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As Of Filer Filing For·On·As Docs:Size 2/26/21 Citigroup Inc. 10-K 12/31/20 218:84M |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 8.93M 2: EX-3.01 Articles of Incorporation/Organization or Bylaws HTML 1.76M 3: EX-4.29 Instrument Defining the Rights of Security Holders HTML 126K 5: EX-21.01 Subsidiaries List HTML 68K 6: EX-23.01 Consent of Expert or Counsel HTML 58K 7: EX-24.01 Power of Attorney HTML 95K 11: EX-99.01 Miscellaneous Exhibit HTML 68K 4: EX-18.01 Letter re: a Change in Accounting Principles or HTML 57K Practices 8: EX-31.01 Certification -- §302 - SOA'02 HTML 61K 9: EX-31.02 Certification -- §302 - SOA'02 HTML 61K 10: EX-32.01 Certification -- §906 - SOA'02 HTML 58K 18: R1 Cover Page HTML 145K 19: R2 Consolidated Statement of Income HTML 215K 20: R3 Consolidated Statement of Comprehensive Income HTML 102K 21: R4 Consolidated Balance Sheet HTML 188K 22: R5 Consolidated Balance Sheet (Parenthetical) HTML 112K 23: R6 Consolidated Statement of Changes in Stockholders' HTML 198K Equity 24: R7 Consolidated Statement of Changes in Stockholders' HTML 59K Equity (Parenthetical) 25: R8 Consolidated Statement of Cash Flows HTML 202K 26: R9 Summary of Significant Accounting Policies HTML 219K 27: R10 Discontinued Operations and Significant Disposals HTML 76K 28: R11 Business Segments HTML 101K 29: R12 Interest Revenue and Expense HTML 93K 30: R13 Commissions and Fees; Administration and Other HTML 180K Fiduciary Fees 31: R14 Principal Transactions HTML 74K 32: R15 Incentive Plans HTML 149K 33: R16 Retirement Benefits HTML 697K 34: R17 Income Taxes HTML 254K 35: R18 Earnings Per Share HTML 110K 36: R19 Securities Borrowed, Loaned and Subject to HTML 195K Repurchase Agreements 37: R20 Brokerage Receivables and Brokerage Payables HTML 71K 38: R21 Investments HTML 633K 39: R22 Loans HTML 742K 40: R23 Allowance for Credit Losses HTML 280K 41: R24 Goodwill and Intangible Assets HTML 155K 42: R25 Debt HTML 137K 43: R26 Regulatory Capital HTML 104K 44: R27 Changes in Accumulated Other Comprehensive Income HTML 234K (Loss) (Aoci) 45: R28 Preferred Stock HTML 121K 46: R29 Securitizations and Variable Interest Entities HTML 434K 47: R30 Derivatives HTML 469K 48: R31 Concentrations of Credit Risk HTML 60K 49: R32 Fair Value Measurement HTML 1.38M 50: R33 Fair Value Elections HTML 143K 51: R34 Pledged Assets, Collateral, Guarantees and HTML 238K Commitments 52: R35 Contingencies HTML 124K 53: R36 Condensed Consolidating Financial Statements HTML 794K 54: R37 Subsequent Event HTML 59K 55: R38 Selected Quarterly Financial Data (Unaudited) HTML 130K 56: R39 Summary of Significant Accounting Policies HTML 293K (Policies) 57: R40 Discontinued Operations and Significant Disposals HTML 75K (Tables) 58: R41 Business Segments (Tables) HTML 92K 59: R42 Interest Revenue and Expense (Tables) HTML 92K 60: R43 Commissions and Fees; Administration and Other HTML 167K Fiduciary Fees (Tables) 61: R44 Principal Transactions (Tables) HTML 73K 62: R45 Incentive Plans (Tables) HTML 228K 63: R46 Retirement Benefits (Tables) HTML 704K 64: R47 Income Taxes (Tables) HTML 256K 65: R48 Earnings Per Share (Tables) HTML 109K 66: R49 Securities Borrowed, Loaned and Subject to HTML 250K Repurchase Agreements (Tables) 67: R50 Brokerage Receivables and Brokerage Payables HTML 69K (Tables) 68: R51 Investments (Tables) HTML 633K 69: R52 Loans (Tables) HTML 739K 70: R53 Allowance for Credit Losses (Tables) HTML 285K 71: R54 Goodwill and Intangible Assets (Tables) HTML 194K 72: R55 Debt (Tables) HTML 144K 73: R56 Regulatory Capital (Tables) HTML 100K 74: R57 Changes in Accumulated Other Comprehensive Income HTML 237K (Loss) (Aoci) (Tables) 75: R58 Preferred Stock (Tables) HTML 119K 76: R59 Securitizations and Variable Interest Entities HTML 406K (Tables) 77: R60 Derivatives (Tables) HTML 419K 78: R61 Fair Value Measurement (Tables) HTML 1.35M 79: R62 Fair Value Elections (Tables) HTML 128K 80: R63 Pledged Assets, Collateral, Guarantees and HTML 203K Commitments (Tables) 81: R64 Condensed Consolidating Financial Statements HTML 793K (Tables) 82: R65 Selected Quarterly Financial Data (Unaudited) HTML 130K (Tables) 83: R66 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - HTML 106K Additional Information (Details) 84: R67 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - HTML 169K Accounting Changes (Details) 85: R68 DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS HTML 74K - Discontinued Operations (Details) 86: R69 DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS HTML 78K - Significant Disposals (Details) 87: R70 Business Segments (Details) HTML 114K 88: R71 Interest Revenue and Expense (Details) HTML 96K 89: R72 COMMISSIONS AND FEES; ADMINISTRATION AND OTHER HTML 62K FIDUCIARY FEES - Additional Information (Details) 90: R73 COMMISSIONS AND FEES; ADMINISTRATION AND OTHER HTML 137K FIDUCIARY FEES - Commissions and Fees Revenue (Details) 91: R74 COMMISSIONS AND FEES; ADMINISTRATION AND OTHER HTML 85K FIDUCIARY FEES - Administration and Other Fiduciary Fees (Details) 92: R75 Principal Transactions (Details) HTML 70K 93: R76 INCENTIVE PLANS - Annual Incentive Awards and HTML 85K Compensation Allowances (Details) 94: R77 INCENTIVE PLANS - Unvested Stock Awards (Details) HTML 90K 95: R78 INCENTIVE PLANS - Performance Share Units HTML 107K (Details) 96: R79 INCENTIVE PLANS - Stock Option Activity (Details) HTML 87K 97: R80 INCENTIVE PLANS - Stock Options Outstanding HTML 78K (Details) 98: R81 INCENTIVE PLANS - Incentive Compensation Cost HTML 75K (Details) 99: R82 RETIREMENT BENEFITS - Net (Benefit) Expense HTML 106K (Details) 100: R83 RETIREMENT BENEFITS - Contributions (Details) HTML 75K 101: R84 RETIREMENT BENEFITS - Funded Status and HTML 194K Accumulated Other Comprehensive Income (Details) 102: R85 RETIREMENT BENEFITS - Accumulated Other HTML 91K Comprehensive Income (Details) 103: R86 RETIREMENT BENEFITS - PBO and ABO Exceed Fair HTML 80K Value of Plan Assets (Details) 104: R87 RETIREMENT BENEFITS - Assumptions Used (Details) HTML 156K 105: R88 RETIREMENT BENEFITS - Discount Rate and Expected HTML 76K Rate of Return (Details) 106: R89 RETIREMENT BENEFITS - Sensitivities of Certain Key HTML 71K Assumptions (Details) 107: R90 RETIREMENT BENEFITS - Health Care Cost-Trend Rate HTML 68K (Details) 108: R91 RETIREMENT BENEFITS - Interest Crediting Rate HTML 62K (Details) 109: R92 RETIREMENT BENEFITS - Plan Assets (Details) HTML 145K 110: R93 RETIREMENT BENEFITS - Fair Value Disclosure HTML 215K (Details) 111: R94 RETIREMENT BENEFITS - Level 3 Roll Forward HTML 102K (Details) 112: R95 RETIREMENT BENEFITS - Estimated Future Benefit HTML 81K Payments (Details) 113: R96 RETIREMENT BENEFITS - Post Employment and Defined HTML 81K Contribution Plans (Details) 114: R97 INCOME TAXES - Components of Income Tax Provision HTML 128K (Details) 115: R98 INCOME TAXES - Effective Income Tax Rate HTML 85K Reconciliation (Details) 116: R99 INCOME TAXES - Deferred Income Taxes (Details) HTML 94K 117: R100 INCOME TAXES - Unrecognized Tax Benefits (Details) HTML 73K 118: R101 INCOME TAXES - Unrecognized Tax Benefits Narrative HTML 68K (Details) 119: R102 INCOME TAXES - Interest and Penalties (Details) HTML 73K 120: R103 INCOME TAXES - Foreign Earnings (Details) HTML 69K 121: R104 INCOME TAXES - Deferred Tax Assets Narrative HTML 80K (Details) 122: R105 INCOME TAXES - Deferred Tax Assets by Jurisdiction HTML 79K (Details) 123: R106 INCOME TAXES - Tax Credit Carryforward and HTML 141K Expiration Dates (Details) 124: R107 Earnings Per Share (Details) HTML 168K 125: R108 SECURITIES BORROWED, LOANED AND SUBJECT TO HTML 80K REPURCHASE AGREEMENTS - Securities (Details) 126: R109 SECURITIES BORROWED, LOANED AND SUBJECT TO HTML 138K REPURCHASE AGREEMENTS - Offsetting (Details) 127: R110 SECURITIES BORROWED, LOANED AND SUBJECT TO HTML 100K REPURCHASE AGREEMENTS - Repurchase Agreements (Details) 128: R111 Brokerage Receivables and Brokerage Payables HTML 69K (Details) 129: R112 INVESTMENTS - Overview (Details) HTML 188K 130: R113 INVESTMENTS - Fair Value of AFS Securities HTML 127K (Details) 131: R114 INVESTMENTS - Fair Value of AFS Debt Securities by HTML 111K Contractual Maturity Date (Details) 132: R115 INVESTMENTS - Debt Securities Held-to-Maturity HTML 106K (Details) 133: R116 INVESTMENTS - Debt Securities in HTM in HTML 92K Unrecognized Loss Position (Details) 134: R117 INVESTMENTS - Carrying Value and Fair Value of HTM HTML 117K Debt Securities by Contractual Maturity Dates (Details) 135: R118 INVESTMENTS - Recognition and Measurement of OTTI HTML 82K (Details) 136: R119 INVESTMENTS - Schedule of Allowance for Credit HTML 89K Losses for AFS Debt Securities (Details) 137: R120 INVESTMENTS - Cumulative OTTI Credit Losses HTML 89K (Details) 138: R121 INVESTMENTS - Carrying Value of Non-marketable HTML 76K Equity Securities Measured Using the Measurement Alternative (Details) 139: R122 INVESTMENTS - Alternative Investment Funds HTML 73K (Details) 140: R123 LOANS - Consumer Loan Delinquency and Non-Accruals HTML 212K (Details) 141: R124 LOANS - Schedule of Interest Income Recognized for HTML 75K Non-Accrual Consumer Loans (Details) 142: R125 LOANS - Credit Quality Indicators (Details) HTML 165K 143: R126 LOANS - Impaired Consumer Loans (Details) HTML 88K 144: R127 LOANS - Consumer Troubled Debt Restructurings HTML 139K (Details) 145: R128 LOANS - Schedule of Purchased Credit Deteriorated HTML 73K Assets (Details) 146: R129 LOANS - Corporate Loans (Details) HTML 93K 147: R130 LOANS - Corporate Lease Financing (Details) HTML 65K 148: R131 LOANS - Corporate Loan Delinquency and HTML 109K Non-Accruals (Details) 149: R132 LOANS - Corporate Loans Credit Quality Indicators HTML 157K (Details) 150: R133 LOANS - Non-accrual Corporate Loans (Details) HTML 99K 151: R134 LOANS - Corporate Troubled Debt Restructurings HTML 102K (Details) 152: R135 ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit HTML 151K Losses Roll Forward (Details) 153: R136 ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit HTML 159K Losses Roll Forward by Segment (Details) 154: R137 ALLOWANCE FOR CREDIT LOSSES - Schedule of HTML 103K Allowance for Credit Losses for HTM Debt Securities (Details) 155: R138 ALLOWANCE FOR CREDIT LOSSES - Schedule of HTML 100K Allowance for Credit Losses for Other Assets (Details) 156: R139 GOODWILL AND INTANGIBLE ASSETS - Changes in HTML 73K Goodwill by Segment (Details) 157: R140 GOODWILL AND INTANGIBLE ASSETS - Goodwill HTML 64K Narrative (Details) 158: R141 GOODWILL AND INTANGIBLE ASSETS - Components of HTML 119K Intangible Assets (Details) 159: R142 GOODWILL AND INTANGIBLE ASSETS - Changes in HTML 106K Intangible Assets (Details) 160: R143 DEBT - Short-Term Borrowings (Details) HTML 76K 161: R144 DEBT - Long-Term Debt (Details) HTML 85K 162: R145 DEBT - Maturities of Long-term Debt (Details) HTML 87K 163: R146 DEBT - Trust Preferred Securities (Details) HTML 78K 164: R147 REGULATORY CAPITAL - Regulatory Capital Compliance HTML 117K (Details) 165: R148 Changes in Accumulated Other Comprehensive Income HTML 131K (Loss) (AOCI) - Change in Each Component of AOCI (Details) 166: R149 Changes in Accumulated Other Comprehensive Income HTML 156K (Loss) (AOCI) - Schedule of Pre-Tax and After-Tax (Details) 167: R150 Changes in Accumulated Other Comprehensive Income HTML 146K (Loss) (AOCI) - Reclassification out of AOCI (Details) 168: R151 PREFERRED STOCK - Schedule of Preferred Stock HTML 176K Outstanding (Details) 169: R152 PREFERRED STOCK - Additional Information (Details) HTML 83K 170: R153 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 153K Schedule of Variable Interest Entities (Details) 171: R154 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 82K Funding Commitments (Details) 172: R155 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 77K Carrying Amounts and Classifications of Consolidated Assets (Details) 173: R156 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 80K Credit Card Securitizations (Details) 174: R157 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 70K Funding, Liquidity Facilities and Subordinated Interests (Details) 175: R158 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 151K Mortgage Securitizations (Details) 176: R159 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 74K Loan Delinquencies and Liquidation Losses (Details) 177: R160 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 98K Mortgage Servicing Rights (Details) 178: R161 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 78K Asset-Backed Commercial Paper Conduits (Details) 179: R162 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 70K Collateralized Debt and Loan Obligations (Details) 180: R163 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 70K Asset Based Financing (Details) 181: R164 SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - HTML 71K Municipal Securities Tender Option Bond Trusts (Details) 182: R165 DERIVATIVES - Derivative Notionals (Details) HTML 138K 183: R166 DERIVATIVES - Derivative Mark-to-Market (MTM) HTML 193K Receivables/Payables (Details) 184: R167 DERIVATIVES - Gains (Losses) Included in Other HTML 64K Revenue (Details) 185: R168 DERIVATIVES - Fair Value Hedges (Details) HTML 88K 186: R169 DERIVATIVES - Cumulative Basis Adjustment HTML 78K (Details) 187: R170 DERIVATIVES - Cash Flow Hedges (Details) HTML 81K 188: R171 DERIVATIVES - Net Investment Hedges (Details) HTML 62K 189: R172 DERIVATIVES - Credit Derivatives (Details) HTML 137K 190: R173 Concentrations of Credit Risk (Details) HTML 68K 191: R174 FAIR VALUE MEASUREMENT - Market Valuation HTML 81K Adjustments (Details) 192: R175 FAIR VALUE MEASUREMENT - Items Measured at Fair HTML 355K Value on a Recurring Basis (Details) 193: R176 FAIR VALUE MEASUREMENT - Level 3 Roll Forward HTML 377K (Details) 194: R177 FAIR VALUE MEASUREMENT - Level 3 Roll Forward HTML 82K Narrative (Details) 195: R178 FAIR VALUE MEASUREMENT - Valuation Techniques and HTML 367K Inputs for Level 3 Fair Value Measurements (Details) 196: R179 FAIR VALUE MEASUREMENT - Items Measured at Fair HTML 77K Value on a Nonrecurring Basis (Details) 197: R180 FAIR VALUE MEASUREMENT - Valuation Techniques and HTML 125K Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) 198: R181 FAIR VALUE MEASUREMENT - Estimate Fair Value of HTML 120K Financial Instruments Not Carried at Fair Value (Details) 199: R182 FAIR VALUE ELECTIONS - Changes in Fair Value Gains HTML 93K (Losses) (Details) 200: R183 FAIR VALUE ELECTIONS - Valuation Adjustments, Fair HTML 101K Value Option for Financial Assets and Financial Liabilities (Details) 201: R184 FAIR VALUE ELECTIONS - Certain Structured and HTML 83K Non-Structured Liabilities (Details) 202: R185 PLEDGED ASSETS, COLLATERAL, GUARANTEES AND HTML 68K COMMITMENTS - Pledged Assets and Collateral (Details) 203: R186 PLEDGED ASSETS, COLLATERAL, GUARANTEES AND HTML 65K COMMITMENTS - Restricted Cash (Details) 204: R187 PLEDGED ASSETS, COLLATERAL, GUARANTEES AND HTML 61K COMMITMENTS - Supplemental Cash Flow (Details) 205: R188 PLEDGED ASSETS, COLLATERAL, GUARANTEES AND HTML 98K COMMITMENTS - Lease Commitments (Details) 206: R189 PLEDGED ASSETS, COLLATERAL, GUARANTEES AND HTML 149K COMMITMENTS - Guarantees (Details) 207: R190 PLEDGED ASSETS, COLLATERAL, GUARANTEES AND HTML 95K COMMITMENTS - Credit Commitments and Lines of Credit (Details) 208: R191 Contingencies (Details) HTML 87K 209: R192 CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - HTML 276K Condensed Consolidating Statements of Income and Comprehensive Income (Details) 210: R193 CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - HTML 214K Condensed Consolidating Balance Sheets (Details) 211: R194 CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - HTML 247K Condensed Consolidating Statement of Cash Flows (Details) 212: R195 Subsequent Event (Details) HTML 67K 213: R196 Selected Quarterly Financial Data (UNAUDITED) - HTML 145K Schedule of Interim Information (Details) 214: R197 Selected Quarterly Financial Data (UNAUDITED) - HTML 109K Additional Information (Details) 216: XML IDEA XML File -- Filing Summary XML 425K 17: XML XBRL Instance -- c-20201231_htm XML 30.02M 215: EXCEL IDEA Workbook of Financial Reports XLSX 539K 13: EX-101.CAL XBRL Calculations -- c-20201231_cal XML 971K 14: EX-101.DEF XBRL Definitions -- c-20201231_def XML 4.03M 15: EX-101.LAB XBRL Labels -- c-20201231_lab XML 7.12M 16: EX-101.PRE XBRL Presentations -- c-20201231_pre XML 4.90M 12: EX-101.SCH XBRL Schema -- c-20201231 XSD 830K 217: JSON XBRL Instance as JSON Data -- MetaLinks 1,329± 2.18M 218: ZIP XBRL Zipped Folder -- 0000831001-21-000042-xbrl Zip 2.91M
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c-20201231 |
i ☒ | ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 52-1568099 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
i 388 Greenwich Street, | i New York | i NY | i 10013 | |||||||||||
(Address of principal executive offices) | (Zip code) |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||||||||||
Emerging growth company | i ☐ |
Item Number | Page | ||||||||||
Part I | |||||||||||
1. | Business | 4–31, 123–128, | |||||||||
131, 162, | |||||||||||
312–313 | |||||||||||
1A. | Risk Factors | 49–61 | |||||||||
1B. | Unresolved Staff Comments | Not Applicable | |||||||||
2. | Properties | Not Applicable | |||||||||
3. | Legal Proceedings—See Note 27 to the Consolidated Financial Statements | 291–298 | |||||||||
4. | Mine Safety Disclosures | Not Applicable | |||||||||
Part II | |||||||||||
5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 142–143, 168–170, 314–315 | |||||||||
6. | Selected Financial Data | 14–15 | |||||||||
7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 6–31, 66–122 | |||||||||
7A. | Quantitative and Qualitative Disclosures About Market Risk | 66–122, 163–167, 187–223, 230–282 | |||||||||
8. | Financial Statements and Supplementary Data | 138–311 | |||||||||
9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | Not Applicable | |||||||||
9A. | Controls and Procedures | 129–130 | |||||||||
9B. | Other Information | Not Applicable | |||||||||
Part III | |||||||||||
10. | Directors, Executive Officers and Corporate Governance | 316–318* | |||||||||
11. | Executive Compensation | ** | |||||||||
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | *** | |||||||||
13. | Certain Relationships and Related Transactions and Director Independence | **** | |||||||||
14. | Principal Accounting Fees and Services | ***** | |||||||||
Part IV | |||||||||||
15. | Exhibits and Financial Statement Schedules |
* | For additional information regarding Citigroup’s Directors, see “Corporate Governance” and “Proposal 1: Election of Directors” in the definitive Proxy Statement for Citigroup’s Annual Meeting of Stockholders scheduled to be held on April 27, 2021, to be filed with the SEC (the Proxy Statement), incorporated herein by reference. | ||||
** | See “Compensation Discussion and Analysis,” “The Personnel and Compensation Committee Report,” and “2020 Summary Compensation Table and Compensation Information” and “CEO Pay Ratio” in the Proxy Statement, incorporated herein by reference. | ||||
*** | See “About the Annual Meeting,” “Stock Ownership,” “Equity Compensation Plan Information,” and Delinquent Section 16(a) Reports in the Proxy Statement, incorporated herein by reference. | ||||
**** | See “Corporate Governance—Director Independence,” “—Certain Transactions and Relationships, Compensation Committee Interlocks and Insider Participation” and “—Indebtedness” in the Proxy Statement, incorporated herein by reference. | ||||
***** | See “Proposal 2: Ratification of Selection of Independent Registered Public Accounting Firm” in the Proxy Statement, incorporated herein by reference. |
OVERVIEW | |||||
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||
Executive Summary | |||||
Citi's Consent Order Compliance | |||||
COVID-19 Pandemic Overview | |||||
Summary of Selected Financial Data | |||||
SEGMENT AND BUSINESS—INCOME (LOSS) AND REVENUES | |||||
SEGMENT BALANCE SHEET | |||||
Global Consumer Banking | |||||
North America GCB | |||||
Latin America GCB | |||||
Asia GCB | |||||
Institutional Clients Group | |||||
Corporate/Other | |||||
CAPITAL RESOURCES | |||||
RISK FACTORS | |||||
HUMAN CAPITAL RESOURCES AND MANAGEMENT | |||||
Managing Global Risk Table of Contents | |||||
MANAGING GLOBAL RISK | |||||
SIGNIFICANT
ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES | |||||
DISCLOSURE CONTROLS AND PROCEDURES | |||||
MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING | |||||
FORWARD-LOOKING STATEMENTS | |||||
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | |||||
FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS | |||||
CONSOLIDATED FINANCIAL STATEMENTS | |||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||
FINANCIAL DATA SUPPLEMENT | |||||
SUPERVISION, REGULATION AND OTHER | |||||
CORPORATE INFORMATION | |||||
Executive Officers | |||||
Citigroup
Board of Directors |
For
the Three Months Ended December 31, 2020 | For the Twelve Months Ended December 31, 2020 | As of December 31, 2020 | Program details | |||||||||||||||||||||||
In millions of dollars, except number of loans modified | Number of loans modified | Enrollment balance(1) | Number of loans modified | Enrollment
balance(2) | EOP balance(3) | % of total loan portfolio(4) | ||||||||||||||||||||
North America | ||||||||||||||||||||||||||
Credit cards | 270,655 | $ | 843 | 2,626,225 | $ | 9,165 | $ | 708 | 1 | % | Waivers on late fees and deferral of minimum payments for two to four payment cycles | |||||||||||||||
Residential first mortgages | 1,022 | 197 | 9,279 | 3,573 | 1,256 | 3 | Extending existing payment deferral options through 2021 and suspending foreclosures into the first quarter of 2021 | |||||||||||||||||||
Home equity loans | 264 | 18 | 5,230 | 614 | 254 | 4 | Extending existing payment deferral options | |||||||||||||||||||
Personal, small business and other | 1,178 | 11 | 22,247 | 315 | 7 | — | Waivers on fees including non-Citi ATM fees and monthly service fees as well as minimum payment deferrals for up to six months | |||||||||||||||||||
Total North America | 273,119 | $ | 1,069 | 2,662,981 | $ | 13,667 | $ | 2,225 | 1 | % | ||||||||||||||||
International | ||||||||||||||||||||||||||
Asia | ||||||||||||||||||||||||||
Credit cards | 153,684 | $ | 366 | 1,306,090 | $ | 2,520 | $ | 189 | 1 | % | Payment deferrals for one to six months, interest and fee waivers, and reductions in minimum due payments; balance conversion programs | |||||||||||||||
Residential first mortgages | 1,537 | 119 | 46,275 | 3,812 | 583 | 2 | Payment deferrals for up to 12 months, interest and fee waivers, and reductions in minimum due payments | |||||||||||||||||||
Personal, small business and other | 14,977 | 85 | 219,071 | 1,740 | 49 | — | Payment deferrals for up to three months for revolving products and overdrafts or up to 12 months for installment loans, interest and fee waivers, and reductions in minimum due payments | |||||||||||||||||||
Latin America | ||||||||||||||||||||||||||
Credit cards | — | — | 641,038 | 1,263 | — | — | Minimum payment deferrals for up to six months | |||||||||||||||||||
Residential first mortgages | — | — | 26,251 | 950 | — | — | Installment payment deferral for up to six months to be recovered as a balloon payment at the end of the loan | |||||||||||||||||||
Personal, small business and other | — | — | 184,966 | 1,711 | — | — | Installment payment deferral for up to six months, temporary interest rate reductions | |||||||||||||||||||
Total international | 170,198 | $ | 570 | 2,423,691 | $ | 11,996 | $ | 821 | 1 | % | ||||||||||||||||
Total consumer | 443,317 | $ | 1,639 | 5,086,672 | $ | 25,663 | $ | 3,046 | 1 | % |
December 31, 2020 | |||||||||||
In millions of dollars | Total credit exposure | Funded | Unfunded | ||||||||
Corporate loans | $ | 1,132 | $ | 1,074 | $ | 58 | |||||
Private bank loans | 773 | 762 | 11 | ||||||||
Total corporate | $ | 1,905 | $ | 1,836 | $ | 69 |
Allowance for credit losses (ACL) | ||||||||||||||||||||||||||||||||||||||
In millions of dollars | Balance Dec. 31, 2019 | CECL transition impact | Collection costs change(1) | Balance Jan. 1, 2020 | Build (release) | 2020 FX/Other | Balance Dec. 31, 2020 | ACLL/EOP
loans Dec. 31, 2020(2) | ||||||||||||||||||||||||||||||
1Q20 | 2Q20 | 3Q20 | 4Q20 | 2020 | ||||||||||||||||||||||||||||||||||
Cards(1) | $ | 8,419 | $ | 4,456 | $ | (407) | $ | 12,468 | $ | 2,412 | $ | 1,911 | $ | 55 | $ | (79) | $ | 4,299 | $ | 38 | $ | 16,805 | 10.98 | % | ||||||||||||||
All
other GCB | 1,200 | 566 | (36) | 1,730 | 399 | 388 | (21) | (114) | 652 | 37 | 2,419 | |||||||||||||||||||||||||||
Global Consumer Banking | $ | 9,619 | $ | 5,022 | $ | (443) | $ | 14,198 | $ | 2,811 | $ | 2,299 | $ | 34 | $ | (193) | $ | 4,951 | $ | 75 | $ | 19,224 | 6.81 | % | ||||||||||||||
Institutional Clients Group | 2,886 | (721) | — | 2,165 | 1,316 | 3,370 | 106 | (1,620) | 3,172 | 65 | 5,402 | 1.42 | ||||||||||||||||||||||||||
Corporate/Other | 278 | (100) | — | 178 | 191 | 160 | (128) | (35) | 188 | (36) | 330 | |||||||||||||||||||||||||||
Allowance for credit losses on loans (ACLL) | $ | 12,783 | $ | 4,201 | $ | (443) | $ | 16,541 | $ | 4,318 | $ | 5,829 | $ | 12 | $ | (1,848) | $ | 8,311 | $ | 104 | $ | 24,956 | 3.73 | % | ||||||||||||||
Allowance for credit losses on unfunded lending commitments | 1,456 | (194) | — | 1,262 | 557 | 113 | 424 | 352 | 1,446 | (53) | 2,655 | |||||||||||||||||||||||||||
Other | — | 96 | — | 96 | 2 | 79 | (32) | (38) | 11 | 39 | 146 | |||||||||||||||||||||||||||
Total allowance for credit losses (ACL) | $ | 14,239 | $ | 4,103 | $ | (443) | $ | 17,899 | $ | 4,877 | $ | 6,021 | $ | 404 | $ | (1,534) | $ | 9,768 | $ | 90 | $ | 27,757 |
In millions of dollars, except per share amounts | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
Net interest revenue | $ | 43,548 | $ | 47,347 | $ | 46,562 | $ | 45,061 | $ | 45,476 | |||||||
Non-interest revenue | 30,750 | 26,939 | 26,292 | 27,383 | 25,321 | ||||||||||||
Revenues, net of interest expense | $ | 74,298 | $ | 74,286 | $ | 72,854 | $ | 72,444 | $ | 70,797 | |||||||
Operating expenses | 43,171 | 42,002 | 41,841 | 42,232 | 42,338 | ||||||||||||
Provisions for credit losses and for benefits and claims | 17,495 | 8,383 | 7,568 | 7,451 | 6,982 | ||||||||||||
Income from continuing operations before income taxes | $ | 13,632 | $ | 23,901 | $ | 23,445 | $ | 22,761 | $ | 21,477 | |||||||
Income
taxes(1) | 2,525 | 4,430 | 5,357 | 29,388 | 6,444 | ||||||||||||
Income (loss) from continuing operations | $ | 11,107 | $ | 19,471 | $ | 18,088 | $ | (6,627) | $ | 15,033 | |||||||
Income (loss) from discontinued operations, net of taxes | (20) | (4) | (8) | (111) | (58) | ||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | 11,087 | $ | 19,467 | $ | 18,080 | $ | (6,738) | $ | 14,975 | |||||||
Net
income attributable to noncontrolling interests | 40 | 66 | 35 | 60 | 63 | ||||||||||||
Citigroup’s net income (loss)(1) | $ | 11,047 | $ | 19,401 | $ | 18,045 | $ | (6,798) | $ | 14,912 | |||||||
Earnings per share | |||||||||||||||||
Basic | |||||||||||||||||
Income (loss) from continuing operations | $ | 4.75 | $ | 8.08 | $ | 6.69 | $ | (2.94) | $ | 4.74 | |||||||
Net income (loss) | 4.74 | 8.08 | 6.69 | (2.98) | 4.72 | ||||||||||||
Diluted | |||||||||||||||||
Income (loss) from continuing operations | $ | 4.73 | $ | 8.04 | $ | 6.69 | $ | (2.94) | $ | 4.74 | |||||||
Net
income (loss) | 4.72 | 8.04 | 6.68 | (2.98) | 4.72 | ||||||||||||
Dividends declared per common share | 2.04 | 1.92 | 1.54 | 0.96 | 0.42 | ||||||||||||
Common dividends | $ | 4,299 | $ | 4,403 | $ | 3,865 | $ | 2,595 | $ | 1,214 | |||||||
Preferred dividends | 1,095 | 1,109 | 1,174 | 1,213 | 1,077 | ||||||||||||
