Exhibit 99.1
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CITIGROUP -- SUMMARY FINANCIAL INFORMATION REFLECTING | Historical - 4Q21 |
THE 1Q22 OPERATING SEGMENT AND REPORTING UNIT STRUCTURE | with Quarters |
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Citigroup | | |
Financial Summary | 1 | |
Consolidated Statement of Income | 2 | |
Consolidated Balance Sheet | 3 | |
Segment and Reporting Units Details | | |
Net Revenues and Income | 4 | |
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Institutional Clients Group (ICG) | 5 | |
Reporting Unit Revenues | 6 | |
Personal Banking and Wealth Management (PBWM) | 7 | |
Legacy Franchises | 8 | |
Corporate / Other | 9 | |
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As previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Annual Report on Form 10-K), Citi made management reporting changes to align with its vision and strategy, as part of its strategic refresh. In the first quarter of 2022, Citi revised its financial reporting structure to align with these management reporting changes to enable investors and others to better understand the performance of Citi’s businesses. For additional information on the management reporting changes and revised financial reporting structure, including revised segments and reporting units, please see page 6 of Citi’s 2021 Annual Report on Form 10-K.
CITIGROUP FINANCIAL SUMMARY
(In millions of dollars, except per share amounts and as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | 4Q21 Increase/ | | | Full | | Full | | Full | | FY 2021 vs. | | |||||||||||||||||
| | | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | Year |
| FY 2020 Increase/ | | |||||||||||||||||
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| 2019 |
| 2019 |
| 2019 |
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 2021 |
| 2021 |
| 2021 |
| 2021 |
| 3Q21 |
| 4Q20 |
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| 2019 |
| 2020 |
| 2021 | | (Decrease) |
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| Total revenues, net of interest expense(1)(2) | | $ | 18,769 | | $ | 18,947 | | $ | 18,773 | | $ | 18,578 | | $ | 20,956 | | $ | 20,036 | | $ | 17,677 | | $ | 16,832 | | $ | 19,667 | | $ | 17,753 | | $ | 17,447 | | $ | 17,017 | | (2%) | | 1% | | | $ | 75,067 | | $ | 75,501 | | $ | 71,884 | | (5%) | |
| Total operating expenses(1)(3) | | | 10,777 | | | 10,689 | | | 10,663 | | | 10,654 | | | 10,868 | | | 10,730 | | | 11,339 | | | 11,437 | | | 11,413 | | | 11,471 | | | 11,777 | | | 13,532 | | 15% | | 18% | | | | 42,783 | | | 44,374 | | | 48,193 | | 9% | |
| Net credit losses (NCLs) | | | 1,948 | | | 1,963 | | | 1,913 | | | 1,944 | | | 2,059 | | | 2,161 | | | 1,919 | | | 1,472 | | | 1,748 | | | 1,320 | | | 961 | | | 866 | | (10%) | | (41%) | | | | 7,768 | | | 7,611 | | | 4,895 | | (36%) | |
| Credit reserve build / (release) for loans | | | (4) | | | 126 | | | 149 | | | 179 | | | 4,318 | | | 5,829 | | | 12 | | | (1,848) | | | (3,227) | | | (2,446) | | | (1,149) | | | (1,176) | | (2%) | | 36% | | | | 450 | | | 8,311 | | | (7,998) | | NM | |
| Provision / (release) for unfunded lending commitments | | | 24 | | | (15) | | | 9 | | | 74 | | | 557 | | | 113 | | | 424 | | | 352 | | | (626) | | | 44 | | | (13) | | | (193) | | NM | | NM | | | | 92 | | | 1,446 | | | (788) | | NM | |
| Provisions for benefits and claims, HTM debt securities and other assets | | | 12 | | | 19 | | | 17 | | | 25 | | | 26 | | | 94 | | | 29 | | | (22) | | | 50 | | | 16 | | | 9 | | | 38 | | NM | | NM | | | | 73 | | | 127 | | | 113 | | (11%) | |
| Provisions for credit losses and for benefits and claims | | | 1,980 | | | 2,093 | | | 2,088 | | | 2,222 | | | 6,960 | | | 8,197 | | | 2,384 | | | (46) | | | (2,055) | | | (1,066) | | | (192) | | | (465) | | NM | | NM | | | | 8,383 | | | 17,495 | | | (3,778) | | NM | |
| Income from continuing operations before income taxes | | | 6,012 | | | 6,165 | | | 6,022 | | | 5,702 | | | 3,128 | | | 1,109 | | | 3,954 | | | 5,441 | | | 10,309 | | | 7,348 | | | 5,862 | | | 3,950 | | (33%) | | (27%) | | | | 23,901 | | | 13,632 | | | 27,469 | | NM | |
| Income taxes(4) | | | 1,275 | | | 1,373 | | | 1,079 | | | 703 | | | 580 | | | 52 | | | 777 | | | 1,116 | | | 2,332 | | | 1,155 | | | 1,193 | | | 771 | | (35%) | | (31%) | | | | 4,430 | | | 2,525 | | | 5,451 | | NM | |
| Income from continuing operations | | | 4,737 | | | 4,792 | | | 4,943 | | | 4,999 | | | 2,548 | | | 1,057 | | | 3,177 | | | 4,325 | | | 7,977 | | | 6,193 | | | 4,669 | | | 3,179 | | (32%) | | (26%) | | | | 19,471 | | | 11,107 | | | 22,018 | | 98% | |
| Income (loss) from discontinued operations, net of taxes | | | (2) | | | 17 | | | (15) | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | | (2) | | | 10 | | | (1) | | | - | | 100% | | (100%) | | | | (4) | | | (20) | | | 7 | | NM | |
| Net income before noncontrolling interests | | | 4,735 | | | 4,809 | | | 4,928 | | | 4,995 | | | 2,530 | | | 1,056 | | | 3,170 | | | 4,331 | | | 7,975 | | | 6,203 | | | 4,668 | | | 3,179 | | (32%) | | (27%) | | | | 19,467 | | | 11,087 | | | 22,025 | | 99% | |
| Net income (loss) attributable to noncontrolling interests | | | 25 | | | 10 | | | 15 | | | 16 | | | (6) | | | - | | | 24 | | | 22 | | | 33 | | | 10 | | | 24 | | | 6 | | (75%) | | (73%) | | | | 66 | | | 40 | | | 73 | | 83% | |
| Citigroup's net income | | $ | 4,710 | | $ | 4,799 | | $ | 4,913 | | $ | 4,979 | | $ | 2,536 | | $ | 1,056 | | $ | 3,146 | | $ | 4,309 | | $ | 7,942 | | $ | 6,193 | | $ | 4,644 | | $ | 3,173 | | (32%) | | (26%) | | | $ | 19,401 | | $ | 11,047 | | $ | 21,952 | | 99% | |
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| Diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
| Income from continuing operations | | $ | 1.87 | | $ | 1.94 | | $ | 2.08 | | $ | 2.15 | | $ | 1.06 | | $ | 0.38 | | $ | 1.36 | | $ | 1.92 | | $ | 3.62 | | $ | 2.84 | | $ | 2.15 | | $ | 1.46 | | (32%) | | (24%) | | | $ | 8.04 | | $ | 4.73 | | $ | 10.14 | | NM | |
| Citigroup's net income | | $ | 1.87 | | $ | 1.95 | | $ | 2.07 | | $ | 2.15 | | $ | 1.06 | | $ | 0.38 | | $ | 1.36 | | $ | 1.92 | | $ | 3.62 | | $ | 2.85 | | $ | 2.15 | | $ | 1.46 | | (32%) | | (24%) | | | $ | 8.04 | | $ | 4.72 | | $ | 10.14 | | NM | |
| Shares (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
| Average basic | | | 2,340.4 | | | 2,286.1 | | | 2,220.8 | | | 2,149.4 | | | 2,097.9 | | | 2,081.7 | | | 2,081.8 | | | 2,081.9 | | | 2,082.0 | | | 2,056.5 | | | 2,009.3 | | | 1,984.3 | | (1%) | | (5%) | | | | 2,249.2 | | | 2,085.8 | | | 2,033.0 | | (3%) | |
| Average diluted | | | 2,342.4 | | | 2,289.0 | | | 2,237.1 | | | 2,166.8 | | | 2,113.7 | | | 2,084.3 | | | 2,094.3 | | | 2,095.7 | | | 2,096.6 | | | 2,073.0 | | | 2,026.2 | | | 2,001.6 | | (1%) | | (4%) | | | | 2,265.3 | | | 2,099.0 | | | 2,049.4 | | (2%) | |
| Common shares outstanding, at period end | | | 2,312.5 | | | 2,259.1 | | | 2,183.2 | | | 2,114.1 | | | 2,081.8 | | | 2,081.9 | | | 2,082.0 | | | 2,082.1 | | | 2,067.0 | | | 2,026.8 | | | 1,984.3 | | | 1,984.4 | | - | | (5%) | | | | | | | | | | | |||
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| Preferred dividends | | $ | 262 | | $ | 296 | | $ | 254 | | $ | 296 | | $ | 291 | | $ | 253 | | $ | 284 | | $ | 267 | | $ | 292 | | $ | 253 | | $ | 266 | | $ | 229 | | (14%) | | (14%) | | | $ | 1,109 | | $ | 1,095 | | $ | 1,040 | | (5%) | |
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| Income allocated to unrestricted common shareholders - basic | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
| Income from continuing operations | | $ | 4,391 | | $ | 4,436 | | $ | 4,647 | | $ | 4,653 | | $ | 2,242 | | $ | 793 | | $ | 2,851 | | $ | 4,014 | | $ | 7,586 | | $ | 5,889 | | $ | 4,353 | | $ | 2,924 | | (33%) | | (27%) | | | $ | 18,174 | | $ | 9,899 | | $ | 20,751 | | NM | |
| Citigroup's net income | | $ | 4,389 | | $ | 4,453 | | $ | 4,632 | | $ | 4,649 | | $ | 2,224 | | $ | 792 | | $ | 2,844 | | $ | 4,020 | | $ | 7,584 | | $ | 5,899 | | $ | 4,352 | | $ | 2,924 | | (33%) | | (27%) | | | $ | 18,171 | | $ | 9,879 | | $ | 20,758 | | NM | |
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| Income allocated to unrestricted common shareholders - diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
| Income from continuing operations | | $ | 4,391 | | $ | 4,436 | | $ | 4,656 | | $ | 4,661 | | $ | 2,249 | | $ | 793 | | $ | 2,858 | | $ | 4,021 | | $ | 7,593 | | $ | 5,897 | | $ | 4,361 | | $ | 2,932 | | (33%) | | (27%) | | | $ | 18,207 | | $ | 9,930 | | $ | 20,781 | | NM | |
| Citigroup's net income | | $ | 4,389 | | $ | 4,453 | | $ | 4,641 | | $ | 4,657 | | $ | 2,231 | | $ | 792 | | $ | 2,851 | | $ | 4,027 | | $ | 7,591 | | $ | 5,907 | | $ | 4,360 | | $ | 2,932 | | (33%) | | (27%) | | | $ | 18,204 | | $ | 9,909 | | $ | 20,788 | | NM | |
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| Regulatory capital ratios and performance metrics: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
| Common Equity Tier 1 (CET1) Capital ratio(6)(7) | | | 11.91% | | | 11.89% | | | 11.58% | | | 11.79% | | | 11.11% | | | 11.50% | | | 11.66% | | | 11.51% | | | 11.57% | | | 11.77% | | | 11.65% | | | 12.25% | | | | | | 11.79% | | | 11.51% | | | 12.25% | | | | ||
| Tier 1 Capital ratio(6)(7) | | | 13.44% | | | 13.40% | | | 13.20% | | | 13.33% | | | 12.54% | | | 12.98% | | | 13.15% | | | 13.06% | | | 13.24% | | | 13.28% | | | 13.15% | | | 13.91% | | | | | | 13.33% | | | 13.06% | | | 13.91% | | | | ||
| Total Capital ratio(6)(7) | | | 16.41% | | | 16.33% | | | 16.07% | | | 15.87% | | | 14.97% | | | 15.45% | | | 15.54% | | | 15.33% | | | 15.36% | | | 15.58% | | | 15.37% | | | 16.04% | | | | | | 15.87% | | | 15.33% | | | 16.04% | | | | ||
| Supplementary Leverage ratio (SLR)(7)(8) | | | 6.43% | | | 6.36% | | | 6.27% | | | 6.20% | | | 5.96% | | | 6.64% | | | 6.82% | | | 6.99% | | | 6.95% | | | 5.84% | | | 5.80% | | | 5.73% | | | | | | 6.20% | | | 6.99% | | | 5.73% | | | | ||
| Return on average assets | | | 0.98% | | | 0.97% | | | 0.97% | | | 0.99% | | | 0.49% | | | 0.19% | | | 0.55% | | | 0.75% | | | 1.39% | | | 1.06% | | | 0.79% | | | 0.53% | | | | | | 0.98% | | | 0.50% | | | 0.94% | | | | ||
