,000 | 125,900 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 17,700 | 22,000 | ||||
Liabilities | ||||||
Deposits | 1,124,600 | 1,159,400 | ||||
Securities loaned and sold under agreements to repurchase | 197,200 | 131,600 | ||||
Long-term debt | 148,900 | 151,100 | ||||
Other financial liabilities | 31,600 | 26,500 | ||||
Estimated fair value | Level 3 | ||||||
Assets | ||||||
Investments, net of allowance | 2,300 | 2,900 | ||||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||||
Loans | 646,900 | 634,900 | ||||
Other financial assets | 92,100 | 85,100 | ||||
Liabilities | ||||||
Deposits | 191,700 | 186,000 | ||||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 11,800 | 9,400 | ||||
Other financial liabilities | 105,100 | 115,900 | ||||
Estimated fair value | Level 3 | Corporate | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | 8,100 | 13,700 | ||||
Lease financing | ||||||
Liabilities | ||||||
Loans, net of unearned income | 300 | 400 | ||||
Lease financing | Corporate | ||||||
Liabilities | ||||||
Loans, net of unearned income | $ 273 | $ 354 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Securities borrowed and purchased under agreements to resell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ (95) | $ (21) | $ (10) | $ (83) |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 18 | (177) | 79 | (238) |
Certain corporate loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 635 | (1,523) | 326 | (1,855) |
Certain consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (4) | 0 | 1 | (1) |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 631 | (1,523) | 327 | (1,856) |
MSRs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 22 | 60 | 19 | 158 |
Certain mortgage loans HFS | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (18) | (144) | (10) | (330) |
Total other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 4 | (84) | 9 | (172) |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 558 | (1,805) | 405 | (2,349) |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 82 | (168) | (52) | (123) |
Securities loaned and sold under agreements to repurchase | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 49 | 19 | (19) | 96 |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 77 | 191 | 152 | (449) |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | 230 | 1,064 | 88 | 1,196 |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | (2,147) | 9,642 | (6,496) | 15,713 |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Gain (loss) from changes in fair value | $ (1,709) | $ 10,748 | $ (6,327) | $ 16,433 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
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 | $ (837) | $ 2,592 | $ (1,270) | $ 3,642 | |
Balance of non-accrual loans or loans more than 90 days past due | 3 | 3 | $ 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 loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Changes in fair value due to instrument-specific credit risk loss | (25) | $ (47) | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 161 | 161 | 167 | ||
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 | 156 | 156 | 51 | ||
Balance of non-accrual loans or loans more than 90 days past due | 2 | 2 | 2 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 1 | 1 | 0 | ||
Certain debt host contracts across unallocated precious metals accounts | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 600 | 600 | 300 | ||
Mortgage receivable | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | (7) | (7) | (10) | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 4,482 | 4,482 | 6,011 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 5,766 | 5,766 | 5,360 | ||
Carrying amount | Loans held-for-sale | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 1,069 | 1,069 | 793 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 651 | $ 651 | $ 729 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 115,900 | $ 106,000 |
Long-term debt | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Aggregate unpaid principal balance in excess of (less than) fair value | (1,922) | (2,944) |
Short-term borrowings | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Aggregate unpaid principal balance in excess of (less than) fair value | (14) | (9) |
Carrying amount | Long-term debt | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying amount reported on the consolidated balance sheet | 115,937 | 105,995 |
Carrying amount | Short-term borrowings | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying amount reported on the consolidated balance sheet | 5,622 | 6,222 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 57,300 | 53,400 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 100 | 100 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 48,900 | 42,500 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 4,800 | 5,000 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 4,800 | $ 5,000 |
GUARANTEES AND COMMITMENTS - Gu
GUARANTEES AND COMMITMENTS - Guarantees (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 279,800 | $ 281,500 |
Expire after 1 year | 110,400 | 104,600 |
Total amount outstanding | 390,200 | 386,100 |
Carrying value | 1,227 | 1,376 |
Amount of cash initial margin collected and remitted | 18,300 | 18,000 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 51,500 | 51,800 |
Securities and other marketable assets held as collateral | 73,400 | 63,700 |