Common share repurchases | 2,925 | 17,875 | 14,545 | 14,538 | 9,451 |
In millions of dollars, except per share amounts, ratios and direct staff | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
At December 31: | |||||||||||||||||
Total assets | $ | 2,260,090 | $ | 1,951,158 | $ | 1,917,383 | $ | 1,842,465 | $ | 1,792,077 | |||||||
Total deposits | 1,280,671 | 1,070,590 | 1,013,170 | 959,822 | 929,406 | ||||||||||||
Long-term debt | 271,686 | 248,760 | 231,999 | 236,709 | 206,178 | ||||||||||||
Citigroup common stockholders’ equity(1) | 179,962 | 175,262 | 177,760 | 181,487 | 205,867 | ||||||||||||
Total
Citigroup stockholders’ equity(1) | 199,442 | 193,242 | 196,220 | 200,740 | 225,120 | ||||||||||||
Average assets | 2,226,256 | 1,978,805 | 1,920,242 | 1,875,438 | 1,808,728 | ||||||||||||
Direct
staff (in thousands) | 210 | 200 | 204 | 209 | 219 | ||||||||||||
Performance metrics | |||||||||||||||||
Return on average assets | 0.50 | % | 0.98 | % | 0.94 | % | (0.36) | % | 0.82 | % | |||||||
Return
on average common stockholders’ equity(1)(2) | 5.7 | 10.3 | 9.4 | (3.9) | 6.6 | ||||||||||||
Return on average total stockholders’ equity(1)(2) | 5.7 | 9.9 | 9.1 | (3.0) | 6.5 | ||||||||||||
Return
on tangible common equity (RoTCE)(1)(3) | 6.6 | 12.1 | 11.0 | 8.1 | 7.6 | ||||||||||||
Efficiency ratio (total operating expenses/total revenues, net) | 58.1 | 56.5 | 57.4 | 58.3 | 59.8 | ||||||||||||
Basel
III ratios(1)(4) | |||||||||||||||||
Common Equity Tier 1 Capital(5) | 11.73 | % | 11.79 | % | 11.86 | % | 12.36 | % | 12.57 | % | |||||||
Tier 1 Capital(5) | 13.31 | 13.33 | 13.43 | 14.06 | 14.24 | ||||||||||||
Total
Capital(5) | 15.61 | 15.87 | 16.14 | 16.30 | 16.24 | ||||||||||||
Supplementary Leverage ratio | 7.00 | 6.20 | 6.40 | 6.68 | 7.22 | ||||||||||||
Citigroup
common stockholders’ equity to assets(1) | 7.96 | % | 8.98 | % | 9.27 | % | 9.85 | % | 11.49 | % | |||||||
Total Citigroup stockholders’ equity to assets(1) | 8.82 | 9.90 | 10.23 | 10.90 | 12.56 | ||||||||||||
Dividend
payout ratio(6) | 43 | 24 | 23 | NM | 9 | ||||||||||||
Total payout ratio(7) | 73 | 122 | 109 | NM | 77 | ||||||||||||
Book
value per common share(1) | $ | 86.43 | $ | 82.90 | $ | 75.05 | $ | 70.62 | $ | 74.26 | |||||||
Tangible book value (TBV) per share(1)(3) | 73.67 | 70.39 | 63.79 | 60.16 | 64.57 |
In millions of dollars | 2020 | 2019 | 2018 | % Change 2020 vs. 2019 | % Change 2019 vs. 2018 | ||||||||||||
Income (loss) from continuing operations | |||||||||||||||||
Global Consumer Banking | |||||||||||||||||
North America | $ | 59 | $ | 3,224 | $ | 3,087 | (98) | % | 4 | % | |||||||
Latin America | 277 | 901 | 802 | (69) | 12 | ||||||||||||
Asia(1) | 538 | 1,577 | 1,420 | (66) | 11 | ||||||||||||
Total | $ | 874 | $ | 5,702 | $ | 5,309 | (85) | % | 7 | % | |||||||
Institutional Clients Group | |||||||||||||||||
North America | $ | 3,461 | $ | 3,511 | $ | 3,675 | (1) | % | (4) | % | |||||||
EMEA | 3,327 | 3,867 | 3,889 | (14) | (1) | ||||||||||||
Latin America | 1,406 | 2,111 | 2,013 | (33) | 5 | ||||||||||||
Asia | 3,604 | 3,455 | 2,997 | 4 | 15 | ||||||||||||
Total | $ | 11,798 | $ | 12,944 | $ | 12,574 | (9) | % | 3 | % | |||||||
Corporate/Other | (1,565) | 825 | 205 | NM | NM | ||||||||||||
Income from continuing operations | $ | 11,107 | $ | 19,471 | $ | 18,088 | (43) | % | 8 | % | |||||||
Discontinued operations | $ | (20) | $ | (4) | $ | (8) | NM | 50 | % | ||||||||
Less: Net income attributable to noncontrolling interests | 40 | 66 | 35 | (39) | % | 89 | |||||||||||
Citigroup’s net income | $ | 11,047 | $ | 19,401 | $ | 18,045 | (43) | % | 8 | % |
In millions of dollars | 2020 | 2019 | 2018 | %
Change 2020 vs. 2019 | % Change 2019 vs. 2018 | ||||||||||||
Global Consumer Banking | |||||||||||||||||
North America | $ | 19,148 | $ | 20,398 | $ | 19,829 | (6) | % | 3 | % | |||||||
Latin America | 4,372 | 5,238 | 5,309 | (17) | (1) | ||||||||||||
Asia(1) | 6,471 | 7,335 | 7,201 | (12) | 2 | ||||||||||||
Total | $ | 29,991 | $ | 32,971 | $ | 32,339 | (9) | % | 2 | % | |||||||
Institutional Clients Group | |||||||||||||||||
North America | $ | 17,185 | $ | 13,459 | $ | 13,522 | 28 | % | — | % | |||||||
EMEA | 12,814 | 12,006 | 11,770 | 7 | 2 | ||||||||||||
Latin America | 4,838 | 5,166 | 4,954 | (6) | 4 | ||||||||||||
Asia | 9,416 | 8,670 | 8,079 | 9 | 7 | ||||||||||||
Total | $ | 44,253 | $ | 39,301 | $ | 38,325 | 13 | % | 3 | % | |||||||
Corporate/Other | 54 | 2,014 | 2,190 | (97) | (8) | ||||||||||||
Total Citigroup net revenues | $ | 74,298 | $ | 74,286 | $ | 72,854 | — | % | 2 | % |
In millions of dollars | Global Consumer Banking | Institutional Clients Group | Corporate/Other and consolidating eliminations(2) | Citigroup parent company- issued long-term debt
and stockholders’ equity(3) | Total Citigroup consolidated | ||||||||||||
Assets | |||||||||||||||||
Cash and deposits with banks, net of allowance | $ | 7,445 | $ | 89,503 | $ | 212,667 | $ | — | $ | 309,615 | |||||||
Securities borrowed and purchased under agreements to resell, net of allowance | 201 | 294,258 | 253 | — | 294,712 | ||||||||||||
Trading account assets | 1,948 | 360,131 | 13,000 | — | 375,079 | ||||||||||||
Investments, net of allowance | 1,310 | 136,105 | 309,944 | — | 447,359 | ||||||||||||
Loans, net of unearned income and allowance for credit losses on loans | 262,876 | 381,598 | 6,453 | — | 650,927 | ||||||||||||
Other assets, net of allowance | 39,716 | 99,348 | 43,334 | — | 182,398 | ||||||||||||
Net inter-segment liquid assets(4) | 120,077 | 368,902 | (488,979) | — | — | ||||||||||||
Total assets | $ | 433,573 | $ | 1,729,845 | $ | 96,672 | $ | — | $ | 2,260,090 | |||||||
Liabilities and equity | |||||||||||||||||
Total deposits | $ | 344,500 | $ | 924,300 | $ | 11,871 | $ | — | $ | 1,280,671 | |||||||
Securities loaned and sold under agreements to repurchase | 685 | 198,828 | 12 | — | 199,525 | ||||||||||||
Trading account liabilities | 1,322 | 165,500 | 1,205 | — | 168,027 | ||||||||||||
Short-term borrowings | — | 25,507 | 4,007 | — | 29,514 | ||||||||||||
Long-term
debt(3) | 1,268 | 74,799 | 25,056 | 170,563 | 271,686 | ||||||||||||
Other liabilities, net of allowance | 21,422 | 74,573 | 14,472 | — | 110,467 | ||||||||||||
Net
inter-segment funding (lending)(3) | 64,376 | 266,338 | 39,291 | (370,005) | — | ||||||||||||
Total liabilities | $ | 433,573 | $ | 1,729,845 | $ | 95,914 | $ | (199,442) | $ | 2,059,890 | |||||||
Total
stockholders’ equity(5) | — | — | 758 | 199,442 | 200,200 | ||||||||||||
Total liabilities and equity | $ | 433,573 | $ | 1,729,845 | $ | 96,672 | $ | — | $ | 2,260,090 |
In millions of dollars, except as otherwise noted | 2020 | 2019 | 2018 | %
Change 2020 vs. 2019 | % Change 2019 vs. 2018 | ||||||||||||
Net interest revenue | $ | 26,200 | $ | 28,205 | $ | 27,374 | (7) | % | 3 | % | |||||||
Non-interest revenue | 3,791 | 4,766 | 4,965 | (20) | (4) | ||||||||||||
Total revenues, net of interest expense | $ | 29,991 | $ | 32,971 | $ | 32,339 | (9) | % | 2 | % | |||||||
Total operating expenses | $ | 17,203 | $ | 17,628 | $ | 17,786 | (2) | % | (1) | % | |||||||
Net credit losses on loans | $ | 6,646 | $ | 7,382 | $ | 6,884 | (10) | % | 7 | % | |||||||
Credit reserve build for loans | 4,951 | 439 | 568 | NM | (23) | ||||||||||||
Provision for credit losses on unfunded lending commitments | — | 1 | — | (100) | 100 | ||||||||||||
Provisions for benefits and claims, HTM debt securities and other assets | 105 | 73 | 103 | 44 | (29) | ||||||||||||
Provisions for credit losses and for benefits and claims (PBC) | $ | 11,702 | $ | 7,895 | $ | 7,555 | 48 | % | 5 | % | |||||||
Income from continuing operations before taxes | $ | 1,086 | $ | 7,448 | $ | 6,998 | (85) | % | 6 | % | |||||||
Income taxes | 212 | 1,746 | 1,689 | (88) | 3 | ||||||||||||
Income from continuing operations | $ | 874 | $ | 5,702 | $ | 5,309 | (85) | % | 7 | % | |||||||
Noncontrolling interests | (4) | 6 | 7 | NM | (14) | ||||||||||||
Net income | $ | 878 | $ | 5,696 | $ | 5,302 | (85) | % | 7 | % | |||||||
Balance
Sheet data and ratios | |||||||||||||||||
EOP assets (in billions of dollars) | $ | 434 | $ | 407 | $ | 388 | 7 | % | 5 | % | |||||||
Average assets (in
billions of dollars) | 426 | 389 | 378 | 10 | 3 | ||||||||||||
Return on average assets | 0.21 | % | 1.46 | % | 1.40 | % | |||||||||||
Efficiency ratio | 57 | 53 | 55 | ||||||||||||||
Average retail banking deposits (in billions of dollars) | $ | 311 | $ | 277 | $ | 269 | 12 | 3 | |||||||||
Net credit losses as a percentage of average loans | 2.39 | % | 2.60 | % | 2.48 | % | |||||||||||
Revenue by business | |||||||||||||||||
Retail banking | $ | 11,734 | $ | 12,549 | $ | 12,627 | (6) | % | (1) | % | |||||||
Cards(1) | 18,257 | 20,422 | 19,712 | (11) | 4 | ||||||||||||
Total | $ | 29,991 | $ | 32,971 | $ | 32,339 | (9) | % | 2 | % | |||||||
Income from continuing operations by business | |||||||||||||||||
Retail banking | $ | 744 | $ | 1,842 | $ | 1,851 | (60) | % | — | % | |||||||
Cards(1) | 130 | 3,860 | 3,458 | (97) | 12 | ||||||||||||
Total | $ | 874 | $ | 5,702 | $ | 5,309 | (85) | % | 7 | % |
Foreign currency (FX) translation impact | |||||||||||||||||
Total revenue—as reported | $ | 29,991 | $ | 32,971 | $ | 32,339 | (9) | % | 2 | % | |||||||
Impact
of FX translation(2) | — | (509) | (664) | ||||||||||||||
Total revenues—ex-FX(3) | $ | 29,991 | $ | 32,462 | $ | 31,675 | (8) | % | 2 | % | |||||||
Total operating expenses—as reported | $ | 17,203 | $ | 17,628 | $ | 17,786 | (2) | % | (1) | % | |||||||
Impact of FX translation(2) | — | (276) | (371) | ||||||||||||||
Total
operating expenses—ex-FX(3) | $ | 17,203 | $ | 17,352 | $ | 17,415 | (1) | % | — | % | |||||||
Total provisions for credit losses and PBC—as reported | $ | 11,702 | $ | 7,895 | $ | 7,555 | 48 | % | 5 | % | |||||||
Impact
of FX translation(2) | — | (124) | (161) | ||||||||||||||
Total provisions for credit losses and PBC—ex-FX(3) | $ | 11,702 | $ | 7,771 | $ | 7,394 | 51 | % | 5 | % | |||||||
Net income—as reported | $ | 878 | $ | 5,696 | $ | 5,302 | (85) | % | 7 | % | |||||||
Impact of FX translation(2) | — | (74) | (90) | ||||||||||||||
Net
income—ex-FX(3) | $ | 878 | $ | 5,622 | $ | 5,212 | (84) | % | 8 | % |
In millions of dollars, except as otherwise noted | 2020 | 2019 | 2018 | % Change 2020 vs. 2019 | % Change 2019 vs. 2018 | ||||||||||||
Net interest revenue | $ | 18,802 | $ | 19,869 | $ | 19,006 | (5) | % | 5 | % | |||||||
Non-interest
revenue(1) | 346 | 529 | 823 | (35) | (36) | ||||||||||||
Total revenues, net of interest expense | $ | 19,148 | $ | 20,398 | $ | 19,829 | (6) | % | 3 | % | |||||||
Total operating expenses | $ | 9,942 | $ | 10,154 | $ | 10,230 | (2) | % | (1) | % | |||||||
Net credit losses on loans | $ | 4,990 | $ | 5,583 | $ | 5,085 | (11) | % | 10 | % | |||||||
Credit reserve build for loans | 4,115 | 469 | 460 | NM | 2 | ||||||||||||
Provision for credit losses on unfunded lending commitments | — | 1 | — | (100) | 100 | ||||||||||||
Provisions for benefits and claims, HTM debt securities and other assets | 17 | 19 | 22 | (11) | (14) | ||||||||||||
Provisions for credit losses and for benefits and claims | $ | 9,122 | $ | 6,072 | $ | 5,567 | 50 | % | 9 | % | |||||||
Income from continuing operations before taxes | $ | 84 | $ | 4,172 | $ | 4,032 | (98) | % | 3 | % | |||||||
Income taxes | 25 | 948 | 945 | (97) | — | ||||||||||||
Income from continuing operations | $ | 59 | $ | 3,224 | $ | 3,087 | (98) | % | 4 | % | |||||||
Noncontrolling interests | — | — | — | — | — | ||||||||||||
Net income | $ | 59 | $ | 3,224 | $ | 3,087 | (98) | % | 4 | % | |||||||
Balance Sheet data and ratios | |||||||||||||||||
Average assets (in
billions of dollars) | $ | 266 | $ | 232 | $ | 227 | 15 | % | 2 | % | |||||||
Return on average assets | 0.02 | % | 1.39 | % | 1.36 | % | |||||||||||
Efficiency ratio | 52 | 50 | 52 | ||||||||||||||
Average retail banking deposits (in billions of dollars) | $ | 176 | $ | 153 | $ | 148 | 15 | 3 | |||||||||
Net credit losses as a percentage of average loans | 2.72 | % | 2.97 | % | 2.78 | % | |||||||||||
Revenue by business | |||||||||||||||||
Retail banking | $ | 4,457 | $ | 4,529 | $ | 4,600 | (2) | % | (2) | % | |||||||
Citi-branded cards | 8,758 | 9,165 | 8,628 | (4) | 6 | ||||||||||||
Citi retail services | 5,933 | 6,704 | 6,601 | (12) | 2 | ||||||||||||
Total | $ | 19,148 | $ | 20,398 | $ | 19,829 | (6) | % | 3 | % | |||||||
Income (loss) from continuing operations by business | |||||||||||||||||
Retail banking | $ | (144) | $ | 196 | $ | 312 | NM | (37) | % | ||||||||
Citi-branded cards | 21 | 1,742 | 1,581 | (99) | % | 10 | |||||||||||
Citi retail services | 182 | 1,286 | 1,194 | (86) | 8 | ||||||||||||
Total | $ | 59 | $ | 3,224 | $ | 3,087 | (98) | % | 4 | % |
In millions of dollars, except as otherwise noted | 2020 | 2019 | 2018 | % Change 2020 vs. 2019 | % Change 2019 vs. 2018 | ||||||||||||
Net interest revenue | $ | 3,078 | $ | 3,639 | $ | 3,681 | (15) | % | (1) | % | |||||||
Non-interest
revenue(1) | 1,294 | 1,599 | 1,628 | (19) | (2) | ||||||||||||
Total revenues, net of interest expense | $ | 4,372 | $ | 5,238 | $ | 5,309 | (17) | % | (1) | % | |||||||
Total operating expenses | $ | 2,730 | $ | 2,883 | $ | 2,900 | (5) | % | (1) | % | |||||||
Net credit losses on loans | $ | 866 | $ | 1,109 | $ | 1,131 | (22) | % | (2) | % | |||||||
Credit reserve build (release) for loans | 316 | (38) | 84 | NM | NM | ||||||||||||
Provision for credit losses on unfunded lending commitments | — | — | — | — | — | ||||||||||||
Provisions for benefits and claims, HTM debt securities and other assets | 87 | 54 | 81 | 61 | (33) | ||||||||||||
Provisions for credit losses and for benefits and claims (PBC) | $ | 1,269 | $ | 1,125 | $ | 1,296 | 13 | % | (13) | % | |||||||
Income from continuing operations before taxes | $ | 373 | $ | 1,230 | $ | 1,113 | (70) | % | 11 | % | |||||||
Income taxes | 96 | 329 | 311 | (71) | 6 | ||||||||||||
Income from continuing operations | $ | 277 | $ | 901 | $ | 802 | (69) | % | 12 | % | |||||||
Noncontrolling interests | — | — | — | — | — | ||||||||||||
Net income | $ | 277 | $ | 901 | $ | 802 | (69) | % | 12 | % | |||||||
Balance Sheet data and ratios | |||||||||||||||||
Average assets (in
billions of dollars) | $ | 32 | $ | 35 | $ | 33 | (9) | % | 6 | % | |||||||
Return on average assets | 0.87 | % | 2.57 | % | 2.43 | % | |||||||||||
Efficiency ratio | 62 | 55 | 55 | ||||||||||||||
Average deposits (in billions of dollars) | $ | 23 | $ | 23 | $ | 23 | — | — | |||||||||
Net credit losses as a percentage of average loans | 5.97 | % | 6.45 | % | 6.50 | % | |||||||||||
Revenue by business | |||||||||||||||||
Retail banking | $ | 3,009 | $ | 3,585 | $ | 3,744 | (16) | % | (4) | % | |||||||
Citi-branded cards | 1,363 | 1,653 | 1,565 | (18) | 6 | ||||||||||||
Total | $ | 4,372 | $ | 5,238 | $ | 5,309 | (17) | % | (1) | % | |||||||
Income from continuing operations by business | |||||||||||||||||
Retail banking | $ | 153 | $ | 600 | $ | 596 | (75) | % | 1 | % | |||||||
Citi-branded cards | 124 | 301 | 206 | (59) | 46 | ||||||||||||
Total | $ | 277 | $ | 901 | $ | 802 | (69) | % | 12 | % | |||||||
FX translation impact | |||||||||||||||||
Total revenues—as reported(1) | $ | 4,372 | $ | 5,238 | $ | 5,309 | (17) | % | (1) | % | |||||||
Impact
of FX translation(2) | — | (473) | (511) | ||||||||||||||
Total revenues—ex-FX(3) | $ | 4,372 | $ | 4,765 | $ | 4,798 | (8) | % | (1) | % | |||||||
Total operating expenses—as reported | $ | 2,730 | $ | 2,883 | $ | 2,900 | (5) | % | (1) | % | |||||||
Impact of FX translation(2) | — | (246) | (253) | ||||||||||||||
Total
operating expenses—ex-FX(3) | $ | 2,730 | $ | 2,637 | $ | 2,647 | 4 | % | — | % | |||||||
Provisions for credit losses and PBC—as reported | $ | 1,269 | $ | 1,125 | $ | 1,296 | 13 | % | (13) | % | |||||||
Impact
of FX translation(2) | — | (115) | (136) | ||||||||||||||
Provisions for credit losses and PBC—ex-FX(3) | $ | 1,269 | $ | 1,010 | $ | 1,160 | 26 | % | (13) | % | |||||||
Net income—as reported | $ | 277 | $ | 901 | $ | 802 | (69) | % | 12 | % | |||||||
Impact of FX translation(2) | — | (78) | (87) | ||||||||||||||
Net
income—ex-FX(3) | $ | 277 | $ | 823 | $ | 715 | (66) | % | 15 | % |
In millions of dollars, except as otherwise noted(1) | 2020 | 2019 | 2018 | % Change 2020 vs. 2019 | % Change 2019 vs. 2018 | ||||||||||||
Net interest revenue | $ | 4,320 | $ | 4,697 | $ | 4,687 | (8) | % | — | % | |||||||
Non-interest revenue | 2,151 | 2,638 | 2,514 | (18) | 5 | ||||||||||||
Total revenues, net of interest expense | $ | 6,471 | $ | 7,335 | $ | 7,201 | (12) | % | 2 | % | |||||||
Total operating expenses | $ | 4,531 | $ | 4,591 | $ | 4,656 | (1) | % | (1) | % | |||||||
Net credit losses on loans | $ | 790 | $ | 690 | $ | 668 | 14 | % | 3 | % | |||||||
Credit reserve build for loans | 520 | 8 | 24 | NM | (67) | ||||||||||||
Provision for HTM debt securities and other assets | 1 | — | — | 100 | — | ||||||||||||
Provisions for credit losses | $ | 1,311 | $ | 698 | $ | 692 | 88 | % | 1 | % | |||||||
Income from continuing operations before taxes | $ | 629 | $ | 2,046 | $ | 1,853 | (69) | % | 10 | % | |||||||
Income taxes | 91 | 469 | 433 | (81) | 8 | ||||||||||||
Income from continuing operations | $ | 538 | $ | 1,577 | $ | 1,420 | (66) | % | 11 | % | |||||||
Noncontrolling interests | (4) | 6 | 7 | NM | (14) | ||||||||||||
Net income | $ | 542 | $ | 1,571 | $ | 1,413 | (65) | % | 11 | % | |||||||
Balance Sheet data and ratios | |||||||||||||||||
Average assets
(in billions of dollars) | $ | 129 | $ | 122 | $ | 119 | 6 | % | 3 | % | |||||||
Return on average assets | 0.42 | % | 1.29 | % | 1.19 | % | |||||||||||
Efficiency ratio | 70 | 63 | 65 | ||||||||||||||
Average deposits (in billions of dollars) | $ | 113 | $ | 101 | $ | 98 | 12 | 3 | |||||||||
Net credit losses as a percentage of average loans | 0.99 | % | 0.88 | % | 0.86 | % | |||||||||||
Revenue by business | |||||||||||||||||
Retail banking | $ | 4,268 | $ | 4,435 | $ | 4,283 | (4) | % | 4 | % | |||||||
Citi-branded cards | 2,203 | 2,900 | 2,918 | (24) | (1) | ||||||||||||
Total | $ | 6,471 | $ | 7,335 | $ | 7,201 | (12) | % | 2 | % | |||||||
Income (loss) from continuing operations by business | |||||||||||||||||
Retail banking | $ | 735 | $ | 1,046 | $ | 943 | (30) | % | 11 | % | |||||||
Citi-branded cards | (197) | 531 | 477 | NM | 11 | ||||||||||||
Total | $ | 538 | $ | 1,577 | $ | 1,420 | (66) | % | 11 | % | |||||||
FX translation impact | |||||||||||||||||
Total revenues—as reported | $ | 6,471 | $ | 7,335 | $ | 7,201 | (12) | % | 2 | % | |||||||
Impact of FX translation(2) | — | (36) | (153) | ||||||||||||||
Total
revenues—ex-FX(3) | $ | 6,471 | $ | 7,299 | $ | 7,048 | (11) | % | 4 | % | |||||||
Total operating expenses—as reported | $ | 4,531 | $ | 4,591 | $ | 4,656 | (1) | % | (1) | % | |||||||
Impact
of FX translation(2) | — | (30) | (118) | ||||||||||||||
Total operating expenses—ex-FX(3) | $ | 4,531 | $ | 4,561 | $ | 4,538 | (1) | % | 1 | % | |||||||
Provisions for credit losses—as reported | $ | 1,311 | $ | 698 | $ | 692 | 88 | % | 1 | % | |||||||
Impact of FX translation(2) | — | (9) | (25) | ||||||||||||||
Provisions
for credit losses—ex-FX(3) | $ | 1,311 | $ | 689 | $ | 667 | 90 | % | 3 | % | |||||||
Net income—as reported | $ | 542 | $ | 1,571 | $ | 1,413 | (65) | % | 11 | % | |||||||
Impact
of FX translation(2) | — | 4 | (3) | ||||||||||||||
Net income—ex-FX(3) | $ | 542 | $ | 1,575 | $ | 1,410 | (66) | % | 12 | % |
In millions of dollars, except as otherwise noted | 2020 | 2019 | 2018 | % Change 2020 vs. 2019 | % Change 2019 vs. 2018 | ||||||||||||
Commissions and fees | $ | 4,412 | $ | 4,462 | $ | 4,651 | (1) | % | (4) | % | |||||||
Administration and other fiduciary fees | 2,877 | 2,756 | 2,806 | 4 | (2) | ||||||||||||
Investment banking | 5,009 | 4,440 | 4,358 | 13 | 2 | ||||||||||||
Principal transactions | 13,308 | 8,562 | 8,742 | 55 | (2) | ||||||||||||
Other(1) | 1,149 | 1,829 | 941 | (37) | 94 | ||||||||||||
Total non-interest revenue | $ | 26,755 | $ | 22,049 | $ | 21,498 | 21 | % | 3 | % | |||||||
Net interest revenue (including dividends) | 17,498 | 17,252 | 16,827 | 1 | 3 | ||||||||||||
Total revenues, net of interest expense | $ | 44,253 | $ | 39,301 | $ | 38,325 | 13 | % | 3 | % | |||||||
Total operating expenses | $ | 23,467 | $ | 22,224 | $ | 21,780 | 6 | % | 2 | % | |||||||
Net credit losses on loans | $ | 987 | $ | 394 | $ | 208 | NM | 89 | % | ||||||||
Credit reserve build (release) for loans | 3,172 | 71 | (109) | NM | NM | ||||||||||||
Provision for credit losses on unfunded lending commitments | 1,435 | 98 | 116 | NM | (16) | ||||||||||||
Provisions for credit losses on HTM debt securities and other assets | 21 | — | — | 100 | % | — | |||||||||||
Provisions for credit losses | $ | 5,615 | $ | 563 | $ | 215 | NM | NM | |||||||||
Income from continuing operations before taxes | $ | 15,171 | $ | 16,514 | $ | 16,330 | (8) | % | 1 | % | |||||||
Income taxes | 3,373 | 3,570 | 3,756 | (6) | (5) | ||||||||||||
Income from continuing operations | $ | 11,798 | $ | 12,944 | $ | 12,574 | (9) | % | 3 | % | |||||||
Noncontrolling interests | 50 | 40 | 17 | 25 | NM | ||||||||||||
Net income | $ | 11,748 | $ | 12,904 | $ | 12,557 | (9) | % | 3 | % | |||||||
Balance Sheet data and ratios | |||||||||||||||||
EOP assets (in billions of dollars) | $ | 1,730 | $ | 1,447 | $ | 1,438 | 20 | % | 1 | % | |||||||
Average assets (in
billions of dollars) | 1,706 | 1,493 | 1,449 | 14 | 3 | ||||||||||||
Return on average assets | 0.69 | % | 0.86 | % | 0.87 | % | |||||||||||
Efficiency ratio | 53 | 57 | 57 | ||||||||||||||
Revenues by region | |||||||||||||||||
North America | $ | 17,185 | $ | 13,459 | $ | 13,522 | 28 | % | — | % | |||||||
EMEA | 12,814 | 12,006 | 11,770 | 7 | 2 | ||||||||||||
Latin America | 4,838 | 5,166 | 4,954 | (6) | 4 | ||||||||||||
Asia | 9,416 | 8,670 | 8,079 | 9 | 7 | ||||||||||||
Total | $ | 44,253 | $ | 39,301 | $ | 38,325 | 13 | % | 3 | % | |||||||
Income from continuing operations by region | |||||||||||||||||
North America | $ | 3,461 | $ | 3,511 | $ | 3,675 | (1) | % | (4) | % | |||||||
EMEA | 3,327 | 3,867 | 3,889 | (14) | (1) | ||||||||||||
Latin America | 1,406 | 2,111 | 2,013 | (33) | 5 | ||||||||||||
Asia | 3,604 | 3,455 | 2,997 | 4 | 15 | ||||||||||||
Total | $ | 11,798 | $ | 12,944 | $ | 12,574 | (9) | % | 3 | % | |||||||
Average
loans by region (in billions of dollars) | |||||||||||||||||
North America | $ | 201 | $ | 188 | $ | 174 | 7 | % | 8 | % | |||||||
EMEA | 88 | 87 | 81 | 1 | 7 | ||||||||||||
Latin America | 39 | 40 | 42 | (3) | (5) | ||||||||||||
Asia | 71 | 73 | 77 | (3) | (5) | ||||||||||||
Total | $ | 399 | $ | 388 | $ | 374 | 3 | % | 4 | % | |||||||
EOP
deposits by business (in billions of dollars) | |||||||||||||||||
Treasury and trade solutions | $ | 651 | $ | 536 | $ | 509 | 21 | % | 5 | % | |||||||
All other ICG
businesses | 273 | 232 | 218 | 18 | 6 | ||||||||||||
Total | $ | 924 | $ | 768 | $ | 727 | 20 | % | 6 | % |
In millions of dollars | 2020 | 2019 | 2018 | % Change 2020 vs. 2019 | % Change 2019 vs. 2018 | ||||||||||||
Investment banking revenue details | |||||||||||||||||
Advisory | $ | 1,010 | $ | 1,259 | $ | 1,301 | (20) | % | (3) | % | |||||||
Equity underwriting | 1,593 | 973 | 991 | 64 | (2) | ||||||||||||
Debt underwriting | 3,184 | 2,984 | 2,719 | 7 | 10 | ||||||||||||
Total investment banking | $ | 5,787 | $ | 5,216 | $ | 5,011 | 11 | % | 4 | % | |||||||
Treasury and trade solutions | 9,524 | 10,293 | 9,914 | (7) | 4 | ||||||||||||
Corporate
lending—excluding gains (losses) on loan hedges(1) | 2,184 | 2,921 | 2,913 | (25) | — | ||||||||||||
Private bank—excluding gains (losses) on loan hedges(1) | 3,737 | 3,460 | 3,398 | 8 | 2 | ||||||||||||
Total
Banking revenues (ex-gains (losses) on loan hedges)(1) | $ | 21,232 | $ | 21,890 | $ | 21,236 | (3) | % | 3 | % | |||||||
Gains (losses) on loan hedges(1) | $ | (51) | $ | (432) | $ | 45 | 88 | % | NM | ||||||||
Total
Banking revenues (including gains (losses) on loan hedges), net of interest expense | $ | 21,181 | $ | 21,458 | $ | 21,281 | (1) | % | 1 | % | |||||||
Fixed income markets(2) | $ | 17,256 | $ | 12,884 | $ | 11,661 | 34 | % | 10 | % | |||||||
Equity markets | 3,624 | 2,908 | 3,427 | 25 | (15) | ||||||||||||
Securities services | 2,545 | 2,631 | 2,631 | (3) | — | ||||||||||||
Other | (353) | (580) | (675) | 39 | 14 | ||||||||||||
Total
Markets and securities services revenues, net of interest expense | $ | 23,072 | $ | 17,843 | $ | 17,044 | 29 | % | 5 | % | |||||||
Total revenues, net of interest expense | $ | 44,253 | $ | 39,301 | $ | 38,325 | 13 | % | 3 | % | |||||||
Commissions and fees | $ | 677 | $ | 782 | $ | 705 | (13) | % | 11 | % | |||||||
Principal transactions(3) | 11,518 | 7,661 | 7,134 | 50 | 7 | ||||||||||||
Other(2) | 579 | 1,117 | 380 | (48) | NM | ||||||||||||
Total non-interest revenue | $ | 12,774 | $ | 9,560 | $ | 8,219 | 34 | % | 16 | % | |||||||
Net interest revenue | 4,482 | 3,324 | 3,442 | 35 | (3) | ||||||||||||
Total
fixed income markets(4) | $ | 17,256 | $ | 12,884 | $ | 11,661 | 34 | % | 10 | % | |||||||
Rates and currencies | $ | 12,145 | $ | 9,225 | $ | 8,486 | 32 | % | 9 | % | |||||||
Spread products/other fixed income | 5,111 | 3,659 | 3,175 | 40 | 15 | ||||||||||||
Total fixed income markets | $ | 17,256 | $ | 12,884 | $ | 11,661 | 34 | % | 10 | % | |||||||
Commissions and fees | $ | 1,245 | $ | 1,121 | $ | 1,267 | 11 | % | (12) | % | |||||||
Principal transactions(3) | 1,281 | 775 | 1,240 | 65 | (38) | ||||||||||||
Other | 322 | 172 | 110 | 87 | 56 | ||||||||||||
Total non-interest revenue | $ | 2,848 | $ | 2,068 | $ | 2,617 | 38 | % | (21) | % | |||||||
Net interest revenue | 776 | 840 | 810 | (8) | 4 | ||||||||||||
Total
equity markets(4) | $ | 3,624 | $ | 2,908 | $ | 3,427 | 25 | % | (15) | % |
In millions of dollars | 2020 | 2019 | 2018 | % Change 2020 vs. 2019 | % Change 2019 vs. 2018 | ||||||||||||
Net interest revenue | $ | (150) | $ | 1,890 | $ | 2,361 | NM | (20) | % | ||||||||
Non-interest revenue | 204 | 124 | (171) | 65 | % | NM | |||||||||||
Total revenues, net of interest expense | $ | 54 | $ | 2,014 | $ | 2,190 | (97) | % | (8) | % | |||||||
Total operating expenses | $ | 2,501 | $ | 2,150 | $ | 2,275 | 16 | % | (5) | % | |||||||
Net credit losses (recoveries) on loans | $ | (22) | $ | (8) | $ | 21 | NM | NM | |||||||||
Credit reserve build (release) for loans | 188 | (60) | (218) | NM | 72 | % | |||||||||||
Provision (release) for credit losses on unfunded lending commitments | 11 | (7) | (3) | NM | NM | ||||||||||||
Provisions (releases) for benefits and claims, HTM debt securities and other assets | 1 | — | (2) | 100 | % | 100 | |||||||||||
Provisions (releases) for credit losses and for benefits and claims | $ | 178 | $ | (75) | $ | (202) | NM | 63 | % | ||||||||
Income (loss) from continuing operations before taxes | $ | (2,625) | $ | (61) | $ | 117 | NM | NM | |||||||||
Income taxes (benefits) | (1,060) | (886) | (88) | (20) | % | NM | |||||||||||
Income (loss) from continuing operations | $ | (1,565) | $ | 825 | $ | 205 | NM | NM | |||||||||
(Loss) from discontinued operations, net of taxes | (20) | (4) | (8) | NM | 50 | % | |||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | (1,585) | $ | 821 | $ | 197 | NM | NM | |||||||||
Noncontrolling interests | (6) | 20 | 11 | NM | 82 | % | |||||||||||
Net income (loss) | $ | (1,579) | $ | 801 | $ | 186 | NM | NM |
2020 | 2019 | |||||||
Method 1 | 2.0 | % | 2.0 | % | ||||
Method 2 | 3.0 | 3.0 |
Advanced Approaches | Standardized Approach | ||||||||||||||||||||||
In millions of dollars, except ratios | Effective Minimum Requirement(1) | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | ||||||||||||||||
Common Equity Tier 1 Capital(2) | $ | 147,274 | $ | 142,158 | $ | 137,798 | $ | 147,274 | $ | 142,158 | $ | 137,798 | |||||||||||
Tier