| Return on average common equity | | | 10.2% | | | 10.1% | | | 10.4% | | | 10.6% | | | 5.2% | | | 1.8% | | | 6.5% | | | 9.1% | | | 17.2% | | | 13.0% | | | 9.5% | | | 6.4% | | | | | | 10.3% | | | 5.7% | | | 11.5% | | | | ||
| Efficiency ratio (total operating expenses/total revenues, net) | | | 57.4% | | | 56.4% | | | 56.8% | | | 57.3% | | | 51.9% | | | 53.6% | | | 64.1% | | | 67.9% | | | 58.0% | | | 64.6% | | | 67.5% | | | 79.5% | | | | | | 57.0% | | | 58.8% | | | 67.0% | | | | ||
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| Balance sheet data (in billions of dollars, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
| Total assets | | $ | 1,958.4 | | $ | 1,988.2 | | $ | 2,014.8 | | $ | 1,951.2 | | $ | 2,220.1 | | $ | 2,232.8 | | $ | 2,234.5 | | $ | 2,260.1 | | $ | 2,314.3 | | $ | 2,327.9 | | $ | 2,361.9 | | $ | 2,291.4 | | (3%) | | 1% | | | $ | 1,951.2 | | $ | 2,260.1 | | $ | 2,291.4 | | | |
| Total average assets | | | 1,939.4 | | | 1,979.1 | | | 2,000.1 | | | 1,996.6 | | | 2,080.1 | | | 2,266.9 | | | 2,259.5 | | | 2,299.3 | | | 2,316.8 | | | 2,341.8 | | | 2,346.0 | | | 2,386.2 | | 2% | | 4% | | | | 1,978.8 | | | 2,226.5 | | | 2,347.7 | | 5% | |
| Total deposits | | | 1,030.4 | | | 1,045.6 | | | 1,087.8 | | | 1,070.6 | | | 1,184.9 | | | 1,233.7 | | | 1,262.6 | | | 1,280.7 | | | 1,301.0 | | | 1,310.3 | | | 1,347.5 | | | 1,317.2 | | (2%) | | 3% | | | | 1,070.6 | | | 1,280.7 | | | 1,317.2 | | | |
| Citigroup's stockholders' equity | | | 196.3 | | | 197.4 | | | 196.4 | | | 193.2 | | | 192.7 | | | 191.7 | | | 193.9 | | | 199.4 | | | 202.5 | | | 202.2 | | | 200.9 | | | 202.0 | | 1% | | 1% | | | | 193.2 | | | 199.4 | | | 202.0 | | | |
| Book value per share | | | 77.09 | | | 79.40 | | | 81.02 | | | 82.90 | | | 83.92 | | | 83.45 | | | 84.48 | | | 86.43 | | | 88.18 | | | 90.86 | | | 92.16 | | | 92.21 | | - | | 7% | | | | 82.90 | | | 86.43 | | | 92.21 | | | |
| Tangible book value per share | | | 65.55 | | | 67.64 | | | 69.03 | | | 70.39 | | | 71.69 | | | 71.20 | | | 71.95 | | | 73.67 | | | 75.50 | | | 77.87 | | | 79.07 | | | 79.16 | | - | | 7% | | | | 70.39 | | | 73.67 | | | 79.16 | | | |
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| Direct staff (in thousands) | | | 203 | | | 200 | | | 199 | | | 200 | | | 201 | | | 204 | | | 209 | | | 210 | | | 211 | | | 214 | | | 220 | | | 223 | | 1% | | 6% | | | | 200 | | | 210 | | | 223 | | | |
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| (1) During the fourth quarter of 2021, Citi reclassified deposit insurance expenses from Interest expense to Other operating expenses for all periods presented. For additional information, see Note 1 to the Consolidated Financial Statements in Citi's 2021 Annual Report on Form 10-K. (2) The third quarter of 2021 includes an approximate $680 million loss on sale (an approximate $580 million after-tax), related to Citi's agreement to sell its Australia consumer banking business. (3) The fourth quarter of 2021 includes approximately $1.052 billion in expenses (approximately $792 million after-tax), primarily related to charges incurred from the voluntary early retirement plan (VERP) in connection with the wind-down of Citi's consumer banking business in Korea. (4) 2021 includes an approximate $600 million benefit from a reduction in Citi’s valuation allowance related to its Deferred Tax Assets (DTAs). (5) Not used. (6) Citi's regulatory ratios were derived under the Basel III Advanced Approaches framework as of March 31, 2021, and the Basel III Standardized Approach framework for the later periods presented. Citi's reportable Total Capital ratios were derived under the Basel III Advanced Approaches framework for all periods presented. These reportable ratios reflect the more binding ratios under both the Standardized Approach and the Advanced Approaches under the Collins Amendment. (7) Commencing January 1, 2020, Citi has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the U.S. banking agencies’ September 2020 final rule. For additional information, see "Capital Resources" in Citi's 2021 Form 10-K. (8) Commencing with 2Q20 and continuing through 1Q21, Citigroup’s Total Leverage Exposure (the Supplementary Leverage Ratio denominator) temporarily excluded U.S. Treasuries and deposits at Federal Reserve Banks. For additional information, see “Capital Resources” in Citi’s 2021 Form 10-K. Note: Ratios and variance percentages are calculated based on the displayed amounts. NM Not meaningful. Reclassified to conform to the current period's presentation. | | | |
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CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
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| 4Q21 Increase/ | | | Full |
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| FY 2021 vs. |
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| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | Year | | FY 2020 Increase/ | | |||||||||||||||||
| | 2019 | | 2019 | | 2019 | | 2019 | | 2020 | | 2020 | | 2020 | | 2020 | | 2021 | | 2021 | | 2021 | | 2021 | | 3Q21 |
| 4Q20 |
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| 2019 | | 2020 | | 2021 | | (Decrease) | | |||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest revenue | | $ | 19,076 | | $ | 19,712 | | $ | 19,177 | | $ | 18,545 | | $ | 17,139 | | $ | 14,589 | | $ | 13,314 | | $ | 13,047 | | $ | 12,534 | | $ | 12,463 | | $ | 12,650 | | $ | 12,828 | | 1% | | (2%) | | | $ | 76,510 | | $ | 58,089 | | $ | 50,475 | | (13%) | |
Interest expense(1) | | | 7,124 | | | 7,573 | | | 7,337 | | | 6,348 | | | 5,422 | | | 3,239 | | | 2,446 | | | 2,231 | | | 2,028 | | | 1,985 | | | 1,959 | | | 2,009 | | 3% | | (10%) | | | | 28,382 | | | 13,338 | | | 7,981 | | (40%) | |
Net interest income (NII) | | | 11,952 | | | 12,139 | | | 11,840 | | | 12,197 | | | 11,717 | | | 11,350 | | | 10,868 | | | 10,816 | | | 10,506 | | | 10,478 | | | 10,691 | | | 10,819 | | 1% | | - | | | | 48,128 | | | 44,751 | | | 42,494 | | (5%) | |
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Commissions and fees | | | 2,926 | | | 2,881 | | | 2,906 | | | 3,033 | | | 3,021 | | | 2,933 | | | 2,753 | | | 2,678 | | | 3,670 | | | 3,374 | | | 3,399 | | | 3,229 | | (5%) | | 21% | | | | 11,746 | | | 11,385 | | | 13,672 | | 20% | |
Principal transactions | | | 2,804 | | | 1,874 | | | 2,802 | | | 1,412 | | | 5,261 | | | 4,157 | | | 2,508 | | | 1,959 | | | 3,913 | | | 2,304 | | | 2,233 | | | 1,704 | | (24%) | | (13%) | | | | 8,892 | | | 13,885 | | | 10,154 | | (27%) | |
Administrative and other fiduciary fees | | | 839 | | | 869 | | | 880 | | | 823 | | | 854 | | | 819 | | | 892 | | | 907 | | | 961 | | | 1,022 | | | 1,007 | | | 953 | | (5%) | | 5% | | | | 3,411 | | | 3,472 | | | 3,943 | | 14% | |
Realized gains (losses) on investments | | | 130 | | | 468 | | | 361 | | | 515 | | | 432 | | | 748 | | | 304 | | | 272 | | | 401 | | | 137 | | | 117 | | | 10 | | (91%) | | (96%) | | | | 1,474 | | | 1,756 | | | 665 | | (62%) | |
Impairment losses on investments and other assets | | | (8) | | | (5) | | | (14) | | | (5) | | | (55) | | | (69) | | | (30) | | | (11) | | | (69) | | | (13) | | | (30) | | | (94) | | NM | | NM | | | | (32) | | | (165) | | | (206) | | (25%) | |
Provision for credit losses on AFS debt securities(2) | | | - | | | - | | | - | | | - | | | - | | | (8) | | | 4 | | | 1 | | | - | | | - | | | (1) | | | (2) | | (100%) | | NM | | | | - | | | (3) | | | (3) | | - | |
Other revenue (loss) | | | 126 | | | 721 | | | (2) | | | 603 | | | (274) | | | 106 | | | 378 | | | 210 | | | 285 | | | 451 | | | 31 | | | 398 | | NM | | 90% | | | | 1,448 | | | 420 | | | 1,165 | | NM | |
Total non-interest revenues (NIR) | | | 6,817 | | | 6,808 | | | 6,933 | | | 6,381 | | | 9,239 | | | 8,686 | | | 6,809 | | | 6,016 | | | 9,161 | | | 7,275 | | | 6,756 | | | 6,198 | | (8%) | | 3% | | | | 26,939 | | | 30,750 | | | 29,390 | | (4%) | |
Total revenues, net of interest expense | | | 18,769 | | | 18,947 | | | 18,773 | | | 18,578 | | | 20,956 | | | 20,036 | | | 17,677 | | | 16,832 | | | 19,667 | | | 17,753 | | | 17,447 | | | 17,017 | | (2%) | | 1% | | | | 75,067 | | | 75,501 | | | 71,884 | | (5%) | |
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Provisions for credit losses and for benefits and claims | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net credit losses | | | 1,948 | | | 1,963 | | | 1,913 | | | 1,944 | | | 2,059 | | | 2,161 | | | 1,919 | | | 1,472 | | | 1,748 | | | 1,320 | | | 961 | | | 866 | | (10%) | | (41%) | | | | 7,768 | | | 7,611 | | | 4,895 | | (36%) | |
Credit reserve build / (release) for loans | | | (4) | | | 126 | | | 149 | | | 179 | | | 4,318 | | | 5,829 | | | 12 | | | (1,848) | | | (3,227) | | | (2,446) | | | (1,149) | | | (1,176) | | (2%) | | 36% | | | | 450 | | | 8,311 | | | (7,998) | | NM | |
Provision for credit losses on loans | | | 1,944 | | | 2,089 | | | 2,062 | | | 2,123 | | | 6,377 | | | 7,990 | | | 1,931 | | | (376) | | | (1,479) | | | (1,126) | | | (188) | | | (310) | | (65%) | | 18% | | | | 8,218 | | | 15,922 | | | (3,103) | | NM | |
Provision for credit losses on held-to-maturity (HTM) debt securities | | | - | | | - | | | - | | | - | | | 6 | | | 31 | | | (16) | | | (14) | | | (11) | | | 4 | | | (10) | | | 14 | | NM | | NM | | | | - | | | 7 | | | (3) | | NM | |
Provision for credit losses on other assets | | | - | | | - | | | - | | | - | | | (4) | | | 48 | | | (13) | | | (24) | | | 9 | | | (3) | | | (3) | | | (3) | | - | | 88% | | | | - | | | 7 | | | - | | (100%) | |
Policyholder benefits and claims | | | 12 | | | 19 | | | 17 | | | 25 | | | 24 | | | 15 | | | 58 | | | 16 | | | 52 | | | 15 | | | 22 | | | 27 | | 23% | | 69% | | | | 73 | | | 113 | | | 116 | | 3% | |
Provision for credit losses on unfunded lending commitments | | | 24 | | | (15) | | | 9 | | | 74 | | | 557 | | | 113 | | | 424 | | | 352 | | | (626) | | | 44 | | | (13) | | | (193) | | NM | | NM | | | | 92 | | | 1,446 | | | (788) | | NM | |
Total provisions for credit losses and for benefits and claims(3) | | | 1,980 | | | 2,093 | | | 2,088 | | | 2,222 | | | 6,960 | | | 8,197 | | | 2,384 | | | (46) | | | (2,055) | | | (1,066) | | | (192) | | | (465) | | NM | | NM | | | | 8,383 | | | 17,495 | | | (3,778) | | NM | |