Letters of credit in favor of the Company held as collateral | 3,000 | 3,700 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 21,500 | 31,300 |
Expire after 1 year | 63,100 | 58,300 |
Total amount outstanding | 84,600 | 89,600 |
Carrying value | 780 | 905 |
Performance Guarantee [Member] | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 4,700 | 6,100 |
Expire after 1 year | 5,900 | 5,600 |
Total amount outstanding | 10,600 | 11,700 |
Carrying value | 48 | 65 |
Derivative instruments considered to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 14,800 | 18,500 |
Expire after 1 year | 31,400 | 30,000 |
Total amount outstanding | 46,200 | 48,500 |
Carrying value | 338 | 353 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 600 | 0 |
Expire after 1 year | 1,200 | 1,700 |
Total amount outstanding | 1,800 | 1,700 |
Carrying value | 13 | 13 |
Repurchase reserve for consumer mortgages representations and warranties | 10 | 10 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 108,600 | 95,900 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 108,600 | 95,900 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 128,300 | 129,600 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 128,300 | 129,600 |
Carrying value | 1 | 1 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 100 | 0 |
Expire after 1 year | 400 | 600 |
Total amount outstanding | 500 | 600 |
Carrying value | 6 | 7 |
Other | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 1,200 | 100 |
Expire after 1 year | 8,400 | 8,400 |
Total amount outstanding | 9,600 | 8,500 |
Carrying value | $ 41 | $ 32 |
GUARANTEES AND COMMITMENTS - Pe
GUARANTEES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Jun. 30, 2023 | Dec. 31, 2022 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 390.2 | $ 386.1 |
Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 96 | 99.8 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 74.1 | 77.9 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 18.6 | 18.9 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 3.3 | 3 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 84.6 | 89.6 |
Financial standby letters of credit | Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 84.6 | 89.6 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 73 | 77.9 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 10.1 | 10.4 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.5 | 1.3 |
Loans sold with recourse | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.8 | 1.7 |
Loans sold with recourse | Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.8 | 1.7 |
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 | 1.8 | 1.7 |
Other | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 9.6 | 8.5 |
Other | Classified based on internal and external credit ratings | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 9.6 | 8.5 |
Other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.1 | 0 |
Other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 8.5 | 8.5 |
Other | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 0 | $ 0 |
GUARANTEES AND COMMITMENTS - Cr
GUARANTEES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Guarantor Obligations | ||
Credit commitments | $ 1,030,559 | $ 1,015,564 |
Unsettled reverse repurchase and securities borrowing agreements | 150,400 | 111,600 |
Unsettled repurchase and securities lending agreements | 117,500 | 37,300 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 4,869 | 5,316 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 2,577 | 2,394 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 6,324 | 6,380 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 14,995 | 15,170 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 688,649 | 683,232 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 307,540 | 297,399 |
Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 5,605 | $ 5,673 |
UNITED STATES | ||
Guarantor Obligations | ||
Credit commitments | 837,940 | |
UNITED STATES | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 457 | |
UNITED STATES | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,728 | |
UNITED STATES | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 5,656 | |
UNITED STATES | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 13,399 | |
UNITED STATES | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 612,136 | |
UNITED STATES | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 199,231 | |
UNITED STATES | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 5,333 | |
In offices outside North America | ||
Guarantor Obligations | ||
Credit commitments | 192,619 | |
In offices outside North America | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 4,412 | |
In offices outside North America | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 849 | |
In offices outside North America | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 668 | |
In offices outside North America | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 1,596 | |
In offices outside North America | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 76,513 | |
In offices outside North America | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 108,309 | |
In offices outside North America | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | $ 272 |
GUARANTEES AND COMMITMENTS - Re
GUARANTEES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 16,122 | $ 16,976 |