1 Capital | 167,053 | 160,311 | 155,805 | 167,053 | 160,311 | 155,805 | |||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(2) | 195,959 | 189,477 | 181,337 | 204,849 | 198,120 | 193,711 | |||||||||||||||||
Total
Risk-Weighted Assets | 1,255,284 | 1,218,977 | 1,142,804 | 1,221,576 | 1,178,219 | 1,168,848 | |||||||||||||||||
Credit Risk(2) | $ | 844,374 | $ | 821,024 | $ | 778,759 | $ | 1,109,435 | $ | 1,077,719 | $ | 1,110,100 | |||||||||||
Market
Risk | 107,812 | 96,873 | 57,317 | 112,141 | 100,500 | 58,748 | |||||||||||||||||
Operational Risk | 303,098 | 301,080 | 306,728 | — | — | — | |||||||||||||||||
Common
Equity Tier 1 Capital ratio(3) | 10.0 | % | 11.73 | % | 11.66 | % | 12.06 | % | 12.06 | % | 12.07 | % | 11.79 | % | |||||||||
Tier 1 Capital ratio(3) | 11.5 | 13.31 | 13.15 | 13.63 | 13.68 | 13.61 | 13.33 | ||||||||||||||||
Total
Capital ratio(3) | 13.5 | 15.61 | 15.54 | 15.87 | 16.77 | 16.82 | 16.57 |
In
millions of dollars, except ratios | Effective Minimum Requirement | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||
Quarterly Adjusted Average Total Assets(2)(4) | $ | 2,265,615 | $ | 2,224,446 | $ | 1,957,039 | |||||||||||||||||
Total
Leverage Exposure(2)(5) | 2,386,881 | 2,349,620 | 2,513,702 | ||||||||||||||||||||
Tier 1 Leverage ratio | 4.0% | 7.37 | % | 7.21 | % | 7.96 | % | ||||||||||||||||
Supplementary Leverage ratio | 5.0 | 7.00 | 6.82 | 6.20 |
In millions of dollars | December 31, 2020 | December
31, 2019 | ||||||
Common Equity Tier 1 Capital | ||||||||
Citigroup common stockholders’ equity(1) | $ | 180,118 | $ | 175,414 | ||||
Add: Qualifying noncontrolling interests | 141 | 154 | ||||||
Regulatory
capital adjustments and deductions: | ||||||||
Add: CECL transition and 25% provision deferral(2) | 5,348 | — | ||||||
Less: Accumulated net unrealized gains (losses) on cash flow hedges, net of tax | 1,593 | 123 | ||||||
Less: Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to
own creditworthiness, net of tax | (1,109) | (679) | ||||||
Less: Intangible assets: | ||||||||
Goodwill, net of related DTLs(3) | 21,124 | 21,066 | ||||||
Identifiable intangible assets other than MSRs, net of related DTLs | 4,166 | 4,087 | ||||||
Less:
Defined benefit pension plan net assets | 921 | 803 | ||||||
Less: DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards(4) | 11,638 | 12,370 | ||||||
Total Common Equity Tier 1 Capital (Advanced Approaches and Standardized Approach) | $ | 147,274 | $ | 137,798 | ||||
Additional
Tier 1 Capital | ||||||||
Qualifying noncumulative perpetual preferred stock(1) | $ | 19,324 | $ | 17,828 | ||||
Qualifying trust preferred securities(5) | 1,393 | 1,389 | ||||||
Qualifying noncontrolling interests | 35 | 42 | ||||||
Regulatory
capital deductions: | ||||||||
Less: Permitted ownership interests in covered funds(6) | 917 | 1,216 | ||||||
Less: Other | 56 | 36 | ||||||
Total Additional Tier 1 Capital (Advanced Approaches and Standardized Approach) | $ | 19,779 | $ | 18,007 | ||||
Total
Tier 1 Capital (Common Equity Tier 1 Capital + Additional Tier 1 Capital) (Advanced Approaches and Standardized Approach) | $ | 167,053 | $ | 155,805 | ||||
Tier 2 Capital | ||||||||
Qualifying subordinated debt | $ | 23,481 | $ | 23,673 | ||||
Qualifying
trust preferred securities(7) | 331 | 326 | ||||||
Qualifying noncontrolling interests | 41 | 46 | ||||||
Excess of eligible credit reserves over expected credit losses(2)(8) | 5,084 | 1,523 | ||||||
Regulatory
capital deduction: | ||||||||
Less: Other | 31 | 36 | ||||||
Total Tier 2 Capital (Advanced Approaches) | $ | 28,906 | $ | 25,532 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital) (Advanced Approaches) | $ | 195,959 | $ | 181,337 | ||||
Adjustment
for eligible allowance for credit losses(2)(8) | $ | 8,890 | $ | 12,374 | ||||
Total Tier 2 Capital (Standardized Approach) | $ | 37,796 | $ | 37,906 | ||||
Total Capital (Tier 1 Capital + Tier 2 Capital) (Standardized Approach) | $ | 204,849 | $ | 193,711 |
In millions of dollars | Three months ended December 31, 2020 | Twelve months ended December 31, 2020 | ||||||
Common Equity Tier 1 Capital, beginning of period | $ | 142,158 | $ | 137,798 | ||||
Net
income | 4,309 | 11,047 | ||||||
Common and preferred dividends declared | (1,340) | (5,394) | ||||||
Net change in treasury stock | 8 | (2,469) | ||||||
Net increase in common stock and additional paid-in capital | 87 | 10 | ||||||
Net
change in foreign currency translation adjustment net of hedges, net of tax | 2,401 | (250) | ||||||
Net change in unrealized gains (losses) on debt securities AFS, net of tax | (98) | 3,585 | ||||||
Net change in defined benefit plans liability adjustment, net of tax | 62 | (55) | ||||||
Net
change in adjustment related to change in fair value of financial liabilities attributable to own creditworthiness, net of tax | 62 | (45) | ||||||
Net increase in excluded component of fair value hedges | (16) | (15) | ||||||
Net increase in goodwill, net of related DTLs | (602) | (58) | ||||||
Net
change in identifiable intangible assets other than MSRs, net of related DTLs | 82 | (79) | ||||||
Net change in defined benefit pension plan net assets | 28 | (118) | ||||||
Net decrease in DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards | 423 | 732 | ||||||
Net change in CECL 25% provision deferral | (290) | 2,463 | ||||||
Other | — | 122 | ||||||
Net increase in Common Equity Tier 1 Capital | $ | 5,116 | $ | 9,476 | ||||
Common
Equity Tier 1 Capital, end of period (Advanced Approaches and Standardized Approach) | $ | 147,274 | $ | 147,274 | ||||
Additional Tier 1 Capital, beginning of period | $ | 18,153 | $ | 18,007 | ||||
Net increase in qualifying perpetual preferred stock | 1,495 | 1,496 | ||||||
Net
change in qualifying trust preferred securities | — | 4 | ||||||
Net decrease in permitted ownership interests in covered funds | 158 | 299 | ||||||
Other | (27) | (27) | ||||||
Net increase in Additional Tier 1 Capital | $ | 1,626 | $ | 1,772 | ||||
Tier
1 Capital, end of period (Advanced Approaches and Standardized Approach) | $ | 167,053 | $ | 167,053 | ||||
Tier 2 Capital, beginning of period (Advanced Approaches) | $ | 29,113 | $ | 25,532 | ||||
Net decrease in qualifying subordinated debt | (397) | (192) | ||||||
Net
increase in excess of eligible credit reserves over expected credit losses | 185 | 3,561 | ||||||
Other | 5 | 5 | ||||||
Net change in Tier 2 Capital (Advanced Approaches) | $ | (207) | $ | 3,374 | ||||
Tier
2 Capital, end of period (Advanced Approaches) | $ | 28,906 | $ | 28,906 | ||||
Total Capital, end of period (Advanced Approaches) | $ | 195,959 | $ | 195,959 | ||||
Tier 2 Capital, beginning of period (Standardized Approach) | $ | 37,768 | $ | 37,877 | ||||
Net
decrease in qualifying subordinated debt | (397) | (192) | ||||||
Net increase in eligible allowance for credit losses | 420 | 106 | ||||||
Other | 5 | 5 | ||||||
Net change in Tier 2 Capital (Standardized Approach) | $ | 28 | $ | (81) | ||||
Tier
2 Capital, end of period (Standardized Approach) | $ | 37,796 | $ | 37,796 | ||||
Total Capital, end of period (Standardized Approach) | $ | 204,849 | $ | 204,849 |
In millions of dollars | Three months ended December 31, 2020 | Twelve months ended December 31, 2020 | ||||||
Total Risk-Weighted Assets, beginning of period | $ | 1,218,977 | $ | 1,142,804 | ||||
Changes
in Credit Risk-Weighted Assets | ||||||||
Retail exposures(1) | (299) | (23,709) | ||||||
Wholesale exposures(2) | (1,690) | 24,631 | ||||||
Repo-style transactions(3) | 1,277 | 15,618 | ||||||
Securitization
exposures | 1,122 | (1,089) | ||||||
Equity exposures | 874 | 924 | ||||||
Over-the-counter (OTC) derivatives(4) | 5,199 | 21,837 | ||||||
Derivatives CVA(5) | 7,138 | 17,713 | ||||||
Other
exposures(6) | 8,884 | 6,810 | ||||||
Supervisory 6% multiplier | 845 | 2,880 | ||||||
Net increase in Credit Risk-Weighted Assets | $ | 23,350 | $ | 65,615 | ||||
Changes
in Market Risk-Weighted Assets | ||||||||
Risk levels(7) | $ | 6,726 | $ | 31,744 | ||||
Model and methodology updates(7) | 4,213 | 18,751 | ||||||
Net increase in Market Risk-Weighted Assets | $ | 10,939 | $ | 50,495 | ||||
Net
change in Operational Risk-Weighted Assets(8) | $ | 2,018 | $ | (3,630) | ||||
Total Risk-Weighted Assets, end of period | $ | 1,255,284 | $ | 1,255,284 |
In
millions of dollars | Three months ended December 31, 2020 | Twelve months ended December 31, 2020 | ||||||
Total Risk-Weighted Assets, beginning of period | $ | 1,178,219 | $ | 1,168,848 | ||||
Changes in Credit Risk-Weighted Assets | ||||||||
General credit risk exposures(1) | 11,075 | (26,602) | ||||||
Repo-style
transactions(2) | 6,274 | 13,440 | ||||||
Securitization exposures | 1,184 | 1,119 | ||||||
Equity exposures | 1,387 | 1,269 | ||||||
Over-the-counter (OTC) derivatives(3) | 4,518 | 16,331 | ||||||
Other
exposures(4) | 5,275 | (1,582) | ||||||
Off-balance sheet exposures(5) | 2,003 | (4,640) | ||||||
Net change in Credit Risk-Weighted Assets | $ | 31,716 | $ | (665) | ||||
Changes
in Market Risk-Weighted Assets | ||||||||
Risk levels(6) | $ | 7,428 | $ | 34,642 | ||||
Model and methodology updates(6) | 4,213 | 18,751 | ||||||
Net increase in Market Risk-Weighted Assets | $ | 11,641 | $ | 53,393 | ||||
Total
Risk-Weighted Assets, end of period | $ | 1,221,576 | $ | 1,221,576 |
In millions of dollars, except ratios | December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||
Tier 1 Capital | $ | 167,053 | $ | 160,311 | $ | 155,805 | |||||
Total Leverage Exposure | |||||||||||
On-balance sheet assets(1)(2)(3) | $ | 1,864,374 | $ | 1,844,609 | $ | 1,996,617 | |||||
Certain
off-balance sheet exposures:(4) | |||||||||||
Potential future exposure on derivative contracts | 183,604 | 176,424 | 175,289 | ||||||||
Effective notional of sold credit derivatives, net(5) | 32,640 | 33,103 | 38,481 | ||||||||
Counterparty
credit risk for repo-style transactions(6) | 20,168 | 18,095 | 23,715 | ||||||||
Unconditionally cancelable commitments | 71,163 | 71,338 | 70,870 | ||||||||
Other off-balance sheet exposures | 253,754 | 244,934 | 248,308 | ||||||||
Total of certain off-balance sheet exposures | $ | 561,329 | $ | 543,894 | $ | 556,663 | |||||
Less: Tier 1 Capital deductions | 38,822 | 38,883 | 39,578 | ||||||||
Total Leverage Exposure(3) | $ | 2,386,881 | $ | 2,349,620 | $ | 2,513,702 | |||||
Supplementary Leverage ratio | 7.00 | % | 6.82 | % | 6.20 | % |
Advanced Approaches | Standardized Approach | ||||||||||||||||||||||
In millions of dollars, except ratios | Effective Minimum Requirement(1) | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||||||
Common Equity Tier 1 Capital(2) | $ | 142,884 | $ | 138,310 | $ | 130,720 | $ | 142,884 | $ | 138,310 | $ | 130,720 | |||||||||||
Tier
1 Capital | 144,992 | 140,397 | 132,847 | 144,992 | 140,397 | 132,847 | |||||||||||||||||
Total Capital (Tier 1 Capital + Tier 2 Capital)(2)(3) | 161,294 | 156,697 | 145,918 | 169,235 | 164,459 | 157,253 | |||||||||||||||||
Total
Risk-Weighted Assets | 1,012,129 | 1,003,634 | 938,735 | 1,030,081 | 1,010,583 | 1,022,607 | |||||||||||||||||
Credit Risk(2) | $ | 707,163 | $ | 706,187 | $ | 671,131 | $ | 969,416 | $ | 954,127 | $ | 993,010 | |||||||||||
Market
Risk | 59,815 | 55,853 | 29,167 | 60,665 | 56,456 | 29,597 | |||||||||||||||||
Operational Risk | 245,151 | 241,594 | 238,437 | — | — | — | |||||||||||||||||
Common
Equity Tier 1 Capital ratio(4)(5) | 7.00 | % | 14.12 | % | 13.78 | % | 13.93 | % | 13.87 | % | 13.69 | % | 12.78 | % | |||||||||
Tier 1 Capital ratio(4)(5) | 8.50 | 14.33 | 13.99 | 14.15 | 14.08 | 13.89 | 12.99 | ||||||||||||||||
Total
Capital ratio(4)(5) | 10.50 | 15.94 | 15.61 | 15.54 | 16.43 | 16.27 | 15.38 |
In
millions of dollars, except ratios | Effective Minimum Requirement | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||
Quarterly Adjusted Average Total Assets(2)(6) | $ | 1,680,056 | $ | 1,646,280 | $ | 1,459,780 | |||||||||||||||||
Total
Leverage Exposure(2)(7) | 2,167,969 | 2,128,033 | 1,958,173 | ||||||||||||||||||||
Tier 1 Leverage ratio(5) | 5.0% | 8.63 | % | 8.53 | % | 9.10 | % | ||||||||||||||||
Supplementary
Leverage ratio(5) | 6.0 | 6.69 | 6.60 | 6.78 |
Common
Equity Tier 1 Capital ratio | Tier 1 Capital ratio | Total Capital ratio | ||||||||||||||||||
In basis points | Impact of $100 million change in Common Equity Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact
of $100 million change in Tier 1 Capital | Impact of $1 billion change in risk- weighted assets | Impact of $100 million change in Total Capital | Impact of $1 billion change in risk- weighted assets | ||||||||||||||
Citigroup | ||||||||||||||||||||
Advanced
Approaches | 0.8 | 0.9 | 0.8 | 1.1 | 0.8 | 1.2 | ||||||||||||||
Standardized Approach | 0.8 | 1.0 | 0.8 | 1.1 | 0.8 | 1.4 | ||||||||||||||
Citibank | ||||||||||||||||||||
Advanced
Approaches | 1.0 | 1.4 | 1.0 | 1.4 | 1.0 | 1.6 | ||||||||||||||
Standardized Approach | 1.0 | 1.3 | 1.0 | 1.4 | 1.0 | 1.6 |
Tier
1 Leverage ratio | Supplementary Leverage ratio | |||||||||||||
In basis points | Impact of $100 million change in Tier 1 Capital | Impact of $1 billion change in quarterly adjusted average total assets | Impact of $100 million change in Tier 1 Capital | Impact
of $1 billion change in Total Leverage Exposure | ||||||||||
Citigroup | 0.4 | 0.3 | 0.4 | 0.3 | ||||||||||
Citibank | 0.6 | 0.5 | 0.5 | 0.3 |
December 31, 2020 | ||||||||
In billions of dollars, except ratios | External TLAC | LTD | ||||||
Total eligible amount | $ | 311 | $ | 140 | ||||
% of Advanced Approaches risk- weighted assets | 24.8 | % | 11.1 | % | ||||
Effective
minimum requirement(1)(2) | 22.5 | 9.0 | ||||||
Surplus amount | $ | 29 | $ | 27 | ||||
% of Total Leverage Exposure(3) | 13.0 | % | 5.8 | % | ||||
Effective minimum requirement | 9.5 | 4.5 | ||||||
Surplus amount | $ | 85 | $ | 32 |
Citigroup | Citibank | |||||||||||||||||||
Effective Minimum Requirement | Advanced Approaches | Standardized Approach | Effective Minimum Requirement | Advanced Approaches | Standardized Approach | |||||||||||||||
Common Equity Tier 1 Capital ratio | 10.0 | % | 11.34 | % | 11.65 | % | 7.0 | % | 13.67 | % | 13.43 | % | ||||||||
Tier
1 Capital ratio | 11.5 | 12.92 | 13.28 | 8.5 | 13.88 | 13.64 | ||||||||||||||
Total Capital ratio | 13.5 | 15.23 | 16.38 | 10.5 | 15.50 | 16.00 |
Effective Minimum Requirement | Citigroup | Effective Minimum Requirement | Citibank | |||||||||||||||||
Tier 1 Leverage ratio | 4.0 | % | 7.15 % | 5.0 | % | 8.36 % | ||||||||||||||
Supplementary Leverage ratio(1) | 5.0 | 5.73 | 6.0 | 6.47 |
At
December 31, | |||||||||||||||||
In millions of dollars or shares, except per share amounts | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
Total Citigroup stockholders’ equity | $ | 199,442 | $ | 193,242 | $ | 196,220 | $ | 200,740 | $ | 225,120 | |||||||
Less:
Preferred stock | 19,480 | 17,980 | 18,460 | 19,253 | 19,253 | ||||||||||||
Common stockholders’ equity | $ | 179,962 | $ | 175,262 | $ | 177,760 | $ | 181,487 | $ | 205,867 | |||||||
Less: | |||||||||||||||||
Goodwill | 22,162 | 22,126 | 22,046 | 22,256 | 21,659 | ||||||||||||
Identifiable
intangible assets (other than MSRs) | 4,411 | 4,327 | 4,636 | 4,588 | 5,114 | ||||||||||||
Goodwill and identifiable intangible assets (other than MSRs) related to assets held-for-sale (HFS) | — | — | — | 32 | 72 | ||||||||||||
Tangible
common equity (TCE) | $ | 153,389 | $ | 148,809 | $ | 151,078 | $ | 154,611 | $ | 179,022 | |||||||
Common shares outstanding (CSO) | 2,082.1 | 2,114.1 | 2,368.5 | 2,569.9 | 2,772.4 | ||||||||||||
Book
value per share (common equity/CSO) | $ | 86.43 | $ | 82.90 | $ | 75.05 | $ | 70.62 | $ | 74.26 | |||||||
Tangible book value per share (TCE/CSO) | 73.67 | 70.39 | 63.79 | 60.16 | 64.57 | ||||||||||||
For the year ended December 31, | |||||||||||||||||
In millions of dollars | 2020 | 2019 | 2018 | 2017(1) | 2016 | ||||||||||||
Net income available to common shareholders | $ | 9,952 | $ | 18,292 | $ | 16,871 | $ | 14,583 | $ | 13,835 | |||||||
Average
common stockholders’ equity | 175,508 | 177,363 | 179,497 | 207,747 | 209,629 | ||||||||||||
Average TCE | 149,892 | 150,994 | 153,343 | 180,458 | 182,135 | ||||||||||||
Return
on average common stockholders’ equity | 5.7 | % | 10.3 | % | 9.4 | % | 7.0 | % | 6.6 | % | |||||||
Return on average TCE (RoTCE)(2) | 6.6 | 12.1 | 11.0 | 8.1 | 7.6 |
Business segment | North America | EMEA | Latin America | Asia | Total(1) | Female | Male | ||||||||||||||||
Global Consumer Banking | 32,936 | 4,087 | 30,276 | 31,849 | 99,148 | 58 | % | 42 | % | ||||||||||||||
Institutional Clients Group | 16,905 | 16,457 | 7,166 | 22,349 | 62,877 | 44 | 56 | ||||||||||||||||
Corporate/Other | 17,130 | 9,510 | 7,000 | 14,488 | 48,128 | 42 | 58 | ||||||||||||||||
Total | 66,971 | 30,054 | 44,442 | 68,686 | 210,153 | 51 | % | 49 | % |
MANAGING GLOBAL RISK | ||||||||
Overview | ||||||||
CREDIT RISK(1) | ||||||||
Overview | ||||||||
Consumer Credit | ||||||||
Corporate Credit | ||||||||
Additional Consumer and Corporate Credit Details | ||||||||
Loans Outstanding | ||||||||
Details of Credit Loss Experience | ||||||||
Allowance for Credit Losses on Loans (ACLL) | 85 | |||||||
Non-Accrual Loans and Assets and Renegotiated Loans | ||||||||
Forgone Interest Revenue on Loans | 90 | |||||||
LIQUIDITY RISK | ||||||||
Overview | ||||||||
Liquidity Monitoring and Measurement | ||||||||
High-Quality Liquid Assets (HQLA) | 92 | |||||||
Loans | 93 | |||||||
Deposits | 93 | |||||||
Long-Term Debt | 94 | |||||||
Secured Funding Transactions and Short-Term Borrowings | 97 | |||||||
Credit Ratings | 98 | |||||||
MARKET RISK(1) | ||||||||
Overview | ||||||||
Market Risk of Non-Trading Portfolios | ||||||||
Net Interest Revenue at Risk | ||||||||
Interest Rate Risk of Investment Portfolios—Impact on AOCI | ||||||||
Changes
in Foreign Exchange Rates—Impacts on AOCI and Capital | 102 | |||||||
Interest Revenue/Expense and Net Interest Margin (NIM) | ||||||||
Additional Interest Rate Details | 106 | |||||||
Market Risk of Trading Portfolios | ||||||||
Factor Sensitivities | 111 | |||||||
Value at Risk (VAR) | 111 | |||||||
Stress Testing | 114 | |||||||
OPERATIONAL RISK | ||||||||
Overview | ||||||||
Erroneous Revlon-Related Payment | 115 | |||||||
Cybersecurity Risk | 116 | |||||||
COMPLIANCE RISK | ||||||||
REPUTATION RISK | ||||||||
STRATEGIC RISK | ||||||||
Overview | ||||||||
U.K.’s Future Relationship with the EU | ||||||||
LIBOR Transition Risk | 118 | |||||||
Climate Risk | 118 | |||||||
Country Risk | ||||||||
Top 25 Country Exposures | ||||||||
Argentina | ||||||||
FFIEC—Cross-Border Claims on Third Parties and Local Country Assets |
In billions of dollars | 4Q’19 | 1Q’20 | 2Q’20 | 3Q’20 | 4Q’20 | ||||||||||||
Retail banking: | |||||||||||||||||
Mortgages | $ | 85.5 | $ | 83.6 | $ | 86.0 | $ | 87.5 | $ | 88.9 | |||||||
Personal, small business and other | 39.3 | 36.6 | 37.6 | 38.3 | 40.1 | ||||||||||||
Total retail banking | $ | 124.8 | $ | 120.2 | $ | 123.6 | $ | 125.8 | $ | 129.0 | |||||||
Cards: | |||||||||||||||||
Citi-branded cards | $ | 122.2 | $ | 110.2 | $ | 103.6 | $ | 102.2 | $ | 106.7 | |||||||
Citi retail services | 52.9 | 48.9 | 45.4 | 44.4 | 46.4 | ||||||||||||
Total cards | $ | 175.1 | $ | 159.1 | $ | 149.0 | $ | 146.6 | $ | 153.1 | |||||||
Total GCB | $ | 299.9 | $ | 279.3 | $ | 272.6 | $ | 272.4 | $ | 282.1 | |||||||
GCB
regional distribution: | |||||||||||||||||
North America | 66 | % | 67 | % | 66 | % | 66 | % | 65 | % | |||||||
Latin America | 6 | 5 | 5 | 5 | 5 | ||||||||||||
Asia(2) | 28 | 28 | 29 | 29 | 30 | ||||||||||||
Total
GCB | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||
Corporate/Other(3) | $ | 9.6 | $ | 9.1 | $ | 8.5 | $ | 7.6 | $ | 6.7 | |||||||
Total consumer loans | $ | 309.5 | $ | 288.4 | $ | 281.1 | $ | 280.0 | $ | 288.8 |
Global Consumer Banking |
North America GCB |
Latin America GCB |
Asia(1) GCB |
Global Cards |
North America Citi-Branded Cards |
North America Citi Retail Services |
Latin America Citi-Branded Cards |
Asia Citi-Branded Cards(1) |
FICO distribution(1) | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||
> 760 | 46 | % | 43 | % | 42 | % | |||||
680–760 | 39 | 41 | 40 | ||||||||
< 680 | 15 | 16 | 18 | ||||||||
Total | 100 | % | 100 | % | 100 | % |
FICO distribution(1) | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||
> 760 | 27 | % | 26 | % | 25 | % | |||||
680–760 | 44 | 44 | 42 | ||||||||
< 680 | 29 | 30 | 33 | ||||||||
Total | 100 | % | 100 | % | 100 | % |
EOP loans(2) | 90+
days past due(3) | 30–89 days past due(3) | |||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||
In millions of dollars, except EOP loan amounts in billions | 2020 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||
Global
Consumer Banking(4)(5) | |||||||||||||||||||||||
Total | $ | 282.1 | $ | 2,507 | $ | 2,737 | $ | 2,550 | $ | 2,517 | $ | 3,001 | $ | 2,864 | |||||||||
Ratio | 0.89 | % | 0.91 | % | 0.89 | % | 0.89 | % | 1.00 | % | 1.00 | % | |||||||||||
Retail banking | |||||||||||||||||||||||
Total | $ | 129.0 | $ | 632 | $ | 438 | $ | 416 | $ | 860 | $ | 816 | $ | 752 | |||||||||
Ratio | 0.49 | % | 0.35 | % | 0.36 | % | 0.67 | % | 0.66 | % | 0.64 | % | |||||||||||
North America | 52.7 | 299 | 146 | 135 | 328 | 334 | 265 | ||||||||||||||||
Ratio | 0.58 | % | 0.29 | % | 0.29 | % | 0.63 | % | 0.67 | % | 0.56 | % | |||||||||||
Latin America | 9.8 | 130 | 106 | 108 | 220 | 180 | 185 | ||||||||||||||||
Ratio | 1.33 | % | 0.91 | % | 0.95 | % | 2.24 | % | 1.54 | % | 1.62 | % | |||||||||||
Asia(6) | 66.5 | 203 | 186 | 173 | 312 | 302 | 302 | ||||||||||||||||
Ratio | 0.31 | % | 0.30 | % | 0.30 | % | 0.47 | % | 0.48 | % | 0.52 | % | |||||||||||
Cards | |||||||||||||||||||||||
Total | $ | 153.1 | $ | 1,875 | $ | 2,299 | $ | 2,134 | $ | 1,657 | $ | 2,185 | $ | 2,112 | |||||||||
Ratio | 1.22 | % | 1.31 | % | 1.26 | % | 1.08 | % | 1.25 | % | 1.25 | % | |||||||||||
North
America—Citi-branded | 84.0 | 686 | 915 | 812 | 589 | 814 | 755 | ||||||||||||||||
Ratio | 0.82 | % | 0.95 | % | 0.88 | % | 0.70 | % | 0.85 | % | 0.82 | % | |||||||||||
North
America—Citi retail services | 46.4 | 644 | 1,012 | 952 | 639 | 945 | 932 | ||||||||||||||||
Ratio | 1.39 | % | 1.91 | % | 1.81 | % | 1.38 | % | 1.79 | % | 1.77 | % | |||||||||||
Latin America | 4.8 | 233 | 165 | 171 | 170 | 159 | 170 | ||||||||||||||||
Ratio | 4.85 | % | 2.75 | % | 3.00 | % | 3.54 | % | 2.65 | % | 2.98 | % | |||||||||||
Asia(6) | 17.9 | 312 | 207 | 199 | 259 | 267 | 255 | ||||||||||||||||
Ratio | 1.74 | % | 1.04 | % | 1.03 | % | 1.45 | % | 1.34 | % | 1.32 | % | |||||||||||
Corporate/Other—Consumer(7) | |||||||||||||||||||||||
Total | $ | 6.7 | $ | 313 | $ | 278 | $ | 382 | $ | 179 | $ | 295 | $ | 362 | |||||||||
Ratio | 5.13 | % | 3.02 | % | 2.63 | % | 2.93 | % | 3.21 | % | 2.50 | % | |||||||||||
Total Citigroup | 288.8 | $ | 2,820 | $ | 3,015 | $ | 2,932 | $ | 2,696 | $ | 3,296 | $ | 3,226 | ||||||||||
Ratio | 0.98 | % | 0.98 | % | 0.97 | % | 0.94 | % | 1.07 | % | 1.07 | % |
Average loans(1) | Net
credit losses(2) | |||||||||||||
In millions of dollars, except average loan amounts in billions | 2020 | 2020 | 2019 | 2018 | ||||||||||
Global Consumer Banking | ||||||||||||||
Total | $ | 277.6 | $ | 6,646 | $ | 7,382 | $ | 6,884 | ||||||
Ratio | 2.39 | % | 2.60 | % | 2.48 | % | ||||||||
Retail banking | ||||||||||||||
Total | $ | 124.5 | $ | 805 | $ | 910 | $ | 913 | ||||||
Ratio | 0.65 | % | 0.76 | % | 0.78 | % | ||||||||
North America | 52.2 | 132 | 161 | 126 | ||||||||||
Ratio | 0.25 | % | 0.33 | % | 0.27 | % | ||||||||
Latin America | 9.8 | 377 | 494 | 545 | ||||||||||
Ratio | 3.85 | % | 4.30 | % | 4.58 | % | ||||||||
Asia(3) | 62.5 | 296 | 255 | 242 | ||||||||||
Ratio | 0.47 | % | 0.43 | % | 0.41 | % | ||||||||
Cards | ||||||||||||||
Total | $ | 153.1 | $ | 5,841 | $ | 6,472 | $ | 5,971 | ||||||
Ratio | 3.82 | % | 3.94 | % | 3.72 | % | ||||||||
North
America—Citi-branded | 84.5 | 2,708 | 2,864 | 2,602 | ||||||||||
Ratio | 3.20 | % | 3.19 | % | 2.97 | % | ||||||||
North America—Citi retail services | 46.5 | 2,150 | 2,558 | 2,357 | ||||||||||
Ratio | 4.62 | % | 5.13 | % | 4.88 | % | ||||||||
Latin America | 4.7 | 489 | 615 | 586 | ||||||||||
Ratio | 10.40 | % | 10.79 | % | 10.65 | % | ||||||||
Asia(3) | 17.4 | 494 | 435 | 426 | ||||||||||
Ratio | 2.84 | % | 2.29 | % | 2.25 | % | ||||||||
Corporate/Other—Consumer | ||||||||||||||
Total | $ | 8.5 | $ | (21) | $ | (6) | $ | 24 | ||||||
Ratio | (0.25) | % | (0.05) | % | 0.14 | % | ||||||||
Total Citigroup | $ | 286.1 | $ | 6,625 | $ | 7,376 | $ | 6,908 | ||||||
Ratio | 2.32 | % | 2.49 | % | 2.33 | % |
In millions of dollars at December 31, 2020 | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total | ||||||||||
U.S. consumer mortgage loan portfolio | ||||||||||||||
Residential first mortgages | $ | 3 | $ | 109 | $ | 47,666 | $ | 47,778 | ||||||
Home equity loans | 116 | 103 | 6,909 | 7,128 | ||||||||||
Total | $ | 119 | $ | 212 | $ | 54,575 | $ | 54,906 | ||||||
Fixed/variable pricing of U.S. consumer mortgage loans with maturities due after one year | ||||||||||||||
Loans at fixed interest rates | $ | 194 | $ | 33,456 | ||||||||||
Loans at floating or adjustable interest rates | 18 | 21,119 | ||||||||||||
Total | $ | 212 | $ | 54,575 |
December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
In billions of dollars | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | ||||||||||||||||||||||||||
Direct outstandings (on-balance sheet)(1) | $ | 177 | $ | 142 | $ | 25 | $ | 344 | $ | 175 | $ | 145 | $ | 24 | $ | 344 | $ | 184 | $ | 142 | $ | 25 | $ | 351 | ||||||||||||||
Unfunded
lending commitments (off-balance sheet)(2) | 158 | 272 | 11 | 441 | 154 | 264 | 12 | 430 | 161 | 266 | 17 | 444 | ||||||||||||||||||||||||||
Total exposure | $ | 335 | $ | 414 | $ | 36 | $ | 785 | $ | 329 | $ | 409 | $ | 36 | $ | 774 | $ | 345 | $ | 408 | $ | 42 | $ | 795 |
December
31, 2020 | September 30, 2020 | December 31, 2019 | |||||||||
North America | 56 | % | 57 | % | 57 | % | |||||
EMEA | 25 | 25 | 24 | ||||||||
Asia | 13 | 12 | 12 | ||||||||
Latin America | 6 | 6 | 7 | ||||||||
Total | 100 | % | 100 | % | 100 | % |
Total exposure | |||||||||||
December 31, 2020 | September 30, 2020 | December 31, 2019 | |||||||||
AAA/AA/A | 49 | % | 48 | % | 50 | % | |||||
BBB | 31 | 31 | 33 | ||||||||
BB/B | 17 | 17 | 15 | ||||||||
CCC or below | 3 | 4 | 2 | ||||||||
Total | 100 | % | 100 | % | 100 | % |
Total exposure | |||||||||||
December 31, 2020 | September 30, 2020 | December 31, 2019 | |||||||||
Transportation and industrials | 19 | % | 19 | % | 19 | % | |||||
Private bank | 14 | 14 | 13 | ||||||||
Consumer retail | 10 | 11 | 10 | ||||||||
Technology, media and telecom | 11 | 10 | 11 | ||||||||
Real estate | 8 | 8 | 7 | ||||||||
Power,
chemicals, metals and mining | 8 | 8 | 9 | ||||||||
Banks and finance companies | 7 | 7 | 7 | ||||||||
Energy and commodities | 6 | 7 | 7 | ||||||||
Health | 5 | 4 | 4 | ||||||||
Public sector | 3 | 3 | 3 | ||||||||
Insurance | 3 | 3 | 3 | ||||||||
Asset managers and funds | 3 | 3 | 3 | ||||||||
Financial markets infrastructure | 2 | 2 | 2 | ||||||||
Securities firms | — | — | — | ||||||||
Other industries | 1 | 1 | 2 | ||||||||
Total | 100 | % | 100 | % | 100 | % |
Non-investment grade | Selected metrics | ||||||||||||||||||||||||||||||||||
In millions of dollars | Total credit exposure | Funded(1) | Unfunded(1) | Investment grade | Non-criticized | Criticized performing | Criticized non-performing(2) | 30 days or more past due and accruing(3) | Net
charge-offs (recoveries)(4) | Credit derivative hedges(5) | |||||||||||||||||||||||||
Transportation and industrials | $ | 147,218 | $ | 60,122 | $ | 87,096 | $ | 106,041 | $ | 17,452 | $ | 21,927 | $ | 1,798 | $ | 136 | $ | 239 | $ | (8,110) | |||||||||||||||
Autos(6) | 53,874 | 25,310 | 28,564 | 43,059 | 4,374 | 6,167 | 274 | 8 | 45 | (3,220) | |||||||||||||||||||||||||
Transportation | 27,693 | 14,107 | 13,586 | 16,410 | 2,993 | 6,872 | 1,418 | 17 | 144 | (1,166) | |||||||||||||||||||||||||