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Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation and benefits | | | 5,658 | | | 5,381 | | | 5,329 | | | 5,065 | | | 5,654 | | | 5,624 | | | 5,595 | | | 5,341 | | | 6,001 | | | 5,982 | | | 6,058 | | | 7,093 | | 17% | | 33% | | | | 21,433 | | | 22,214 | | | 25,134 | | 13% | |
Premises and equipment | | | 564 | | | 569 | | | 580 | | | 615 | | | 565 | | | 562 | | | 575 | | | 631 | | | 576 | | | 558 | | | 560 | | | 620 | | 11% | | (2%) | | | | 2,328 | | | 2,333 | | | 2,314 | | (1%) | |
Technology / communication | | | 1,720 | | | 1,724 | | | 1,783 | | | 1,850 | | | 1,723 | | | 1,741 | | | 1,891 | | | 2,028 | | | 1,852 | | | 1,895 | | | 1,997 | | | 2,084 | | 4% | | 3% | | | | 7,077 | | | 7,383 | | | 7,828 | | 6% | |
Advertising and marketing | | | 359 | | | 434 | | | 378 | | | 345 | | | 328 | | | 299 | | | 238 | | | 352 | | | 270 | | | 340 | | | 402 | | | 478 | | 19% | | 36% | | | | 1,516 | | | 1,217 | | | 1,490 | | 22% | |
Other operating(1) | | | 2,476 | | | 2,581 | | | 2,593 | | | 2,779 | | | 2,598 | | | 2,504 | | | 3,040 | | | 3,085 | | | 2,714 | | | 2,696 | | | 2,760 | | | 3,257 | | 18% | | 6% | | | | 10,429 | | | 11,227 | | | 11,427 | | 2% | |
Total operating expenses | | | 10,777 | | | 10,689 | | | 10,663 | | | 10,654 | | | 10,868 | | | 10,730 | | | 11,339 | | | 11,437 | | | 11,413 | | | 11,471 | | | 11,777 | | | 13,532 | | 15% | | 18% | | | | 42,783 | | | 44,374 | | | 48,193 | | 9% | |
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Income from continuing operations before income taxes | | | 6,012 | | | 6,165 | | | 6,022 | | | 5,702 | | | 3,128 | | | 1,109 | | | 3,954 | | | 5,441 | | | 10,309 | | | 7,348 | | | 5,862 | | | 3,950 | | (33%) | | (27%) | | | | 23,901 | | | 13,632 | | | 27,469 | | NM | |
Provision for income taxes(4) | | | 1,275 | | | 1,373 | | | 1,079 | | | 703 | | | 580 | | | 52 | | | 777 | | | 1,116 | | | 2,332 | | | 1,155 | | | 1,193 | | | 771 | | (35%) | | (31%) | | | | 4,430 | | | 2,525 | | | 5,451 | | NM | |
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Income (loss) from continuing operations | | | 4,737 | | | 4,792 | | | 4,943 | | | 4,999 | | | 2,548 | | | 1,057 | | | 3,177 | | | 4,325 | | | 7,977 | | | 6,193 | | | 4,669 | | | 3,179 | | (32%) | | (26%) | | | | 19,471 | | | 11,107 | | | 22,018 | | 98% | |
Discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from discontinued operations | | | (2) | | | (10) | | | (15) | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | | (2) | | | 10 | | | (1) | | | - | | 100% | | (100%) | | | | (31) | | | (20) | | | 7 | | NM | |
Provision (benefit) for income taxes | | | - | | | (27) | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | - | | - | | | | (27) | | | - | | | - | | - | |
Income (loss) from discontinued operations, net of taxes | | | (2) | | | 17 | | | (15) | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | | (2) | | | 10 | | | (1) | | | - | | 100% | | (100%) | | | | (4) | | | (20) | | | 7 | | NM | |
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Net income before noncontrolling interests | | | 4,735 | | | 4,809 | | | 4,928 | | | 4,995 | | | 2,530 | | | 1,056 | | | 3,170 | | | 4,331 | | | 7,975 | | | 6,203 | | | 4,668 | | | 3,179 | | (32%) | | (27%) | | | | 19,467 | | | 11,087 | | | 22,025 | | 99% | |
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Net income (loss) attributable to noncontrolling interests | | | 25 | | | 10 | | | 15 | | | 16 | | | (6) | | | - | | | 24 | | | 22 | | | 33 | | | 10 | | | 24 | | | 6 | | (75%) | | (73%) | | | | 66 | | | 40 | | | 73 | | 83% | |
Citigroup's net income | | $ | 4,710 | | $ | 4,799 | | $ | 4,913 | | $ | 4,979 | | $ | 2,536 | | $ | 1,056 | | $ | 3,146 | | $ | 4,309 | | $ | 7,942 | | $ | 6,193 | | $ | 4,644 | | $ | 3,173 | | (32%) | | (26%) | | | $ | 19,401 | | $ | 11,047 | | $ | 21,952 | | 99% | |
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NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 3
CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)
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| 4Q21 Increase/ |
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| | March 31, | | June 30, | | September 30, | | December 31, | | March 31, | | June 30, | | September 30, | | December 31, | | March 31, | | June 30, | | September 30, | | December 31, | | (Decrease) from | | ||||||||||||||
| | 2019 | | 2019 | | 2019 | | 2019 | | 2020 | | 2020 | | 2020 | | 2020 | | 2021 | | 2021 | | 2021 | | 2021 | | 3Q21 |
| 4Q20 | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks (including segregated cash and other deposits) | | $ | 24,448 | | $ | 24,997 | | $ | 24,086 | | $ | 23,967 | | $ | 23,755 | | $ | 22,889 | | $ | 25,308 | | $ | 26,349 | | $ | 26,204 | | $ | 27,117 | | $ | 28,906 | | $ | 27,515 | | (5%) | | 4% | |
Deposits with banks, net of allowance | | | 181,445 | | | 178,246 | | | 196,357 | | | 169,952 | | | 262,165 | | | 286,884 | | | 298,387 | | | 283,266 | | | 298,478 | | | 272,121 | | | 294,902 | | | 234,518 | | (20%) | | (17%) | |
Securities borrowed and purchased under agreements to resell, net of allowance | | | 264,495 | | | 259,769 | | | 261,125 | | | 251,322 | | | 262,536 | | | 282,917 | | | 289,358 | | | 294,712 | | | 315,072 | | | 309,047 | | | 337,696 | | | 327,288 | | (3%) | | 11% | |
Brokerage receivables, net of allowance | | | 44,500 | | | 50,027 | | | 54,215 | | | 39,857 | | | 68,555 | | | 51,633 | | | 51,610 | | | 44,806 | | | 60,465 | | | 61,138 | | | 59,487 | | | 54,340 | | (9%) | | 21% | |
Trading account assets | | | 286,511 | | | 306,831 | | | 306,824 | | | 276,140 | | | 365,000 | | | 362,311 | | | 348,209 | | | 375,079 | | | 360,659 | | | 370,950 | | | 342,914 | | | 331,945 | | (3%) | | (11%) | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Available-for-sale debt securities, net of allowance | | | 275,132 | | | 273,435 | | | 275,425 | | | 280,265 | | | 308,219 | | | 342,256 | | | 343,690 | | | 335,084 | | | 304,036 | | | 302,977 | | | 295,573 | | | 288,522 | | (2%) | | (14%) | |
Held-to-maturity debt securities, net of allowance | | | 66,842 | | | 68,693 | | | 75,841 | | | 80,775 | | | 82,315 | | | 83,332 | | | 96,065 | | | 104,943 | | | 161,742 | | | 176,742 | | | 198,056 | | | 216,963 | | 10% | | NM | |
Equity securities | | | 7,307 | | | 7,574 | | | 7,117 | | | 7,523 | | | 8,349 | | | 7,665 | | | 7,769 | | | 7,332 | | | 7,181 | | | 7,344 | | | 7,220 | | | 7,337 | | 2% | | - | |
Total investments | | | 349,281 | | | 349,702 | | | 358,383 | | | 368,563 | | | 398,883 | | | 433,253 | | | 447,524 | | | 447,359 | | | 472,959 | | | 487,063 | | | 500,849 | | | 512,822 | | 2% | | 15% | |
Loans, net of unearned income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer(1) | | | 374,811 | | | 382,677 | | | 385,795 | | | 400,938 | | | 381,870 | | | 373,263 | | | 374,608 | | | 386,474 | | | 375,532 | | | 380,804 | | | 369,292 | | | 376,534 | | 2% | | (3%) | |
Corporate(2) | | | 307,535 | | | 305,993 | | | 305,948 | | | 298,545 | | | 339,150 | | | 312,029 | | | 292,303 | | | 289,409 | | | 290,456 | | | 296,030 | | | 295,472 | | | 291,233 | | (1%) | | 1% | |
Loans, net of unearned income | | | 682,346 | | | 688,670 | | | 691,743 | | | 699,483 | | | 721,020 | | | 685,292 | | | 666,911 | | | 675,883 | | | 665,988 | | | 676,834 | | | 664,764 | | | 667,767 | | - | | (1%) | |
Allowance for credit losses on loans (ACLL) | | | (12,329) | | | (12,466) | | | (12,530) | | | (12,783) | | | (20,380) | | | (26,298) | | | (26,426) | | | (24,956) | | | (21,638) | | | (19,238) | | | (17,715) | | | (16,455) | | 7% | | 34% | |
Total loans, net | | | 670,017 | | | 676,204 | | | 679,213 | | | 686,700 | | | 700,640 | | | 658,994 | | | 640,485 | | | 650,927 | | | 644,350 | | | 657,596 | | | 647,049 | | | 651,312 | | 1% | | - | |
Goodwill | | | 22,037 | | | 22,065 | | | 21,822 | | | 22,126 | | | 21,264 | | | 21,399 | | | 21,624 | | | 22,162 | | | 21,905 | | | 22,060 | | | 21,573 | | | 21,299 | | (1%) | | (4%) | |
Intangible assets (including MSRs) | | | 5,196 | | | 5,026 | | | 4,844 | | | 4,822 | | | 4,560 | | | 4,451 | | | 4,804 | | | 4,747 | | | 4,741 | | | 4,687 | | | 4,553 | | | 4,495 | | (1%) | | (5%) | |
Other assets, net of allowance | | | 110,483 | | | 115,359 | | | 107,933 | | | 107,709 | | | 112,756 | | | 108,068 | | | 107,150 | | | 110,683 | | | 109,433 | | | 116,089 | | | 123,947 | | | 125,879 | | 2% | | 14% | |
Total assets | | $ | 1,958,413 | | $ | 1,988,226 | | $ | 2,014,802 | | $ | 1,951,158 | | $ | 2,220,114 | | $ | 2,232,799 | | $ | 2,234,459 | | $ | 2,260,090 | | $ | 2,314,266 | | $ | 2,327,868 | | $ | 2,361,876 | | $ | 2,291,413 | | (3%) | | 1% | |
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Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-interest-bearing deposits in U.S. offices | | $ | 101,354 | | $ | 95,659 | | $ | 99,731 | | $ | 98,811 | | $ | 113,371 | | $ | 115,386 | | $ | 121,183 | | $ | 126,942 | | $ | 138,192 | | $ | 149,373 | | $ | 145,103 | | $ | 158,552 | | 9% | | 25% | |
Interest-bearing deposits in U.S. offices | | | 373,339 | | | 382,738 | | | 407,872 | | | 401,418 | | | 462,327 | | | 490,823 | | | 497,487 | | | 503,213 | | | 497,335 | | | 485,589 | | | 567,902 | | | 543,283 | | (4%) | | 8% | |
Total U.S. deposits | | | 474,693 | | | 478,397 | | | 507,603 | | | 500,229 | | | 575,698 | | | 606,209 | | | 618,670 | | | 630,155 | | | 635,527 | | | 634,962 | | | 713,005 | | | 701,835 | | (2%) | | 11% | |
Non-interest-bearing deposits in offices outside the U.S. | | | 80,594 | | | 82,750 | | | 82,723 | | | 85,692 | | | 85,439 | | | 87,479 | | | 94,208 | | | 100,543 | | | 101,662 | | | 101,723 | | | 94,016 | | | 97,270 | | 3% | | (3%) | |
Interest-bearing deposits in offices outside the U.S. | | | 475,068 | | | 484,460 | | | 497,443 | | | 484,669 | | | 523,774 | | | 539,972 | | | 549,745 | | | 549,973 | | | 563,786 | | | 573,596 | | | 540,507 | | | 518,125 | | (4%) | | (6%) | |
Total international deposits | | | 555,662 | | | 567,210 | | | 580,166 | | | 570,361 | | | 609,213 | | | 627,451 | | | 643,953 | | | 650,516 | | | 665,448 | | | 675,319 | | | 634,523 | | | 615,395 | | (3%) | | (5%) | |
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Total deposits | | | 1,030,355 | | | 1,045,607 | | | 1,087,769 | | | 1,070,590 | | | 1,184,911 | | | 1,233,660 | | | 1,262,623 | | | 1,280,671 | | | 1,300,975 | | | 1,310,281 | | | 1,347,528 | | | 1,317,230 | | (2%) | | 3% | |