Asset pledged as collateral | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Financial instruments, owned, at fair value | 2,800 | 1,800 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 3,860 | 4,820 |
Deposits with banks, net of allowance | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 12,262 | $ 12,156 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
ROU asset location | Premises and equipment, net of depreciation and amortization | Premises and equipment, net of depreciation and amortization |
Lease liabilities location | Other liabilities, plus allowances | Other liabilities, plus allowances |
ROU asset | $ 2,827 | $ 2,892 |
Lease liability | $ 3,016 | $ 3,076 |
Weighted Average | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 6 years |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) $ in Billions | Jun. 30, 2023 | May 11, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Reasonably possible unaccrued loss | $ 1.3 | |
Loss Contingencies [Line Items] | ||
Potential additional charge | $ 1.3 | |
FDIC Special Assessment | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Reasonably possible unaccrued loss | $ 1.5 | |
Loss Contingencies [Line Items] | ||
Potential additional charge | $ 1.5 |
SUBSIDIARY GUARANTEES - Summari
SUBSIDIARY GUARANTEES - Summarized Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Condensed Income Statements | ||||
Revenues, net of interest expense | $ 19,436 | $ 19,638 | $ 40,883 | $ 38,824 |
Operating expense | 13,570 | 12,393 | 26,859 | 25,558 |
Provision for credit losses | 1,761 | 1,384 | 3,498 | 1,644 |
Income from continuing operations before income taxes | 4,042 | 5,971 | 10,225 | 11,237 |
Provision (benefits) for income taxes | 1,090 | 1,182 | 2,621 | 2,123 |
Citigroup’s net income | $ 2,915 | $ 4,547 | 7,521 | $ 8,853 |
Citigroup Inc. | Reportable legal entities | ||||
Condensed Income Statements | ||||
Revenues, net of interest expense | 6,584 | |||
Operating expense | 99 | |||
Provision for credit losses | 0 | |||
Equity in undistributed income of subsidiaries | 581 | |||
Income from continuing operations before income taxes | 7,066 | |||
Provision (benefits) for income taxes | (455) | |||
Citigroup’s net income | 7,521 | |||
CGMHI | Reportable legal entities | ||||
Condensed Income Statements | ||||
Revenues, net of interest expense | 5,960 | |||
Operating expense | 5,911 | |||
Provision for credit losses | 23 | |||
Equity in undistributed income of subsidiaries | 0 | |||
Income from continuing operations before income taxes | 26 | |||
Provision (benefits) for income taxes | 54 | |||
Citigroup’s net income | $ (28) |
SUBSIDIARY GUARANTEES - Summa_2
SUBSIDIARY GUARANTEES - Summarized Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Condensed Balance Sheet Statements | |||
Cash | $ 25,763 | $ 30,577 | $ 24,902 |
Securities borrowed and purchased under resale agreements | 337,103 | 365,401 | |
Trading account assets | 423,189 | 334,114 | |
Other assets | 102,972 | 103,743 | |
Total assets | 2,423,675 | 2,416,676 | |
Securities loaned and sold under repurchase agreements | 260,035 | 202,444 | |
Trading account liabilities | 170,664 | 170,647 | |
Short-term borrowings | 40,430 | 47,096 | |
Long-term debt | 274,510 | 271,606 | |
Other liabilities | 79,314 | 87,873 | |
Liabilities | 2,214,253 | 2,214,838 | |
Stockholders’ equity | 209,422 | 201,838 | $ 199,626 |
Total liabilities and equity | 2,423,675 | 2,416,676 | |
Citigroup Inc. | |||
Condensed Balance Sheet Statements | |||
Long-term debt | 163,043 | 166,257 | |
Citigroup Inc. | Reportable legal entities | |||
Condensed Balance Sheet Statements | |||
Cash | 3,016 | 3,015 | |
Securities borrowed and purchased under resale agreements | 0 | 0 | |
Trading account assets | 262 | 306 | |
Advances to subsidiaries | 152,188 | 146,843 | |
Other assets | 15,896 | 13,788 | |
Total assets | 394,649 | 384,968 | |
Securities loaned and sold under repurchase agreements | 0 | 0 | |
Trading account liabilities | 578 | 604 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 163,043 | 166,257 | |
Advances from subsidiaries | 19,579 | 14,562 | |
Other liabilities | 2,730 | 2,356 | |
Stockholders’ equity | 208,719 | 201,189 | |
Total liabilities and equity | 394,649 | 384,968 | |
Citigroup Inc. | Reportable legal entities | Subsidiary Holding Company | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | 175,277 | 172,721 | |
Citigroup Inc. | Reportable legal entities | Non-Bank Subsidiaries | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | 48,010 | 48,295 | |
CGMHI | Reportable legal entities | |||
Condensed Balance Sheet Statements | |||
Cash | 21,506 | 27,122 | |
Securities borrowed and purchased under resale agreements | 276,820 | 306,273 | |
Trading account assets | 271,512 | 209,957 | |
Advances to subsidiaries | 0 | 0 | |
Other assets | 171,046 | 163,819 | |
Total assets | 740,884 | 707,171 | |
Securities loaned and sold under repurchase agreements | 292,491 | 245,916 | |
Trading account liabilities | 114,874 | 115,929 | |
Short-term borrowings | 26,731 | 43,850 | |
Long-term debt | 186,966 | 172,068 | |
Advances from subsidiaries | 0 | 0 | |
Other liabilities | 81,446 | 90,570 | |
Stockholders’ equity | 38,376 | 38,838 | |
Total liabilities and equity | 740,884 | 707,171 | |
CGMHI | Reportable legal entities | Subsidiary Holding Company | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | 0 | 0 | |
CGMHI | Reportable legal entities | Non-Bank Subsidiaries | |||
Condensed Balance Sheet Statements | |||
Investments in subsidiaries | $ 0 | $ 0 |