Industrials | 65,651 | 20,705 | 44,946 | 46,572 | 10,085 | 8,888 | 106 | 111 | 50 | (3,724) | |||||||||||||||||||||||||
Private bank | 109,397 | 75,693 | 33,704 | 104,244 | 2,395 | 2,510 | 248 | 963 | 78 | (1,080) | |||||||||||||||||||||||||
Consumer retail | 82,129 | 34,809 | 47,320 | 60,741 | 11,653 | 9,418 | 317 | 146 | 64 | (5,493) | |||||||||||||||||||||||||
Technology, media and telecom | 82,657 | 30,880 | 51,777 | 61,296 | 15,924 | 5,214 | 223 | 107 | 74 | (7,237) | |||||||||||||||||||||||||
Real estate | 65,392 | 43,285 | 22,107 | 54,413 | 5,342 | 5,453 | 184 | 334 | 18 | (642) | |||||||||||||||||||||||||
Power, chemicals, metals and mining | 63,926 | 20,810 | 43,116 | 47,923 | 11,554 | 4,257 | 192 | 59 | 70 | (5,341) | |||||||||||||||||||||||||
Power | 26,916 | 6,379 | 20,537 | 22,665 | 3,336 | 761 | 154 | 14 | 57 | (2,637) | |||||||||||||||||||||||||
Chemicals | 22,356 | 7,969 | 14,387 | 16,665 | 3,804 | 1,882 | 5 | 32 | 8 | (2,102) | |||||||||||||||||||||||||
Metals and mining | 14,654 | 6,462 | 8,192 | 8,593 | 4,414 | 1,614 | 33 | 13 | 5 | (602) | |||||||||||||||||||||||||
Banks and finance companies | 52,925 | 29,856 | 23,069 | 43,831 | 4,648 | 4,387 | 59 | 27 | 79 | (765) | |||||||||||||||||||||||||
Energy
and commodities(7) | 49,524 | 15,086 | 34,438 | 34,636 | 7,345 | 6,546 | 997 | 70 | 285 | (4,199) | |||||||||||||||||||||||||
Health | 35,504 | 8,658 | 26,846 | 29,164 | 4,354 | 1,749 | 237 | 17 | 17 | (1,964) | |||||||||||||||||||||||||
Public sector | 26,887 | 13,599 | 13,288 | 22,276 | 1,887 | 2,708 | 16 | 45 | 9 | (1,089) | |||||||||||||||||||||||||
Insurance | 26,576 | 1,925 | 24,651 | 25,864 | 575 | 136 | 1 | 27 | 1 | (2,682) | |||||||||||||||||||||||||
Asset managers and funds | 19,745 | 4,491 | 15,254 | 18,528 | 1,013 | 191 | 13 | 41 | (1) | (84) | |||||||||||||||||||||||||
Financial markets infrastructure | 12,610 | 229 | 12,381 | 12,590 | 20 | — | — | — | — | (9) | |||||||||||||||||||||||||
Securities firms | 976 | 430 | 546 | 573 | 298 | 97 | 8 | — | — | (6) | |||||||||||||||||||||||||
Other industries | 9,307 | 4,545 | 4,762 | 4,980 | 2,702 | 1,442 | 183 | 10 | 43 | (138) | |||||||||||||||||||||||||
Total | $ | 784,773 | $ | 344,418 | $ | 440,355 | $ | 627,100 | $ | 87,162 | $ | 66,035 | $ | 4,476 | $ | 1,982 | $ | 976 | $ | (38,839) |
Non-investment grade | Selected metrics | |||||||||||||||||||||||||||||||
In millions of dollars | Total credit exposure | Funded(1) | Unfunded(1) | Investment grade | Non-criticized | Criticized performing | Criticized non-performing(2) | 30 days or more past due and accruing(3) | Net
charge-offs (recoveries)(4) | Credit derivative hedges(5) | ||||||||||||||||||||||
Transportation and industrials | $ | 146,643 | $ | 59,726 | $ | 86,917 | $ | 120,777 | $ | 19,433 | $ | 5,725 | $ | 706 | $ | 161 | $ | 67 | $ | (7,134) | ||||||||||||
Autos(6) | 48,604 | 21,564 | 27,040 | 43,570 | 3,582 | 1,311 | 140 | 8 | 5 | (2,982) | ||||||||||||||||||||||
Transportation | 29,984 | 14,550 | 15,434 | 23,021 | 4,886 | 1,652 | 425 | 21 | 21 | (725) | ||||||||||||||||||||||
Industrials | 68,055 | 23,612 | 44,443 | 54,186 | 10,965 | 2,762 | 141 | 132 | 41 | (3,427) | ||||||||||||||||||||||
Private
bank(1) | 102,463 | 68,798 | 33,665 | 100,017 | 2,244 | 171 | 31 | 1,094 | 36 | (1,080) | ||||||||||||||||||||||
Consumer retail | 81,338 | 36,117 | 45,221 | 62,993 | 15,131 | 2,773 | 441 | 209 | 38 | (4,105) | ||||||||||||||||||||||
Technology, media and telecom | 83,199 | 31,333 | 51,866 | 63,845 | 15,846 | 3,305 | 203 | 81 | 14 | (6,181) | ||||||||||||||||||||||
Real estate | 55,518 | 38,058 | 17,460 | 49,461 | 5,495 | 525 | 37 | 97 | (3) | (573) | ||||||||||||||||||||||
Power, chemicals, metals and mining | 73,961 | 24,377 | 49,584 | 58,670 | 11,997 | 2,963 | 331 | 50 | 24 | (4,763) | ||||||||||||||||||||||
Power | 34,349 | 7,683 | 26,666 | 29,317 | 4,051 | 679 | 302 | 37 | 19 | (2,111) | ||||||||||||||||||||||
Chemicals | 23,721 | 9,152 | 14,569 | 18,790 | 3,905 | 1,014 | 12 | 12 | 1 | (2,079) | ||||||||||||||||||||||
Metals and mining | 15,891 | 7,542 | 8,349 | 10,563 | 4,041 | 1,270 | 17 | 1 | 4 | (573) | ||||||||||||||||||||||
Banks and finance companies | 52,036 | 32,571 | 19,465 | 43,663 | 4,661 | 3,345 | 39 | 15 | 12 | (755) | ||||||||||||||||||||||
Energy
and commodities(7) | 53,317 | 17,428 | 35,889 | 42,996 | 5,780 | 3,627 | 914 | 51 | 99 | (2,808) | ||||||||||||||||||||||
Health | 35,008 | 8,790 | 26,218 | 27,791 | 5,932 | 1,180 | 105 | 25 | 14 | (1,588) | ||||||||||||||||||||||
Public sector | 27,194 | 14,226 | 12,968 | 23,294 | 1,637 | 2,558 | 33 | 107 | 1 | (944) | ||||||||||||||||||||||
Insurance | 24,305 | 1,658 | 22,647 | 23,370 | 866 | 69 | — | 7 | 1 | (2,218) | ||||||||||||||||||||||
Asset managers and funds | 24,763 | 6,942 | 17,821 | 22,357 | 2,276 | 130 | — | 1 | 31 | (32) | ||||||||||||||||||||||
Financial markets infrastructure | 16,838 | 22 | 16,816 | 16,838 | — | — | — | — | — | (2) | ||||||||||||||||||||||
Securities firms | 1,151 | 423 | 728 | 801 | 304 | 38 | 8 | — | 13 | — | ||||||||||||||||||||||
Other industries | 16,842 | 9,718 | 7,214 | 8,299 | 7,383 | 1,080 | 80 | 48 | 42 | 65 | ||||||||||||||||||||||
Total | $ | 794,576 | $ | 350,187 | $ | 444,479 | $ | 665,172 | $ | 98,985 | $ | 27,489 | $ | 2,928 | $ | 1,946 | $ | 389 | $ | (32,118) |
December
31, 2020 | September 30, 2020 | December 31, 2019 | |||||||||
AAA/AA/A | 30 | % | 29 | % | 36 | % | |||||
BBB | 48 | 52 | 51 | ||||||||
BB/B | 19 | 16 | 12 | ||||||||
CCC or below | 3 | 3 | 1 | ||||||||
Total | 100 | % | 100 | % | 100 | % |
In millions of dollars at December 31, 2020 | Due within 1 year | Over 1 year but within 5 years | Over 5 years | Total | ||||||||||
Corporate loans | ||||||||||||||
In U.S. offices | ||||||||||||||
Commercial and industrial loans | $ | 27,175 | $ | 16,073 | $ | 14,483 | $ | 57,731 | ||||||
Financial institutions | 26,270 | 15,538 | 14,001 | 55,809 | ||||||||||
Mortgage and real estate | 28,560 | 16,893 | 15,222 | 60,675 | ||||||||||
Installment, revolving credit and other | 12,589 | 7,446 | 6,709 | 26,744 | ||||||||||
Lease financing | 317 | 187 | 169 | 673 | ||||||||||
In offices outside the U.S. | 126,273 | 49,708 | 9,431 | 185,412 | ||||||||||
Total corporate loans | $ | 221,184 | $ | 105,845 | $ | 60,015 | $ | 387,044 | ||||||
Fixed/variable pricing
of corporate loans with maturities due after one year(1) | ||||||||||||||
Loans at fixed interest rates | $ | 16,514 | $ | 21,346 | ||||||||||
Loans at floating or adjustable interest rates | 89,331 | 38,669 | ||||||||||||
Total | $ | 105,845 | $ | 60,015 |
December 31, | |||||||||||||||||
In millions of dollars | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
Consumer loans | |||||||||||||||||
In North America offices(1) | |||||||||||||||||
Residential first mortgages(2) | $ | 47,778 | $ | 47,008 | $ | 47,412 | $ | 49,375 | $ | 53,131 | |||||||
Home
equity loans(2) | 7,128 | 9,223 | 11,543 | 14,827 | 19,454 | ||||||||||||
Credit cards | 130,385 | 149,163 | 144,542 | 139,718 | 133,297 | ||||||||||||
Personal, small business and other | 4,509 | 3,699 | 4,046 | 4,140 | 5,290 | ||||||||||||
Total | $ | 189,800 | $ | 209,093 | $ | 207,543 | $ | 208,060 | $ | 211,172 | |||||||
In
offices outside North America(1) | |||||||||||||||||
Residential first mortgages(2) | $ | 39,969 | $ | 38,024 | $ | 36,388 | $ | 37,870 | $ | 35,523 | |||||||
Credit cards | 22,692 | 25,909 | 24,951 | 25,727 | 23,055 | ||||||||||||
Personal, small business and other | 36,378 | 36,522 | 33,478 | 34,157 | 30,966 | ||||||||||||
Total | $ | 99,039 | $ | 100,455 | $ | 94,817 | $ | 97,754 | $ | 89,544 | |||||||
Consumer
loans, net of unearned income(3) | $ | 288,839 | $ | 309,548 | $ | 302,360 | $ | 305,814 | $ | 300,716 | |||||||
Corporate loans | |||||||||||||||||
In North America
offices(1) | |||||||||||||||||
Commercial and industrial | $ | 57,731 | $ | 55,929 | $ | 60,861 | $ | 60,219 | $ | 57,886 | |||||||
Financial institutions | 55,809 | 53,922 | 48,447 | 39,128 | 35,517 | ||||||||||||
Mortgage
and real estate(2) | 60,675 | 53,371 | 50,124 | 44,683 | 38,691 | ||||||||||||
Installment and other | 26,744 | 31,238 | 32,425 | 31,932 | 31,194 | ||||||||||||
Lease financing | 673 | 1,290 | 1,429 | 1,470 | 1,518 | ||||||||||||
Total | $ | 201,632 | $ | 195,750 | $ | 193,286 | $ | 177,432 | $ | 164,806 | |||||||
In
offices outside North America(1) | |||||||||||||||||
Commercial and industrial | $ | 104,072 | $ | 112,668 | $ | 114,029 | $ | 113,178 | $ | 100,532 | |||||||
Financial institutions | 32,334 | 40,211 | 36,837 | 35,273 | 26,886 | ||||||||||||
Mortgage
and real estate(2) | 11,371 | 9,780 | 7,376 | 7,309 | 5,363 | ||||||||||||
Installment and other | 33,759 | 27,303 | 25,685 | 22,638 | 19,965 | ||||||||||||
Lease financing | 65 | 95 | 103 | 190 | 251 | ||||||||||||
Governments and official institutions | 3,811 | 4,128 | 4,520 | 5,200 | 5,850 | ||||||||||||
Total | $ | 185,412 | $ | 194,185 | $ | 188,550 | $ | 183,788 | $ | 158,847 | |||||||
Corporate
loans, net of unearned income(4) | $ | 387,044 | $ | 389,935 | $ | 381,836 | $ | 361,220 | $ | 323,653 | |||||||
Total loans—net of unearned income | $ | 675,883 | $ | 699,483 | $ | 684,196 | $ | 667,034 | $ | 624,369 | |||||||
Allowance for credit losses on loans (ACLL) | (24,956) | (12,783) | (12,315) | (12,355) | (12,060) | ||||||||||||
Total loans—net of unearned income and ACLL | $ | 650,927 | $ | 686,700 | $ | 671,881 | $ | 654,679 | $ | 612,309 | |||||||
ACLL
as a percentage of total loans— net of unearned income(5) | 3.73 | % | 1.84 | % | 1.81 | % | 1.86 | % | 1.94 | % | |||||||
ACLL for consumer loan losses as a percentage of total consumer loans—net of unearned income(5) | 6.77 | % | 3.20 | % | 3.14 | % | 3.08 | % | 2.94 | % | |||||||
ACLL
for corporate loan losses as a percentage of total corporate loans—net of unearned income(5) | 1.42 | % | 0.75 | % | 0.74 | % | 0.82 | % | 1.01 | % |
In millions of dollars | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
Allowance for credit losses on loans (ACLL) at beginning of year | $ | 12,783 | $ | 12,315 | $ | 12,355 | $ | 12,060 | $ | 12,626 | |||||||
Adjustments to opening balance: | |||||||||||||||||
Financial instruments—credit losses (CECL)(1) | 4,201 | — | — | — | — | ||||||||||||
Variable post-charge-off third-party collection costs(2) | (443) | — | — | — | — | ||||||||||||
Adjusted ACLL at beginning of year | $ | 16,541 | $ | 12,315 | $ | 12,355 | $ | 12,060 | $ | 12,626 | |||||||
Provision for credit losses on loans (PCLL) | |||||||||||||||||
Consumer(2) | $ | 11,765 | $ | 7,751 | $ | 7,258 | $ | 7,329 | $ | 6,207 | |||||||
Corporate | 4,157 | 467 | 96 | 174 | 542 | ||||||||||||
Total | $ | 15,922 | $ | 8,218 | $ | 7,354 | $ | 7,503 | $ | 6,749 | |||||||
Gross credit losses on loans | |||||||||||||||||
Consumer | |||||||||||||||||
In U.S. offices | $ | 6,047 | $ | 6,538 | $ | 5,971 | $ | 5,664 | $ | 4,874 | |||||||
In offices outside the U.S. | 2,144 | 2,316 | 2,351 | 2,377 | 2,594 | ||||||||||||
Corporate | |||||||||||||||||
Commercial and industrial, and other | |||||||||||||||||
In U.S. offices | 562 | 265 | 121 | 223 | 370 | ||||||||||||
In offices outside the U.S. | 409 | 196 | 208 | 401 | 334 | ||||||||||||
Loans to financial institutions | |||||||||||||||||
In U.S. offices | 14 | — | 3 | 3 | 5 | ||||||||||||
In offices outside the U.S. | 12 | 3 | 7 | 1 | 5 | ||||||||||||
Mortgage and real estate | |||||||||||||||||
In U.S. offices | 71 | 23 | 2 | 2 | 34 | ||||||||||||
In offices outside the U.S. | 4 | — | 2 | 2 | 6 | ||||||||||||
Total | $ | 9,263 | $ | 9,341 | $ | 8,665 | $ | 8,673 | $ | 8,222 | |||||||
Credit
recoveries on loans(2) | |||||||||||||||||
Consumer | |||||||||||||||||
In U.S. offices | $ | 1,106 | $ | 975 | $ | 912 | $ | 892 | $ | 972 | |||||||
In offices outside the U.S. | 460 | 503 | 502 | 552 | 576 | ||||||||||||
Corporate | |||||||||||||||||
Commercial and industrial, and other | |||||||||||||||||
In U.S. offices | 43 | 28 | 47 | 31 | 31 | ||||||||||||
In offices outside the U.S. | 28 | 59 | 78 | 117 | 79 | ||||||||||||
Loans to financial institutions | |||||||||||||||||
In U.S. offices | — | — | — | 1 | 1 | ||||||||||||
In offices outside the U.S. | 14 | — | 3 | 1 | 1 | ||||||||||||
Mortgage and real estate | |||||||||||||||||
In U.S. offices | — | 8 | 6 | 2 | 1 | ||||||||||||
In offices outside the U.S. | 1 | — | 4 | 1 | — | ||||||||||||
Total | $ | 1,652 | $ | 1,573 | $ | 1,552 | $ | 1,597 | $ | 1,661 | |||||||
Net credit losses on loans (NCLs) | |||||||||||||||||
In U.S. offices | $ | 5,545 | $ | 5,815 | $ | 5,132 | $ | 4,966 | $ | 4,278 | |||||||
In offices outside the U.S. | 2,066 | 1,953 | 1,981 | 2,110 | 2,283 | ||||||||||||
Total | $ | 7,611 | $ | 7,768 | $ | 7,113 | $ | 7,076 | $ | 6,561 | |||||||
Other—net(3)(4)(5)(6)(7)(8) | $ | 104 | $ | 18 | $ | (281) | $ | (132) | $ | (754) | |||||||
Allowance for credit losses on loans (ACLL) at end of year | $ | 24,956 | $ | 12,783 | $ | 12,315 | $ | 12,355 | $ | 12,060 | |||||||
ACLL as a percentage of EOP loans(9) | 3.73 | % | 1.84 | % | 1.81 | % | 1.86 | % | 1.94 | % | |||||||
Allowance
for credit losses on unfunded lending commitments (ACLUC)(10)(11) | $ | 2,655 | $ | 1,456 | $ | 1,367 | $ | 1,258 | $ | 1,418 |
Total ACLL and ACLUC | $ | 27,611 | $ | 14,239 | $ | 13,682 | $ | 13,613 | $ | 13,478 | |||||||
Net consumer credit losses on loans | $ | 6,625 | $ | 7,376 | $ | 6,908 | $ | 6,597 | $ | 5,920 | |||||||
As a percentage of average consumer loans | 2.32 | % | 2.49 | % | 2.33 | % | 2.22 | % | 2.00 | % | |||||||
Net corporate credit losses on loans | $ | 986 | $ | 392 | $ | 205 | $ | 479 | $ | 641 | |||||||
As a percentage of average corporate loans | 0.25 | % | 0.10 | % | 0.05 | % | 0.14 | % | 0.20 | % | |||||||
ACLL by type at end of year(12) | |||||||||||||||||
Consumer | $ | 19,554 | $ | 9,897 | $ | 9,504 | $ | 9,412 | $ | 8,842 | |||||||
Corporate | 5,402 | 2,886 | 2,811 | 2,943 | 3,218 | ||||||||||||
Total | $ | 24,956 | $ | 12,783 | $ | 12,315 | $ | 12,355 | $ | 12,060 |
December 31, 2020 | |||||||||||
In billions of dollars | ACLL | EOP loans, net of unearned income | ACLL as a percentage of EOP loans(1) | ||||||||
North America cards(2) | $ | 14.7 | $ | 130.4 | 11.3 | % | |||||
North America
mortgages(3) | 0.7 | 54.9 | 1.3 | ||||||||
North America other | 0.3 | 4.5 | 6.7 | ||||||||
International cards | 2.1 | 22.7 | 9.3 | ||||||||
International
other(4) | 1.8 | 76.3 | 2.4 | ||||||||
Total consumer | $ | 19.6 | $ | 288.8 | 6.8 | % | |||||
Total corporate | 5.4 | 387.1 | 1.4 | ||||||||
Total Citigroup | $ | 25.0 | $ | 675.9 | 3.7 | % |
December 31, 2019 | |||||||||||
In billions of dollars | ACLL | EOP loans, net of unearned income | ACLL as a percentage of EOP loans(1) | ||||||||
North America
cards(2) | $ | 7.0 | $ | 149.2 | 4.7 | % | |||||
North America mortgages(3) | 0.3 | 56.2 | 0.5 | ||||||||
North America other | 0.1 | 3.7 | 2.7 | ||||||||
International cards | 1.4 | 25.9 | 5.4 | ||||||||
International other(4) | 1.1 | 74.6 | 1.5 | ||||||||
Total consumer | $ | 9.9 | $ | 309.6 | 3.2 | % | |||||
Total corporate | 2.9 | 389.9 | 0.7 | ||||||||
Total Citigroup | $ | 12.8 | $ | 699.5 | 1.8 | % |
December 31, 2020 | |||||||||||
In millions of dollars, except percentages | Funded exposure(1) | ACLL(2)(3) | ACLL as a % of funded exposure | ||||||||
Transportation and industrials | $ | 58,352 | $ | 1,558 | 2.67 | % | |||||
Private bank | 75,693 | 224 | 0.30 | ||||||||
Consumer retail | 34,621 | 563 | 1.63 | ||||||||
Technology, media and telecom | 29,821 | 407 | 1.36 | ||||||||
Real estate | 42,711 | 718 | 1.68 | ||||||||
Power, chemicals, metals and mining | 20,156 | 312 | 1.55 | ||||||||
Banks and finance companies | 29,570 | 219 | 0.74 | ||||||||
Energy and commodities | 14,009 | 523 | 3.73 | ||||||||
Health | 8,575 | 144 | 1.68 | ||||||||
Public sector | 13,416 | 172 | 1.28 | ||||||||
Insurance | 1,925 | 7 | 0.36 | ||||||||
Asset managers and funds | 4,491 | 22 | 0.49 | ||||||||
Financial markets infrastructure | 229 | — | — | ||||||||
Securities firms | 430 | 10 | 2.33 | ||||||||
Other industries | 3,579 | 122 | 3.41 | ||||||||
Total | $ | 337,578 | $ | 5,001 | 1.48 | % |
December 31, | |||||||||||||||||
In millions of dollars | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
Corporate non-accrual loans(1) | |||||||||||||||||
North America | $ | 1,928 | $ | 1,214 | $ | 586 | $ | 966 | $ | 1,291 | |||||||
EMEA | 661 | 430 | 375 | 849 | 904 | ||||||||||||
Latin America | 719 | 473 | 307 | 348 | 441 | ||||||||||||
Asia | 219 | 71 | 243 | 70 | 220 | ||||||||||||
Total corporate non-accrual loans | $ | 3,527 | $ | 2,188 | $ | 1,511 | $ | 2,233 | $ | 2,856 | |||||||
Consumer non-accrual loans(1) | |||||||||||||||||
North America | $ | 1,059 | $ | 905 | $ | 1,138 | $ | 1,468 | $ | 1,854 | |||||||
Latin America | 774 | 632 | 638 | 688 | 648 | ||||||||||||
Asia(2) | 308 | 279 | 250 | 243 | 221 | ||||||||||||
Total consumer non-accrual loans | $ | 2,141 | $ | 1,816 | $ | 2,026 | $ | 2,399 | $ | 2,723 | |||||||
Total non-accrual loans | $ | 5,668 | $ | 4,004 | $ | 3,537 | $ | 4,632 | $ | 5,579 |
Year ended | Year ended | |||||||||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||||||||||
In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||
Non-accrual loans at beginning of year | $ | 2,188 | $ | 1,816 | $ | 4,004 | $ | 1,511 | $ | 2,026 | $ | 3,537 | ||||||||
Additions | 5,103 | 2,829 | 7,932 | 3,407 | 2,954 | 6,361 | ||||||||||||||
Sales and transfers to HFS | (2) | (95) | (97) | (23) | (171) | (194) | ||||||||||||||
Returned to performing | (157) | (389) | (546) | (68) | (431) | (499) | ||||||||||||||
Paydowns/settlements | (3,117) | (677) | (3,794) | (2,496) | (902) | (3,398) | ||||||||||||||
Charge-offs | (446) | (1,132) | (1,578) | (268) | (1,444) | (1,712) | ||||||||||||||
Other | (42) | (211) | (253) | 125 | (216) | (91) | ||||||||||||||
Ending balance | $ | 3,527 | $ | 2,141 | $ | 5,668 | $ | 2,188 | $ | 1,816 | $ | 4,004 |
December 31, | |||||||||||||||||
In millions of dollars | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
OREO | |||||||||||||||||
North America | $ | 19 | $ | 39 | $ | 64 | $ | 89 | $ | 161 | |||||||
EMEA | — | 1 | 1 | 2 | — | ||||||||||||
Latin America | 7 | 14 | 12 | 35 | 18 | ||||||||||||
Asia | 17 | 7 | 22 | 18 | 7 | ||||||||||||
Total OREO | $ | 43 | $ | 61 | $ | 99 | $ | 144 | $ | 186 | |||||||
Non-accrual assets | |||||||||||||||||
Corporate non-accrual loans | $ | 3,527 | $ | 2,188 | $ | 1,511 | $ | 2,233 | $ | 2,856 | |||||||
Consumer non-accrual loans | 2,141 | 1,816 | 2,026 | 2,399 | 2,723 | ||||||||||||
Non-accrual loans (NAL) | $ | 5,668 | $ | 4,004 | $ | 3,537 | $ | 4,632 | $ | 5,579 | |||||||
OREO | $ | 43 | $ | 61 | $ | 99 | $ | 144 | $ | 186 | |||||||
Non-accrual assets (NAA) | $ | 5,711 | $ | 4,065 | $ | 3,636 | $ | 4,776 | $ | 5,765 | |||||||
NAL as a percentage of total loans | 0.84 | % | 0.57 | % | 0.52 | % | 0.69 | % | 0.89 | % | |||||||
NAA as a percentage of total assets | 0.25 | 0.21 | 0.19 | 0.26 | 0.32 | ||||||||||||
ACLL as a percentage of NAL(1) | 440 | 319 | 348 | 267 | 216 |
In millions of dollars | Dec. 31, 2020 | Dec. 31, 2019 | ||||||
Corporate renegotiated loans(1) | ||||||||
In U.S. offices | ||||||||
Commercial and industrial(2) | $ | 193 | $ | 226 | ||||
Mortgage and real estate | 60 | 57 | ||||||
Financial institutions | — | — | ||||||
Other | 30 | 4 | ||||||
Total | $ | 283 | $ | 287 | ||||
In offices outside the U.S. | ||||||||
Commercial and industrial(2) | $ | 132 | $ | 200 | ||||
Mortgage and real estate | 32 | 22 | ||||||
Financial institutions | — | — | ||||||
Other | 3 | 40 | ||||||
Total | $ | 167 | $ | 262 | ||||
Total corporate renegotiated loans | $ | 450 | $ | 549 | ||||
Consumer renegotiated loans(3) | ||||||||
In U.S. offices | ||||||||
Mortgage and real estate | $ | 1,904 | $ | 1,956 | ||||
Cards | 1,449 | 1,464 | ||||||
Installment and other | 33 | 17 | ||||||
Total | $ | 3,386 | $ | 3,437 | ||||
In offices outside the U.S. | ||||||||
Mortgage and real estate | $ | 361 | $ | 305 | ||||
Cards | 533 | 466 | ||||||
Installment and other | 519 | 400 | ||||||
Total | $ | 1,413 | $ | 1,171 | ||||
Total consumer renegotiated loans | $ | 4,799 | $ | 4,608 |
In millions of dollars | In U.S. offices | In non- U.S. offices | 2020 total | ||||||||
Interest revenue that would have been accrued at original contractual rates(2) | $ | 428 | $ | 365 | $ | 793 | |||||
Amount recognized as interest revenue(2) | 177 | 134 | 311 | ||||||||
Forgone interest revenue | $ | 251 | $ | 231 | $ | 482 |
Citibank | Citi non-bank and other entities | Total | |||||||||||||||||||||||||||
In billions of dollars | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||||||||||
Available cash | $ | 304.3 | $ | 279.3 | $ | 158.7 | $ | 2.1 | $ | 2.0 | $ | 2.1 | $ | 306.4 | $ | 281.3 | $ | 160.8 | |||||||||||
U.S.
sovereign | 77.8 | 80.6 | 100.2 | 64.8 | 56.0 | 29.6 | 142.6 | 136.6 | 129.8 | ||||||||||||||||||||
U.S. agency/agency MBS | 31.8 | 34.6 | 56.9 | 6.5 | 5.8 | 4.4 | 38.3 | 40.4 | 61.3 | ||||||||||||||||||||
Foreign
government debt(1) | 39.6 | 44.5 | 66.4 | 16.2 | 17.0 | 16.5 | 55.8 | 61.5 | 82.9 | ||||||||||||||||||||
Other investment grade | 1.2 | 1.5 | 2.4 | 0.5 | 0.7 | 0.5 | 1.7 | 2.2 | 2.8 | ||||||||||||||||||||
Total HQLA (AVG) | $ | 454.7 | $ | 440.5 | $ | 384.6 | $ | 90.1 | $ | 81.5 | $ | 53.1 | $ | 544.8 | $ | 522.0 | $ | 437.6 |
In billions of dollars | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||
HQLA | $ | 544.8 | $ | 522.0 | $ | 437.6 | |||||
Net outflows | 460.7 | 442.6 | 382.0 | ||||||||
LCR | 118 | % | 118 | % | 115 | % | |||||
HQLA in excess of net outflows | $ | 84.1 | $ | 79.4 | $ | 55.6 |
In billions of dollars | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||
Global Consumer Banking | |||||||||||
North America | $ | 179.4 | $ | 179.1 | $ | 192.7 | |||||
Latin America | 14.3 | 13.6 | 17.4 | ||||||||
Asia(1) | 82.4 | 79.7 | 80.9 | ||||||||
Total | $ | 276.1 | $ | 272.4 | $ | 291.0 | |||||
Institutional Clients Group | |||||||||||
Corporate lending | $ | 146.2 | $ | 166.1 | $ | 154.2 | |||||
Treasury and trade solutions (TTS) | 67.1 | 67.1 | 74.5 | ||||||||
Private bank | 113.3 | 110.3 | 106.6 | ||||||||
Markets
and securities services and other | 56.1 | 53.1 | 56.0 | ||||||||
Total | $ | 382.7 | $ | 396.6 | $ | 391.3 | |||||
Total Corporate/Other | $ | 7.4 | $ | 8.2 | $ | 10.3 | |||||
Total Citigroup loans (AVG) | $ | 666.2 | $ | 677.2 | $ | 692.6 | |||||
Total Citigroup loans (EOP) | $ | 676.1 | $ | 666.9 | $ | 699.5 |
In billions of dollars | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||
Global Consumer Banking(1) | |||||||||||
North America | $ | 188.9 | $ | 182.1 | $ | 156.2 | |||||
Latin America | 24.3 | 22.5 | 23.0 | ||||||||
Asia(2) | 120.0 | 115.2 | 103.4 | ||||||||
Total | $ | 333.2 | $ | 319.8 | $ | 282.6 | |||||
Institutional Clients Group | |||||||||||
Treasury and trade solutions (TTS) | $ | 686.5 | $ | 678.6 | $ | 558.7 | |||||
Banking ex-TTS | 163.2 | 150.1 | 140.7 | ||||||||
Markets and securities services | 109.3 | 107.9 | 95.0 | ||||||||
Total | $ | 959.0 | $ | 936.6 | $ | 794.4 | |||||
Corporate/Other | $ | 13.1 | $ | 11.4 | $ | 12.5 | |||||
Total Citigroup deposits (AVG) | $ | 1,305.3 | $ | 1,267.8 | $ | 1,089.5 | |||||
Total Citigroup deposits (EOP) | $ | 1,280.7 | $ | 1,262.6 | $ | 1,070.6 |
In billions of dollars | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||
Non-bank(1) | |||||||||||
Benchmark debt: | |||||||||||
Senior debt | $ | 126.2 | $ | 126.3 | $ | 106.6 | |||||
Subordinated
debt | 27.1 | 27.4 | 25.5 | ||||||||
Trust preferred | 1.7 | 1.7 | 1.7 | ||||||||
Customer-related debt | 65.2 | 61.0 | 53.8 | ||||||||
Local
country and other(2) | 6.7 | 8.1 | 7.9 | ||||||||
Total non-bank | $ | 226.9 | $ | 224.5 | $ | 195.5 | |||||
Bank | |||||||||||
FHLB borrowings | $ | 10.9 | $ | 14.7 | $ | 5.5 | |||||
Securitizations(3) | 16.6 | 16.4 | 20.7 | ||||||||
Citibank benchmark senior debt | 13.6 | 14.2 | 23.1 | ||||||||
Local country and other(2) | 3.7 | 3.5 | 4.0 | ||||||||
Total bank | $ | 44.8 | $ | 48.8 | $ | 53.3 | |||||
Total long-term debt | $ | 271.7 | $ | 273.3 | $ | 248.8 |
2020 | 2019 | 2018 | ||||||||||||||||||
In billions of dollars | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | ||||||||||||||
Non-bank | ||||||||||||||||||||
Benchmark debt: | ||||||||||||||||||||
Senior
debt | $ | 6.5 | $ | 20.4 | $ | 16.5 | $ | 16.2 | $ | 18.5 | $ | 14.8 | ||||||||
Subordinated debt | — | — | — | — | 2.9 | 0.6 | ||||||||||||||
Trust preferred | — | — | — | — | — | — | ||||||||||||||
Customer-related debt | 27.7 | 36.8 | 12.7 | 25.1 | 6.6 | 16.9 | ||||||||||||||
Local country and other | 2.4 | 1.4 | 1.1 | 5.4 | 1.2 | 2.3 | ||||||||||||||
Total non-bank | $ | 36.6 | $ | 58.6 | $ | 30.3 | $ | 46.7 | $ | 29.2 | $ | 34.6 | ||||||||
Bank | ||||||||||||||||||||
FHLB borrowings | $ | 7.5 | $ | 12.9 | $ | 7.1 | $ | 2.1 | $ | 15.8 | $ | 7.9 | ||||||||
Securitizations | 4.6 | 0.3 | 7.9 | 0.1 | 8.6 | 6.8 | ||||||||||||||
Citibank benchmark senior debt | 9.8 | — | 4.8 | 8.8 | 2.3 | 8.5 | ||||||||||||||
Local country and other | 4.9 | 4.6 | 0.9 | 1.4 | 2.2 | 2.9 | ||||||||||||||
Total bank | $ | 26.8 | $ | 17.8 | $ | 20.7 | $ | 12.4 | $ | 28.9 | $ | 26.1 | ||||||||
Total | $ | 63.4 | $ | 76.4 | $ | 51.0 | $ | 59.1 | $ | 58.1 | $ | 60.7 |
Maturities | ||||||||||||||||||||||||||
In billions of dollars | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||
Non-bank | ||||||||||||||||||||||||||
Benchmark debt: | ||||||||||||||||||||||||||
Senior
debt | $ | 6.5 | $ | 14.7 | $ | 11.5 | $ | 13.0 | $ | 11.3 | $ | 7.7 | $ | 67.9 | $ | 126.2 | ||||||||||
Subordinated
debt | — | — | 0.8 | 1.3 | 1.1 | 5.3 | 18.6 | 27.1 | ||||||||||||||||||
Trust preferred | — | — | — | — | — | — | 1.7 | 1.7 | ||||||||||||||||||
Customer-related debt | 27.7 | 8.4 | 8.5 | 6.8 | 4.0 | 5.4 | 32.1 | 65.2 | ||||||||||||||||||
Local country and other | 2.4 | 1.6 | 1.3 | 2.2 | — | — | 1.6 | 6.7 | ||||||||||||||||||
Total non-bank | $ | 36.6 | $ | 24.7 | $ | 22.1 | $ | 23.3 | $ | 16.4 | $ | 18.4 | $ | 121.9 | $ | 226.9 | ||||||||||
Bank | ||||||||||||||||||||||||||
FHLB borrowings | $ | 7.5 | $ | 5.7 | $ | 5.3 | $ | — | $ | — | $ | — | $ | — | $ | 10.9 | ||||||||||
Securitizations | 4.6 | 7.2 | 2.1 | 2.4 | 1.1 | 0.4 | 3.3 | 16.6 | ||||||||||||||||||
Citibank benchmark senior debt | 9.8 | 5.1 | 5.7 | — | 2.8 | — | — | 13.6 | ||||||||||||||||||
Local country and other | 4.9 | 0.6 | 1.5 | 0.3 | 0.7 | 0.1 | 0.5 | 3.7 | ||||||||||||||||||
Total bank | $ | 26.8 | $ | 18.6 | $ | 14.6 | $ | 2.7 | $ | 4.6 | $ | 0.5 | $ | 3.8 | $ | 44.8 | ||||||||||
Total long-term debt | $ | 63.4 | $ | 43.3 | $ | 36.7 | $ | 26.0 | $ | 21.0 | $ | 18.9 | $ | 125.7 | $ | 271.7 |
Securities
sold under agreements to repurchase | Other borrowings(1)(2) | |||||||||||||||||||
In billions of dollars | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||
Amounts outstanding at year end | $ | 199.5 | $ | 166.3 | $ | 177.8 | $ | 80.0 | $ | 93.7 | $ | 96.9 | ||||||||
Average
outstanding during the year(3)(4)(5) | 216.8 | 190.2 | 172.1 | 102.4 | 98.8 | 108.4 | ||||||||||||||
Maximum month-end outstanding | 225.3 | 196.8 | 191.2 | 129.3 | 112.3 | 113.5 | ||||||||||||||
Weighted
average interest rate during the year(3)(4)(5)(6) | 0.96 | % | 3.29 | % | 2.84 | % | 0.62 | % | 2.49 | % | 2.04 | % |
Citigroup Inc. | Citibank, N.A. | |||||||||||||||||||
Senior debt | Commercial paper | Outlook | Long- term | Short- term | Outlook | |||||||||||||||
Fitch Ratings (Fitch) | A | F1 | Negative | A+ | F1 | Negative | ||||||||||||||
Moody’s Investors Service (Moody’s) | A3 | P-2 | Stable | Aa3 | P-1 | Stable | ||||||||||||||
Standard & Poor’s (S&P) | BBB+ | A-2 | Stable | A+ | A-1 | Stable |
In millions of dollars, except as otherwise noted | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||
Estimated annualized impact to net interest revenue | |||||||||||
U.S.