Securities loaned and sold under agreements to resell | | | 190,372 | | | 181,133 | | | 195,047 | | | 166,339 | | | 222,324 | | | 215,722 | | | 207,227 | | | 199,525 | | | 219,168 | | | 221,817 | | | 209,184 | | | 191,285 | | (9%) | | (4%) | |
Brokerage payables | | | 62,656 | | | 69,839 | | | 63,342 | | | 48,601 | | | 74,368 | | | 60,567 | | | 54,328 | | | 50,484 | | | 60,907 | | | 59,416 | | | 60,501 | | | 61,430 | | 2% | | 22% | |
Trading account liabilities | | | 136,392 | | | 136,294 | | | 135,596 | | | 119,894 | | | 163,995 | | | 149,264 | | | 146,990 | | | 168,027 | | | 179,117 | | | 174,706 | | | 179,286 | | | 161,529 | | (10%) | | (4%) | |
Short-term borrowings | | | 39,322 | | | 42,442 | | | 35,230 | | | 45,049 | | | 54,951 | | | 40,156 | | | 37,439 | | | 29,514 | | | 32,087 | | | 31,462 | | | 29,683 | | | 27,973 | | (6%) | | (5%) | |
Long-term debt | | | 243,566 | | | 252,189 | | | 242,238 | | | 248,760 | | | 266,098 | | | 279,775 | | | 273,254 | | | 271,686 | | | 256,335 | | | 264,575 | | | 258,274 | | | 254,374 | | (2%) | | (6%) | |
Other liabilities(3) | | | 58,735 | | | 62,612 | | | 58,510 | | | 57,979 | | | 60,141 | | | 61,269 | | | 58,003 | | | 59,983 | | | 62,404 | | | 62,701 | | | 75,810 | | | 74,920 | | (1%) | | 25% | |
Total liabilities | | $ | 1,761,398 | | $ | 1,790,116 | | $ | 1,817,732 | | $ | 1,757,212 | | $ | 2,026,788 | | $ | 2,040,413 | | $ | 2,039,864 | | $ | 2,059,890 | | $ | 2,110,993 | | $ | 2,124,958 | | $ | 2,160,266 | | $ | 2,088,741 | | (3%) | | 1% | |
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Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stockholders' equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock | | $ | 17,980 | | $ | 17,980 | | $ | 19,480 | | $ | 17,980 | | $ | 17,980 | | $ | 17,980 | | $ | 17,980 | | $ | 19,480 | | $ | 20,280 | | $ | 17,995 | | $ | 17,995 | | $ | 18,995 | | 6% | | (2%) | |
Common stock | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | - | | - | |
Additional paid-in capital | | | 107,551 | | | 107,657 | | | 107,741 | | | 107,840 | | | 107,550 | | | 107,668 | | | 107,764 | | | 107,846 | | | 107,694 | | | 107,820 | | | 107,922 | | | 108,003 | | - | | - | |
Retained earnings | | | 154,859 | | | 158,321 | | | 161,797 | | | 165,369 | | | 163,782 | | | 163,515 | | | 165,303 | | | 168,272 | | | 174,816 | | | 179,686 | | | 183,024 | | | 184,948 | | 1% | | 10% | |
Treasury stock, at cost | | | (47,861) | | | (51,427) | | | (56,541) | | | (61,660) | | | (64,147) | | | (64,143) | | | (64,137) | | | (64,129) | | | (65,261) | | | (68,253) | | | (71,246) | | | (71,240) | | - | | (11%) | |
Accumulated other comprehensive income (loss) (AOCI)(4) | | | (36,308) | | | (35,203) | | | (36,135) | | | (36,318) | | | (32,521) | | | (33,345) | | | (33,065) | | | (32,058) | | | (35,011) | | | (35,120) | | | (36,851) | | | (38,765) | | (5%) | | (21%) | |
Total common equity | | $ | 178,272 | | $ | 179,379 | | $ | 176,893 | | $ | 175,262 | | $ | 174,695 | | $ | 173,726 | | $ | 175,896 | | $ | 179,962 | | $ | 182,269 | | $ | 184,164 | | $ | 182,880 | | $ | 182,977 | | - | | 2% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Citigroup stockholders' equity | | $ | 196,252 | | $ | 197,359 | | $ | 196,373 | | $ | 193,242 | | $ | 192,675 | | $ | 191,706 | | $ | 193,876 | | $ | 199,442 | | $ | 202,549 | | $ | 202,159 | | $ | 200,875 | | $ | 201,972 | | 1% | | 1% | |
Noncontrolling interests | | | 763 | | | 751 | | | 697 | | | 704 | | | 651 | | | 680 | | | 719 | | | 758 | | | 724 | | | 751 | | | 735 | | | 700 | | (5%) | | (8%) | |
Total equity | | | 197,015 | | | 198,110 | | | 197,070 | | | 193,946 | | | 193,326 | | | 192,386 | | | 194,595 | | | 200,200 | | | 203,273 | | | 202,910 | | | 201,610 | | | 202,672 | | 1% | | 1% | |
Total liabilities and equity | | $ | 1,958,413 | | $ | 1,988,226 | | $ | 2,014,802 | | $ | 1,951,158 | | $ | 2,220,114 | | $ | 2,232,799 | | $ | 2,234,459 | | $ | 2,260,090 | | $ | 2,314,266 | | $ | 2,327,868 | | $ | 2,361,876 | | $ | 2,291,413 | | (3%) | | 1% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business & Middle-Market Banking (Mexico SBMM) loans). |
(2) | Corporate loans include loans managed by ICG and Legacy Franchises-Mexico/SBMM. |
(3) | Includes allowance for credit losses for unfunded lending commitments. |
(4) | As discussed in note 2 on page 1, Citi's third quarter of 2021 results include an approximate $680 million loss on sale (an approximate $580 million after-tax), related to Citi’s agreement to sell its Australia consumer banking business. The loss primarily reflects the impact of an approximate $625 million ($475 million (after-tax)) currency translation adjustment (CTA) loss (net of hedges) at September 30, 2021, and December 31, 2021, already reflected in the Accumulated Other Comprehensive Income (AOCI) component of equity. Upon closing, the CTA balance will be removed from the AOCI component of equity, resulting in a neutral impact from CTA to Citi’s Common Equity Tier 1 Capital. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 4
OPERATING SEGMENT AND REPORTING UNIT DETAILS
(In millions of dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 4Q21 Increase/ |
| | Full |
| Full |
| Full |
| FY 2021 vs. | | |||||||||||||||||
| | 2019 | | 2019 | | 2019 | | 2019 | | 2020 | | 2020 | | 2020 | | 2020 | | 2021 | | 2021 | | 2021 | | 2021 | | 3Q21 | | 4Q20 |
| | 2019 | | 2020 | | 2021 | | (Decrease) | | |||||||||||||||
Net Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Institutional Clients Group | | $ | 9,207 | | $ | 9,255 | | $ | 9,051 | | $ | 8,596 | | $ | 11,615 | | $ | 11,327 | | $ | 9,605 | | $ | 8,546 | | $ | 11,388 | | $ | 9,549 | | $ | 9,991 | | $ | 8,908 | | (11%) | | 4% |
| | $ | 36,109 | | $ | 41,093 | | $ | 39,836 | | (3%) | |
Personal Banking and Wealth Management | | | 6,493 | | | 6,418 | | | 6,633 | | | 6,670 | | | 6,797 | | | 6,223 | | | 6,038 | | | 6,082 | | | 5,992 | | | 5,698 | | | 5,852 | | | 5,785 | | (1%) | | (5%) | | | | 26,214 | | | 25,140 | | | 23,327 | | (7%) | |
Legacy Franchises | | | 2,772 | | | 2,830 | | | 2,767 | | | 2,877 | | | 2,418 | | | 2,360 | | | 2,337 | | | 2,339 | | | 2,243 | | | 2,279 | | | 1,536 | | | 2,193 | | 43% | | (6%) | | | | 11,246 | | | 9,454 | | | 8,251 | | (13%) | |
Corporate/Other | | | 297 | | | 444 | | | 322 | | | 435 | | | 126 | | | 126 | | | (303) | | | (135) | | | 44 | | | 227 | | | 68 | | | 131 | | 93% | | NM | | | | 1,498 | | | (186) | | | 470 | | NM | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total net revenues | | $ | 18,769 | | $ | 18,947 | | $ | 18,773 | | $ | 18,578 | | $ | 20,956 | | $ | 20,036 | | $ | 17,677 | | $ | 16,832 | | $ | 19,667 | | $ | 17,753 | | $ | 17,447 | | $ | 17,017 | | (2%) | | 1% |
| | $ | 75,067 | | $ | 75,501 | | $ | 71,884 | | (5%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Institutional Clients Group | | $ | 3,085 | | $ | 3,109 | | $ | 2,901 | | $ | 2,571 | | $ | 3,504 | | $ | 1,816 | | $ | 2,782 | | $ | 2,709 | | $ | 5,430 | | $ | 3,433 | | $ | 3,115 | | $ | 2,330 | | (25%) | | (14%) | | | $ | 11,666 | | $ | 10,811 | | $ | 14,308 | | 32% | |
Personal Banking and Wealth Management | | | 1,194 | | | 1,131 | | | 1,347 | | | 1,375 | | | (668) | | | (462) | | | 1,038 | | | 1,414 | | | 2,420 | | | 1,805 | | | 1,896 | | | 1,613 | | (15%) | | 14% |
| | | 5,047 | | | 1,322 | | | 7,734 | | NM | |
Legacy Franchises | | | 410 | | | 417 | | | 342 | | | 411 | | | (285) | | | (291) | | | 40 | | | 394 | | | 320 | | | 492 | | | (201) | | | (620) | | NM | | NM | | | | 1,580 | | | (142) | | | (9) | | 94% | |
Corporate/Other | | | 48 | | | 135 | | | 353 | | | 642 | | | (3) | | | (6) | | | (683) | | | (192) | | | (193) | | | 463 | | | (141) | | | (144) | | (2%) | | 25% |
| | | 1,178 | | | (884) | | | (15) | | 98% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 4,737 | | $ | 4,792 | | $ | 4,943 | | $ | 4,999 | | $ | 2,548 | | $ | 1,057 | | $ | 3,177 | | $ | 4,325 | | $ | 7,977 | | $ | 6,193 | | $ | 4,669 | | $ | 3,179 | | (32%) | | (26%) | | | $ | 19,471 | | $ | 11,107 | | $ | 22,018 | | 98% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Discontinued operations | | | (2) | | | 17 | | | (15) | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | | (2) | | | 10 | | | (1) | | | — | | 100% | | (100%) | | | | (4) | | | (20) | | | 7 | | NM | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to noncontrolling interests | | | 25 | | | 10 | | | 15 | | | 16 | | | (6) | | | — | | | 24 | | | 22 | | | 33 | | | 10 | | | 24 | | | 6 | | (75%) | | (73%) | | | | 66 | | | 40 | | | 73 | | 83% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,710 | | $ | 4,799 | | $ | 4,913 | | $ | 4,979 | | $ | 2,536 | | $ | 1,056 | | $ | 3,146 | | $ | 4,309 | | $ | 7,942 | | $ | 6,193 | | $ | 4,644 | | $ | 3,173 | | (32%) | | (26%) | | | $ | 19,401 | | $ | 11,047 | | $ | 21,952 | | 99% | |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 5
INSTITUTIONAL CLIENTS GROUP
(In millions of dollars, except as otherwise noted)
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|
| 4Q21 Increase/ |
|
| Full |
| Full |
| Full |
| FY 2021 vs. | |||||||||||||||||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | Year | | FY 2020 Increase/ | |||||||||||||||||
| | 2019 | | 2019 | | 2019 | | 2019 | | 2020 | | 2020 | | 2020 | | 2020 | | 2021 | | 2021 | | 2021 | | 2021 | | 3Q21 |
| 4Q20 | | | 2019 | | 2020 | | 2021 | | (Decrease) | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Commissions and fees | | $ | 1,044 | | $ | 988 | | $ | 1,022 | | $ | 1,017 | | $ | 1,094 | | $ | 920 | | $ | 974 | | $ | 973 | | $ | 1,110 | | $ | 1,071 | | $ | 1,055 | | $ | 1,064 | | 1% | | 9% | | | $ | 4,071 | | $ | 3,961 | | $ | 4,300 | | 9% |
Administration and other fiduciary fees | | | 559 | | | 588 | | | 575 | | | 534 | | | 553 | | | 559 | | | 618 | | | 618 | | | 657 | | | 698 | | | 676 | | | 662 | | (2%) | | 7% | | | | 2,256 | | | 2,348 | | | 2,693 | | 15% |
Investment banking | | | 1,105 | | | 1,094 | | | 1,038 | | | 1,177 | | | 1,226 | | | 1,517 | | | 1,138 | | | 1,101 | | | 1,787 | | | 1,568 | | | 1,685 | | | 1,669 | | (1%) | | 52% | | | | 4,414 | | | 4,982 | | | 6,709 | | 35% |
Principal transactions | | | 2,547 | | | 1,864 | | | 2,519 | | | 1,326 | | | 5,228 | | | 3,797 | | | 2,201 | | | 1,690 | | | 3,745 | | | 2,135 | | | 2,229 | | | 1,654 | | (26%) | | (2%) | | | | 8,256 | | | 12,916 | | | 9,763 | | (24%) |
Other | | | 279 | | | 716 | | | 316 | | | 503 | | | (120) | | | 420 | | | 596 | | | 240 | | | 356 | | | 317 | | | 608 | | | 91 | | (85%) | | (62%) | | | | 1,814 | | | 1,136 | | | 1,372 | | 21% |
Total non-interest revenue | | | 5,534 | | | 5,250 | | | 5,470 | | | 4,557 | | | 7,981 | | | 7,213 | | | 5,527 | | | 4,622 | | | 7,655 | | | 5,789 | | | 6,253 | | | 5,140 | | (18%) | | 11% | | | | 20,811 | | | 25,343 | | | 24,837 | | (2%) |
Net interest income (including dividends) | | | 3,673 | | | 4,005 | | | 3,581 | | | 4,039 | | | 3,634 | | | 4,114 | | | 4,078 | | | 3,924 | | | 3,733 | | | 3,760 | | | 3,738 | | | 3,768 | | 1% | | (4%) | | | | 15,298 | | | 15,750 | | | 14,999 | | (5%) |
Total revenues, net of interest expense | | | 9,207 | | | 9,255 | | | 9,051 | | | 8,596 | | | 11,615 | | | 11,327 | | | 9,605 | | | 8,546 | | | 11,388 | | | 9,549 | | | 9,991 | | | 8,908 | | (11%) | | 4% | | | | 36,109 | | | 41,093 | | | 39,836 | | (3%) |
Total operating expenses | | | 5,238 | | | 5,175 | | | 5,254 | | | 5,078 | | | 5,465 | | | 5,635 | | | 5,551 | | | 5,685 | | | 5,932 | | | 5,829 | | | 5,963 | | | 6,225 | | 4% | | 9% | | | | 20,745 | | | 22,336 | | | 23,949 | | 7% |
Net credit losses on loans | | | 62 | | | 71 | | | 95 | | | 107 | | | 126 | | | 273 | | | 296 | | | 182 | | | 175 | | | 68 | | | 31 | | | 82 | | NM | | (55%) | | | | 335 | | | 877 | | | 356 | | (59%) |
Credit reserve build / (release) for loans | | | (71) | | | 48 | | | 25 | | | 54 | | | 965 | | | 3,000 | | | (256) | | | (1,127) | | | (1,103) | | | (812) | | | 14 | | | (192) | | NM | | 83% | | | | 56 | | | 2,582 | | | (2,093) | | NM |
Provision for credit losses on unfunded lending commitments | | | 23 | | | (14) | | | 8 | | | 74 | | | 545 | | | 78 | | | 405 | | | 362 | | | (606) | | | 47 | | | (13) | | | (181) | | NM | | NM | | | | 91 | | | 1,390 | | | (753) | | NM |
Provisions for credit losses for HTM debt securities and other assets | | | - | | | - | | | - | | | - | | | 7 | | | 54 | | | (17) | | | (24) | | | (5) | | | 3 | | | (8) | | | 10 | | NM | | NM | | | | - | | | 20 | | | - | | (100%) |
Provision for credit losses | | | 14 | | | 105 | | | 128 | | | 235 | | | 1,643 | | | 3,405 | | | 428 | | | (607) | | | (1,539) | | | (694) | | | 24 | | | (281) | | NM | | 54% | | | | 482 | | | 4,869 | | | (2,490) | | NM |
Income from continuing operations before taxes | | | 3,955 | | | 3,975 | | | 3,669 | | | 3,283 | | | 4,507 | | | 2,287 | | | 3,626 | | | 3,468 | | | 6,995 | | | 4,414 | | | 4,004 | | | 2,964 | | (26%) | | (15%) | | | | 14,882 | | | 13,888 | | | 18,377 | | 32% |
Income taxes | | | 870 | | | 866 | | | 768 | | | 712 | | | 1,003 | | | 471 | | | 844 | | | 759 | | | 1,565 | | | 981 | | | 889 | | | 634 | | (29%) | | (16%) | | | | 3,216 | | | 3,077 | | | 4,069 | | 32% |
Income from continuing operations | | | 3,085 | | | 3,109 | | | 2,901 | | | 2,571 | | | 3,504 | | | 1,816 | | | 2,782 | | | 2,709 | | | 5,430 | | | 3,433 | | | 3,115 | | | 2,330 | | (25%) | | (14%) | | | | 11,666 | | | 10,811 | | | 14,308 | | 32% |
Noncontrolling interests | | | 11 | | | 10 | | | 8 | | | 11 | | | (1) | | | 5 | | | 24 | | | 22 | | | 37 | | | 12 | | | 24 | | | 10 | | (58%) | | (55%) | | | | 40 | | | 50 | | | 83 | | 66% |
Net income | | $ | 3,074 | | $ | 3,099 | | $ | 2,893 | | $ | 2,560 | | $ | 3,505 | | $ | 1,811 | | $ | 2,758 | | $ | 2,687 | | $ | 5,393 | | $ | 3,421 | | $ | 3,091 | | $ | 2,320 | | (25%) | | (14%) | | | $ | 11,626 | | $ | 10,761 | | $ | 14,225 | | 32% |
EOP assets (in billions) | | $ | 1,360 | | $ | 1,385 | | $ | 1,409 | | $ | 1,317 | | $ | 1,584 | | $ | 1,579 | | $ | 1,559 | | $ | 1,592 | | $ | 1,636 | | $ | 1,654 | | $ | 1,670 | | $ | 1,613 | | (3%) | | 1% | | | $ | 1,317 | | $ | 1,592 | | $ | 1,613 | | 1% |
Average assets (in billions) | | | 1,348 | | | 1,383 | | | 1,396 | | | 1,380 | | | 1,443 | | | 1,617 | | | 1,590 | | | 1,614 | | | 1,649 | | | 1,667 | | | 1,660 | | | 1,698 | | 2% | | 5% | | | | 1,377 | | $ | 1,566 | | $ | 1,669 | | 7% |
Return on average assets | | | 0.92% | | | 0.90% | | | 0.82% | | | 0.74% | | | 0.98% | | | 0.45% | | | 0.69% | | | 0.66% | | | 1.33% | | | 0.82% | | | 0.74% | | | 0.54% | | | | | | | 0.84% | | | 0.69% | | | 0.85% | | ||
Efficiency ratio | | | 57% | | | 56% | | | 58% | | | 59% | | | 47% | | | 50% | | | 58% | | | 67% | | | 52% | | | 61% | | | 60% | | | 70% | | | | | | | 57% | | | 54% | | | 60% | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Revenue by Reporting Unit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Services | | $ | 3,295 | | $ | 3,425 | | $ | 3,364 | | $ | 3,370 | | $ | 3,203 | | $ | 3,056 | | $ | 3,215 | | $ | 3,252 | | $ | 3,000 | | $ | 3,140 | | $ | 3,141 | | $ | 3,258 | | 4% | | - | | | $ | 13,454 | | $ | 12,726 | | $ | 12,539 | | (1%) |
Markets | | | 4,252 | | | 4,095 | | | 4,006 | | | 3,392 | | | 6,025 | | | 6,455 | | | 4,720 | | | 3,933 | | | 5,933 | | | 4,255 | | | 4,387 | | | 3,343 | | (24%) | | (15%) | | | | 15,745 | | | 21,133 | | | 17,918 | | (15%) |
Banking | | | 1,660 | | | 1,735 | | | 1,681 | | | 1,834 | | | 2,387 | | | 1,816 | | | 1,670 | | | 1,361 | | | 2,455 | | | 2,154 | | | 2,463 | | | 2,307 | | (6%) | | 70% | | | | 6,910 | | | 7,234 | | | 9,379 | | 30% |
Total revenues, net of interest expense | | $ | 9,207 | | $ | 9,255 | | $ | 9,051 | | $ | 8,596 | | $ | 11,615 | | $ | 11,327 | | $ | 9,605 | | $ | 8,546 | | $ | 11,388 | | $ | 9,549 | | $ | 9,991 | | $ | 8,908 | | (11%) | | 4% | | | $ | 36,109 | | $ | 41,093 | | $ | 39,836 | | (3%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Revenue by region | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
North America | | $ | 2,860 | | $ | 3,204 | | $ | 2,839 | | $ | 2,913 | | $ | 4,507 | | $ | 4,554 | | $ | 3,544 | | $ | 2,932 | | $ | 4,475 | | $ | 3,279 | | $ | 3,727 | | $ | 3,278 | | (12%) | | 12% | | | $ | 11,816 | | $ | 15,537 | | $ | 14,759 | | (5%) |
EMEA | | | 3,053 | | | 2,853 | | | 3,028 | | | 2,627 | | | 3,352 | | | 3,281 | | | 2,984 | | | 2,777 | | | 3,602 | | | 3,127 | | | 2,981 | | | 2,705 | | (9%) | | (3%) | | | | 11,561 | | | 12,394 | | | 12,415 | | - |
Latin America | | | 1,117 | | | 1,158 | | | 1,135 | | | 1,144 | | | 1,279 | | | 1,080 | | | 1,002 | | | 932 | | | 1,000 | | | 1,035 | | | 1,129 | | | 1,113 | | (1%) | | 19% | | | | 4,554 | | | 4,293 | | | 4,277 | | - |
Asia | | | 2,177 | | | 2,040 | | | 2,049 | | | 1,912 | | | 2,477 | | | 2,412 | | | 2,075 | | | 1,905 | | | 2,311 | | | 2,108 | | | 2,154 | | | 1,812 | | (16%) | | (5%) | | | | 8,178 | | | 8,869 | | | 8,385 | | (5%) |
Total revenues, net of interest expense | | $ | 9,207 | | $ | 9,255 | | $ | 9,051 | | $ | 8,596 | | $ | 11,615 | | $ | 11,327 | | $ | 9,605 | | $ | 8,546 | | $ | 11,388 | | $ | 9,549 | | $ | 9,991 | | $ | 8,908 | | (11%) | | 4% | | | $ | 36,109 | | $ | 41,093 | | $ | 39,836 | | (3%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Income (loss) from continuing operations by region | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
North America | | $ | 589 | | $ | 877 | | $ | 640 | | $ | 744 | | $ | 909 | | $ | 594 | | $ | 859 | | $ | 643 | | $ | 2,529 | | $ | 1,074 | | $ | 718 | | $ | 768 | | 7% | | 19% | | | $ | 2,850 | | $ | 3,005 | | $ | 5,089 | | 69% |
EMEA | | | 1,083 | | | 966 | | | 1,015 | | | 636 | | | 1,003 | | | 453 | | | 916 | | | 805 | | | 1,440 | | | 1,101 | | | 990 | | | 672 | | (32%) | | (17%) | | | | 3,700 | | | 3,177 | | | 4,203 | | 32% |
Latin America | | | 481 | | | 472 | | | 444 | | | 507 | | | 503 | | | (69) | | | 239 | | | 676 | | | 500 | | | 507 | | | 580 | | | 473 | | (18%) | | (30%) | | | | 1,904 | | | 1,349 | | | 2,060 | | 53% |
Asia | | | 932 | | | 794 | | | 802 | | | 684 | | | 1,089 | | | 838 | | | 768 | | | 585 | | | 961 | | | 751 | | | 827 | | | 417 | | (50%) | | (29%) | | | | 3,212 | | | 3,280 | | | 2,956 | | (10%) |
Income from continuing operations | | $ | 3,085 | | $ | 3,109 | | $ | 2,901 | | $ | 2,571 | | $ | 3,504 | | $ | 1,816 | | $ | 2,782 | | $ | 2,709 | | $ | 5,430 | | $ | 3,433 | | $ | 3,115 | | $ | 2,330 | | (25%) | | (14%) | | | $ | 11,666 | | $ | 10,811 | | $ | 14,308 | | 32% |
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EOP loans by region (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
North America | | $ | 129 | | $ | 129 | | $ | 128 | | $ | 126 | | $ | 155 | | $ | 135 | | $ | 125 | | $ | 125 | | $ | 126 | | $ | 128 | | $ | 128 | | $ | 126 | | (2%) | | 1% | | | $ | 126 | | $ | 125 | | $ | 126 | | 1% |
EMEA | | | 77 | | | 79 | | | 82 | | | 77 | | | 83 | | | 78 | | | 76 | | | 77 | | | 77 | | | 78 | | | 77 | | | 76 | | (1%) | | (1%) | | | | 77 | | | 77 | | | 76 | | (1%) |
Latin America | | | 33 | | | 31 | | | 30 | | | 31 | | | 34 | | | 35 | | | 30 | | | 26 | | | 25 | | | 26 | | | 25 | | | 26 | | 4% | | - | | | | 31 | | | 26 | | | 26 | | - |
Asia | | | 60 | | | 58 | | | 58 | | | 57 | | | 60 | | | 57 | | | 55 | | | 54 | | | 56 | | | 58 | | | 59 | | | 57 | | (3%) | | 6% | | | | 57 | | | 54 | | | 57 | | 6% |
Total | | $ | 299 | | $ | 297 | | $ | 298 | | $ | 291 | | $ | 332 | | $ | 305 | | $ | 286 | | $ | 282 | | $ | 284 | | $ | 290 | | $ | 289 | | $ | 285 | | (1%) | | 1% | | | $ | 291 | | $ | 282 | | $ | 285 | | 1% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Average loans by region (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
North America | | $ | 124 | | $ | 127 | | $ | 127 | | $ | 128 | | $ | 130 | | $ | 147 | | $ | 129 | | $ | 123 | | $ | 123 | | $ | 127 | | $ | 128 | | $ | 130 | | 2% | | 6% | | | $ | 126 | | $ | 131 | | $ | 127 | | (3%) |
EMEA | | | 75 | | | 76 | | | 78 | | | 79 | | | 77 | | | 81 | | | 77 | | | 75 | | | 78 | | | 77 | | | 77 | | | 75 | | (3%) | | - | | | | 77 | | | 78 | | | 77 | | (1%) |
Latin America | | | 34 | | | 32 | | | 31 | | | 30 | | | 31 | | | 35 | | | 33 | | | 28 | | | 25 | | | 26 | | | 26 | | | 25 | | (4%) | | (11%) | | | | 32 | | | 32 | | | 26 | | (19%) |
Asia | | | 62 | | | 59 | | | 58 | | | 57 | | | 57 | | | 59 | | | 56 | | | 54 | | | 55 | | | 57 | | | 58 | | | 59 | | 2% | | 9% | | | | 59 | | | 57 | | | 57 | | - |