dollar(1) | $ | 373 | $ | 65 | $ | 20 | |||||
All other currencies | 683 | 702 | 606 | ||||||||
Total | $ | 1,056 | $ | 767 | $ | 626 | |||||
As a percentage of average interest-earning assets | 0.05 | % | 0.04 | % | 0.03 | % | |||||
Estimated initial negative impact to AOCI (after-tax)(2) | $ | (5,645) | $ | (5,757) | $ | (5,002) | |||||
Estimated initial impact on Common Equity Tier 1 Capital ratio (bps) | (34) | (36) | (31) |
In millions of dollars, except as otherwise noted | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 4 | Scenario 5 | ||||||||||||
Overnight rate change (bps) | 100 | 100 | — | — | (100) | ||||||||||||
10-year rate change (bps) | 100 | — | 100 | (100) | (100) | ||||||||||||
Estimated
annualized impact to net interest revenue | |||||||||||||||||
U.S. dollar | $ | 373 | $ | 348 | $ | 141 | $ | (113) | $ | (217) | |||||||
All other currencies | 683 | 489 | 42 | (42) | (342) | ||||||||||||
Total | $ | 1,056 | $ | 837 | $ | 183 | $ | (155) | $ | (559) | |||||||
Estimated
initial impact to AOCI (after-tax)(1) | $ | (5,645) | $ | (3,837) | $ | (1,987) | $ | 1,391 | $ | 2,472 | |||||||
Estimated initial impact to Common Equity Tier 1 Capital ratio (bps) | (34) | (24) | (12) | 7 | 9 |
For the quarter ended | |||||||||||
In millions of dollars, except as otherwise noted | Dec. 31, 2020 | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||
Change in FX spot rate(1) | 5.5 | % | 2.6 | % | 2.8 | % | |||||
Change in TCE due to FX translation, net of hedges | $ | 1,829 | $ | 655 | $ | 659 | |||||
As a percentage of TCE | 1.2 | % | 0.4 | % | 0.4 | % | |||||
Estimated impact to Common Equity Tier 1 Capital ratio (on a fully implemented basis) due to changes in FX translation, net of hedges (bps) | 2 | (1) | (3) |
In millions of dollars, except as otherwise noted | 2020 | 2019 | 2018 | Change 2020 vs. 2019 | Change 2019 vs. 2018 | |||||||||||||||||||||||||||
Interest revenue(1) | $ | 58,285 | $ | 76,718 | $ | 71,082 | (24) | % | 8 | % | ||||||||||||||||||||||
Interest
expense(2) | 14,541 | 29,163 | 24,266 | (50) | 20 | |||||||||||||||||||||||||||
Net interest revenue, taxable equivalent basis | $ | 43,744 | $ | 47,555 | $ | 46,816 | (8) | % | 2 | % | ||||||||||||||||||||||
Interest
revenue—average rate(3) | 2.88 | % | 4.27 | % | 4.08 | % | (139) | bps | 19 | bps | ||||||||||||||||||||||
Interest expense—average rate | 0.88 | 2.01 | 1.77 | (113) | bps | 24 | bps | |||||||||||||||||||||||||
Net
interest margin(3)(4) | 2.16 | 2.65 | 2.69 | (49) | bps | (4) | bps | |||||||||||||||||||||||||
Interest rate benchmarks | ||||||||||||||||||||||||||||||||
Two-year U.S. Treasury note—average rate | 0.39 | % | 1.97 | % | 2.53 | % | (158) | bps | (56) | bps | ||||||||||||||||||||||
10-year U.S. Treasury note—average rate | 0.89 | 2.14 | 2.91 | (125) | bps | (77) | bps | |||||||||||||||||||||||||
10-year vs. two-year spread | 50 | bps | 17 | bps | 38 | bps |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Net interest revenue (NIR)—taxable equivalent basis(1) per above | $ | 43,744 | $ | 47,555 | $ | 46,816 | |||||
ICG Markets NIR—taxable equivalent basis(1) | 5,454 | 4,372 | 4,506 | ||||||||
Non-ICG
Markets NIR—taxable equivalent basis(1) | $ | 38,290 | $ | 43,183 | $ | 42,310 | |||||
Average volume | Interest revenue | % Average rate | |||||||||||||||||||||||||||
In millions of dollars, except rates | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Deposits
with banks(4) | $ | 288,629 | $ | 188,523 | $ | 177,294 | $ | 928 | $ | 2,682 | $ | 2,203 | 0.32 | % | 1.42 | % | 1.24 | % | |||||||||||
Securities
borrowed and purchased under agreements to resell(5) | |||||||||||||||||||||||||||||
In U.S. offices | $ | 149,076 | $ | 146,030 | $ | 149,879 | $ | 1,202 | $ | 4,752 | $ | 3,818 | 0.81 | % | 3.25 | % | 2.55 | % | |||||||||||
In
offices outside the U.S.(4) | 138,074 | 119,550 | 117,695 | 1,081 | 2,133 | 1,674 | 0.78 | 1.78 | 1.42 | ||||||||||||||||||||
Total | $ | 287,150 | $ | 265,580 | $ | 267,574 | $ | 2,283 | $ | 6,885 | $ | 5,492 | 0.80 | % | 2.59 | % | 2.05 | % | |||||||||||
Trading
account assets(6)(7) | |||||||||||||||||||||||||||||
In U.S. offices | $ | 144,130 | $ | 109,064 | $ | 94,065 | $ | 3,624 | $ | 4,099 | $ | 3,706 | 2.51 | % | 3.76 | % | 3.94 | % | |||||||||||
In
offices outside the U.S.(4) | 134,078 | 131,217 | 115,601 | 2,509 | 3,589 | 2,615 | 1.87 | 2.74 | 2.26 | ||||||||||||||||||||
Total | $ | 278,208 | $ | 240,281 | $ | 209,666 | $ | 6,133 | $ | 7,688 | $ | 6,321 | 2.20 | % | 3.20 | % | 3.01 | % | |||||||||||
Investments | |||||||||||||||||||||||||||||
In U.S. offices | |||||||||||||||||||||||||||||
Taxable | $ | 265,833 | $ | 221,895 | $ | 228,686 | $ | 3,860 | $ | 5,162 | $ | 5,331 | 1.45 | % | 2.33 | % | 2.33 | % | |||||||||||
Exempt from U.S. income tax | 14,084 | 15,227 | 17,199 | 452 | 577 | 706 | 3.21 | 3.79 | 4.10 | ||||||||||||||||||||
In offices outside the U.S.(4) | 139,400 | 117,529 | 104,033 | 3,781 | 4,222 | 3,600 | 2.71 | 3.59 | 3.46 | ||||||||||||||||||||
Total | $ | 419,317 | $ | 354,651 | $ | 349,918 | $ | 8,093 | $ | 9,961 | $ | 9,637 | 1.93 | % | 2.81 | % | 2.75 | % | |||||||||||
Loans (net of unearned income)(8) | |||||||||||||||||||||||||||||
In U.S. offices | $ | 396,846 | $ | 395,792 | $ | 385,350 | $ | 26,700 | $ | 30,563 | $ | 28,627 | 6.73 | % | 7.72 | % | 7.43 | % | |||||||||||
In
offices outside the U.S.(4) | 288,379 | 288,319 | 285,505 | 13,569 | 17,266 | 17,129 | 4.71 | 5.99 | 6.00 | ||||||||||||||||||||
Total | $ | 685,225 | $ | 684,111 | $ | 670,855 | $ | 40,269 | $ | 47,829 | $ | 45,756 | 5.88 | % | 6.99 | % | 6.82 | % | |||||||||||
Other
interest-earning assets(9) | $ | 67,531 | $ | 64,322 | $ | 67,269 | $ | 579 | $ | 1,673 | $ | 1,673 | 0.86 | % | 2.60 | % | 2.49 | % | |||||||||||
Total interest-earning assets | $ | 2,026,060 | $ | 1,797,468 | $ | 1,742,576 | $ | 58,285 | $ | 76,718 | $ | 71,082 | 2.88 | % | 4.27 | % | 4.08 | % | |||||||||||
Non-interest-earning assets(6) | $ | 200,196 | $ | 181,341 | $ | 177,654 | |||||||||||||||||||||||
Total assets | $ | 2,226,256 | $ | 1,978,809 | $ | 1,920,230 |
Average volume | Interest expense | % Average rate | |||||||||||||||||||||||||||
In millions of dollars, except rates | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
In
U.S. offices(4) | $ | 485,848 | $ | 388,948 | $ | 338,060 | $ | 3,384 | $ | 6,304 | $ | 4,500 | 0.70 | % | 1.62 | % | 1.33 | % | |||||||||||
In
offices outside the U.S.(5) | 541,301 | 487,318 | 453,793 | 3,153 | 6,329 | 5,116 | 0.58 | 1.30 | 1.13 | ||||||||||||||||||||
Total | $ | 1,027,149 | $ | 876,266 | $ | 791,853 | $ | 6,537 | $ | 12,633 | $ | 9,616 | 0.64 | % | 1.44 | % | 1.21 | % | |||||||||||
Securities
loaned and sold under agreements to repurchase(6) | |||||||||||||||||||||||||||||
In U.S. offices | $ | 137,348 | $ | 112,876 | $ | 102,843 | $ | 1,292 | $ | 4,194 | $ | 3,320 | 0.94 | % | 3.72 | % | 3.23 | % | |||||||||||
In
offices outside the U.S.(5) | 79,426 | 77,283 | 69,264 | 785 | 2,069 | 1,569 | 0.99 | 2.68 | 2.27 | ||||||||||||||||||||
Total | $ | 216,774 | $ | 190,159 | $ | 172,107 | $ | 2,077 | $ | 6,263 | $ | 4,889 | 0.96 | % | 3.29 | % | 2.84 | % | |||||||||||
Trading
account liabilities(7)(8) | |||||||||||||||||||||||||||||
In U.S. offices | $ | 38,308 | $ | 37,099 | $ | 37,305 | $ | 283 | $ | 818 | $ | 612 | 0.74 | % | 2.20 | % | 1.64 | % | |||||||||||
In
offices outside the U.S.(5) | 52,051 | 51,817 | 58,919 | 345 | 490 | 389 | 0.66 | 0.95 | 0.66 | ||||||||||||||||||||
Total | $ | 90,359 | $ | 88,916 | $ | 96,224 | $ | 628 | $ | 1,308 | $ | 1,001 | 0.70 | % | 1.47 | % | 1.04 | % | |||||||||||
Short-term
borrowings and other interest-bearing liabilities(9) | |||||||||||||||||||||||||||||
In U.S. offices | $ | 82,363 | $ | 78,230 | $ | 85,009 | $ | 493 | $ | 2,138 | $ | 1,885 | 0.60 | % | 2.73 | % | 2.22 | % | |||||||||||
In
offices outside the U.S.(5) | 20,053 | 20,575 | 23,402 | 137 | 327 | 324 | 0.68 | 1.59 | 1.38 | ||||||||||||||||||||
Total | $ | 102,416 | $ | 98,805 | $ | 108,411 | $ | 630 | $ | 2,465 | $ | 2,209 | 0.62 | % | 2.49 | % | 2.04 | % | |||||||||||
Long-term
debt(10) | |||||||||||||||||||||||||||||
In U.S. offices | $ | 213,809 | $ | 193,972 | $ | 197,933 | $ | 4,656 | $ | 6,398 | $ | 6,386 | 2.18 | % | 3.30 | % | 3.23 | % | |||||||||||
In
offices outside the U.S.(5) | 3,918 | 4,803 | 4,895 | 13 | 96 | 165 | 0.33 | 2.00 | 3.37 | ||||||||||||||||||||
Total | $ | 217,727 | $ | 198,775 | $ | 202,828 | $ | 4,669 | $ | 6,494 | $ | 6,551 | 2.14 | % | 3.27 | % | 3.23 | % | |||||||||||
Total interest-bearing liabilities | $ | 1,654,425 | $ | 1,452,921 | $ | 1,371,423 | $ | 14,541 | $ | 29,163 | $ | 24,266 | 0.88 | % | 2.01 | % | 1.77 | % | |||||||||||
Demand deposits in U.S. offices | $ | 30,876 | $ | 27,737 | $ | 33,398 | |||||||||||||||||||||||
Other non-interest-bearing liabilities(7) | 346,538 | 301,813 | 315,862 | ||||||||||||||||||||||||||
Total liabilities | $ | 2,031,839 | $ | 1,782,471 | $ | 1,720,683 | |||||||||||||||||||||||
Citigroup stockholders’ equity | $ | 193,769 | $ | 195,632 | $ | 198,681 | |||||||||||||||||||||||
Noncontrolling interests | 648 | 706 | 866 | ||||||||||||||||||||||||||
Total equity | $ | 194,417 | $ | 196,338 | $ | 199,547 | |||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,226,256 | $ | 1,978,809 | $ | 1,920,230 | |||||||||||||||||||||||
Net interest revenue as a percentage of average interest-earning assets(11) | |||||||||||||||||||||||||||||
In U.S. offices | $ | 1,187,061 | $ | 1,017,021 | $ | 992,543 | $ | 26,661 | $ | 28,466 | $ | 28,157 | 2.25 | % | 2.80 | % | 2.84 | % | |||||||||||
In
offices outside the U.S.(6) | 838,999 | 780,447 | 750,033 | 17,083 | 19,089 | 18,659 | 2.04 | 2.45 | 2.49 | ||||||||||||||||||||
Total | $ | 2,026,060 | $ | 1,797,468 | $ | 1,742,576 | $ | 43,744 | $ | 47,555 | $ | 46,816 | 2.16 | % | 2.65 | % | 2.69 | % |
2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||
Increase (decrease) due to change in: | Increase (decrease) due to change in: | |||||||||||||||||||
In millions of dollars | Average volume | Average rate | Net change | Average volume | Average rate | Net change | ||||||||||||||
Deposits with banks(3) | $ | 976 | $ | (2,730) | $ | (1,754) | $ | 146 | $ | 333 | $ | 479 | ||||||||
Securities borrowed and purchased under agreements to resell | ||||||||||||||||||||
In U.S. offices | $ | 96 | $ | (3,647) | $ | (3,551) | $ | (100) | $ | 1,034 | $ | 934 | ||||||||
In
offices outside the U.S.(3) | 290 | (1,342) | (1,052) | 27 | 432 | 459 | ||||||||||||||
Total | $ | 386 | $ | (4,989) | $ | (4,603) | $ | (73) | $ | 1,466 | $ | 1,393 | ||||||||
Trading
account assets(4) | ||||||||||||||||||||
In U.S. offices | $ | 1,102 | $ | (1,577) | $ | (475) | $ | 570 | $ | (177) | $ | 393 | ||||||||
In
offices outside the U.S.(3) | 77 | (1,157) | (1,080) | 382 | 592 | 974 | ||||||||||||||
Total | $ | 1,179 | $ | (2,734) | $ | (1,555) | $ | 952 | $ | 415 | $ | 1,367 | ||||||||
Investments(1) | ||||||||||||||||||||
In U.S. offices | $ | 910 | $ | (2,337) | $ | (1,427) | $ | (213) | $ | (85) | $ | (298) | ||||||||
In offices outside the U.S.(3) | 703 | (1,144) | (441) | 481 | 141 | 622 | ||||||||||||||
Total | $ | 1,613 | $ | (3,481) | $ | (1,868) | $ | 268 | $ | 56 | $ | 324 | ||||||||
Loans
(net of unearned income)(5) | ||||||||||||||||||||
In U.S. offices | $ | 81 | $ | (3,944) | $ | (3,863) | $ | 789 | $ | 1,149 | $ | 1,938 | ||||||||
In
offices outside the U.S.(3) | 4 | (3,701) | (3,697) | 169 | (34) | 135 | ||||||||||||||
Total | $ | 85 | $ | (7,645) | $ | (7,560) | $ | 958 | $ | 1,115 | $ | 2,073 | ||||||||
Other
interest-earning assets(6) | $ | 80 | $ | (1,173) | $ | (1,093) | $ | (75) | $ | 75 | $ | — | ||||||||
Total interest revenue | $ | 4,319 | $ | (22,752) | $ | (18,433) | $ | 2,176 | $ | 3,460 | $ | 5,636 |
2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||
Increase (decrease) due to change in: | Increase (decrease) due to change in: | |||||||||||||||||||
In millions of dollars | Average volume | Average rate | Net change | Average volume | Average rate | Net change | ||||||||||||||
Deposits | ||||||||||||||||||||
In U.S. offices | $ | 1,298 | $ | (4,218) | $ | (2,920) | $ | 738 | $ | 1,066 | $ | 1,804 | ||||||||
In offices outside the U.S.(3) | 637 | (3,813) | (3,176) | 397 | 816 | 1,213 | ||||||||||||||
Total | $ | 1,935 | $ | (8,031) | $ | (6,096) | $ | 1,135 | $ | 1,882 | $ | 3,017 | ||||||||
Securities loaned and sold under agreements to repurchase | ||||||||||||||||||||
In U.S. offices | $ | 756 | $ | (3,658) | $ | (2,902) | $ | 343 | $ | 531 | $ | 874 | ||||||||
In
offices outside the U.S.(3) | 56 | (1,340) | (1,284) | 194 | 306 | 500 | ||||||||||||||
Total | $ | 812 | $ | (4,998) | $ | (4,186) | $ | 537 | $ | 837 | $ | 1,374 | ||||||||
Trading
account liabilities(4) | ||||||||||||||||||||
In U.S. offices | $ | 27 | $ | (562) | $ | (535) | $ | (3) | $ | 209 | $ | 206 | ||||||||
In
offices outside the U.S.(3) | 2 | (147) | (145) | (51) | 152 | 101 | ||||||||||||||
Total | $ | 29 | $ | (709) | $ | (680) | $ | (54) | $ | 361 | $ | 307 | ||||||||
Short-term
borrowings and other interest-bearing liabilities(5) | ||||||||||||||||||||
In U.S. offices | $ | 107 | $ | (1,752) | $ | (1,645) | $ | (159) | $ | 412 | $ | 253 | ||||||||
In
offices outside the U.S.(3) | (8) | (182) | (190) | (42) | 45 | 3 | ||||||||||||||
Total | $ | 99 | $ | (1,934) | $ | (1,835) | $ | (201) | $ | 457 | $ | 256 | ||||||||
Long-term debt | ||||||||||||||||||||
In U.S. offices | $ | 602 | $ | (2,344) | $ | (1,742) | $ | (129) | $ | 141 | $ | 12 | ||||||||
In
offices outside the U.S.(3) | (15) | (68) | (83) | (3) | (66) | (69) | ||||||||||||||
Total | $ | 587 | $ | (2,412) | $ | (1,825) | $ | (132) | $ | 75 | $ | (57) | ||||||||
Total interest expense | $ | 3,462 | $ | (18,084) | $ | (14,622) | $ | 1,285 | $ | 3,612 | $ | 4,897 | ||||||||
Net interest revenue | $ | 857 | $ | (4,668) | $ | (3,811) | $ | 891 | $ | (152) | $ | 739 |
In millions of dollars | December 31, 2020 | 2020 Average | December 31, 2019 | 2019 Average | ||||||||||
Interest rate | $ | 72 | $ | 66 | $ | 32 | $ | 35 | ||||||
Credit spread | 70 | 86 | 44 | 44 | ||||||||||
Covariance adjustment(1) | (51) | (48) | (27) | (23) | ||||||||||
Fully diversified interest rate and credit spread(2) | $ | 91 | $ | 104 | $ | 49 | $ | 56 | ||||||
Foreign exchange | 40 | 26 | 22 | 23 | ||||||||||
Equity | 31 | 36 | 21 | 16 | ||||||||||
Commodity | 17 | 22 | 13 | 24 | ||||||||||
Covariance
adjustment(1) | (85) | (82) | (52) | (62) | ||||||||||
Total trading VAR—all market risk factors, including general and specific risk (excluding credit portfolios)(2) | $ | 94 | $ | 106 | $ | 53 | $ | 57 | ||||||
Specific
risk-only component(3) | $ | (1) | $ | (2) | $ | 3 | $ | 2 | ||||||
Total trading VAR—general market risk factors only (excluding credit portfolios) | $ | 95 | $ | 108 | $ | 50 | $ | 55 | ||||||
Incremental
impact of the credit portfolio(4) | $ | 29 | $ | 49 | $ | 30 | $ | 14 | ||||||
Total trading and credit portfolio VAR | $ | 123 | $ | 155 | $ | 83 | $ | 71 |
2020 | 2019 | |||||||||||||
In millions of dollars | Low | High | Low | High | ||||||||||
Interest rate | $ | 28 | $ | 137 | $ | 25 | $ | 58 | ||||||
Credit spread | 36 | 171 | 36 | 55 | ||||||||||
Fully diversified interest rate and credit spread | $ | 44 | $ | 223 | $ | 43 | $ | 89 | ||||||
Foreign exchange | 14 | 40 | 12 | 34 | ||||||||||
Equity | 13 | 141 | 7 | 29 | ||||||||||
Commodity | 12 | 64 | 12 | 75 | ||||||||||
Total trading | $ | 47 | $ | 245 | $ | 38 | $ | 87 | ||||||
Total trading and credit portfolio | 58 | 424 | 54 | 103 |
In millions of dollars | Dec. 31, 2020 | ||||
Total—all market risk factors, including general and specific risk | $ | 97 | |||
Average—during year | $ | 104 | |||
High—during year | 236 | ||||
Low—during year | 44 |
Regulatory Trading VAR and Associated Buy-and-Hold Profit and Loss(1)—12 Months ended December 31, 2020 In millions of dollars |
In billions of dollars | ICG loans(1) | GCB loans | Other funded(2) | Unfunded(3) | Net MTM on derivatives/repos(4) | Total hedges (on loans and CVA) | Investment securities(5) | Trading account assets(6) | Total as of 4Q20 | Total as of 3Q20 | Total as of 4Q19 | Total as a % of Citi as of 4Q20 | ||||||||||||||||||||||||||
United Kingdom | $ | 43.3 | $ | — | $ | 2.0 | $ | 52.0 | $ | 17.0 | $ | (5.4) | $ | 5.0 | $ | 1.3 | $ | 115.2 | $ | 108.5 | $ | 105.8 | 6.6 | % | ||||||||||||||
Mexico | 14.2 | 14.6 | 0.3 | 9.6 | 3.1 | (0.9) | 19.0 | 4.6 | 64.5 | 60.9 | 65.0 | 3.7 | ||||||||||||||||||||||||||
Hong Kong | 18.2 | 13.2 | 0.5 | 6.8 | 1.8 | (0.7) | 7.1 | 2.1 | 49.0 | 47.9 | 49.0 | 2.8 | ||||||||||||||||||||||||||
Singapore | 13.9 | 13.8 | 0.2 | 6.4 | 2.1 | (0.6) | 8.0 | 2.0 | 45.8 | 44.1 | 43.3 | 2.6 | ||||||||||||||||||||||||||
Ireland | 13.0 | — | 0.6 | 29.2 | 0.5 | (0.1) | — | 0.7 | 43.9 | 41.2 | 39.9 | 2.5 | ||||||||||||||||||||||||||
South Korea | 3.3 | 18.7 | 0.1 | 2.6 | 1.5 | (0.8) | 9.7 | 0.7 | 35.8 | 33.2 | 34.7 | 2.1 | ||||||||||||||||||||||||||
India | 6.6 | 4.2 | 0.9 | 6.2 | 3.5 | (0.4) | 9.9 | 0.5 | 31.4 | 31.6 | 30.0 | 1.8 | ||||||||||||||||||||||||||
Brazil | 11.7 | — | — | 2.8 | 4.2 | (0.8) | 4.3 | 4.0 | 26.2 | 25.1 | 28.3 | 1.5 | ||||||||||||||||||||||||||
Germany | 0.7 | — | — | 6.7 | 4.4 | (4.0) | 10.6 | 6.0 | 24.4 | 27.1 | 21.8 | 1.4 | ||||||||||||||||||||||||||
China | 7.5 | 3.6 | 0.6 | 3.1 | 1.6 | (0.5) | 5.7 | 0.2 | 21.8 | 21.7 | 18.7 | 1.3 | ||||||||||||||||||||||||||
Japan | 2.5 | — | 0.1 | 3.1 | 3.9 | (1.9) | 5.7 | 8.4 | 21.8 | 19.7 | 17.0 | 1.3 | ||||||||||||||||||||||||||
Australia | 4.9 | 9.4 | — | 7.0 | 1.6 | (0.6) | 1.5 | (2.1) | 21.7 | 21.2 | 21.5 | 1.2 | ||||||||||||||||||||||||||
Canada | 2.2 | 0.6 | 0.2 | 7.9 | 2.3 | (0.9) | 5.1 | 0.4 | 17.8 | 17.0 | 15.2 | 1.0 | ||||||||||||||||||||||||||
Taiwan | 5.5 | 8.3 | 0.2 | 1.3 | 0.6 | (0.1) | 0.4 | 1.1 | 17.3 | 17.0 | 17.9 | 1.0 | ||||||||||||||||||||||||||
Poland | 3.5 | 2.0 | — | 2.7 | 0.2 | (0.1) | 6.5 | 0.2 | 15.0 | 15.1 | 13.4 | 0.9 | ||||||||||||||||||||||||||
Jersey | 6.8 | — | — | 6.9 | — | (0.3) | — | — | 13.4 | 13.3 | 12.8 | 0.8 | ||||||||||||||||||||||||||
United Arab Emirates | 7.6 | 1.3 | — | 3.2 | 0.5 | (0.3) | 0.1 | — | 12.4 | 11.9 | 12.8 | 0.7 | ||||||||||||||||||||||||||
Malaysia | 1.4 | 3.9 | 0.1 | 0.8 | 0.2 | — | 1.7 | 0.2 | 8.3 | 8.4 | 8.4 | 0.5 | ||||||||||||||||||||||||||
Thailand | 0.9 | 2.9 | — | 2.2 | 0.1 | — | 1.8 | 0.1 | 8.0 | 7.9 | 7.7 | 0.5 | ||||||||||||||||||||||||||
Indonesia | 2.2 | 0.7 | — | 1.3 | 0.1 | (0.1) | 1.7 | 0.1 | 6.0 | 6.0 | 5.9 | 0.3 | ||||||||||||||||||||||||||
Russia | 1.8 | 0.8 | — | 0.8 | 0.3 | (0.1) | 1.5 | 0.1 | 5.2 | 4.6 | 5.0 | 0.3 | ||||||||||||||||||||||||||
Luxembourg | 0.8 | — | — | — | 0.4 | (0.9) | 4.5 | 0.3 | 5.1 | 6.7 | 4.6 | 0.3 | ||||||||||||||||||||||||||
Philippines | 0.8 | 1.4 | — | 0.5 | 0.1 | — | 1.7 | — | 4.5 | 4.7 | 4.9 | 0.3 | ||||||||||||||||||||||||||
Czech Republic | 0.8 | — | — | 0.7 | 2.3 | — | 0.4 | 0.1 | 4.3 | 3.8 | 4.3 | 0.2 | ||||||||||||||||||||||||||
South Africa | 1.3 | — | — | 0.4 | 0.3 | — | 1.8 | (0.2) | 3.6 | 3.5 | 3.5 | 0.2 | ||||||||||||||||||||||||||
Total as a % of Citi’s total exposure | 35.8 | % | ||||||||||||||||||||||||||||||||||||
Total as a % of Citi’s non-U.S. total exposure | 91.5 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||
Cross-border claims on third parties and local country assets | ||||||||||||||||||||||||||||||||
In billions of dollars | Banks (a) | Public (a) | NBFIs(1) (a) | Other (corporate and households) (a) | Trading assets(2) (included in (a)) | Short-term claims(2) (included in (a)) | Total
outstanding(3) (sum of (a)) | Commitments and guarantees(4) | Credit derivatives purchased(5) | Credit derivatives sold(5) | ||||||||||||||||||||||
United Kingdom | $ | 16.0 | $ | 26.0 | $ | 55.9 | $ | 17.5 | $ | 14.2 | $ | 75.1 | $ | 115.4 | $ | 25.8 | $ | 76.2 | $ | 75.3 | ||||||||||||
Cayman Islands | — | — | 85.8 | 12.7 | 8.0 | 70.1 | 98.5 | 11.9 | 0.3 | 0.2 | ||||||||||||||||||||||
Japan | 32.9 | 35.5 | 12.1 | 6.6 | 16.2 | 63.3 | 87.1 | 6.6 | 16.1 | 15.1 | ||||||||||||||||||||||
Germany | 7.1 | 51.8 | 11.1 | 9.6 | 11.3 | 58.6 | 79.6 | 14.1 | 49.7 | 48.1 | ||||||||||||||||||||||
Mexico | 3.9 | 31.5 | 9.5 | 28.8 | 6.0 | 44.4 | 73.7 | 21.7 | 7.3 | 6.6 | ||||||||||||||||||||||
France | 11.0 | 9.7 | 39.3 | 9.5 | 13.3 | 58.7 | 69.5 | 68.2 | 61.3 | 56.4 | ||||||||||||||||||||||
Singapore | 2.5 | 25.6 | 10.7 | 17.5 | 2.8 | 48.5 | 56.3 | 13.8 | 1.9 | 1.5 | ||||||||||||||||||||||
South Korea | 3.3 | 18.2 | 1.8 | 24.9 | 1.5 | 35.6 | 48.2 | 14.7 | 10.8 | 10.7 | ||||||||||||||||||||||
Hong Kong | 1.5 | 13.8 | 3.9 | 19.8 | 7.2 | 35.2 | 39.0 | 13.1 | 2.1 | 1.7 | ||||||||||||||||||||||
Australia | 5.1 | 16.4 | 4.0 | 13.0 | 9.6 | 31.6 | 38.5 | 13.0 | 5.7 | 5.2 | ||||||||||||||||||||||
China | 4.5 | 16.3 | 3.3 | 14.1 | 9.7 | 33.6 | 38.2 | 5.8 | 10.5 | 10.0 | ||||||||||||||||||||||
India | 1.9 | 14.0 | 2.5 | 12.9 | 2.3 | 22.1 | 31.3 | 11.3 | 1.8 | 1.6 | ||||||||||||||||||||||
Taiwan | 0.4 | 7.8 | 2.0 | 16.5 | 5.1 | 23.7 | 26.7 | 14.1 | — | — | ||||||||||||||||||||||
Netherlands | 7.8 | 10.4 | 3.4 | 4.8 | 5.2 | 18.2 | 26.4 | 10.4 | 28.5 | 27.4 | ||||||||||||||||||||||
Brazil | 2.8 | 11.3 | 1.6 | 9.9 | 5.2 | 20.0 | 25.6 | 2.7 | 6.0 | 6.0 | ||||||||||||||||||||||
Italy | 2.5 | 19.1 | 0.6 | 1.9 | 15.0 | 16.1 | 24.1 | 2.7 | 42.3 | 41.3 | ||||||||||||||||||||||
Switzerland | 1.8 | 14.3 | 1.4 | 4.9 | 2.6 | 20.1 | 22.4 | 7.3 | 18.0 | 17.4 | ||||||||||||||||||||||
Canada | 4.5 | 6.3 | 5.9 | 4.5 | 3.4 | 15.1 | 21.2 | 14.5 | 3.9 | 4.0 |
December 31, 2019 | ||||||||||||||||||||||||||||||||
Cross-border claims on third parties and local country assets | ||||||||||||||||||||||||||||||||
In billions of dollars | Banks (a) | Public (a) | NBFIs(1) (a) | Other (corporate and households) (a) | Trading assets(2) (included in (a)) | Short-term claims(2) (included in (a)) | Total
outstanding(3) (sum of (a)) | Commitments and guarantees(4) | Credit derivatives purchased(5) | Credit derivatives sold(5) | ||||||||||||||||||||||
Cayman Islands | $ | — | $ | — | $ | 95.5 | $ | 10.1 | $ | 5.3 | $ | 75.0 | $ | 105.6 | $ | 9.9 | $ | — | $ | — | ||||||||||||
United Kingdom | 13.3 | 25.2 | 35.7 | 20.0 | 12.9 | 61.9 | 94.2 | 23.3 | 71.6 | 71.6 | ||||||||||||||||||||||
Japan | 32.7 | 33.3 | 8.4 | 6.5 | 13.1 | 58.0 | 80.9 | 4.7 | 18.7 | 17.1 | ||||||||||||||||||||||
Mexico | 2.8 | 26.3 | 9.4 | 35.0 | 5.5 | 37.0 | 73.5 | 22.4 | 8.9 | 8.8 | ||||||||||||||||||||||
Germany | 6.8 | 29.8 | 7.7 | 9.7 | 9.3 | 33.6 | 54.0 | 13.1 | 48.0 | 46.4 | ||||||||||||||||||||||
France | 8.4 | 7.5 | 22.1 | 7.5 | 9.6 | 35.8 | 45.5 | 29.0 | 56.0 | 54.3 | ||||||||||||||||||||||
Singapore | 2.3 | 17.7 | 7.2 | 16.1 | 2.8 | 38.0 | 43.3 | 12.0 | 2.0 | 1.9 | ||||||||||||||||||||||
South Korea | 2.0 | 16.8 | 1.7 | 21.6 | 2.6 | 32.0 | 42.1 | 12.2 | 13.9 | 13.0 | ||||||||||||||||||||||
India | 1.7 | 12.9 | 3.1 | 16.0 | 2.7 | 23.1 | 33.7 | 10.8 | 2.3 | 2.0 | ||||||||||||||||||||||
Hong Kong | 0.6 | 10.2 | 3.0 | 19.9 | 4.1 | 29.9 | 33.7 | 13.7 | 2.2 | 2.0 | ||||||||||||||||||||||
Australia | 4.8 | 8.7 | 4.7 | 12.9 | 7.9 | 20.6 | 31.1 | 11.8 | 7.4 | 7.3 | ||||||||||||||||||||||
China | 3.4 | 11.0 | 3.1 | 12.7 | 3.9 | 25.3 | 30.2 | 5.1 | 12.8 | 11.6 | ||||||||||||||||||||||
Brazil | 3.3 | 13.3 | 1.8 | 11.0 | 6.1 | 20.7 | 29.4 | 3.2 | 8.1 | 8.2 | ||||||||||||||||||||||
Canada | 2.9 | 4.8 | 11.5 | 5.0 | 3.1 | 13.5 | 24.2 | 14.8 | 4.3 | 5.1 | ||||||||||||||||||||||
Netherlands | 6.8 | 8.7 | 3.9 | 4.2 | 4.6 | 15.5 | 23.6 | 11.0 | 26.9 | 26.5 | ||||||||||||||||||||||
Taiwan | 0.6 | 6.8 | 1.6 | 14.3 | 2.9 | 13.2 | 23.3 | 14.6 | 0.1 | 0.1 | ||||||||||||||||||||||
Italy | 3.3 | 15.9 | 0.7 | 1.7 | 12.8 | 14.9 | 21.6 | 2.5 | 44.5 | 44.0 | ||||||||||||||||||||||
Switzerland | 1.2 | 14.6 | 1.1 | 4.6 | 2.2 | 18.1 | 21.5 | 8.2 | 17.8 | 17.3 | ||||||||||||||||||||||
Ireland | 0.2 | 0.3 | 8.9 | 5.2 | 4.2 | 12.9 | 14.6 | 5.3 | 1.6 | 1.8 |
Quarterly average | ||||||||||||||
U.S. unemployment | 1Q21 | 3Q21 | 1Q22 | 13-quarter
average(1) | ||||||||||
Citi forecast at 1Q20 | 6.9 | % | 6.6 | % | 6.3 | % | 6.1 | % | ||||||
Citi forecast at 2Q20 | 8.1 | 6.3 | 5.8 | 7.2 | ||||||||||
Citi forecast at 3Q20 | 8.2 | 6.8 | 6.3 | 6.6 | ||||||||||
Citi forecast at 4Q20 | 7.3 | 6.5 | 6.2 | 6.1 |
Year-over-year
growth rate(1) | |||||||||||
Full year | |||||||||||
U.S. Real GDP | 2020 | 2021 | 2022 | ||||||||
Citi forecast at 1Q20 | (1.3) | % | 1.5 | % | 1.9 | % | |||||
Citi forecast at 2Q20 | (5.1) | 5.5 | 3.3 | ||||||||
Citi forecast at 3Q20 | (5.1) | 3.3 | 2.8 | ||||||||
Citi forecast at 4Q20 | (4.0) | 3.7 | 2.7 |
In billions of dollars | Provisional amounts included in the 2017 Form 10-K | SAB 118 impact to fourth quarter of 2018 tax provision | |||||||||||||||
Quasi-territorial tax system | $ | 6.2 | $ | 0.2 | |||||||||||||
Valuation allowance | 7.9 | (1.2) | |||||||||||||||
Deemed repatriation | 2.3 | 0.9 | |||||||||||||||
Total of provisional items | $ | 16.4 | $ | (0.1) | |||||||||||||
In millions of dollars, except per share amounts and as otherwise noted | 2018 as reported(1) | 2017 as reported | 2017 one-time impact of Tax Reform | 2017 adjusted results(2) | 2018 increase (decrease) vs. 2017 ex-Tax Reform | |||||||||||||||||||||
$ Change | % Change | |||||||||||||||||||||||||
Net income | $ | 18,045 | $ | (6,798) | $ | (22,594) | $ | 15,796 | $ | 2,249 | 14 | % | ||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||
Income from continuing operations | 6.69 | (2.94) | (8.31) | 5.37 | 1.32 | 25 | ||||||||||||||||||||
Net income | 6.68 | (2.98) | (8.31) | 5.33 | 1.35 | 25 | ||||||||||||||||||||
Effective tax rate | 22.8 | % | 129.1 | % | (9,930) | bps | 29.8 | % | (700) | bps | ||||||||||||||||
Performance and other metrics: | ||||||||||||||||||||||||||
Return on average assets | 0.94 | % | (0.36) | % | (120) | bps | 0.84 | % | 10 | bps | ||||||||||||||||
Return on average common stockholders’ equity | 9.4 | (3.9) | (1,090) | 7.0 | 240 | |||||||||||||||||||||
Return on average total stockholders’ equity | 9.1 | (3.0) | (1,000) | 7.0 | 210 | |||||||||||||||||||||
Return on average tangible common equity | 11.0 | (4.6) | (1,270) | 8.1 | 290 | |||||||||||||||||||||
Dividend payout ratio | 23.1 | (32.2) | (5,020) | 18.0 | 510 | |||||||||||||||||||||
Total payout ratio | 109.1 | (213.9) | (33,140) | 117.5 | 840 |
CONSOLIDATED FINANCIAL STATEMENTS | |||||
Consolidated Statement of Income— For the Years Ended December 31, 2020, 2019 and 2018 | |||||
Consolidated
Statement of Comprehensive Income— For the Years Ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Balance Sheet—December 31, 2020 and 2019 | |||||
Consolidated Statement of Changes in Stockholders’ Equity—For the Years Ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statement of Cash Flows— For the Years Ended December 31, 2020, 2019 and 2018 |
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS | |||||
Note 1—Summary of Significant Accounting Policies | |||||
Note 2—Discontinued Operations and Significant Disposals | |||||
Note 3—Business Segments | |||||
Note 4—Interest Revenue and Expense | |||||
Note 5—Commissions and Fees; Administration and Other Fiduciary Fees | |||||
Note 6—Principal Transactions | |||||
Note 7—Incentive Plans | |||||
Note 8—Retirement Benefits | |||||
Note 9—Income Taxes | |||||
Note 10—Earnings per Share | |||||
Note 11—Securities Borrowed, Loaned and Subject to Repurchase Agreements | |||||
Note 12—Brokerage Receivables and Brokerage Payables | |||||
Note 13—Investments | |||||
Note 14—Loans | |||||
Note 15—Allowance for Credit Losses |
Note 16—Goodwill and Intangible Assets | |||||
Note 17—Debt | |||||
Note 18—Regulatory Capital | |||||
Note 19—Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) | |||||
Note 20—Preferred Stock | |||||
Note 21—Securitizations and Variable Interest Entities | |||||
Note 22—Derivatives | |||||
Note 23—Concentrations of Credit Risk | |||||
Note 24—Fair Value Measurement | |||||
Note 25—Fair Value Elections | |||||
Note 26—Pledged Assets, Collateral, Guarantees and Commitments | |||||
Note 27—Contingencies | |||||
Note 28—Condensed Consolidating Financial Statements | |||||
Note 29—Subsequent Event | |||||
Note 30—Selected Quarterly Financial Data (Unaudited) |
Years ended December 31, | |||||||||||
In millions of dollars, except per share amounts | 2020 | 2019 | 2018 | ||||||||
Revenues | |||||||||||
Interest revenue | $ | i 58,089 | $ | i 76,510 | $ | i 70,828 | |||||
Interest expense | i 14,541 | i 29,163 | i 24,266 | ||||||||
Net interest revenue | $ | i 43,548 | $ | i 47,347 | $ | i 46,562 | |||||
Commissions and fees | $ | i 11,385 | $ | i 11,746 | $ | i 11,857 | |||||
Principal transactions | i 13,885 | i 8,892 | i 8,905 | ||||||||
Administration and other fiduciary fees | i 3,472 | i 3,411 | i 3,580 | ||||||||
Realized gains on sales of investments, net | i 1,756 | i 1,474 | i 421 | ||||||||
Impairment losses on investments: | |||||||||||
Impairment losses on investments and other assets | ( i 165) | ( i 32) | ( i 132) | ||||||||
Provision
for credit losses on AFS debt securities(1) | ( i 3) | i — | i — | ||||||||
Net impairment losses recognized in earnings | $ | ( i 168) | $ | ( i 32) | $ | ( i 132) | |||||
Other revenue | $ | i 420 | $ | i 1,448 | $ | i 1,661 | |||||
Total non-interest revenues | $ | i 30,750 | $ | i 26,939 | $ | i 26,292 | |||||