Total | | $ | 295 | | $ | 294 | | $ | 294 | | $ | 294 | | $ | 295 | | $ | 322 | | $ | 295 | | $ | 280 | | $ | 281 | | $ | 287 | | $ | 289 | | $ | 289 | | - | | 3% | | | $ | 294 | | $ | 298 | | $ | 287 | | (4%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
EOP deposits by region (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
North America | | $ | 280 | | $ | 291 | | $ | 324 | | $ | 302 | | $ | 374 | | $ | 398 | | $ | 397 | | $ | 384 | | $ | 385 | | $ | 379 | | $ | 408 | | $ | 383 | | (6%) | | -% | | | $ | 302 | | $ | 384 | | $ | 383 | | - |
EMEA | | | 175 | | | 174 | | | 172 | | | 167 | | | 185 | | | 186 | | | 192 | | | 191 | | | 205 | | | 204 | | | 200 | | | 193 | | (4%) | | 1% | | | | 167 | | | 191 | | | 193 | | 1% |
Latin America | | | 28 | | | 28 | | | 28 | | | 30 | | | 30 | | | 32 | | | 35 | | | 35 | | | 37 | | | 37 | | | 39 | | | 38 | | (3%) | | 7% | | | | 30 | | | 35 | | | 38 | | 7% |
Asia | | | 145 | | | 151 | | | 156 | | | 150 | | | 168 | | | 166 | | | 169 | | | 172 | | | 171 | | | 178 | | | 186 | | | 176 | | (5%) | | 3% | | | | 150 | | | 172 | | | 176 | | 3% |
Total | | $ | 628 | | $ | 644 | | $ | 681 | | $ | 649 | | $ | 758 | | $ | 782 | | $ | 792 | | $ | 782 | | $ | 798 | | $ | 799 | | $ | 833 | | $ | 789 | | (5%) | | 1% | | | $ | 649 | | $ | 782 | | $ | 789 | | 1% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Average deposits by region (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
North America | | $ | 280 | | $ | 287 | | $ | 308 | | $ | 321 | | $ | 331 | | $ | 410 | | $ | 412 | | $ | 413 | | $ | 393 | | $ | 393 | | $ | 404 | | $ | 416 | | 3% | | 1% | | | $ | 298 | | $ | 391 | | $ | 402 | | 3% |
EMEA | | | 167 | | | 175 | | | 174 | | | 171 | | | 172 | | | 186 | | | 191 | | | 193 | | | 198 | | | 207 | | | 204 | | | 206 | | 1% | | 7% | | | | 172 | | | 186 | | | 204 | | 10% |
Latin America | | | 28 | | | 28 | | | 29 | | | 30 | | | 30 | | | 33 | | | 35 | | | 35 | | | 35 | | | 37 | | | 38 | | | 38 | | - | | 9% | | | | 29 | | | 33 | | | 37 | | 12% |
Asia | | | 148 | | | 151 | | | 152 | | | 155 | | | 159 | | | 169 | | | 170 | | | 181 | | | 183 | | | 181 | | | 185 | | | 192 | | 4% | | 6% | | | | 152 | | | 170 | | | 185 | | 9% |
Total | | $ | 623 | | $ | 641 | | $ | 663 | | $ | 677 | | $ | 692 | | $ | 798 | | $ | 808 | | $ | 822 | | $ | 809 | | $ | 818 | | $ | 831 | | $ | 852 | | 3% | | 4% | | | $ | 651 | | $ | 780 | | $ | 828 | | 6% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 6
INSTITUTIONAL CLIENTS GROUP
REPORTING UNIT REVENUES
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4Q21 Increase/ | | | Full | | Full | | Full | | FY 2021 vs. | |||||||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | Year | | FY 2020 Increase/ | |||||||||||||||||||
|
| 2019 |
| 2019 |
| 2019 |
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 2021 |
| 2021 |
| 2021 |
| 2021 |
| 3Q21 |
| 4Q20 |
|
| 2019 |
| 2020 |
| 2021 |
| (Decrease) | |||||||||||||||||
Services: | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Net interest income | | $ | 1,983 | $ | 2,005 | $ | 1,995 | $ | 2,030 | $ | 1,883 | $ | 1,859 | $ | 1,910 | $ | 1,909 | $ | 1,617 | $ | 1,640 | $ | 1,613 | $ | 1,682 | | 4% | | (12%) | | $ | 8,013 | $ | 7,561 | $ | 6,552 | (13%) | |||||||||||||||||
Non-interest revenue | | | 1,312 | | 1,420 | | 1,369 | | 1,340 | | 1,320 | | 1,197 | | 1,305 | | 1,343 | | 1,383 | | 1,500 | | 1,528 | | 1,576 | | 3% | | 17% | | | 5,441 | | 5,165 | | 5,987 | 16% | |||||||||||||||||
Total Services revenues | | $ | 3,295 | $ | 3,425 | $ | 3,364 | $ | 3,370 | $ | 3,203 | $ | 3,056 | $ | 3,215 | $ | 3,252 | $ | 3,000 | $ | 3,140 | $ | 3,141 | $ | 3,258 | | 4% | | - | | $ | 13,454 | $ | 12,726 | $ | 12,539 | (1%) | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Net interest income | | $ | 1,686 | $ | 1,689 | $ | 1,671 | $ | 1,710 | $ | 1,592 | $ | 1,617 | $ | 1,654 | $ | 1,642 | $ | 1,405 | $ | 1,427 | $ | 1,389 | $ | 1,444 | | 4% | | (12%) | | $ | 6,756 | $ | 6,505 | $ | 5,665 | (13%) | |||||||||||||||||
Non-interest revenue | | | 811 | | 870 | | 850 | | 847 | | 804 | | 671 | | 750 | | 779 | | 783 | | 858 | | 908 | | 960 | | 6% | | 23% | | | 3,378 | | 3,004 | | 3,509 | 17% | |||||||||||||||||
Treasury and trade solutions | | $ | 2,497 | $ | 2,559 | $ | 2,521 | $ | 2,557 | $ | 2,396 | $ | 2,288 | $ | 2,404 | $ | 2,421 | $ | 2,188 | $ | 2,285 | $ | 2,297 | $ | 2,404 | | 5% | | (1%) | | $ | 10,134 | $ | 9,509 | $ | 9,174 | (4%) | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Net interest income | | $ | 297 | $ | 316 | $ | 324 | $ | 320 | $ | 291 | $ | 242 | $ | 256 | $ | 267 | $ | 212 | $ | 213 | $ | 224 | $ | 238 | | 6% | | (11%) | | $ | 1,257 | $ | 1,056 | $ | 887 | (16%) | |||||||||||||||||
Non-interest revenue | | | 501 | | 550 | | 519 | | 493 | | 516 | | 526 | | 555 | | 564 | | 600 | | 642 | | 620 | | 616 | | (1%) | | 9% | | | 2,063 | | 2,161 | | 2,478 | 15% | |||||||||||||||||
Securities services | | $ | 798 | $ | 866 | $ | 843 | $ | 813 | $ | 807 | $ | 768 | $ | 811 | $ | 831 | $ | 812 | $ | 855 | $ | 844 | $ | 854 | | 1% | | 3% | | $ | 3,320 | $ | 3,217 | $ | 3,365 | 5% | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Markets: | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Net interest income | | $ | 807 | $ | 1,168 | $ | 765 | $ | 1,160 | $ | 1,024 | $ | 1,473 | $ | 1,406 | $ | 1,298 | $ | 1,309 | $ | 1,379 | $ | 1,265 | $ | 1,250 | | (1%) | | (4%) | | $ | 3,900 | $ | 5,201 | $ | 5,203 | - | |||||||||||||||||
Non-interest revenue | | | 3,445 | | 2,927 | | 3,241 | | 2,232 | | 5,001 | | 4,982 | | 3,314 | | 2,635 | | 4,624 | | 2,876 | | 3,122 | | 2,093 | | (33%) | | (21%) | | | 11,845 | | 15,932 | | 12,715 | (20%) | |||||||||||||||||
Total Markets revenues | | $ | 4,252 | $ | 4,095 | $ | 4,006 | $ | 3,392 | $ | 6,025 | $ | 6,455 | $ | 4,720 | $ | 3,933 | $ | 5,933 | $ | 4,255 | $ | 4,387 | $ | 3,343 | | (24%) | | (15%) | | $ | 15,745 | $ | 21,133 | $ | 17,918 | (15%) | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Fixed income markets | | $ | 3,272 | $ | 3,156 | $ | 3,099 | $ | 2,750 | $ | 4,689 | $ | 5,601 | $ | 3,723 | $ | 3,046 | $ | 4,346 | $ | 3,111 | $ | 3,040 | $ | 2,425 | | (20%) | | (20%) | | $ | 12,277 | $ | 17,059 | $ | 12,922 | (24%) | |||||||||||||||||
Equity markets | | | 980 | | 939 | | 907 | | 642 | | 1,336 | | 854 | | 997 | | 887 | | 1,587 | | 1,144 | | 1,347 | | 918 | | (32%) | | 3% | | | 3,468 | | 4,074 | | 4,996 | 23% | |||||||||||||||||
Total Markets revenues | | $ | 4,252 | $ | 4,095 | $ | 4,006 | $ | 3,392 | $ | 6,025 | $ | 6,455 | $ | 4,720 | $ | 3,933 | $ | 5,933 | $ | 4,255 | $ | 4,387 | $ | 3,343 | | (24%) | | (15%) | | $ | 15,745 | $ | 21,133 | $ | 17,918 | (15%) | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Rates and currencies | | $ | 2,364 | $ | 2,088 | $ | 2,468 | $ | 2,199 | $ | 4,015 | $ | 3,566 | $ | 2,503 | $ | 1,992 | $ | 3,024 | $ | 1,978 | $ | 2,112 | $ | 1,721 | | (19%) | | (14%) | | $ | 9,119 | $ | 12,076 | $ | 8,835 | (27%) | |||||||||||||||||
Spread products / other fixed income | | | 908 | | 1,068 | | 631 | | 551 | | 674 | | 2,035 | | 1,220 | | 1,054 | | 1,322 | | 1,133 | | 928 | | 704 | | (24%) | | (33%) | | | 3,158 | | 4,983 | | 4,087 | (18%) | |||||||||||||||||
Total fixed income markets revenues | | $ | 3,272 | $ | 3,156 | $ | 3,099 | $ | 2,750 | $ | 4,689 | $ | 5,601 | $ | 3,723 | $ | 3,046 | $ | 4,346 | $ | 3,111 | $ | 3,040 | $ | 2,425 | | (20%) | | (20%) | | $ | 12,277 | $ | 17,059 | $ | 12,922 | (24%) | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Banking: | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Net interest income | | $ | 883 | $ | 832 | $ | 821 | $ | 849 | $ | 727 | $ | 782 | $ | 762 | $ | 717 | $ | 807 | $ | 741 | $ | 860 | $ | 836 | | (3%) | | 17% | | $ | 3,385 | $ | 2,988 | $ | 3,244 | 9% | |||||||||||||||||
Non-interest revenue | | | 777 | | 903 | | 860 | | 985 | | 1,660 | | 1,034 | | 908 | | 644 | | 1,648 | | 1,413 | | 1,603 | | 1,471 | | (8%) | | NM | | | 3,525 | | 4,246 | | 6,135 | 44% | |||||||||||||||||
Total Banking revenues, including gain/(loss) on loan hedges | | $ | 1,660 | $ | 1,735 | $ | 1,681 | $ | 1,834 | $ | 2,387 | $ | 1,816 | $ | 1,670 | $ | 1,361 | $ | 2,455 | $ | 2,154 | $ | 2,463 | $ | 2,307 | | (6%) | | 70% | | $ | 6,910 | $ | 7,234 | $ | 9,379 | 30% | |||||||||||||||||
Investment banking | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Advisory | | $ | 378 | $ | 232 | $ | 276 | $ | 373 | $ | 386 | $ | 229 | $ | 163 | $ | 232 | $ | 281 | $ | 405 | $ | 539 | $ | 571 | | 6% | | NM | | $ | 1,259 | $ | 1,010 | $ | 1,796 | 78% | |||||||||||||||||
Equity underwriting | | | 129 | | 268 | | 203 | | 210 | | 140 | | 456 | | 435 | | 392 | | 835 | | 484 | | 468 | | 462 | | (1%) | | 18% | | | 810 | | 1,423 | | 2,249 | 58% | |||||||||||||||||
Debt underwriting | | | 559 | | 504 | | 424 | | 523 | | 438 | | 810 | | 518 | | 407 | | 682 | | 614 | | 770 | | 520 | | (32%) | | 28% | | | 2,010 | | 2,173 | | 2,586 | 19% | |||||||||||||||||
Total investment banking | | | 1,066 | | 1,004 | | 903 | | 1,106 | | 964 | | 1,495 | | 1,116 | | 1,031 | | 1,798 | | 1,503 | | 1,777 | | 1,553 | | (13%) | | 51% | | | 4,079 | | 4,606 | | 6,631 | 44% | |||||||||||||||||
Corporate lending - excluding gain/(loss) on loan hedges(1) | | | 825 | | 806 | | 811 | | 821 | | 626 | | 747 | | 676 | | 638 | | 735 | | 688 | | 732 | | 733 | | - | | 15% | | | 3,263 | | 2,687 | | 2,888 | 7% | |||||||||||||||||
Total Banking revenues (ex-gain/(loss) on loan hedges)(1) | | $ | 1,891 | $ | 1,810 | $ | 1,714 | $ | 1,927 | $ | 1,590 | $ | 2,242 | $ | 1,792 | $ | 1,669 | $ | 2,533 | $ | 2,191 | $ | 2,509 | $ | 2,286 | | (9%) | | 37% | | $ | 7,342 | $ | 7,293 | $ | 9,519 | 31% | |||||||||||||||||
Gain/(loss) on loan hedges(1) | | | (231) | | (75) | | (33) | | (93) | | 797 | | (426) | | (122) | | (308) | | (78) | | (37) | | (46) | | 21 | | NM | | NM | | | (432) | | (59) | | (140) | NM | |||||||||||||||||
Total Banking revenues including g/(l) on loan hedges(1) | | $ | 1,660 | $ | 1,735 | $ | 1,681 | $ | 1,834 | $ | 2,387 | $ | 1,816 | $ | 1,670 | $ | 1,361 | $ | 2,455 | $ | 2,154 | $ | 2,463 | $ | 2,307 | | (6%) | | 70% | | $ | 6,910 | $ | 7,234 | $ | 9,379 | 30% | |||||||||||||||||
Total ICG revenues, net of interest expense | | $ | 9,207 | $ | 9,255 | $ | 9,051 | $ | 8,596 | $ | 11,615 | $ | 11,327 | $ | 9,605 | $ | 8,546 | $ | 11,388 | $ | 9,549 | $ | 9,991 | $ | 8,908 | | (11%) | | 4% | | $ | 36,109 | $ | 41,093 | $ | 39,836 | (3%) | |||||||||||||||||
Taxable-equivalent adjustments(2) | | | 119 | | 120 | | 137 | | 132 | | 101 | | 103 | | 119 | | 151 | | 114 | | 181 | | 105 | | 159 | | 51% | | 5% | | | 508 | | 474 | | 559 | 18% | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Total ICG revenues - including taxable-equivalent adjustments(2) | | $ | 9,326 | $ | 9,375 | $ | 9,188 | $ | 8,728 | $ | 11,716 | $ | 11,430 | $ | 9,724 | $ | 8,697 | $ | 11,502 | $ | 9,730 | $ | 10,096 | $ | 9,067 | | (10%) | | 4% | | $ | 36,617 | $ | 41,567 | $ | 40,395 | (3%) | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
(1) | Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gain/(loss) on loan hedges includes the mark-to-market on the credit derivatives partially offset by the mark-to-market on the loans in the portfolio that are at fair value. Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain/(loss) on loan hedges are non-GAAP financial measures. |
(2) | Primarily relates to income tax credits related to affordable housing and alternative energy investments as well as tax exempt income from municipal bond investments. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 7
PERSONAL BANKING AND WEALTH MANAGEMENT
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 4Q21 Increase/ | | | Full | | Full | | Full | | FY 2021 vs. | | |||||||||||||||||
|
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| (Decrease) from | | | Year |
| Year |
| Year |
| FY 2020 Increase/ |
| |||||||||||||||||
| | 2019 | | 2019 | | 2019 | | 2019 | | 2020 | | 2020 | | 2020 | | 2020 | | 2021 | | 2021 | | 2021 | | 2021 | | 3Q21 |
| 4Q20 | | | 2019 | | 2020 | | 2021 | | (Decrease) | | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 5,751 | | $ | 5,744 | | $ | 5,909 | | $ | 5,919 | | $ | 5,905 | | $ | 5,598 | | $ | 5,391 | | $ | 5,432 | | $ | 5,165 | | $ | 4,985 | | $ | 5,174 | | $ | 5,322 | | 3% | | (2%) | | | $ | 23,323 | | $ | 22,326 | | $ | 20,646 | | (8%) | |
Non-interest revenue | | | 742 | | | 674 | | | 724 | | | 751 | | | 892 | | | 625 | | | 647 | | | 650 | | | 827 | | | 713 | | | 678 | | | 463 | | (32%) | | (29%) | | | | 2,891 | | | 2,814 | | | 2,681 | | (5%) | |
Total revenues, net of interest expense | | | 6,493 | | | 6,418 | | | 6,633 | | | 6,670 | | | 6,797 | | | 6,223 | | | 6,038 | | | 6,082 | | | 5,992 | | | 5,698 | | | 5,852 | | | 5,785 | | (1%) | | (5%) | | | | 26,214 | | | 25,140 | | | 23,327 | | (7%) | |
Total operating expenses | | | 3,421 | | | 3,456 | | | 3,371 | | | 3,313 | | | 3,456 | | | 3,255 | | | 3,372 | | | 3,516 | | | 3,422 | | | 3,547 | | | 3,624 | | | 4,017 | | 11% | | 14% | | | | 13,561 | | | 13,599 | | | 14,610 | | 7% | |
Net credit losses on loans | | | 1,452 | | | 1,460 | | | 1,384 | | | 1,448 | | | 1,524 | | | 1,522 | | | 1,250 | | | 933 | | | 990 | | | 862 | | | 641 | | | 568 | | (11%) | | (39%) | | | | 5,744 | | | 5,229 | | | 3,061 | | (41%) | |
Credit reserve build / (release) for loans | | | 117 | | | 75 | | | 147 | | | 123 | | | 2,711 | | | 2,033 | | | 66 | | | (197) | | | (1,542) | | | (1,040) | | | (836) | | | (866) | | (4%) | | NM | | | | 462 | | | 4,613 | | | (4,284) | | NM | |
Provision for credit losses on unfunded lending commitments | | | 2 | | | 4 | | | 2 | | | - | | | 4 | | | 23 | | | 9 | | | (10) | | | (11) | | | 5 | | | (7) | | | (3) | | 57% | | 70% | | | | 8 | | | 26 | | | (16) | | NM | |
Provisions for benefits and claims, and other assets | | | 6 | | | 6 | | | 4 | | | 2 | | | 5 | | | 20 | | | (2) | | | (6) | | | 6 | | | 3 | | | 1 | | | 5 | | NM | | NM | | | | 18 | | | 17 | | | 15 | | (12%) | |
Provisions for credit losses and for benefits and claims (PBC) | | | 1,577 | | | 1,545 | | | 1,537 | | | 1,573 | | | 4,244 | | | 3,598 | | | 1,323 | | | 720 | | | (557) | | | (170) | | | (201) | | | (296) | | (47%) | | NM | | | | 6,232 | | | 9,885 | | | (1,224) | | NM | |
Income (loss) from continuing operations before taxes | | | 1,495 | | | 1,417 | | | 1,725 | | | 1,784 | | | (903) | | | (630) | | | 1,343 | | | 1,846 | | | 3,127 | | | 2,321 | | | 2,429 | | | 2,064 | | (15%) | | 12% | | | | 6,421 | | | 1,656 | | | 9,941 | | NM | |
Income taxes (benefits) | | | 301 | | | 286 | | | 378 | | | 409 | | | (235) | | | (168) | | | 305 | | | 432 | | | 707 | | | 516 | | | 533 | | | 451 | | (15%) | | 4% | | | | 1,374 | | | 334 | | | 2,207 | | NM | |
Income (loss) from continuing operations | | | 1,194 | | | 1,131 | | | 1,347 | | | 1,375 | | | (668) | | | (462) | | | 1,038 | | | 1,414 | | | 2,420 | | | 1,805 | | | 1,896 | | | 1,613 | | (15%) | | 14% | | | | 5,047 | | | 1,322 | | | 7,734 | | NM | |
Noncontrolling interests | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | - | | - | | | | - | | | - | | | - | | - | |
Net income (loss) | | $ | 1,194 | | $ | 1,131 | | $ | 1,347 | | $ | 1,375 | | $ | (668) | | $ | (462) | | $ | 1,038 | | $ | 1,414 | | $ | 2,420 | | $ | 1,805 | | $ | 1,896 | | $ | 1,613 | | (15%) | | 14% | | | $ | 5,047 | | $ | 1,322 | | $ | 7,734 | | NM | |
EOP assets (in billions) | | $ | 380 | | $ | 390 | | $ | 396 | | $ | 417 | | $ | 435 | | $ | 452 | | $ | 469 | | $ | 453 | | $ | 461 | | $ | 452 | | $ | 477 | | $ | 464 | | (3%) | | 2% | | | $ | 417 | | $ | 453 | | $ | 464 | | 2% | |
Average assets (in billions) | | | 380 | | | 384 | | | 393 | | | 403 | | | 426 | | | 449 | | | 465 | | | 474 | | | 458 | | | 458 | | | 474 | | | 476 | | - | | - | | | | 390 | | | 454 | | | 467 | | 3% | |
Return on average assets | | | 1.27% | | | 1.18% | | | 1.36% | | | 1.35% | | | (0.63%) | | | (0.41%) | | | 0.89% | | | 1.19% | | | 2.14% | | | 1.58% | | | 1.59% | | | 1.34% | | | | | | | | 1.29% | | | 0.29% | | | 1.66% | | | |
Efficiency ratio | | | 53% | | | 54% | | | 51% | | | 50% | | | 51% | | | 52% | | | 56% | | | 58% | | | 57% | | | 62% | | | 62% | | | 69% | | |
| | | | | 52% | | | 54% | | | 63% | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue by Reporting Unit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Branded cards | | $ | 2,200 | | $ | 2,202 | | $ | 2,339 | | $ | 2,444 | | $ | 2,354 | | $ | 2,226 | | $ | 2,075 | | $ | 2,144 | | $ | 2,104 | | $ | 1,968 | | $ | 2,045 | | $ | 2,073 | | 1% |
| (3%) | | | $ | 9,185 | | $ | 8,799 | | $ | 8,190 | | (7%) | |
Retail services | | | 1,677 | | | 1,613 | | | 1,717 | | | 1,709 | | | 1,752 | | | 1,409 | | | 1,364 | | | 1,440 | | | 1,305 | | | 1,210 | | | 1,277 | | | 1,290 | | 1% |
| (10%) | | | | 6,716 | | | 5,965 | | | 5,082 | | (15%) | |
Retail banking | | | 692 | | | 707 | | | 693 | | | 684 | | | 710 | | | 704 | | | 696 | | | 680 | | | 635 | | | 618 | | | 629 | | | 624 | | (1%) | | (8%) | | | | 2,776 | | | 2,790 | | | 2,506 | | (10%) | |
U.S. Personal Banking | | | 4,569 | | | 4,522 | | | 4,749 | | | 4,837 | | | 4,816 | | | 4,339 | | | 4,135 | | | 4,264 | | | 4,044 | | | 3,796 | | | 3,951 | | | 3,987 | | 1% |
| (6%) | | | | 18,677 | | | 17,554 | | | 15,778 | | (10%) | |
Global Wealth Management | | | 1,924 | | | 1,896 | | | 1,884 | | | 1,833 | | | 1,981 | | | 1,884 | | | 1,903 | | | 1,818 | | | 1,948 | | | 1,902 | | | 1,901 | | | 1,798 | | (5%) | | (1%) | | | | 7,537 | | | 7,586 | | | 7,549 | | - | |
Total | | $ | 6,493 | | $ | 6,418 | | $ | 6,633 | | $ | 6,670 | | $ | 6,797 | | $ | 6,223 | | $ | 6,038 | | $ | 6,082 | | $ | 5,992 | | $ | 5,698 | | $ | 5,852 | | $ | 5,785 | | (1%) | | (5%) | | | $ | 26,214 | | $ | 25,140 | | $ | 23,327 | | (7%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EOP loans by Reporting Unit (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Personal Banking | | $ | 174 | | $ | 178 | | $ | 179 | | $ | 187 | | $ | 175 | | $ | 167 | | $ | 164 | | $ | 168 | | $ | 157 | | $ | 159 | | $ | 159 | | $ | 167 | | 5% |
| (1%) | | | $ | 187 | | $ | 168 | | $ | 167 | | (1%) | |
Global Wealth Management | | | 119 | | | 123 | | | 127 | | | 132 | | | 133 | | | 133 | | | 137 | | | 141 | | | 145 | | | 150 | | | 150 | | | 151 | | 1% |
| 7% | | | | 132 | | | 141 | | | 151 | | 7% | |
Total | | $ | 292 | | $ | 301 | | $ | 306 | | $ | 319 | | $ | 308 | | $ | 300 | | $ | 301 | | $ | 309 | | $ | 302 | | $ | 309 | | $ | 309 | | $ | 318 | | 3% |
| 3% | | | $ | 319 | | $ | 309 | | $ | 318 | | 3% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average loans by Reporting Unit (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Personal Banking | | $ | 176 | | $ | 175 | | $ | 177 | | $ | 181 | | $ | 180 | | $ | 168 | | $ | 164 | | $ | 164 | | $ | 159 | | $ | 157 | | $ | 158 | | $ | 162 | | 3% |
| (1%) | | | $ | 177 | | $ | 169 | | $ | 159 | | (6%) | |
Global Wealth Management | | | 117 | | | 120 | | | 125 | | | 129 | | | 133 | | | 132 | | | 136 | | | 139 | | | 144 | | | 147 | | | 151 | | | 150 | | (1%) | | 8% | | | | 123 | | | 135 | | | 148 | | 10% | |
Total | | $ | 293 | | $ | 295 | | $ | 302 | | $ | 310 | | $ | 313 | | $ | 300 | | $ | 300 | | $ | 303 | | $ | 303 | | $ | 304 | | $ | 309 | | $ | 312 | | 1% |
| 3% | | | $ | 300 | | $ | 304 | | $ | 307 | | 1% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EOP deposits by Reporting Unit (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Personal Banking | | $ | 83 | | $ | 82 | | $ | 84 | | $ | 86 | | $ | 92 | | $ | 100 | | $ | 103 | | $ | 108 | | $ | 113 | | $ | 113 | | $ | 114 | | $ | 117 | | 3% |
| 8% | | | $ | 86 | | $ | 108 | | $ | 117 | | 8% | |
Global Wealth Management | | | 230 | | | 228 | | | 236 | | | 245 | | | 248 | | | 260 | | | 273 | | | 289 | | | 293 | | | 304 | | | 317 | | | 329 | | 4% |
| 14% | | | | 245 | | | 289 | | | 329 | | 14% | |
Total | | $ | 313 | | $ | 310 | | $ | 319 | | $ | 331 | | $ | 340 | | $ | 360 | | $ | 376 | | $ | 397 | | $ | 406 | | $ | 417 | | $ | 430 | | $ | 446 | | 4% | | 12% | | | $ | 331 | | $ | 397 | | $ | 446 | | 12% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average deposits by Reporting Unit (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Personal Banking | | $ | 79 | | $ | 81 | | $ | 82 | | $ | 83 | | $ | 88 | | $ | 95 | | $ | 100 | | $ | 104 | | $ | 108 | | $ | 113 | | $ | 114 | | $ | 114 | | - | | 10% | | | $ | 82 | | $ | 97 | | $ | 112 | | 15% | |