Total revenues, net of interest expense | $ | i 74,298 | $ | i 74,286 | $ | i 72,854 | |||||
Provisions for credit losses and for benefits and claims | |||||||||||
Provision for credit losses on loans | $ | i 15,922 | $ | i 8,218 | $ | i 7,354 | |||||
Provision for credit losses on held-to-maturity (HTM) debt securities | i 7 | i — | i — | ||||||||
Provision for credit losses on other assets | i 7 | i — | i — | ||||||||
Policyholder benefits and claims | i 113 | i 73 | i 101 | ||||||||
Provision for credit losses on unfunded lending commitments | i 1,446 | i 92 | i 113 | ||||||||
Total provisions for credit losses and for benefits and claims | $ | i 17,495 | $ | i 8,383 | $ | i 7,568 | |||||
Operating expenses | |||||||||||
Compensation and benefits | $ | i 22,214 | $ | i 21,433 | $ | i 21,154 | |||||
Premises and equipment | i 2,333 | i 2,328 | i 2,324 | ||||||||
Technology/communication | i 7,383 | i 7,077 | i 7,193 | ||||||||
Advertising and marketing | i 1,217 | i 1,516 | i 1,545 | ||||||||
Other operating | i 10,024 | i 9,648 | i 9,625 | ||||||||
Total operating expenses | $ | i 43,171 | $ | i 42,002 | $ | i 41,841 | |||||
Income from continuing operations before income taxes | $ | i 13,632 | $ | i 23,901 | $ | i 23,445 | |||||
Provision for income taxes | i 2,525 | i 4,430 | i 5,357 | ||||||||
Income from continuing operations | $ | i 11,107 | $ | i 19,471 | $ | i 18,088 | |||||
Discontinued operations | |||||||||||
Loss from discontinued operations | $ | ( i 20) | $ | ( i 31) | $ | ( i 26) | |||||
Provision (benefit) for income taxes | i — | ( i 27) | ( i 18) | ||||||||
Loss from discontinued operations, net of taxes | $ | ( i 20) | $ | ( i 4) | $ | ( i 8) | |||||
Net income before attribution of noncontrolling interests | $ | i 11,087 | $ | i 19,467 | $ | i 18,080 | |||||
Noncontrolling interests | i 40 | i 66 | i 35 | ||||||||
Citigroup’s net income | $ | i 11,047 | $ | i 19,401 | $ | i 18,045 | |||||
Basic
earnings per share(2) | |||||||||||
Income from continuing operations | $ | i 4.75 | $ | i 8.08 | $ | i 6.69 | |||||
Loss from discontinued operations, net of taxes | ( i 0.01) | i — | i — | ||||||||
Net income | $ | i 4.74 | $ | i 8.08 | $ | i 6.69 | |||||
Weighted
average common shares outstanding (in millions) | i 2,085.8 | i 2,249.2 | i 2,493.3 |
CONSOLIDATED STATEMENT OF INCOME (Continued) | Citigroup Inc. and Subsidiaries | ||||||||||
Years ended December 31, | |||||||||||
In millions of dollars, except per share amounts | 2020 | 2019 | 2018 | ||||||||
Diluted earnings per share(2) | |||||||||||
Income from continuing operations | $ | i 4.73 | $ | i 8.04 | $ | i 6.69 | |||||
Income (loss) from discontinued operations, net of taxes | ( i 0.01) | i — | i — | ||||||||
Net income | $ | i 4.72 | $ | i 8.04 | $ | i 6.68 | |||||
Adjusted
weighted average common shares outstanding (in millions) | i 2,099.0 | i 2,265.3 | i 2,494.8 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Citigroup Inc. and Subsidiaries |
Years ended December 31, | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Citigroup’s net income | $ | i 11,047 | $ | i 19,401 | $ | i 18,045 | |||||
Add: Citigroup’s other comprehensive income (loss) | |||||||||||
Net change in unrealized gains and losses on debt securities, net of taxes(1) | $ | i 3,585 | $ | i 1,985 | $ | ( i 1,089) | |||||
Net
change in debt valuation adjustment (DVA), net of taxes(1) | ( i 475) | ( i 1,136) | i 1,113 | ||||||||
Net change in cash flow hedges, net of taxes | i 1,470 | i 851 | ( i 30) | ||||||||
Benefit
plans liability adjustment, net of taxes(2) | ( i 55) | ( i 552) | ( i 74) | ||||||||
Net change in foreign currency translation adjustment, net of taxes and hedges | ( i 250) | ( i 321) | ( i 2,362) | ||||||||
Net change in excluded component of fair value hedges, net of taxes | ( i 15) | i 25 | ( i 57) | ||||||||
Citigroup’s total other comprehensive income (loss) | $ | i 4,260 | $ | i 852 | $ | ( i 2,499) | |||||
Citigroup’s total comprehensive income | $ | i 15,307 | $ | i 20,253 | $ | i 15,546 | |||||
Add: Other comprehensive income (loss) attributable to noncontrolling interests | $ | i 26 | $ | i — | $ | ( i 43) | |||||
Add: Net income attributable to noncontrolling interests | i 40 | i 66 | i 35 | ||||||||
Total comprehensive income | $ | i 15,373 | $ | i 20,319 | $ | i 15,538 |
CONSOLIDATED BALANCE SHEET | Citigroup Inc. and Subsidiaries |
December 31, | ||||||||
In millions of dollars | 2020 | 2019 | ||||||
Assets | ||||||||
Cash and due from banks (including segregated cash and other deposits) | $ | i 26,349 | $ | i 23,967 | ||||
Deposits with banks, net of allowance | i 283,266 | i 169,952 | ||||||
Securities
borrowed and purchased under agreements to resell (including $ i 185,204 and $ i 153,193
as of December 31, 2020 and 2019, respectively, at fair value), net of allowance | i 294,712 | i 251,322 | ||||||
Brokerage receivables, net of allowance | i 44,806 | i 39,857 | ||||||
Trading
account assets (including $ i 168,967 and $ i 120,236 pledged to creditors at December 31, 2020 and 2019,
respectively) | i 375,079 | i 276,140 | ||||||
Investments: | ||||||||
Available-for-sale
debt securities (including $ i 5,921 and $ i 8,721 pledged to creditors as of December 31,
2020 and 2019, respectively), net of allowance | i 335,084 | i 280,265 | ||||||
Held-to-maturity
debt securities (including $ i 547 and $ i 1,923 pledged to creditors as of December 31, 2020 and 2019,
respectively), net of allowance | i 104,943 | i 80,775 | ||||||
Equity
securities (including $ i 1,066 and $ i 1,162 as of December 31, 2020 and 2019, respectively, at fair
value) | i 7,332 | i 7,523 | ||||||
Total
investments | $ | i 447,359 | $ | i 368,563 | ||||
Loans: | ||||||||
Consumer
(including $ i 14 and $ i 18 as of December 31, 2020 and 2019, respectively, at fair value) | i 288,839 | i 309,548 | ||||||
Corporate
(including $ i 6,840 and $ i 4,067 as of December 31, 2020 and 2019, respectively, at fair value) | i 387,044 | i 389,935 | ||||||
Loans, net of unearned income | $ | i 675,883 | $ | i 699,483 | ||||
Allowance for credit losses on loans (ACLL) | ( i 24,956) | ( i 12,783) | ||||||
Total loans, net | $ | i 650,927 | $ | i 686,700 | ||||
Goodwill | i 22,162 | i 22,126 | ||||||
Intangible
assets (including MSRs of $ i 336 and $ i 495 as of December 31, 2020 and 2019, respectively,
at fair value) | i 4,747 | i 4,822 | ||||||
Other
assets (including $ i 14,613 and $ i 12,830 as of December 31, 2020 and 2019, respectively, at fair
value), net of allowance | i 110,683 | i 107,709 | ||||||
Total assets | $ | i 2,260,090 | $ | i 1,951,158 |
December 31, | ||||||||
In millions of dollars | 2020 | 2019 | ||||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||||
Cash and due from banks | $ | i 281 | $ | i 108 | ||||
Trading account assets | i 8,104 | i 6,719 | ||||||
Investments | i 837 | i 1,295 | ||||||
Loans, net of unearned income | ||||||||
Consumer | i 37,561 | i 46,977 | ||||||
Corporate | i 17,027 | i 16,175 | ||||||
Loans, net of unearned income | $ | i 54,588 | $ | i 63,152 | ||||
Allowance for credit losses on loans (ACLL) | ( i 3,794) | ( i 1,841) | ||||||
Total loans, net | $ | i 50,794 | $ | i 61,311 | ||||
Other assets | i 43 | i 73 | ||||||
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | $ | i 60,059 | $ | i 69,506 |
December 31, | ||||||||
In millions of dollars, except shares and per share amounts | 2020 | 2019 | ||||||
Liabilities | ||||||||
Non-interest-bearing deposits in U.S. offices | $ | i 126,942 | $ | i 98,811 | ||||
Interest-bearing
deposits in U.S. offices (including $ i 879 and $ i 1,624 as of December 31, 2020 and 2019,
respectively, at fair value) | i 503,213 | i 401,418 | ||||||
Non-interest-bearing deposits in offices outside the U.S. | i 100,543 | i 85,692 | ||||||
Interest-bearing
deposits in offices outside the U.S. (including $ i 1,079 and $ i 695 as of December 31, 2020 and 2019,
respectively, at fair value) | i 549,973 | i 484,669 | ||||||
Total deposits | $ | i 1,280,671 | $ | i 1,070,590 | ||||
Securities
loaned and sold under agreements to repurchase (including $ i 60,206 and $ i 40,651
as of December 31, 2020 and 2019, respectively, at fair value) | i 199,525 | i 166,339 | ||||||
Brokerage payables | i 50,484 | i 48,601 | ||||||
Trading account liabilities | i 168,027 | i 119,894 | ||||||
Short-term
borrowings (including $ i 4,683 and $ i 4,946 as of December 31, 2020 and 2019, respectively, at
fair value) | i 29,514 | i 45,049 | ||||||
Long-term
debt (including $ i 67,063 and $ i 55,783 as of December 31, 2020 and 2019, respectively, at
fair value) | i 271,686 | i 248,760 | ||||||
Other
liabilities (including $ i 6,835 and $ i 6,343 as of December 31, 2020 and 2019, respectively, at
fair value), including allowance | i 59,983 | i 57,979 | ||||||
Total liabilities | $ | i 2,059,890 | $ | i 1,757,212 | ||||
Stockholders’ equity | ||||||||
Preferred stock ($ i i 1.00 /
par value; authorized shares: i i 30 /
million), issued shares: i 779,200 as of December 31, 2020 and i 719,200
as of December 31, 2019, at aggregate liquidation value | $ | i 19,480 | $ | i 17,980 | ||||
Common
stock ($ i i 0.01 / par value; authorized shares:
i i 6 / billion), issued shares: i 3,099,763,661
as of December 31, 2020 and i 3,099,602,856 as of December 31, 2019 | i 31 | i 31 | ||||||
Additional paid-in capital | i 107,846 | i 107,840 | ||||||
Retained earnings | i 168,272 | i 165,369 | ||||||
Treasury
stock, at cost: i 1,017,674,452 shares as of December 31, 2020 and i 985,479,501
shares as of | ( i 64,129) | ( i 61,660) | ||||||
Accumulated other comprehensive income (loss) (AOCI) | ( i 32,058) | ( i 36,318) | ||||||
Total Citigroup stockholders’ equity | $ | i 199,442 | $ | i 193,242 | ||||
Noncontrolling interests | i 758 | i 704 | ||||||
Total equity | $ | i 200,200 | $ | i 193,946 | ||||
Total liabilities and equity | $ | i 2,260,090 | $ | i 1,951,158 |
December 31, | ||||||||
In millions of dollars | 2020 | 2019 | ||||||
Liabilities
of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||||
Short-term borrowings | $ | i 9,278 | $ | i 10,031 | ||||
Long-term
debt | i 20,405 | i 25,582 | ||||||
Other liabilities | i 463 | i 917 | ||||||
Total liabilities of consolidated
VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | $ | i 30,146 | $ | i 36,530 |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY | Citigroup Inc. and Subsidiaries |
Years ended December 31, | ||||||||||||||||||||
Amounts | Shares | |||||||||||||||||||
In millions of dollars, except shares in thousands | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||
Preferred stock at aggregate liquidation value | ||||||||||||||||||||
Balance, beginning of year | $ | i 17,980 | $ | i 18,460 | $ | i 19,253 | i 719 | i 738 | i 770 | |||||||||||
Issuance of new preferred stock | i 3,000 | i 1,500 | — | i 120 | i 60 | — | ||||||||||||||
Redemption of preferred stock | ( i 1,500) | ( i 1,980) | ( i 793) | ( i 60) | ( i 79) | ( i 32) | ||||||||||||||
Balance, end of year | $ | i 19,480 | $ | i 17,980 | $ | i 18,460 | i 779 | i 719 | i 738 | |||||||||||
Common stock and additional paid-in capital | ||||||||||||||||||||
Balance, beginning of year | $ | i 107,871 | $ | i 107,953 | $ | i 108,039 | i 3,099,603 | i 3,099,567 | i 3,099,523 | |||||||||||
Employee benefit plans | i 5 | ( i 112) | ( i 94) | i 161 | i 36 | i 44 | ||||||||||||||
Preferred stock issuance costs | ( i 4) | ( i 4) | — | — | — | — | ||||||||||||||
Other | i 5 | i 34 | i 8 | — | — | — | ||||||||||||||
Balance, end of year | $ | i 107,877 | $ | i 107,871 | $ | i 107,953 | i 3,099,764 | i 3,099,603 | i 3,099,567 | |||||||||||
Retained earnings | ||||||||||||||||||||
Balance, beginning of year | $ | i 165,369 | $ | i 151,347 | $ | i 138,425 | ||||||||||||||
Adjustments
to opening balance, net of taxes(1) | ||||||||||||||||||||
Financial instruments—credit losses (CECL adoption) | ( i 3,076) | — | — | |||||||||||||||||
Variable post-charge-off third-party collection costs | i 330 | — | — | |||||||||||||||||
Lease accounting, intra-entity transfers of assets | — | i 151 | ( i 84) | |||||||||||||||||
Adjusted balance, beginning of year | $ | i 162,623 | $ | i 151,498 | $ | i 138,341 | ||||||||||||||
Citigroup’s net income | i 11,047 | i 19,401 | i 18,045 | |||||||||||||||||
Common
dividends(2) | ( i 4,299) | ( i 4,403) | ( i 3,865) | |||||||||||||||||
Preferred dividends | ( i 1,095) | ( i 1,109) | ( i 1,174) | |||||||||||||||||
Other | ( i 4) | ( i 18) | — | |||||||||||||||||
Balance, end of year | $ | i 168,272 | $ | i 165,369 | $ | i 151,347 | ||||||||||||||
Treasury stock, at cost | ||||||||||||||||||||
Balance, beginning of year | $ | ( i 61,660) | $ | ( i 44,370) | $ | ( i 30,309) | ( i 985,480) | ( i 731,100) | ( i 529,615) | |||||||||||
Employee
benefit plans(3) | i 456 | i 585 | i 484 | i 8,546 | i 9,872 | i 10,557 | ||||||||||||||
Treasury
stock acquired(4) | ( i 2,925) | ( i 17,875) | ( i 14,545) | ( i 40,740) | ( i 264,252) | ( i 212,042) | ||||||||||||||
Balance, end of year | $ | ( i 64,129) | $ | ( i 61,660) | $ | ( i 44,370) | ( i 1,017,674) | ( i 985,480) | ( i 731,100) | |||||||||||
Citigroup’s accumulated other comprehensive income (loss) | ||||||||||||||||||||
Balance, beginning of year | $ | ( i 36,318) | $ | ( i 37,170) | $ | ( i 34,668) | ||||||||||||||
Adjustment
to opening balance, net of taxes(1) | — | — | ( i 3) | |||||||||||||||||
Adjusted balance, beginning of year | $ | ( i 36,318) | $ | ( i 37,170) | $ | ( i 34,671) | ||||||||||||||
Citigroup’s
total other comprehensive income (loss)(3) | i 4,260 | i 852 | ( i 2,499) | |||||||||||||||||
Balance, end of year | $ | ( i 32,058) | $ | ( i 36,318) | $ | ( i 37,170) | ||||||||||||||
Total Citigroup common stockholders’ equity | $ | i 179,962 | $ | i 175,262 | $ | i 177,760 | i 2,082,090 | i 2,114,123 | i 2,368,467 | |||||||||||
Total Citigroup stockholders’ equity | $ | i 199,442 | $ | i 193,242 | $ | i 196,220 | ||||||||||||||
Noncontrolling interests | ||||||||||||||||||||
Balance, beginning of year | $ | i 704 | $ | i 854 | $ | i 932 | ||||||||||||||
Transactions
between noncontrolling-interest shareholders and the related consolidated subsidiary | — | — | — | |||||||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | ( i 4) | ( i 169) | ( i 50) | |||||||||||||||||
Net
income attributable to noncontrolling-interest shareholders | i 40 | i 66 | i 35 | |||||||||||||||||
Distributions paid to noncontrolling-interest shareholders | ( i 2) | ( i 40) | ( i 38) | |||||||||||||||||
Other
comprehensive income (loss) attributable to noncontrolling-interest shareholders | i 26 | — | ( i 43) | |||||||||||||||||
Other | ( i 6) | ( i 7) | i 18 | |||||||||||||||||
Net change in noncontrolling interests | $ | i 54 | $ | ( i 150) | $ | ( i 78) | ||||||||||||||
Balance, end of year | $ | i 758 | $ | i 704 | $ | i 854 | ||||||||||||||
Total equity | $ | i 200,200 | $ | i 193,946 | $ | i 197,074 |
CONSOLIDATED STATEMENT OF CASH FLOWS | Citigroup Inc. and Subsidiaries |
Years ended December 31, | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Cash flows from operating activities of continuing operations | |||||||||||
Net income before attribution of noncontrolling interests | $ | i 11,087 | $ | i 19,467 | $ | i 18,080 | |||||
Net income attributable to noncontrolling interests | i 40 | i 66 | i 35 | ||||||||
Citigroup’s net income | $ | i 11,047 | $ | i 19,401 | $ | i 18,045 | |||||
Loss from discontinued operations, net of taxes | ( i 20) | ( i 4) | ( i 8) | ||||||||
Income from continuing operations—excluding noncontrolling interests | $ | i 11,067 | $ | i 19,405 | $ | i 18,053 | |||||
Adjustments
to reconcile net income to net cash provided by (used in) operating activities of continuing operations | |||||||||||
Net gains on significant disposals(1) | i — | i — | ( i 247) | ||||||||
Depreciation and amortization | i 3,937 | i 3,905 | i 3,754 | ||||||||
Deferred income taxes | ( i i 2,333 / ) | ( i 610) | ( i 51) | ||||||||
Provision for credit losses on loans and unfunded lending commitments | i 17,368 | i 8,310 | i 7,467 | ||||||||
Realized gains from sales of investments | ( i 1,756) | ( i 1,474) | ( i 421) | ||||||||
Impairment losses on investments and other assets | i 165 | i 32 | i 132 | ||||||||
Change in trading account assets | ( i 98,997) | ( i 20,124) | ( i 3,469) | ||||||||
Change in trading account liabilities | i 48,133 | ( i 24,411) | i 19,135 | ||||||||
Change in brokerage receivables net of brokerage payables | ( i 3,066) | ( i 20,377) | i 6,163 | ||||||||
Change in loans HFS | i 1,202 | ( i 909) | i 770 | ||||||||
Change in other assets | ( i 1,012) | i 4,724 | ( i 5,791) | ||||||||
Change in other liabilities | i 558 | i 1,737 | ( i 984) | ||||||||
Other, net | i 4,113 | i 16,955 | ( i 7,559) | ||||||||
Total adjustments | $ | ( i 31,688) | $ | ( i 32,242) | $ | i 18,899 | |||||
Net cash provided by (used in) operating activities of continuing operations | $ | ( i 20,621) | $ | ( i 12,837) | $ | i 36,952 | |||||
Cash flows from investing activities of continuing operations | |||||||||||
Change in securities borrowed and purchased under agreements to resell | $ | ( i 43,390) | $ | i 19,362 | $ | ( i 38,206) | |||||
Change in loans | i 14,249 | ( i 22,466) | ( i 29,002) | ||||||||
Proceeds from sales and securitizations of loans | i 1,495 | i 2,878 | i 4,549 | ||||||||
Purchases of investments | ( i 334,900) | ( i 274,491) | ( i 152,487) | ||||||||
Proceeds from sales of investments | i 146,285 | i 137,173 | i 61,491 | ||||||||
Proceeds from maturities of investments | i 124,229 | i 119,051 | i 83,604 | ||||||||
Proceeds
from significant disposals(1) | i — | i — | i 314 | ||||||||
Capital expenditures on premises and equipment and capitalized software | ( i 3,446) | ( i 5,336) | ( i 3,774) | ||||||||
Proceeds
from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | i 50 | i 259 | i 212 | ||||||||
Other,
net | i 116 | i 196 | i 181 | ||||||||
Net cash used in investing activities of continuing operations | $ | ( i 95,312) | $ | ( i 23,374) | $ | ( i 73,118) | |||||
Cash flows from financing activities of continuing operations | |||||||||||
Dividends paid | $ | ( i 5,352) | $ | ( i 5,447) | $ | ( i 5,020) | |||||
Issuance of preferred stock | i 2,995 | i 1,496 | i — | ||||||||
Redemption of preferred stock | ( i 1,500) | ( i 1,980) | ( i 793) | ||||||||
Treasury
stock acquired | ( i 2,925) | ( i 17,571) | ( i 14,433) | ||||||||
Stock tendered for payment of withholding taxes | ( i 411) | ( i 364) | ( i 482) | ||||||||
Change
in securities loaned and sold under agreements to repurchase | i 33,186 | ( i 11,429) | i 21,491 | ||||||||
Issuance of long-term debt | i 76,458 | i 59,134 | i 60,655 | ||||||||
Payments and redemptions of long-term debt | ( i 63,402) | ( i 51,029) | ( i 58,132) | ||||||||
Change in deposits | i 210,081 | i 57,420 | i 53,348 | ||||||||
Change in short-term borrowings | ( i 15,535) | i 12,703 | ( i 12,106) |
CONSOLIDATED
STATEMENT OF CASH FLOWS (Continued) | Citigroup Inc. and Subsidiaries | ||||||||||
Years ended December 31, | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Net cash provided by financing activities of continuing operations | $ | i 233,595 | $ | i 42,933 | $ | i 44,528 | |||||
Effect of exchange rate changes on cash and due from banks | $ | ( i 1,966) | $ | ( i 908) | $ | ( i 773) | |||||
Change in cash, due from banks and deposits with banks | $ | i 115,696 | $ | i 5,814 | $ | i 7,589 | |||||
Cash, due from banks and deposits with banks at beginning of year | i 193,919 | i 188,105 | i 180,516 | ||||||||
Cash, due from banks and deposits with banks at end of year | $ | i 309,615 | $ | i 193,919 | $ | i 188,105 | |||||
Cash and due from banks (including segregated cash and other deposits) | $ | i 26,349 | $ | i 23,967 | $ | i 23,645 | |||||
Deposits with banks, net of allowance | i 283,266 | i 169,952 | i 164,460 | ||||||||
Cash, due from banks and deposits with banks at end of year | $ | i 309,615 | $ | i 193,919 | $ | i 188,105 | |||||
Supplemental disclosure of cash flow information for continuing operations | |||||||||||
Cash paid during the year for income taxes | $ | i 4,797 | $ | i 4,888 | $ | i 4,313 | |||||
Cash paid during the year for interest | i 13,298 | i 28,682 | i 22,963 | ||||||||
Non-cash
investing activities(2) | |||||||||||
Transfers to loans HFS
(Other assets) from loans | $ | i 2,614 | $ | i 5,500 | $ | i 4,200 | |||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Total revenues, net of interest expense | $ | i — | $ | i — | $ | i — | |||||
Loss
from discontinued operations | $ | ( i 20) | $ | ( i 31) | $ | ( i 26) | |||||
Benefit for income taxes | i — | ( i 27) | ( i 18) | ||||||||
Loss from discontinued operations, net of taxes | $ | ( i 20) | $ | ( i 4) | $ | ( i 8) |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Income before taxes | $ | i — | $ | i — | $ | i 123 |
Revenues, net of interest expense(1) | Provision (benefits) for income taxes | Income (loss) from continuing operations(2) | Identifiable assets | ||||||||||||||||||||||||||||||||
In millions of dollars, except identifiable assets in billions | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | ||||||||||||||||||||||||
Global Consumer Banking | $ | i 29,991 | $ | i 32,971 | $ | i 32,339 | $ | i 212 | $ | i 1,746 | $ | i 1,689 | $ | i 874 | $ | i 5,702 | $ | i 5,309 | $ | i 434 | $ | i 407 | |||||||||||||
Institutional Clients Group | i 44,253 | i 39,301 | i 38,325 | i 3,373 | i 3,570 | i 3,756 | i 11,798 | i 12,944 | i 12,574 | i 1,730 | i 1,447 | ||||||||||||||||||||||||
Corporate/Other | i 54 | i 2,014 | i 2,190 | ( i 1,060) | ( i 886) | ( i 88) | ( i 1,565) | i 825 | i 205 | i 96 | i 97 | ||||||||||||||||||||||||
Total | $ | i 74,298 | $ | i 74,286 | $ | i 72,854 | $ | i 2,525 | $ | i 4,430 | $ | i 5,357 | $ | i 11,107 | $ | i 19,471 | $ | i 18,088 | $ | i 2,260 | $ | i 1,951 |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||
Interest revenue | |||||||||||||||||
Loan interest, including fees | $ | i 40,185 | $ | i 47,751 | $ | i 45,682 | |||||||||||
Deposits with banks | i 928 | i 2,682 | i 2,203 | ||||||||||||||
Securities borrowed and purchased under agreements to resell | i 2,283 | i 6,872 | i 5,492 | ||||||||||||||
Investments, including dividends | i 7,989 | i 9,860 | i 9,494 | ||||||||||||||
Trading
account assets(1) | i 6,125 | i 7,672 | i 6,284 | ||||||||||||||
Other interest-bearing assets | i 579 | i 1,673 | i 1,673 | ||||||||||||||
Total interest revenue | $ | i 58,089 | $ | i 76,510 | $ | i 70,828 | |||||||||||
Interest expense | |||||||||||||||||
Deposits(2) | $ | i 6,537 | $ | i 12,633 | $ | i 9,616 | |||||||||||
Securities loaned and sold under agreements to repurchase | i 2,077 | i 6,263 | i 4,889 | ||||||||||||||
Trading
account liabilities(1) | i 628 | i 1,308 | i 1,001 | ||||||||||||||
Short-term borrowings and other interest-bearing liabilities | i 630 | i 2,465 | i 2,209 | ||||||||||||||
Long-term debt | i 4,669 | i 6,494 | i 6,551 | ||||||||||||||
Total interest expense | $ | i 14,541 | $ | i 29,163 | $ | i 24,266 | |||||||||||
Net interest revenue | $ | i 43,548 | $ | i 47,347 | $ | i 46,562 | |||||||||||
Provision for credit losses on loans | i 15,922 | i 8,218 | i 7,354 | ||||||||||||||
Net interest revenue after provision for credit losses on loans | $ | i 27,626 | $ | i 39,129 | $ | i 39,208 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
In millions of dollars | ICG | GCB | Corp/Other | Total | ICG | GCB | Corp/Other | Total | ICG | GCB | Corp/Other | Total | ||||||||||||||||||||||||||
Investment banking | $ | i 4,483 | $ | i — | $ | i — | $ | i 4,483 | $ | i 3,767 | $ | i — | $ | i — | $ | i 3,767 | $ | i 3,568 | $ | i — | $ | i — | $ | i 3,568 | ||||||||||||||
Brokerage commissions | i 1,986 | i 974 | i — | i 2,960 | i 1,771 | i 841 | i — | i 2,612 | i 1,977 | i 815 | i — | i 2,792 | ||||||||||||||||||||||||||
Credit card and bank card income | ||||||||||||||||||||||||||||||||||||||
Interchange fees | i 703 | i 7,301 | i — | i 8,004 | i 1,222 | i 8,621 | i — | i 9,843 | i 1,077 | i 8,112 | i 11 | i 9,200 | ||||||||||||||||||||||||||
Card-related loan fees | i 23 | i 626 | i — | i 649 | i 60 | i 718 | i — | i 778 | i 63 | i 627 | i 12 | i 702 | ||||||||||||||||||||||||||
Card rewards and partner payments | ( i 380) | ( i 8,293) | i — | ( i 8,673) | ( i 691) | ( i 8,883) | i — | ( i 9,574) | ( i 504) | ( i 8,253) | ( i 12) | ( i 8,769) | ||||||||||||||||||||||||||
Deposit-related
fees(1) | i 958 | i 376 | i — | i 1,334 | i 1,048 | i 470 | i — | i 1,518 | i 1,031 | i 572 | i 1 | i 1,604 | ||||||||||||||||||||||||||
Transactional service fees | i 886 | i 88 | i — | i 974 | i 824 | i 123 | i — | i 947 | i 733 | i 83 | i 4 | i 820 | ||||||||||||||||||||||||||
Corporate
finance(2) | i 457 | i — | i — | i 457 | i 616 | i — | i — | i 616 | i 734 | i — | i — | i 734 | ||||||||||||||||||||||||||
Insurance distribution revenue | i 11 | i 492 | i — | i 503 | i 12 | i 524 | i — | i 536 | i 14 | i 565 | i 11 | i 590 | ||||||||||||||||||||||||||
Insurance premiums | i — | i 125 | i — | i 125 | i — | i 186 | i — | i 186 | i — | i 119 | i — | i 119 | ||||||||||||||||||||||||||
Loan servicing | i 82 | i 30 | i 25 | i 137 | i 78 | i 55 | i 21 | i 154 | i 100 | i 91 | i 37 | i 228 | ||||||||||||||||||||||||||
Other | i 118 | i 310 | i 4 | i 432 | i 99 | i 261 | i 3 | i 363 | i 116 | i 139 | i 14 | i 269 | ||||||||||||||||||||||||||
Total
commissions and fees(3) | $ | i 9,327 | $ | i 2,029 | $ | i 29 | $ | i 11,385 | $ | i 8,806 | $ | i 2,916 | $ | i 24 | $ | i 11,746 | $ | i 8,909 | $ | i 2,870 | $ | i 78 | $ | i 11,857 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
In millions of dollars | ICG | GCB | Corp/Other | Total | ICG | GCB | Corp/Other | Total | ICG | GCB | Corp/Other | Total | ||||||||||||||||||||||||||
Custody fees | $ | i 1,590 | $ | i 29 | $ | i 38 | $ | i 1,657 | $ | i 1,453 | $ | i 16 | $ | i 73 | $ | i 1,542 | $ | i 1,497 | $ | i 133 | $ | i 65 | $ | i 1,695 | ||||||||||||||
Fiduciary fees | i 668 | i 602 | i 4 | i 1,274 | i 647 | i 621 | i 28 | i 1,296 | i 645 | i 597 | i 43 | i 1,285 | ||||||||||||||||||||||||||
Guarantee fees | i 529 | i 7 | i 5 | i 541 | i 558 | i 8 | i 7 | i 573 | i 584 | i 9 | i 7 | i 600 | ||||||||||||||||||||||||||
Total
administration and other fiduciary fees(1) | $ | i 2,787 | $ | i 638 | $ | i 47 | $ | i 3,472 | $ | i 2,658 | $ | i 645 | $ | i 108 | $ | i 3,411 | $ | i 2,726 | $ | i 739 | $ | i 115 | $ | i 3,580 |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||
Interest rate risks(1) | $ | i 5,561 | $ | i 3,831 | $ | i 2,889 | |||||||||||
Foreign
exchange risks(2) | i 4,158 | i 3,850 | i 3,772 | ||||||||||||||
Equity
risks(3) | i 1,343 | i 808 | i 1,221 | ||||||||||||||
Commodity
and other risks(4) | i 1,133 | i 546 | i 668 | ||||||||||||||
Credit
products and risks(5) | i 1,690 | ( i 143) | i 355 | ||||||||||||||
Total | $ | i 13,885 | $ | i 8,892 | $ | i 8,905 |
Unvested stock awards | Shares | Weighted- average grant date fair value per share | ||||||
Unvested at December 31, 2019 | i 30,194,715 | $ | i 61.30 | |||||
Granted(1) | i 12,361,412 | i 76.68 | ||||||
Canceled | ( i 606,918) | i 69.22 | ||||||
Vested(2) | ( i 13,722,917) | i 58.45 | ||||||
Unvested at December 31, 2020 | i 28,226,292 | $ | i 69.25 |
Valuation assumptions | 2020 | 2019 | 2018 | ||||||||
Expected volatility | i 22.26 | % | i 25.33 | % | i 24.93 | % | |||||
Expected dividend yield | i 2.82 | i 2.67 | i 1.75 |
Performance share units | Units | Weighted- average grant date fair value per unit | ||||||
Outstanding, beginning of year | i 1,492,000 | $ | i 71.69 | |||||
Granted(1) | i 440,349 | i 78.06 | ||||||
Canceled | i — | i — | ||||||
Payments | ( i 598,546) | i 59.22 | ||||||
Outstanding, end of year | i 1,333,803 | $ | i 79.39 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Options | Weighted- average exercise price | Intrinsic value per share | Options | Weighted- average exercise price | Intrinsic value per share | Options | Weighted- average exercise price | Intrinsic value per share | |||||||||||||||||||||
Outstanding, beginning of year | i 166,650 | $ | i 47.42 | $ | i 32.47 | i 762,225 | $ | i 101.84 | $ | i — | i 1,138,813 | $ | i 161.96 | $ | i — | ||||||||||||||
Canceled | i — | i — | — | ( i 11,365) | i 40.80 | — | i — | i — | — | ||||||||||||||||||||
Expired | i — | i — | — | ( i 449,916) | i 142.30 | — | ( i 376,588) | i 283.63 | — | ||||||||||||||||||||
Exercised | i — | i — | i — | ( i 134,294) | i 39.00 | i 23.50 | i — | i — | i — | ||||||||||||||||||||
Outstanding, end of year | i 166,650 | $ | i 47.42 | $ | i 14.24 | i 166,650 | $ | i 47.42 | $ | i 32.47 | i 762,225 | $ | i 101.84 | $ | i — | ||||||||||||||
Exercisable, end of year | i 166,650 | i 166,650 | i 762,225 |
Options outstanding | Options exercisable | ||||||||||||||||
Range of exercise prices | Number outstanding | Weighted-average contractual life remaining | Weighted-average exercise price | Number exercisable | Weighted-average exercise price | ||||||||||||
$ i 41.54–$ i 60.00 | i 166,650 | i 0.4 years | $ | i 47.42 | i 166,650 | $ | i 47.42 | ||||||||||
Total at December 31, 2020 | i 166,650 | i 0.4 years | $ | i 47.42 | i 166,650 | $ | i 47.42 |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Charges for estimated awards to retirement-eligible colleagues | $ | i 748 | $ | i 683 | $ | i 669 | |||||