Global Wealth Management | | | 226 | | | 227 | | | 231 | | | 241 | | | 244 | | | 253 | | | 267 | | | 281 | | | 289 | | | 297 | | | 310 | | | 323 | | 4% |
| 15% | | | | 231 | | | 261 | | | 305 | | 17% | |
Total | | $ | 305 | | $ | 308 | | $ | 313 | | $ | 324 | | $ | 332 | | $ | 348 | | $ | 367 | | $ | 385 | | $ | 397 | | $ | 410 | | $ | 424 | | $ | 437 | | 3% |
| 14% | | | $ | 313 | | $ | 358 | | $ | 417 | | 16% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 8
LEGACY FRANCHISES(1)
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 4Q21 Increase/ | | | Full | | Full | | Full | | FY 2021 vs. | | |||||||||||||||||
|
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| (Decrease) from | | | Year |
| Year |
| Year |
| FY 2020 Increase/ |
| |||||||||||||||||
| | 2019 | | 2019 | | 2019 | | 2019 | | 2020 | | 2020 | | 2020 | | 2020 | | 2021 | | 2021 | | 2021 | | 2021 | | 3Q21 |
| 4Q20 | | | 2019 | | 2020 | | 2021 | | (Decrease) | | |||||||||||||||
Net interest income | | $ | 1,958 | | $ | 1,974 | | $ | 1,967 | | $ | 1,995 | | $ | 1,887 | | $ | 1,725 | | $ | 1,667 | | $ | 1,694 | | $ | 1,563 | | $ | 1,621 | | $ | 1,532 | | $ | 1,534 | | - | | (9%) |
|
| $ | 7,894 | | $ | 6,973 | | $ | 6,250 | | (10%) | |
Non-interest revenue(2) | | | 814 | | | 856 | | | 800 | | | 882 | | | 531 | | | 635 | | | 670 | | | 645 | | | 680 | | | 658 | | | 4 | | | 659 | | NM | | 2% | | | | 3,352 | | | 2,481 | | | 2,001 | | (19%) | |
Total revenues, net of interest expense | | | 2,772 | | | 2,830 | | | 2,767 | | | 2,877 | | | 2,418 | | | 2,360 | | | 2,337 | | | 2,339 | | | 2,243 | | | 2,279 | | | 1,536 | | | 2,193 | | 43% |
| (6%) | | | | 11,246 | | | 9,454 | | | 8,251 | | (13%) | |
Total operating expenses(3) | | | 1,821 | | | 1,816 | | | 1,849 | | | 1,877 | | | 1,730 | | | 1,581 | | | 1,696 | | | 1,883 | | | 1,752 | | | 1,788 | | | 1,748 | | | 2,971 | | 70% |
| 58% | | | | 7,363 | | | 6,890 | | | 8,259 | | 20% | |
Net credit losses on loans | | | 434 | | | 432 | | | 434 | | | 389 | | | 409 | | | 366 | | | 373 | | | 357 | | | 583 | | | 390 | | | 289 | | | 216 | | (25%) | | (39%) | | | | 1,689 | | | 1,505 | | | 1,478 | | (2%) | |
Credit reserve build / (release) for loans | | | (50) | | | 3 | | | (23) | | | 2 | | | 642 | | | 796 | | | 202 | | | (524) | | | (582) | | | (594) | | | (327) | | | (118) | | 64% |
| 77% | | | | (68) | | | 1,116 | | | (1,621) | | NM | |
Provision for credit losses on unfunded lending commitments | | | (1) | | | (5) | | | (1) | | | - | | | 8 | | | 12 | | | 10 | | | - | | | (9) | | | (8) | | | 7 | | | (9) | | NM | | NM | | | | (7) | | | 30 | | | (19) | | NM | |
Provisions for benefits and claims, HTM debt securities and other assets | | | 6 | | | 13 | | | 13 | | | 23 | | | 14 | | | 20 | | | 47 | | | 7 | | | 52 | | | 8 | | | 17 | | | 23 | | 35% |
| NM | | | | 55 | | | 88 | | | 100 | | 14% | |
Provisions for credit losses and for benefits and claims (PBC) | | | 389 | | | 443 | | | 423 | | | 414 | | | 1,073 | | | 1,194 | | | 632 | | | (160) | | | 44 | | | (204) | | | (14) | | | 112 | | NM | | NM | | | | 1,669 | | | 2,739 | | | (62) | | NM | |
Income from continuing operations before taxes | | | 562 | | | 571 | | | 495 | | | 586 | | | (385) | | | (415) | | | 9 | | | 616 | | | 447 | | | 695 | | | (198) | | | (890) | | NM | | NM | | | | 2,214 | | | (175) | | | 54 | | NM | |
Income taxes (benefits) | | | 152 | | | 154 | | | 153 | | | 175 | | | (100) | | | (124) | | | (31) | | | 222 | | | 127 | | | 203 | | | 3 | | | (270) | | NM | | NM | | | | 634 | | | (33) | | | 63 | | NM | |
Income from continuing operations | | | 410 | | | 417 | | | 342 | | | 411 | | | (285) | | | (291) | | | 40 | | | 394 | | | 320 | | | 492 | | | (201) | | | (620) | | NM | | NM | | | | 1,580 | | | (142) | | | (9) | | 94% | |
Noncontrolling interests | | | 5 | | | 1 | | | 15 | | | 7 | | | (2) | | | (3) | | | - | | | (1) | | | (3) | | | (2) | | | (1) | | | (4) | | NM | | NM | | | | 28 | | | (6) | | | (10) | | (67%) | |
Net income | | $ | 405 | | $ | 416 | | $ | 327 | | $ | 404 | | $ | (283) | | $ | (288) | | $ | 40 | | $ | 395 | | $ | 323 | | $ | 494 | | $ | (200) | | $ | (616) | | NM | | NM | | | $ | 1,552 | | $ | (136) | | $ | 1 | | 101% | |
EOP assets (in billions) | | $ | 131 | | $ | 134 | | $ | 132 | | $ | 136 | | $ | 122 | | $ | 123 | | $ | 124 | | $ | 131 | | $ | 129 | | $ | 131 | | $ | 124 | | $ | 125 | | 1% |
| (5%) | | | $ | 136 | | $ | 131 | | $ | 125 | | (5%) | |
Average assets (in billions) | | | 133 | | | 133 | | | 133 | | | 135 | | | 133 | | | 124 | | | 125 | | | 129 | | | 129 | | | 128 | | | 126 | | | 123 | | (2%) | | (5%) | | | | 134 | | | 128 | | | 127 | | (1%) | |
Return on average assets | | | 1.23% | | | 1.25% | | | 0.98% | | | 1.19% | | | (0.86%) | | | (0.93%) | | | 0.13% | | | 1.22% | | | 1.02% | | | 1.55% | | | (0.63%) | | | (1.99%) | | |
| | | | | 1.16% | | | (0.11%) | | | 0.00% | | | |
Efficiency ratio | | | 66% | | | 64% | | | 67% | | | 65% | | | 72% | | | 67% | | | 73% | | | 81% | | | 78% | | | 78% | | | 114% |
| | 135% |
| |
| | | | | 65% | | | 73% | | | 100% | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue by Reporting Unit and component | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asia Consumer | | $ | 1,192 | | $ | 1,244 | | $ | 1,237 | | $ | 1,242 | | $ | 1,146 | | $ | 1,029 | | $ | 1,090 | | $ | 1,046 | | $ | 1,075 | | $ | 1,052 | | $ | 330 | | $ | 948 | | NM | | (9%) | | | $ | 4,915 | | $ | 4,311 | | $ | 3,405 | | (21%) | |
Mexico Consumer/SBMM | | | 1,407 | | | 1,459 | | | 1,416 | | | 1,526 | | | 1,324 | | | 1,163 | | | 1,161 | | | 1,237 | | | 1,137 | | | 1,184 | | | 1,162 | | | 1,168 | | 1% |
| (6%) | | | | 5,808 | | | 4,885 | | | 4,651 | | (5%) | |
Legacy Holdings Assets | | | 173 | | | 127 | | | 114 | | | 109 | | | (52) | | | 168 | | | 86 | | | 56 | | | 31 | | | 43 | | | 44 | | | 77 | | 75% |
| 38% | | | | 523 | | | 258 | | | 195 | | (24%) | |
Total | | $ | 2,772 | | $ | 2,830 | | $ | 2,767 | | $ | 2,877 | | $ | 2,418 | | $ | 2,360 | | $ | 2,337 | | $ | 2,339 | | $ | 2,243 | | $ | 2,279 | | $ | 1,536 | | $ | 2,193 | | 43% |
| (6%) | | | $ | 11,246 | | $ | 9,454 | | $ | 8,251 | | (13%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Legacy Franchises consists of the consumer franchises in 13 markets across Asia and EMEA that Citi intends to exit (Asia Consumer), the consumer, small business & middle-market banking (Mexico SBMM) operations in Mexico (collectively Mexico Consumer/SBMM); and Legacy Holdings Assets (primarily North America consumer mortgage loans and other legacy assets). |
(2) | See footnote 2 on page 1. |
(3) | See footnote 3 on page 1. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 9
CORPORATE / OTHER(1)
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 4Q21 Increase/ | | | Full | | Full | | Full | �� | FY 2021 vs. | | |||||||||||||||||
|
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| (Decrease) from | | | Year |
| Year |
| Year |
| FY 2020 Increase/ |
| |||||||||||||||||
| | 2019 | | 2019 | | 2019 | | 2019 | | 2020 | | 2020 | | 2020 | | 2020 | | 2021 | | 2021 | | 2021 | | 2021 | | 3Q21 |
| 4Q20 |
|
| 2019 | | 2020 | | 2021 | | (Decrease) | | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income |
| $ | 570 | | $ | 416 | | $ | 383 | | $ | 244 | | $ | 291 | | $ | (87) | | $ | (268) | | $ | (234) | | $ | 45 | | $ | 112 | | $ | 247 | | $ | 195 | | (21%) | | NM | | | $ | 1,613 | | $ | (298) | | $ | 599 | | NM | |
Non-interest revenue | | | (273) | | | 28 | | | (61) | | | 191 | | | (165) | | | 213 | | | (35) | | | 99 | | | (1) | | | 115 | | | (179) | | | (64) | | 64% | | NM | | | | (115) | | | 112 | | | (129) | | NM | |
Total revenues, net of interest expense | | | 297 | | | 444 | | | 322 | | | 435 | | | 126 | | | 126 | | | (303) | | | (135) | | | 44 | | | 227 | | | 68 | | | 131 | | 93% | | NM | | | | 1,498 | | | (186) | | | 470 | | NM | |
Total operating expenses | | | 297 | | | 242 | | | 189 | | | 386 | | | 217 | | | 259 | | | 720 | | | 353 | | | 307 | | | 307 | | | 442 | | | 319 | | (28%) | | (10%) | | | | 1,114 | | | 1,549 | | | 1,375 | | (11%) | |
Provisions for HTM debt securities and other assets | | | - | | | - | | | - | | | - | | | - | | | - | | | 1 | | | 1 | | | (3) | | | 2 | | | (1) | | | - | | 100% | | (100%) | | | | - | | | 2 | | | (2) | | NM | |
Income (loss) from continuing operations before taxes | | | - | | | 202 | | | 133 | | | 49 | | | (91) | | | (133) | | | (1,024) | | | (489) | | | (260) | | | (82) | | | (373) | | | (188) | | 50% | | 62% | | | | 384 | | | (1,737) | | | (903) | | 48% | |
Income taxes (benefits) | | | (48) | | | 67 | | | (220) | | | (593) | | | (88) | | | (127) | | | (341) | | | (297) | | | (67) | | | (545) | | | (232) | | | (44) | | 81% | | 85% | | | | (794) | | | (853) | | | (888) | | (4%) | |
Income (loss) from continuing operations | | | 48 | | | 135 | | | 353 | | | 642 | | | (3) | | | (6) | | | (683) | | | (192) | | | (193) | | | 463 | | | (141) | | | (144) | | (2%) | | 25% | | | | 1,178 | | | (884) | | | (15) | | 98% | |
Income (loss) from discontinued operations, net of taxes | | | (2) | | | 17 | | | (15) | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | | (2) | | | 10 | | | (1) | | | - | | 100% | | (100%) | | | | (4) | | | (20) | | | 7 | | NM | |
Noncontrolling interests | | | 9 | | | (1) | | | (8) | | | (2) | | | (3) | | | (2) | | | - | | | 1 | | | (1) | | | - | | | 1 | | | - | | (100%) | | (100%) | | | | (2) | | | (4) | | | - | | 100% | |
Net income (loss) | | $ | 37 | | $ | 153 | | $ | 346 | | $ | 640 | | $ | (18) | | $ | (5) | | $ | (690) | | $ | (187) | | $ | (194) | | $ | 473 | | $ | (143) | | $ | (144) | | (1%) | | 23% | | | $ | 1,176 | | $ | (900) | | $ | (8) | | 99% | |
EOP assets (in billions) | | $ | 87 | | $ | 79 | | $ | 78 | | $ | 81 | | $ | 79 | | $ | 79 | | $ | 82 | | $ | 84 | | $ | 88 | | $ | 91 | | $ | 91 | | $ | 89 | | (2%) | | 6% | | | $ | 81 | | $ | 84 | | $ | 89 | | 6% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Includes certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance), other corporate expenses and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury and discontinued operations. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
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