Amortization of deferred cash awards, deferred cash stock units and performance stock units | i 201 | i 355 | i 202 | ||||||||
Immediately
vested stock award expense(1) | i 95 | i 82 | i 75 | ||||||||
Amortization
of restricted and deferred stock awards(2) | i 420 | i 404 | i 435 | ||||||||
Other variable incentive compensation | i 627 | i 666 | i 640 | ||||||||
Total | $ | i 2,091 | $ | i 2,190 | $ | i 2,021 |
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||||||||||||
In millions of dollars | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Benefits earned during the year | $ | i — | $ | i 1 | $ | i 1 | $ | i 147 | $ | i 146 | $ | i 146 | $ | i — | $ | i — | $ | i — | $ | i 7 | $ | i 8 | $ | i 9 | ||||||||||||||
Interest cost on benefit obligation | i 378 | i 469 | i 514 | i 246 | i 287 | i 292 | i 17 | i 24 | i 26 | i 93 | i 104 | i 102 | ||||||||||||||||||||||||||
Expected return on assets | ( i 824) | ( i 821) | ( i 844) | ( i 245) | ( i 281) | ( i 291) | ( i 17) | ( i 18) | ( i 14) | ( i 77) | ( i 84) | ( i 88) | ||||||||||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||||||||||||||||
Prior service cost (benefit) | i 2 | i 2 | i 2 | i 5 | ( i 4) | ( i 4) | ( i 2) | i — | i — | ( i 9) | ( i 10) | ( i 10) | ||||||||||||||||||||||||||
Net actuarial loss | i 233 | i 200 | i 165 | i 70 | i 61 | i 53 | i — | i — | ( i 1) | i 20 | i 23 | i 29 | ||||||||||||||||||||||||||
Curtailment
loss (gain)(1) | i — | i 1 | i 1 | ( i 8) | ( i 6) | ( i 1) | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||
Settlement
(gain) loss(1) | i — | i — | i — | ( i 1) | i 6 | i 7 | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||
Total net (benefit) expense | $ | ( i 211) | $ | ( i 148) | $ | ( i 161) | $ | i 214 | $ | i 209 | $ | i 202 | $ | ( i 2) | $ | i 6 | $ | i 11 | $ | i 34 | $ | i 41 | $ | i 42 |
Pension
plans(1) | Postretirement benefit plans(1) | |||||||||||||||||||||||||||||||||||||
U.S. plans(2) | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||||||||||||||
In millions of dollars | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
Contributions made by the Company | $ | i — | $ | i — | $ | i 425 | $ | i 97 | $ | i 115 | $ | i 111 | $ | i — | $ | i — | $ | i — | $ | i 3 | $ | i 4 | $ | i 221 | ||||||||||||||
Benefits paid directly by (reimbursements to) the Company | i 57 | i 56 | i 56 | i 58 | i 43 | i 39 | i 6 | ( i 15) | i 4 | i 5 | i 5 | i 4 |
Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||
U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||
In millions of dollars | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | i 13,453 | $ | i 12,655 | $ | i 8,105 | $ | i 7,149 | $ | i 692 | $ | i 662 | $ | i 1,384 | $ | i 1,159 | ||||||||||
Benefits earned during the year | i — | i 1 | i 147 | i 146 | i — | i — | i 7 | i 8 | ||||||||||||||||||
Interest cost on benefit obligation | i 378 | i 469 | i 246 | i 287 | i 17 | i 24 | i 93 | i 104 | ||||||||||||||||||
Plan
amendments(1) | i — | i — | ( i 4) | i 7 | ( i 104) | i — | i — | i — | ||||||||||||||||||
Actuarial
loss (gain)(2) | i 950 | i 1,263 | i 518 | i 861 | ( i 18) | i 46 | i 30 | i 140 | ||||||||||||||||||
Benefits
paid, net of participants’ contributions and government subsidy(3) | ( i 966) | ( i 936) | ( i 298) | ( i 304) | ( i 28) | ( i 40) | ( i 64) | ( i 72) | ||||||||||||||||||
Settlement
gain(4) | i — | i — | ( i 110) | ( i 84) | i — | i — | i — | i — | ||||||||||||||||||
Curtailment
loss (gain)(4) | i — | i 1 | ( i 14) | ( i 4) | i — | i — | i — | i — | ||||||||||||||||||
Foreign exchange impact and other | i — | i — | i 39 | i 47 | i — | i — | ( i 60) | i 45 | ||||||||||||||||||
Projected benefit obligation at year end | $ | i 13,815 | $ | i 13,453 | $ | i 8,629 | $ | i 8,105 | $ | i 559 | $ | i 692 | $ | i 1,390 | $ | i 1,384 | ||||||||||
Change in plan assets | ||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | $ | i 12,717 | $ | i 11,490 | $ | i 7,556 | $ | i 6,699 | $ | i 345 | $ | i 345 | $ | i 1,127 | $ | i 1,036 | ||||||||||
Actual
return on assets(2) | i 1,502 | i 1,682 | i 584 | i 781 | i 29 | i 36 | i 129 | i 138 | ||||||||||||||||||
Company contributions (reimbursements) | i 56 | i 481 | i 158 | i 150 | ( i 15) | i 4 | i 9 | i 225 | ||||||||||||||||||
Benefits
paid, net of participants’ contributions and government subsidy(3) | ( i 966) | ( i 936) | ( i 298) | ( i 304) | ( i 28) | ( i 40) | ( i 64) | ( i 72) | ||||||||||||||||||
Settlement
gain(4) | i — | i — | ( i 110) | ( i 84) | i — | i — | i — | i — | ||||||||||||||||||
Foreign exchange impact and other | i — | i — | ( i 59) | i 314 | i — | i — | ( i 55) | ( i 200) | ||||||||||||||||||
Plan
assets at fair value at year end | $ | i 13,309 | $ | i 12,717 | $ | i 7,831 | $ | i 7,556 | $ | i 331 | $ | i 345 | $ | i 1,146 | $ | i 1,127 | ||||||||||
Funded status of the plans | ||||||||||||||||||||||||||
Qualified plans(5) | $ | i 230 | $ | ( i 23) | $ | ( i 798) | $ | ( i 549) | $ | ( i 228) | $ | ( i 347) | $ | ( i 244) | $ | ( i 257) | ||||||||||
Nonqualified
plans(6) | ( i 736) | ( i 713) | i — | i — | i — | i — | i — | i — | ||||||||||||||||||
Funded
status of the plans at year end | $ | ( i 506) | $ | ( i 736) | $ | ( i 798) | $ | ( i 549) | $ | ( i 228) | $ | ( i 347) | $ | ( i 244) | $ | ( i 257) | ||||||||||
Net amount recognized | ||||||||||||||||||||||||||
Qualified plans | ||||||||||||||||||||||||||
Benefit asset | $ | i 230 | $ | i — | $ | i 741 | $ | i 808 | $ | i — | $ | i — | $ | i 25 | $ | i 57 | ||||||||||
Benefit liability | i — | ( i 23) | ( i 1,539) | ( i 1,357) | ( i 228) | ( i 347) | ( i 269) | ( i 314) | ||||||||||||||||||
Qualified plans | $ | i 230 | $ | ( i 23) | $ | ( i 798) | $ | ( i 549) | $ | ( i 228) | $ | ( i 347) | $ | ( i 244) | $ | ( i 257) | ||||||||||
Nonqualified plans | ( i 736) | ( i 713) | i — | i — | i — | i — | i — | i — | ||||||||||||||||||
Net
amount recognized on the balance sheet | $ | ( i 506) | $ | ( i 736) | $ | ( i 798) | $ | ( i 549) | $ | ( i 228) | $ | ( i 347) | $ | ( i 244) | $ | ( i 257) | ||||||||||
Amounts
recognized in AOCI | ||||||||||||||||||||||||||
Net transition obligation | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||
Prior service (cost) benefit | ( i 10) | ( i 12) | i 12 | i 1 | i 101 | i — | i 63 | i 76 | ||||||||||||||||||
Net actuarial (loss) gain | ( i 7,132) | ( i 7,092) | ( i 1,863) | ( i 1,735) | i 56 | i 24 | ( i 348) | ( i 416) | ||||||||||||||||||
Net
amount recognized in equity (pretax) | $ | ( i 7,142) | $ | ( i 7,104) | $ | ( i 1,851) | $ | ( i 1,734) | $ | i 157 | $ | i 24 | $ | ( i 285) | $ | ( i 340) | ||||||||||
Accumulated benefit obligation at year end | $ | i 13,812 | $ | i 13,447 | $ | i 8,116 | $ | i 7,618 | $ | i 559 | $ | i 692 | $ | i 1,390 | $ | i 1,384 | ||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Beginning
of year balance, net of tax(1)(2) | $ | ( i 6,809) | $ | ( i 6,257) | $ | ( i 6,183) | |||||
Actuarial assumptions changes and plan experience | ( i 1,464) | ( i 2,300) | i 1,288 | ||||||||
Net asset gain (loss) due to difference between actual and expected returns | i 1,076 | i 1,427 | ( i 1,732) | ||||||||
Net amortization | i 318 | i 274 | i 214 | ||||||||
Prior service credit (cost) | i 108 | ( i 7) | ( i 7) | ||||||||
Curtailment/settlement
gain(3) | ( i 8) | i 1 | i 7 | ||||||||
Foreign exchange impact and other | ( i 108) | ( i 66) | i 136 | ||||||||
Change in deferred taxes, net | i 23 | i 119 | i 20 | ||||||||
Change, net of tax | $ | ( i 55) | $ | ( i 552) | $ | ( i 74) | |||||
End
of year balance, net of tax(1)(2) | $ | ( i 6,864) | $ | ( i 6,809) | $ | ( i 6,257) |
PBO exceeds fair value of plan assets | ABO exceeds fair value of plan assets | |||||||||||||||||||||||||
U.S. plans(1) | Non-U.S. plans | U.S. plans(1) | Non-U.S. plans | |||||||||||||||||||||||
In millions of dollars | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Projected benefit obligation | $ | i 736 | $ | i 13,453 | $ | i 4,849 | $ | i 4,445 | $ | i 736 | $ | i 13,453 | $ | i 4,723 | $ | i 2,748 | ||||||||||
Accumulated benefit obligation | i 734 | i 13,447 | i 4,400 | i 4,041 | i 734 | i 13,447 | i 4,329 | i 2,435 | ||||||||||||||||||
Fair value of plan assets | i — | i 12,717 | i 3,310 | i 3,089 | i — | i 12,717 | i 3,212 | i 1,429 |
At year end | 2020 | 2019 | ||||||
Discount rate | ||||||||
U.S. plans | ||||||||
Qualified pension | i 2.45% | i 3.25% | ||||||
Nonqualified pension | i 2.35 | i 3.25 | ||||||
Postretirement | i 2.20 | i 3.15 | ||||||
Non-U.S. pension plans | ||||||||
Range(1) | -0.25 to 11.15 | -0.10 to 11.30 | ||||||
Weighted average | i 3.14 | i 3.65 | ||||||
Non-U.S. postretirement plans | ||||||||
Range | i 0.80 to i 8.55 | i 0.90
to i 9.10 | ||||||
Weighted average | i 7.42 | i 7.76 | ||||||
Future
compensation increase rate(2) | ||||||||
Non-U.S. pension plans | ||||||||
Range | i 1.20 to i 11.25 | i 1.50
to i 11.50 | ||||||
Weighted average | i 3.10 | i 3.17 | ||||||
Expected return on assets | ||||||||
U.S. plans | ||||||||
Qualified pension | i 5.80 | i 6.70 | ||||||
Postretirement(3) | i 5.80/ i 1.50 | i 6.70/ i 3.00 | ||||||
Non-U.S. pension plans | ||||||||
Range | i 0.00 to i 11.50 | i 0.00
to i 11.50 | ||||||
Weighted average | i 3.39 | i 3.95 | ||||||
Non-U.S. postretirement plans | ||||||||
Range | i 5.95 to i 8.00 | i 6.20
to i 8.00 | ||||||
Weighted average | i 7.99 | i 7.99 |
During the year | 2020 | 2019 | 2018 | ||||||||
Discount rate | |||||||||||
U.S. plans | |||||||||||
Qualified pension | i 3.25%/ i 3.20%/ i 2.60%/ i 2.55% | i 4.25%/ i 3.85%/ i 3.45%/ i 3.10% | i 3.60%/ i 3.95%/ i 4.25%/ i 4.30% | ||||||||
Nonqualified pension | i 3.25/ i 3.25/ i 2.55/ i 2.50 | i 4.25/ i 3.90/ i 3.50/ i 3.10 | i 3.60/ i 3.95/ i 4.25/ i 4.30 | ||||||||
Postretirement | i 3.15/ i 3.20/
i 2.45/ i 2.35 | i 4.20/ i 3.80/
i 3.35/ i 3.00 | i 3.50/ i 3.90/ i 4.20/ i 4.20 | ||||||||
Non-U.S.
pension plans(1) | |||||||||||
Range(2) | -0.10 to 11.30 | -0.05 to 12.00 | i 0.00 to i 10.75 | ||||||||
Weighted average | i 3.65 | i 4.47 | i 4.17 | ||||||||
Non-U.S.
postretirement plans(1) | |||||||||||
Range | i 0.90 to i 9.75 | i 1.75
to i 10.75 | i 1.75
to i 10.10 | ||||||||
Weighted average | i 7.76 | i 9.05 | i 8.10 | ||||||||
Future
compensation increase rate(3) | |||||||||||
Non-U.S. pension plans(1) | |||||||||||
Range | i 1.50 to i 11.50 | i 1.30
to i 13.67 | i 1.17
to i 13.67 | ||||||||
Weighted average | i 3.17 | i 3.16 | i 3.08 | ||||||||
Expected return on assets | |||||||||||
U.S. plans | |||||||||||
Qualified pension(4) | i 6.70 | i 6.70 | i 6.80/ i 6.70 | ||||||||
Postretirement(4) | i 6.70/ i 3.00 | i 6.70/ i 3.00 | i 6.80/ i 6.70/ i 3.00 | ||||||||
Non-U.S.
pension plans(1) | |||||||||||
Range | i 0.00 to i 11.50 | i 1.00
to i 11.50 | i 0.00
to i 11.60 | ||||||||
Weighted average | i 3.95 | i 4.30 | i 4.52 | ||||||||
Non-U.S.
postretirement plans(1) | |||||||||||
Range | i 6.20 to i 8.00 | i 8.00
to i 9.20 | i 8.00
to i 9.80 | ||||||||
Weighted average | i 7.99 | i 8.01 | i 8.01 |
U.S. plans (During the year) | 2020 | 2019 | 2018 | ||||||||
Expected return on assets | |||||||||||
U.S. pension and postretirement trust | i 6.70% | i 6.70% | i 6.80%/ i 6.70% | ||||||||
VEBA trust | i 3.00 | i 3.00 | i 3.00 | ||||||||
Actual
return on assets(1) | |||||||||||
U.S. pension and postretirement trust | i 12.84 | i 15.20 | - i 3.40 | ||||||||
VEBA trust | i 2.11 | i 1.91 to i 2.76 | i 0.43
to i 1.41 |
Discount rate | |||||||||||
One-percentage-point increase | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
U.S. plans | $ | i 34 | $ | i 28 | $ | i 25 | |||||
Non-U.S. plans | ( i 16) | ( i 19) | ( i 22) | ||||||||
One-percentage-point decrease | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
U.S. plans | $ | ( i 52) | $ | ( i 44) | $ | ( i 37) | |||||
Non-U.S. plans | i 25 | i 32 | i 32 |
Expected return on assets | |||||||||||
One-percentage-point increase | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
U.S. plans | $ | ( i 123) | $ | ( i 123) | $ | ( i 126) | |||||
Non-U.S. plans | ( i 66) | ( i 64) | ( i 64) | ||||||||
One-percentage-point decrease | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
U.S. plans | $ | i 123 | $ | i 123 | $ | i 126 | |||||
Non-U.S. plans | i 66 | i 64 | i 64 |
2020 | 2019 | |||||||
Health care cost increase rate for U.S. plans | ||||||||
Following year | i 6.50% | i 6.75% | ||||||
Ultimate rate to which cost increase is assumed to decline | i 5.00 | i 5.00 | ||||||
Year
in which the ultimate rate is reached | i 2027 | i 2027 | ||||||
Health
care cost increase rate for non-U.S. plans (weighted average) | ||||||||
Following year | i 6.85% | i 6.85% | ||||||
Ultimate
rate to which cost increase is assumed to decline | i 6.85 | i 6.85 | ||||||
Year
in which the ultimate rate is reached | i 2021 | i 2020 |
Weighted average interest crediting rate | |||||||||||
At year end | 2020 | 2019 | 2018 | ||||||||
U.S. plans | i 1.45% | i 2.25% | i 3.25% | ||||||||
Non-U.S. plans | i 1.60 | i 1.61 | i 1.68 |
Target asset allocation | U.S. pension assets at December 31, | U.S. postretirement assets at December 31, | |||||||||||||||
Asset category(1) | 2021 | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Equity
securities(2) | i 0– i 26% | i 16 | % | i 17 | % | i 16 | % | i 17 | % | ||||||||
Debt
securities(3) | i 35– i 82 | i 59 | i 58 | i 59 | i 58 | ||||||||||||
Real estate | i 0– i 7 | i 4 | i 4 | i 4 | i 4 | ||||||||||||
Private equity | i 0– i 10 | i 3 | i 3 | i 3 | i 3 | ||||||||||||
Other investments | i 0– i 30 | i 18 | i 18 | i 18 | i 18 | ||||||||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % |
Non-U.S. pension plans | |||||||||||||||||
Target asset allocation | Actual range at December 31, | Weighted-average at December 31, | |||||||||||||||
Asset category(1) | 2021 | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Equity securities | i 0– i 100% | i 0– i 100% | i 0– i 100% | i 15 | % | i 13 | % | ||||||||||
Debt securities | i 0– i 100 | i 0– i 100 | i 0– i 100 | i 77 | i 80 | ||||||||||||
Real estate | i 0– i 15 | i 0– i 12 | i 0– i 15 | i 1 | i 1 | ||||||||||||
Other investments | i 0– i 100 | i 0– i 100 | i 0– i 100 | i 7 | i 6 | ||||||||||||
Total | i 100 | % | i 100 | % |
Non-U.S. postretirement plans | |||||||||||||||||
Target asset allocation | Actual range at December 31, | Weighted-average at December 31, | |||||||||||||||
Asset category(1) | 2021 | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Equity securities | i 0– i 38% | i 0– i 38% | i 0– i 31% | i 38 | % | i 27 | % | ||||||||||
Debt securities | i 56– i 100 | i 56– i 100 | i 66– i 100 | i 56 | i 71 | ||||||||||||
Other investments | i 0– i 6 | i 0– i 6 | i 0– i 3 | i 6 | i 2 | ||||||||||||
Total | i 100 | % | i 100 | % |
U.S. pension and postretirement benefit plans(1) | ||||||||||||||
In millions of dollars | Fair value measurement at December 31, 2020 | |||||||||||||
Asset categories | Level 1 | Level 2 | Level 3 | Total | ||||||||||
U.S. equities | $ | i 813 | $ | i — | $ | i — | $ | i 813 | ||||||
Non-U.S. equities | i 725 | i — | i — | i 725 | ||||||||||
Mutual funds and other registered investment companies | i 447 | i — | i — | i 447 | ||||||||||
Commingled funds | i — | i 1,074 | i — | i 1,074 | ||||||||||
Debt securities | i 1,275 | i 4,429 | i — | i 5,704 | ||||||||||
Annuity contracts | i — | i — | i 1 | i 1 | ||||||||||
Derivatives | i 8 | i 6 | i — | i 14 | ||||||||||
Other investments | i 16 | i — | i 57 | i 73 | ||||||||||
Total investments | $ | i 3,284 | $ | i 5,509 | $ | i 58 | $ | i 8,851 | ||||||
Cash and short-term investments | $ | i 72 | $ | i 1,035 | $ | i — | $ | i 1,107 | ||||||
Other investment liabilities | ( i 2) | ( i 10) | i — | ( i 12) | ||||||||||
Net investments at fair value | $ | i 3,354 | $ | i 6,534 | $ | i 58 | $ | i 9,946 | ||||||
Other investment receivables redeemed at NAV | $ | i 99 | ||||||||||||
Securities valued at NAV | i 3,595 | |||||||||||||
Total net assets | $ | i 13,640 |
U.S. pension and postretirement benefit plans(1) | ||||||||||||||
In millions of dollars | Fair value measurement at December 31, 2019 | |||||||||||||
Asset categories | Level 1 | Level 2 | Level 3 | Total | ||||||||||
U.S. equities | $ | i 739 | $ | i — | $ | i — | $ | i 739 | ||||||
Non-U.S. equities | i 553 | i — | i — | i 553 | ||||||||||
Mutual funds and other registered investment companies | i 280 | i — | i — | i 280 | ||||||||||
Commingled funds | i — | i 1,410 | i — | i 1,410 | ||||||||||
Debt securities | i 1,534 | i 4,046 | i — | i 5,580 | ||||||||||
Annuity contracts | i — | i — | i 1 | i 1 | ||||||||||
Derivatives | i 10 | i 7 | i — | i 17 | ||||||||||
Other investments | i — | i — | i 75 | i 75 | ||||||||||
Total investments | $ | i 3,116 | $ | i 5,463 | $ | i 76 | $ | i 8,655 | ||||||
Cash and short-term investments | $ | i 93 | $ | i 1,080 | $ | i — | $ | i 1,173 | ||||||
Other investment liabilities | ( i 87) | ( i 11) | i — | ( i 98) | ||||||||||
Net investments at fair value | $ | i 3,122 | $ | i 6,532 | $ | i 76 | $ | i 9,730 | ||||||
Other investment receivables redeemed at NAV | $ | i 22 | ||||||||||||
Securities valued at NAV | i 3,310 | |||||||||||||
Total net assets | $ | i 13,062 |
Non-U.S. pension and postretirement benefit plans | ||||||||||||||
In millions of dollars | Fair value measurement at December 31, 2020 | |||||||||||||
Asset categories | Level 1 | Level 2 | Level 3 | Total | ||||||||||
U.S. equities | $ | i 5 | $ | i 16 | $ | i — | $ | i 21 | ||||||
Non-U.S. equities | i 105 | i 670 | i — | i 775 | ||||||||||
Mutual funds and other registered investment companies | i 3,137 | i 73 | i — | i 3,210 | ||||||||||
Commingled funds | i 24 | i — | i — | i 24 | ||||||||||
Debt securities | i 6,705 | i 1,420 | i — | i 8,125 | ||||||||||
Real estate | i — | i 2 | i 2 | i 4 | ||||||||||
Annuity contracts | i — | i — | i 5 | i 5 | ||||||||||
Derivatives | i — | i 1,005 | i — | i 1,005 | ||||||||||
Other investments | i — | i — | i 312 | i 312 | ||||||||||
Total investments | $ | i 9,976 | $ | i 3,186 | $ | i 319 | $ | i 13,481 | ||||||
Cash and short-term investments | $ | i 129 | $ | i 3 | $ | i — | $ | i 132 | ||||||
Other investment liabilities | i — | ( i 4,650) | i — | ( i 4,650) | ||||||||||
Net investments at fair value | $ | i 10,105 | $ | ( i 1,461) | $ | i 319 | $ | i 8,963 | ||||||
Securities valued at NAV | $ | i 14 | ||||||||||||
Total net assets | $ | i 8,977 |
Non-U.S. pension and postretirement benefit plans | ||||||||||||||
In millions of dollars | Fair value measurement at December 31, 2019 | |||||||||||||
Asset categories | Level 1 | Level 2 | Level 3 | Total | ||||||||||
U.S. equities | $ | i 4 | $ | i 12 | $ | i — | $ | i 16 | ||||||
Non-U.S. equities | i 127 | i 262 | i — | i 389 | ||||||||||
Mutual funds and other registered investment companies | i 3,223 | i 63 | i — | i 3,286 | ||||||||||
Commingled funds | i 23 | i — | i — | i 23 | ||||||||||
Debt securities | i 4,307 | i 1,615 | i 10 | i 5,932 | ||||||||||
Real estate | i — | i 3 | i 1 | i 4 | ||||||||||
Annuity contracts | i — | i — | i 5 | i 5 | ||||||||||
Derivatives | i — | i 1,590 | i — | i 1,590 | ||||||||||
Other investments | i 1 | i — | i 274 | i 275 | ||||||||||
Total investments | $ | i 7,685 | $ | i 3,545 | $ | i 290 | $ | i 11,520 | ||||||
Cash and short-term investments | $ | i 86 | $ | i 3 | $ | i — | $ | i 89 | ||||||
Other investment liabilities | ( i 3) | ( i 2,938) | i — | ( i 2,941) | ||||||||||
Net investments at fair value | $ | i 7,768 | $ | i 610 | $ | i 290 | $ | i 8,668 | ||||||
Securities valued at NAV | $ | i 15 | ||||||||||||
Total net assets | $ | i 8,683 |
In millions of dollars | U.S. pension and postretirement benefit plans | |||||||||||||||||||
Asset categories | Beginning
Level 3 fair value at Dec. 31, 2019 | Realized (losses) | Unrealized gains | Purchases, sales and issuances | Transfers in and/or out of Level 3 | Ending Level 3 fair value at Dec. 31, 2020 | ||||||||||||||
Annuity contracts | $ | i 1 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 1 | ||||||||
Other investments | i 75 | ( i 3) | i 3 | ( i 18) | i — | i 57 | ||||||||||||||
Total investments | $ | i 76 | $ | ( i 3) | $ | i 3 | $ | ( i 18) | $ | i — | $ | i 58 | ||||||||
In millions of dollars | U.S. pension and postretirement benefit plans | |||||||||||||||||||
Asset categories | Beginning
Level 3 fair value at Dec. 31, 2018 | Realized (losses) | Unrealized (losses) | Purchases, sales and issuances | Transfers in and/or out of Level 3 | Ending Level 3 fair value at Dec. 31, 2019 | ||||||||||||||
Annuity contracts | $ | i 1 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 1 | ||||||||
Other investments | i 127 | ( i 7) | i 12 | ( i 57) | i — | i 75 | ||||||||||||||
Total investments | $ | i 128 | $ | ( i 7) | $ | i 12 | $ | ( i 57) | $ | i — | $ | i 76 | ||||||||
In millions of dollars | Non-U.S. pension and postretirement benefit plans | |||||||||||||||||||
Asset categories | Beginning
Level 3 fair value at Dec. 31, 2019 | Unrealized gains | Purchases, sales and issuances | Transfers in and/or out of Level 3 | Ending Level 3 fair value at Dec. 31, 2020 | |||||||||||||||
Debt securities | $ | i 10 | $ | i — | $ | ( i 10) | $ | i — | $ | i — | ||||||||||
Real estate | i 1 | i 1 | i — | i — | i 2 | |||||||||||||||
Annuity contracts | i 5 | i — | i — | i — | i 5 | |||||||||||||||
Other investments | i 274 | i 23 | i 15 | i — | i 312 | |||||||||||||||
Total investments | $ | i 290 | $ | i 24 | $ | i 5 | $ | i — | $ | i 319 |
In millions of dollars | Non-U.S. pension and postretirement benefit plans | |||||||||||||||||||
Asset categories | Beginning
Level 3 fair value at Dec. 31, 2018 | Unrealized (losses) | Purchases, sales and issuances | Transfers in and/or out of Level 3 | Ending Level 3 fair value at Dec. 31, 2019 | |||||||||||||||
Debt securities | $ | i 9 | $ | i 1 | $ | i — | $ | i — | $ | i 10 | ||||||||||
Real estate | i 1 | i — | i — | i — | i 1 | |||||||||||||||
Annuity contracts | i 10 | i — | ( i 5) | i — | i 5 | |||||||||||||||
Other investments | i 210 | i 7 | i 57 | i — | i 274 | |||||||||||||||
Total investments | $ | i 230 | $ | i 8 | $ | i 52 | $ | i — | $ | i 290 |
Pension plans | Postretirement benefit plans | |||||||||||||
In millions of dollars | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | ||||||||||
2021 | $ | i 820 | $ | i 566 | $ | i 58 | $ | i 76 | ||||||
2022 | i 832 | i 504 | i 55 | i 80 | ||||||||||
2023 | i 847 | i 507 | i 52 | i 85 | ||||||||||
2024 | i 852 | i 521 | i 49 | i 90 | ||||||||||
2025 | i 857 | i 527 | i 45 | i 96 | ||||||||||
2026–2030 | i 4,101 | i 2,698 | i 181 | i 550 |
In millions of dollars | 2020 | 2019 | ||||||
Funded status of the plan at year end | $ | ( i 40) | $ | ( i 38) | ||||
Net
amount recognized in AOCI (pretax) | $ | ( i 17) | $ | ( i 15) |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Net expense (benefit) | $ | i 9 | $ | i 9 | $ | ( i 18) |
U.S. plans | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Company contributions | $ | i 414 | $ | i 404 | $ | i 396 | |||||
Non-U.S. plans | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Company contributions | $ | i 304 | $ | i 281 | $ | i 283 |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Current | |||||||||||
Federal | $ | i 305 | $ | i 365 | $ | i 834 | |||||
Non-U.S. | i 4,113 | i 4,352 | i 4,290 | ||||||||
State | i 440 | i 323 | i 284 | ||||||||
Total current income taxes | $ | i 4,858 | $ | i 5,040 | $ | i 5,408 | |||||
Deferred | |||||||||||
Federal | $ | ( i 1,430) | $ | ( i 907) | $ | ( i 620) | |||||
Non-U.S. | ( i 690) | i 10 | i 371 | ||||||||
State | ( i 213) | i 287 | i 198 | ||||||||
Total deferred income taxes | $ | ( i i 2,333 / ) | $ | ( i 610) | $ | ( i 51) | |||||
Provision
for income tax on continuing operations before noncontrolling interests(1) | $ | i 2,525 | $ | i 4,430 | $ | i 5,357 | |||||
Provision (benefit) for income taxes on discontinued operations | i — | ( i 27) | ( i 18) | ||||||||
Income tax expense (benefit) reported in stockholders’ equity related to: | |||||||||||
FX translation | i 23 | ( i 11) | ( i 263) | ||||||||
Investment securities | i 1,214 | i 648 | ( i 346) | ||||||||
Employee stock plans | ( i 4) | ( i 16) | ( i 2) | ||||||||
Cash flow hedges | i 455 | i 269 | ( i 8) | ||||||||
Benefit plans | ( i 23) | ( i 119) | ( i 20) | ||||||||
FVO DVA | ( i 141) | ( i 337) | i 302 | ||||||||
Excluded fair value hedges | ( i 8) | i 8 | ( i 17) | ||||||||
Retained
earnings(2) | ( i 911) | i 46 | ( i 305) | ||||||||
Income taxes before noncontrolling interests | $ | i 3,130 | $ | i 4,891 | $ | i 4,680 |
2020 | 2019 | 2018 | |||||||||
Federal statutory rate | i 21.0 | % | i 21.0 | % | i 21.0 | % | |||||
State income taxes, net of federal benefit | i 1.3 | i 1.9 | i 1.8 | ||||||||
Non-U.S. income tax rate differential | i 3.5 | i 1.3 | i 5.3 | ||||||||
Effect
of tax law changes(1) | i — | ( i 0.5) | ( i 0.6) | ||||||||
Nondeductible FDIC premiums | i 1.3 | i 0.4 | i 0.7 | ||||||||
Basis difference in affiliates | ( i 0.1) | ( i 0.1) | ( i 2.4) | ||||||||
Tax advantaged investments | ( i 4.4) | ( i 2.3) | ( i 2.0) | ||||||||
Valuation
allowance releases(2) | ( i 4.4) | ( i 3.0) | i — | ||||||||
Other, net | i 0.3 | ( i 0.2) | ( i 1.0) | ||||||||
Effective income tax rate | i 18.5 | % | i 18.5 | % | i 22.8 | % |
In millions of dollars | 2020 | 2019 | ||||||
Deferred tax assets | ||||||||
Credit loss deduction | $ | i 6,791 | $ | i 3,809 | ||||
Deferred compensation and employee benefits | i 2,510 | i 2,224 | ||||||
U.S. tax on non-U.S. earnings | i 1,195 | i 1,030 | ||||||
Investment and loan basis differences | i 1,486 | i 2,727 | ||||||
Tax credit and net operating loss carry-forwards | i 17,416 | i 19,711 | ||||||
Fixed assets and leases | i 2,935 | i 2,607 | ||||||
Other deferred tax assets | i 3,832 | i 3,341 | ||||||
Gross deferred tax assets | $ | i 36,165 | $ | i 35,449 | ||||
Valuation allowance | $ | i 5,177 | $ | i 6,476 | ||||
Deferred tax assets after valuation allowance | $ | i 30,988 | $ | i 28,973 | ||||
Deferred tax liabilities | ||||||||
Intangibles and leases | $ | ( i 2,526) | $ | ( i 2,640) | ||||
Debt issuances | ( i 50) | ( i 201) | ||||||
Non-U.S. withholding taxes | ( i 921) | ( i 974) | ||||||
Interest-related items | ( i 597) | ( i 587) | ||||||
Other deferred tax liabilities | ( i 2,054) | ( i 1,477) | ||||||
Gross deferred tax liabilities | $ | ( i 6,148) | $ | ( i 5,879) | ||||
Net deferred tax assets | $ | i 24,840 | $ | i 23,094 |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Total unrecognized tax benefits at January 1 | $ | i 721 | $ | i 607 | $ | i 1,013 | |||||
Net amount of increases for current year’s tax positions | i 51 | i 50 | i 40 | ||||||||
Gross amount of increases for prior years’ tax positions | i 217 | i 151 | i 46 | ||||||||
Gross amount of decreases for prior years’ tax positions | ( i 74) | ( i 44) | ( i 174) | ||||||||
Amounts of decreases relating to settlements | ( i 40) | ( i 21) | ( i 283) | ||||||||
Reductions due to lapse of statutes of limitation | ( i 13) | ( i 23) | ( i 23) | ||||||||
Foreign exchange, acquisitions and dispositions | ( i 1) | i 1 | ( i 12) | ||||||||
Total unrecognized tax benefits at December 31 | $ | i 861 | $ | i 721 | $ | i 607 |
2020 | 2019 | 2018 | ||||||||||||||||||
In millions of dollars | Pretax | Net of tax | Pretax | Net of tax | Pretax | Net of tax | ||||||||||||||
Total interest and penalties on the Consolidated Balance Sheet at January 1 | $ | i 100 | $ | i 82 | $ | i 103 | $ | i 85 | $ | i 121 | $ | i 101 | ||||||||
Total interest and penalties in the Consolidated Statement of Income | i 14 | i 10 | ( i 4) | ( i 4) | i 6 | i 6 | ||||||||||||||
Total
interest and penalties on the Consolidated Balance Sheet at December 31(1) | i 118 | i 96 | i 100 | i 82 | i 103 | i 85 |
Jurisdiction | Tax year | ||||
United States | 2016 | ||||
Mexico | 2016 | ||||
New York State and City | 2009 | ||||
United Kingdom | 2016 | ||||
India | 2016 | ||||
Singapore | 2011 | ||||
Hong Kong | 2014 | ||||
Ireland | 2016 |
In billions of dollars | ||||||||
Jurisdiction/component(1) | DTAs balance December 31, 2020 | DTAs balance December 31, 2019 | ||||||
U.S. federal(2) | ||||||||
Net operating losses (NOLs)(3) | $ | i 3.0 | $ | i 2.8 | ||||
Foreign tax credits (FTCs) | i 4.4 | i 6.3 | ||||||
General business credits (GBCs) | i 3.6 | i 2.5 | ||||||
Future tax deductions and credits | i 7.9 | i 6.2 | ||||||
Total U.S. federal | $ | i 18.9 | $ | i 17.8 | ||||
State and local | ||||||||
New York NOLs | $ | i 1.5 | $ | i 1.7 | ||||
Other state NOLs | i 0.1 | i 0.2 | ||||||
Future tax deductions | i 1.7 | i 1.3 | ||||||
Total state and local | $ | i 3.3 | $ | i 3.2 | ||||
Non-U.S. | ||||||||
NOLs | $ | i 0.6 | $ | i 0.5 | ||||
Future tax deductions | i 2.0 | i 1.6 | ||||||
Total non-U.S. | $ | i 2.6 | $ | i 2.1 | ||||
Total | $ | i 24.8 | $ | i 23.1 |
In billions of dollars | ||||||||
Year of expiration | December 31, 2020 | December 31, 2019 | ||||||
U.S. tax return general basket foreign tax credit carry-forwards(1) | ||||||||
2020 | $ | i — | $ | i 0.9 | ||||
2021 | i — | i 1.1 | ||||||
2022 | i 2.3 | i 2.4 | ||||||
2023 | i 0.4 | i 0.4 | ||||||
2025 | i 1.4 | i 1.4 | ||||||
2027 | i 1.2 | i 1.2 | ||||||
Total U.S. tax return general basket foreign tax credit carry-forwards | $ | i 5.3 | $ | i 7.4 | ||||
U.S.
tax return branch basket foreign tax credit carry-forwards(1) | ||||||||
2020 | $ | i — | $ | i 0.7 | ||||
2021 | i 0.7 | i 0.6 | ||||||
2022 | i 1.0 | i 1.0 | ||||||
2028 | i 0.6 | i 0.9 | ||||||
2029 | i 0.2 | i 0.3 | ||||||
Total U.S. tax return branch basket foreign tax credit carry-forwards | $ | i 2.5 | $ | i 3.5 | ||||
U.S. tax return general business credit carry-forwards | ||||||||
2032 | $ | i 0.3 | $ | i — | ||||
2033 | i 0.3 | i 0.3 | ||||||
2034 | i 0.2 | i 0.2 | ||||||
2035 | i 0.2 | i 0.2 | ||||||
2036 | i 0.2 | i 0.1 | ||||||
2037 | i 0.5 | i 0.5 | ||||||
2038 | i 0.5 | i 0.5 | ||||||
2039 | i 0.7 | i 0.7 | ||||||
2040 | i 0.7 | i — | ||||||
Total U.S. tax return general business credit carry-forwards | $ | i 3.6 | $ | i 2.5 | ||||
U.S. subsidiary separate federal NOL carry-forwards | ||||||||
2027 | $ | i 0.1 | $ | i 0.1 | ||||
2028 | i 0.1 | i 0.1 | ||||||
2030 | i 0.3 | i 0.3 | ||||||
2033 | i 1.5 | i 1.6 | ||||||
2034 | i 2.0 | i 2.0 | ||||||
2035 | i 3.3 | i 3.3 | ||||||
2036 | i 2.1 | i 2.1 | ||||||
2037 | i 1.0 | i 1.0 | ||||||
Unlimited carry-forward period | i 3.9 | i 3.0 | ||||||
Total
U.S. subsidiary separate federal NOL carry-forwards(2) | $ | i 14.3 | $ | i 13.5 | ||||
New
York State NOL carry-forwards(2) | ||||||||
2034 | $ | i 8.1 | $ | i 9.9 | ||||
New
York City NOL carry-forwards(2) | ||||||||
2034 | $ | i 8.7 | $ | i 10.0 | ||||
Non-U.S.
NOL carry-forwards(1) | ||||||||
Various | $ | i 1.2 | $ | i 1.5 | ||||
In millions of dollars, except per share amounts | 2020 | 2019 | 2018 | ||||||||||||||
Earnings per common share | |||||||||||||||||
Income from continuing operations before attribution of noncontrolling interests | $ | i 11,107 | $ | i 19,471 | $ | i 18,088 | |||||||||||
Less: Noncontrolling interests from continuing operations | i 40 | i 66 | i 35 | ||||||||||||||
Net income from continuing operations (for EPS purposes) | $ | i 11,067 | $ | i 19,405 | $ | i 18,053 | |||||||||||
Loss from discontinued operations, net of taxes | ( i 20) | ( i 4) | ( i 8) | ||||||||||||||
Citigroup’s net income | $ | i 11,047 | $ | i 19,401 | $ | i 18,045 | |||||||||||
Less:
Preferred dividends(1) | i 1,095 | i 1,109 | i 1,174 | ||||||||||||||
Net income available to common shareholders | $ | i 9,952 | $ | i 18,292 | $ | i 16,871 | |||||||||||
Less:
Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS | i 73 | i 121 | i 200 | ||||||||||||||
Net income allocated to common shareholders for basic EPS | $ | i 9,879 | $ | i 18,171 | $ | i 16,671 | |||||||||||
Weighted-average
common shares outstanding applicable to basic EPS (in millions) | i 2,085.8 | i 2,249.2 | i 2,493.3 | ||||||||||||||
Basic
earnings per share(2) | |||||||||||||||||
Income from continuing operations | $ | i 4.75 | $ | i 8.08 | $ | i 6.69 | |||||||||||
Discontinued operations | ( i 0.01) | i — | i — | ||||||||||||||
Net income per share—basic | $ | i 4.74 | $ | i 8.08 | $ | i 6.69 | |||||||||||
Net income allocated to common shareholders for basic EPS | $ | i 9,879 | $ | i 18,171 | $ | i 16,671 | |||||||||||
Add
back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | i 30 | i 33 | i — | ||||||||||||||
Net income allocated to common shareholders for diluted EPS | $ | i 9,909 | $ | i 18,204 | $ | i 16,671 | |||||||||||
Weighted-average
common shares outstanding applicable to basic EPS (in millions) | $ | i 2,085.8 | $ | i 2,249.2 | $ | i 2,493.3 | |||||||||||
Effect of dilutive securities | |||||||||||||||||
Options(3) | i 0.1 | i 0.1 | i 0.1 | ||||||||||||||
Other
employee plans | i 13.1 | i 16.0 | i 1.4 | ||||||||||||||
Adjusted
weighted-average common shares outstanding applicable to diluted EPS (in millions)(4) | i 2,099.0 | i 2,265.3 | i 2,494.8 | ||||||||||||||
Diluted
earnings per share(2) | |||||||||||||||||
Income from continuing operations | $ | i 4.73 | $ | i 8.04 | $ | i 6.69 | |||||||||||
Discontinued operations | ( i 0.01) | i — | i — | ||||||||||||||
Net income per share—diluted | $ | i 4.72 | $ | i 8.04 | $ | i 6.68 |
December 31, | ||||||||
In millions of dollars | 2020 | 2019 | ||||||
Securities purchased under agreements to resell | $ | i 204,655 | $ | i 169,874 | ||||
Deposits paid for securities borrowed | i 90,067 | i 81,448 | ||||||
Total,
net(1) | $ | i 294,722 | $ | i 251,322 | ||||
Allowance
for credit losses on securities purchased and borrowed(2) | ( i 10) | i — | ||||||
Total, net of allowance | $ | i 294,712 | $ | i 251,322 |
December 31, | ||||||||
In millions of dollars | 2020 | 2019 | ||||||
Securities sold under agreements to repurchase | $ | i 181,194 | $ | i 155,164 | ||||
Deposits received for securities loaned | i 18,331 | i 11,175 | ||||||
Total,
net(1) | $ | i 199,525 | $ | i 166,339 |
As of December 31, 2020 | |||||||||||||||||
In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2) | Net amounts(3) | ||||||||||||
Securities purchased under agreements to resell | $ | i 362,025 | $ | i 157,370 | $ | i 204,655 | $ | i 159,232 | $ | i 45,423 | |||||||
Deposits paid for securities borrowed | i 96,425 | i 6,358 | i 90,067 | i 13,474 | i 76,593 | ||||||||||||
Total | $ | i 458,450 | $ | i 163,728 | $ | i 294,722 | $ | i 172,706 | $ | i 122,016 |
In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2) | Net amounts(3) | ||||||||||||
Securities sold under agreements to repurchase | $ | i 338,564 | $ | i 157,370 | $ | i 181,194 | $ | i 95,563 | $ | i 85,631 | |||||||
Deposits received for securities loaned | i 24,689 | i 6,358 | i 18,331 | i 7,982 | i 10,349 | ||||||||||||
Total | $ | i 363,253 | $ | i 163,728 | $ | i 199,525 | $ | i 103,545 | $ | i 95,980 |
As of December 31, 2019 | |||||||||||||||||
In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of assets included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2) | Net amounts(3) | ||||||||||||
Securities purchased under agreements to resell | $ | i 281,274 | $ | i 111,400 | $ | i 169,874 | $ | i 134,150 | $ | i 35,724 | |||||||
Deposits paid for securities borrowed | i 90,047 | i 8,599 | i 81,448 | i 27,067 | i 54,381 | ||||||||||||
Total | $ | i 371,321 | $ | i 119,999 | $ | i 251,322 | $ | i 161,217 | $ | i 90,105 |
In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1) | Net amounts of liabilities included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2) | Net amounts(3) | ||||||||||||
Securities sold under agreements to repurchase | $ | i 266,564 | $ | i 111,400 | $ | i 155,164 | $ | i 91,034 | $ | i 64,130 | |||||||
Deposits received for securities loaned | i 19,774 | i 8,599 | i 11,175 | i 3,138 | i 8,037 | ||||||||||||
Total | $ | i 286,338 | $ | i 119,999 | $ | i 166,339 | $ | i 94,172 | $ | i 72,167 |
As of December 31, 2020 | |||||||||||||||||
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 | $ | i 160,754 | $ | i 98,226 | $ | i 41,679 | $ | i 37,905 | $ | i 338,564 | |||||||
Deposits received for securities loaned | i 17,038 | i 3 | i 2,770 | i 4,878 | i 24,689 | ||||||||||||
Total | $ | i 177,792 | $ | i 98,229 | $ | i 44,449 | $ | i 42,783 | $ | i 363,253 |
As of December 31, 2019 | |||||||||||||||||
In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | ||||||||||||
Securities sold under agreements to repurchase | $ | i 108,534 | $ | i 82,749 | $ | i 35,108 | $ | i 40,173 | $ | i 266,564 | |||||||
Deposits received for securities loaned | i 15,758 | i 208 | i 1,789 | i 2,019 | i 19,774 | ||||||||||||
Total | $ | i 124,292 | $ | i 82,957 | $ | i 36,897 | $ | i 42,192 | $ | i 286,338 |
As of December 31, 2020 | |||||||||||
In millions of dollars | Repurchase agreements | Securities lending agreements | Total | ||||||||
U.S. Treasury and federal agency securities | $ | i 112,437 | $ | i — | $ | i 112,437 | |||||
State and municipal securities | i 664 | i 2 | i 666 | ||||||||
Foreign government securities | i 130,017 | i 194 | i 130,211 | ||||||||
Corporate bonds | i 20,149 | i 78 | i 20,227 | ||||||||
Equity securities | i 21,497 | i 24,149 | i 45,646 | ||||||||
Mortgage-backed securities | i 45,566 | i — | i 45,566 | ||||||||
Asset-backed securities | i 3,307 | i — | i 3,307 | ||||||||
Other | i 4,927 | i 266 | i 5,193 | ||||||||
Total | $ | i 338,564 | $ | i 24,689 | $ | i 363,253 |
As of December 31, 2019 | |||||||||||
In millions of dollars | Repurchase agreements | Securities lending agreements | Total | ||||||||
U.S. Treasury and federal agency securities | $ | i 100,781 | $ | i 27 | $ | i 100,808 | |||||
State and municipal securities | i 1,938 | i 5 | i 1,943 | ||||||||
Foreign government securities | i 95,880 | i 272 | i 96,152 | ||||||||
Corporate bonds | i 18,761 | i 249 | i 19,010 | ||||||||
Equity securities | i 12,010 | i 19,069 | i 31,079 | ||||||||
Mortgage-backed securities | i 28,458 | i — | i 28,458 | ||||||||
Asset-backed securities | i 4,873 | i — | i 4,873 | ||||||||
Other | i 3,863 | i 152 | i 4,015 | ||||||||
Total | $ | i 266,564 | $ | i 19,774 | $ | i 286,338 |
December 31, | ||||||||
In millions of dollars | 2020 | 2019 | ||||||
Receivables from customers | $ | i 18,097 | $ | i 15,912 | ||||
Receivables from brokers, dealers and clearing organizations | i 26,709 | i 23,945 | ||||||
Total
brokerage receivables(1) | $ | i 44,806 | $ | i 39,857 | ||||
Payables to customers | $ | i 39,319 | $ | i 37,613 | ||||
Payables to brokers, dealers and clearing organizations | i 11,165 | i 10,988 | ||||||
Total
brokerage payables(1) | $ | i 50,484 | $ | i 48,601 |
December 31, | ||||||||
In millions of dollars | 2020 | 2019 | ||||||
Debt securities available-for-sale (AFS) | $ | i 335,084 | $ | i 280,265 | ||||
Debt
securities held-to-maturity (HTM)(1) | i 104,943 | i 80,775 | ||||||
Marketable
equity securities carried at fair value(2) | i 515 | i 458 | ||||||
Non-marketable
equity securities carried at fair value(2) | i 551 | i 704 | ||||||
Non-marketable
equity securities measured using the measurement alternative(3) | i 962 | i 700 | ||||||
Non-marketable
equity securities carried at cost(4) | i 5,304 | i 5,661 | ||||||
Total investments | $ | i 447,359 | $ | i 368,563 |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Taxable interest | $ | i 7,554 | $ | i 9,269 | $ | i 8,704 | |||||
Interest exempt from U.S. federal income tax | i 301 | i 404 | i 521 | ||||||||
Dividend income | i 134 | i 187 | i 269 | ||||||||
Total interest and dividend income on investments | $ | i 7,989 | $ | i 9,860 | $ | i 9,494 |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Gross realized investment gains | $ | i 1,895 | $ | i 1,599 | $ | i 682 | |||||
Gross realized investment losses | ( i 139) | ( i 125) | ( i 261) | ||||||||
Net realized gains on sales of investments | $ | i 1,756 | $ | i 1,474 | $ | i 421 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
In millions of dollars | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||||||||
Mortgage-backed securities(1) | |||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | i 42,836 | $ | i 1,134 | $ | i 52 | $ | i — | $ | i 43,918 | $ | i 34,963 | $ | i 547 | $ | i 280 | $ | i 35,230 | |||||||||||
Non-U.S. residential | i 568 | i 3 | i — | i — | i 571 | i 789 | i 3 | i — | i 792 | ||||||||||||||||||||
Commercial | i 49 | i 1 | i — | i — | i 50 | i 75 | i — | i — | i 75 | ||||||||||||||||||||
Total mortgage-backed securities | $ | i 43,453 | $ | i 1,138 | $ | i 52 | $ | i — | $ | i 44,539 | $ | i 35,827 | $ | i 550 | $ | i 280 | $ | i 36,097 | |||||||||||
U.S. Treasury and federal agency securities | |||||||||||||||||||||||||||||
U.S. Treasury | $ | i 144,094 | $ | i 2,108 | $ | i 49 | $ | i — | $ | i 146,153 | $ | i 106,429 | $ | i 50 | $ | i 380 | $ | i 106,099 | |||||||||||
Agency obligations | i 50 | i 1 | i — | i — | i 51 | i 5,336 | i 3 | i 20 | i 5,319 | ||||||||||||||||||||
Total U.S. Treasury and federal agency securities | $ | i 144,144 | $ | i 2,109 | $ | i 49 | $ | i — | $ | i 146,204 | $ | i 111,765 | $ | i 53 | $ | i 400 | $ | i 111,418 | |||||||||||
State and municipal | $ | i 3,753 | $ | i 13 | $ | i 47 | $ | i — | $ | i 3,719 | $ | i 5,024 | $ | i 43 | $ | i 89 | $ | i 4,978 | |||||||||||
Foreign government | i 123,467 | i 1,623 | i 122 | i — | i 124,968 | i 110,958 | i 586 | i 241 | i 111,303 | ||||||||||||||||||||
Corporate | i 10,444 | i 152 | i 91 | i 5 | i 10,500 | i 11,266 | i 52 | i 101 | i 11,217 | ||||||||||||||||||||
Asset-backed
securities(1) | i 277 | i 5 | i 4 | i — | i 278 | i 524 | i — | i 2 | i 522 | ||||||||||||||||||||
Other debt securities | i 4,871 | i 5 | i — | i — | i 4,876 | i 4,729 | i 1 | i — | i 4,730 | ||||||||||||||||||||
Total debt securities AFS | $ | i 330,409 | $ | i 5,045 | $ | i 365 | $ | i 5 | $ | i 335,084 | $ | i 280,093 | $ | i 1,285 | $ | i 1,113 | $ | i 280,265 |
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
In millions of dollars | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | ||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Debt securities AFS | ||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | i 3,588 | $ | i 30 | $ | i 298 | $ | i 22 | $ | i 3,886 | $ | i 52 | ||||||||
Non-U.S. residential | i 1 | i — | i — | i — | i 1 | i — | ||||||||||||||
Commercial | i 7 | i — | i 4 | i — | i 11 | i — | ||||||||||||||
Total mortgage-backed securities | $ | i 3,596 | $ | i 30 | $ | i 302 | $ | i 22 | $ | i 3,898 | $ | i 52 | ||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||
U.S. Treasury | $ | i 25,031 | $ | i 49 | $ | i — | $ | i — | $ | i 25,031 | $ | i 49 | ||||||||
Agency obligations | i 50 | i — | i — | i — | i 50 | i — | ||||||||||||||
Total U.S. Treasury and federal agency securities | $ | i 25,081 | $ | i 49 | $ | i — | $ | i — | $ | i 25,081 | $ | i 49 | ||||||||
State and municipal | $ | i 3,214 | $ | i 47 | $ | i 24 | $ | i — | $ | i 3,238 | $ | i 47 | ||||||||
Foreign government | i 29,344 | i 61 | i 3,502 | i 61 | i 32,846 | i 122 | ||||||||||||||
Corporate | i 1,083 | i 90 | i 24 | i 1 | i 1,107 | i 91 | ||||||||||||||
Asset-backed securities | i 194 | i 3 | i 39 | i 1 | i 233 | i 4 | ||||||||||||||
Other debt securities | i 182 | i — | i — | i — | i 182 | i — | ||||||||||||||
Total debt securities AFS | $ | i 62,694 | $ | i 280 | $ | i 3,891 | $ | i 85 | $ | i 66,585 | $ | i 365 | ||||||||
December 31, 2019 | ||||||||||||||||||||
Debt securities AFS | ||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | i 9,780 | $ | i 242 | $ | i 1,877 | $ | i 38 | $ | i 11,657 | $ | i 280 | ||||||||
Non-U.S. residential | i 208 | i — | i 1 | i — | i 209 | i — | ||||||||||||||
Commercial | i 16 | i — | i 27 | i — | i 43 | i — | ||||||||||||||
Total mortgage-backed securities | $ | i 10,004 | $ | i 242 | $ | i 1,905 | $ | i 38 | $ | i 11,909 | $ | i 280 | ||||||||
U.S. Treasury and federal agency securities | ||||||||||||||||||||
U.S. Treasury | $ | i 45,484 | $ | i 248 | $ | i 26,907 | $ | i 132 | $ | i 72,391 | $ | i 380 | ||||||||
Agency obligations | i 781 | i 2 | i 3,897 | i 18 | i 4,678 | i 20 | ||||||||||||||
Total U.S. Treasury and federal agency securities | $ | i 46,265 | $ | i 250 | $ | i 30,804 | $ | i 150 | $ | i 77,069 | $ | i 400 | ||||||||
State and municipal | $ | i 362 | $ | i 62 | $ | i 266 | $ | i 27 | $ | i 628 | $ | i 89 | ||||||||
Foreign government | i 35,485 | i 149 | i 8,170 | i 92 | i 43,655 | i 241 | ||||||||||||||
Corporate | i 2,916 | i 98 | i 123 | i 3 | i 3,039 | i 101 | ||||||||||||||
Asset-backed securities | i 112 | i 1 | i 166 | i 1 | i 278 | i 2 | ||||||||||||||
Other debt securities | i 1,307 | i — | i — | i — | i 1,307 | i — | ||||||||||||||
Total debt securities AFS | $ | i 96,451 | $ | i 802 | $ | i 41,434 | $ | i 311 | $ | i 137,885 | $ | i 1,113 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
In millions of dollars | Amortized cost | Fair value | Amortized cost | Fair value | ||||||||||
Mortgage-backed
securities(1) | ||||||||||||||
Due within 1 year | $ | i 27 | $ | i 27 | $ | i 20 | $ | i 20 | ||||||
After 1 but within 5 years | i 567 | i 571 | i 573 | i 574 | ||||||||||
After 5 but within 10 years | i 688 | i 757 | i 594 | i 626 | ||||||||||
After
10 years(2) | i 42,171 | i 43,184 | i 34,640 | i 34,877 | ||||||||||
Total | $ | i 43,453 | $ | i 44,539 | $ | i 35,827 | $ | i 36,097 | ||||||
U.S. Treasury and federal agency securities | ||||||||||||||
Due within 1 year | $ | i 34,834 | $ | i 34,951 | $ | i 40,757 | $ | i 40,688 | ||||||
After 1 but within 5 years | i 108,160 | i 110,091 | i 70,128 | i 69,850 | ||||||||||
After 5 but within 10 years | i 1,150 | i 1,162 | i 854 | i 851 | ||||||||||
After
10 years(2) | i — | i — | i 26 | i 29 | ||||||||||
Total | $ | i 144,144 | $ | i 146,204 | $ | i 111,765 | $ | i 111,418 | ||||||
State and municipal | ||||||||||||||
Due within 1 year | $ | i 427 | $ | i 428 | $ | i 932 | $ | i 932 | ||||||
After 1 but within 5 years | i 189 | i 198 | i 714 | i 723 | ||||||||||
After 5 but within 10 years | i 276 | i 267 | i 195 | i 215 | ||||||||||
After
10 years(2) | i 2,861 | i 2,826 | i 3,183 | i 3,108 | ||||||||||
Total | $ | i 3,753 | $ | i 3,719 | $ | i 5,024 | $ | i 4,978 | ||||||
Foreign government | ||||||||||||||
Due within 1 year | $ | i 48,133 | $ | i 48,258 | $ | i 42,611 | $ | i 42,666 | ||||||
After 1 but within 5 years | i 67,365 | i 68,586 | i 58,820 | i 59,071 | ||||||||||
After 5 but within 10 years | i 5,908 | i 6,011 | i 8,192 | i 8,198 | ||||||||||
After
10 years(2) | i 2,061 | i 2,113 | i 1,335 | i 1,368 | ||||||||||
Total | $ | i 123,467 | $ | i 124,968 | $ | i 110,958 | $ | i 111,303 | ||||||
All
other(3) | ||||||||||||||
Due within 1 year | $ | i 6,661 | $ | i 6,665 | $ | i 7,306 | $ | i 7,311 | ||||||
After 1 but within 5 years | i 7,814 | i 7,891 | i 8,279 | i 8,275 | ||||||||||
After 5 but within 10 years | i 1,018 | i 1,034 | i 818 | i 797 | ||||||||||
After
10 years(2) | i 99 | i 64 | i 116 | i 86 | ||||||||||
Total | $ | i 15,592 | $ | i 15,654 | $ | i 16,519 | $ | i 16,469 | ||||||
Total debt securities AFS | $ | i 330,409 | $ | i 335,084 | $ | i 280,093 | $ | i 280,265 |
In millions of dollars | Amortized
cost, net(1) | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||
December 31, 2020 | ||||||||||||||
Debt securities HTM | ||||||||||||||
Mortgage-backed
securities(2) | ||||||||||||||
U.S. government-sponsored agency guaranteed | $ | i 49,004 | $ | i 2,162 | $ | i 15 | $ | i 51,151 | ||||||
Non-U.S. residential | i 1,124 | i 3 | i 1 | i 1,126 | ||||||||||
Commercial | i 825 | i 1 | i 1 | i 825 | ||||||||||
Total mortgage-backed securities | $ | i 50,953 | $ | i 2,166 | $ | i 17 | $ | i 53,102 | ||||||
U.S.
Treasury securities(3) | $ | i 21,293 | $ | i 4 | $ | i 55 | $ | i 21,242 | ||||||
State and municipal | i 9,185 | i 755 | i 11 | i 9,929 | ||||||||||
Foreign government | i 1,931 | i 91 | i — | i 2,022 | ||||||||||
Asset-backed
securities(2) | i 21,581 | i 6 | i 92 | i 21,495 | ||||||||||
Total debt securities HTM, net | $ | i 104,943 | $ | i 3,022 | $ | i 175 | $ | i 107,790 | ||||||
December 31, 2019 | ||||||||||||||
Debt securities HTM | ||||||||||||||
Mortgage-backed securities(2)(4) | ||||||||||||||
U.S. government-sponsored agency guaranteed | $ | i 46,637 | $ | i 1,047 | $ | i 21 | $ | i 47,663 | ||||||
Non-U.S. residential | i 1,039 | i 5 | i — | i 1,044 | ||||||||||
Commercial | i 582 | i 1 | i — | i 583 | ||||||||||
Total mortgage-backed securities | $ | i 48,258 | $ | i 1,053 | $ | i 21 | $ | i 49,290 | ||||||
State
and municipal(5) | $ | i 9,104 | $ | i 455 | $ | i 28 | $ | i 9,531 | ||||||
Foreign government | i 1,934 | i 37 | i 1 | i 1,970 | ||||||||||
Asset-backed
securities(2) | i 21,479 | i 12 | i 59 | i 21,432 | ||||||||||
Total debt securities HTM | $ | i 80,775 | $ | i 1,557 | $ | i 109 | $ | i 82,223 |
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
In millions of dollars | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | Fair value | Gross unrecognized losses | ||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Debt securities HTM | ||||||||||||||||||||
Mortgage-backed securities | $ | i 3,590 | $ | i 10 | $ | i 1,116 | $ | i 11 | $ | i 4,706 | $ | i 21 | ||||||||
State and municipal | i 34 | i 1 | i 1,125 | i 27 | i 1,159 | i 28 | ||||||||||||||
Foreign government | i 1,970 | i 1 | i — | i — | i 1,970 | i 1 | ||||||||||||||
Asset-backed securities | i 7,972 | i 11 | i 765 | i 48 | i 8,737 | i 59 | ||||||||||||||
Total debt securities HTM | $ | i 13,566 | $ | i 23 | $ | i 3,006 | $ | i 86 | $ | i 16,572 | $ | i 109 | ||||||||
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
In millions of dollars | Amortized cost(1) | Fair value | Amortized cost | Fair value | ||||||||||
Mortgage-backed securities | ||||||||||||||
Due within 1 year | $ | i 81 | $ | i 81 | $ | i 17 | $ | i 17 | ||||||
After 1 but within 5 years | i 463 | i 477 | i 458 | i 463 | ||||||||||
After 5 but within 10 years | i 1,699 | i 1,873 | i 1,662 | i 1,729 | ||||||||||
After
10 years(2) | i 48,710 | i 50,671 | i 46,121 | i 47,081 | ||||||||||
Total | $ | i 50,953 | $ | i 53,102 | $ | i 48,258 | $ | i 49,290 | ||||||
U.S. Treasury securities | ||||||||||||||
Due within 1 year | $ | i — | $ | i — | $ | i — | $ | i — | ||||||
After 1 but within 5 years | i 18,955 | i 19,127 | i — | i — | ||||||||||
After 5 but within 10 years | i 2,338 | i 2,115 | i — | i — | ||||||||||
After
10 years(2) | i — | i — | i — | i — | ||||||||||
Total | $ | i 21,293 | $ | i 21,242 | $ | i — | $ | i — | ||||||
State and municipal | ||||||||||||||
Due within 1 year | $ | i 6 | $ | i 6 | $ | i 2 | $ | i 26 | ||||||
After 1 but within 5 years | i 139 | i 142 | i 123 | i 160 | ||||||||||
After 5 but within 10 years | i 818 | i 869 | i 597 | i 590 | ||||||||||
After
10 years(2) | i 8,222 | i 8,912 | i 8,382 | i 8,755 | ||||||||||
Total | $ | i 9,185 | $ | i 9,929 | $ | i 9,104 | $ | i 9,531 | ||||||
Foreign government | ||||||||||||||
Due within 1 year | $ | i 361 | $ | i 360 | $ | i 650 | $ | i 652 | ||||||
After 1 but within 5 years | i 1,570 | i 1,662 | i 1,284 | i 1,318 | ||||||||||
After 5 but within 10 years | i — | i — | i — | i — | ||||||||||
After
10 years(2) | i — | i — | i — | i — | ||||||||||
Total | $ | i 1,931 | $ | i 2,022 | $ | i 1,934 | $ | i 1,970 | ||||||
All
other(3) | ||||||||||||||
Due within 1 year | $ | i — | $ | i — | $ | i — | $ | i — | ||||||
After 1 but within 5 years | i — | i — | i — | i — | ||||||||||
After 5 but within 10 years | i 11,795 | i 15,020 | i 8,545 | i 8,543 | ||||||||||
After
10 years(2) | i 9,786 | i 6,475 | i 12,934 | i 12,889 | ||||||||||
Total | $ | i 21,581 | $ | i 21,495 | $ | i 21,479 | $ | i 21,432 | ||||||
Total debt securities HTM | $ | i 104,943 | $ | i 107,790 | $ | i 80,775 | $ | i 82,223 |
Year ended December 31, 2020 | |||||||||||||||||||||||
In millions of dollars | AFS | Other assets | Total | ||||||||||||||||||||
Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: | |||||||||||||||||||||||
Total impairment losses recognized during the period | $ | i — | $ | i — | $ | i — | |||||||||||||||||
Less:
portion of impairment loss recognized in AOCI (before taxes) | i — | i — | i — | ||||||||||||||||||||
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | $ | i — | $ | i — | $ | i — | |||||||||||||||||
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 | i 109 | i — | i 109 | ||||||||||||||||||||
Total impairment losses recognized in earnings | $ | i 109 | $ | i — | $ | i 109 |
Year
ended December 31, 2019 | ||||||||||||||||||||||||||
In millions of dollars | AFS | HTM | Other assets | Total | ||||||||||||||||||||||
Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: | ||||||||||||||||||||||||||
Total impairment losses recognized during the period | $ | i 1 | $ | i — | $ | i 1 | $ | i 2 | ||||||||||||||||||
Less:
portion of impairment loss recognized in AOCI (before taxes) | i — | i — | i — | i — | ||||||||||||||||||||||
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | $ | i 1 | $ | i — | $ | i 1 | $ | i 2 | ||||||||||||||||||
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 | i 20 | i — | i 1 | i 21 | ||||||||||||||||||||||
Total impairment losses recognized in earnings | $ | i 21 | $ | i — | $ | i 2 | $ | i 23 |
Year
ended December 31, 2018 | ||||||||||||||||||||||||||
In millions of dollars | AFS(1) | HTM | Other assets | Total | ||||||||||||||||||||||
Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: | ||||||||||||||||||||||||||
Total impairment losses recognized during the period | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||||||
Less:
portion of impairment loss recognized in AOCI (before taxes) | i — | i — | i — | i — | ||||||||||||||||||||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||||||
Impairment losses recognized in earnings for 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 | i 125 | i — | i — | i 125 | ||||||||||||||||||||||
Total impairment losses recognized in earnings | $ | i 125 | $ | i — | $ | i — | $ | i 125 |
Year
ended December 31, 2020 | ||||||||||||||||||||||||||
In millions of dollars | Foreign government | Corporate | Total AFS | |||||||||||||||||||||||
Allowance for credit losses at beginning of year | $ | i — | $ | i — | $ | i — | ||||||||||||||||||||
Less: Write-offs | i — | i — | i — | |||||||||||||||||||||||
Recoveries of amounts written-off | i — | i 2 | i 2 | |||||||||||||||||||||||
Net credit losses (NCLs) | $ | i — | $ | i 2 | $ | i 2 | ||||||||||||||||||||
NCLs | $ | i — | $ | ( i 2) | $ | ( i 2) | ||||||||||||||||||||
Net reserve builds on securities that did not have previous reserves | i 3 | i 5 | i 8 | |||||||||||||||||||||||
Net reserve builds (releases) on securities that had previous reserves | ( i 3) | i — | ( i 3) | |||||||||||||||||||||||
Total provision for credit losses | $ | i — | $ | i 3 | $ | i 3 | ||||||||||||||||||||
Initial allowance on newly purchased credit-deteriorated securities during the year | i — | i — | i — | |||||||||||||||||||||||
Allowance for credit losses at end of year | $ | i — | $ | i 5 | $ | i 5 |
Cumulative OTTI credit losses recognized in earnings on debt securities still held | |||||||||||||||||
In millions of dollars | Dec. 31, 2018 balance | Credit impairments recognized in earnings on securities not previously impaired | Credit impairments recognized in earnings on securities that have been previously impaired | Changes due to credit-impaired securities sold, transferred or matured(1) | Dec. 31, 2019 balance | ||||||||||||
AFS debt securities | |||||||||||||||||
Mortgage-backed
securities(1) | $ | i 1 | $ | i — | $ | i — | $ | i — | $ | i 1 | |||||||
State and municipal | i — | i — | i 4 | i — | i 4 | ||||||||||||
Corporate | i 4 | i — | i — | i — | i 4 | ||||||||||||
All other debt securities | i — | i 1 | i — | i — | i 1 | ||||||||||||
Total OTTI credit losses recognized for AFS debt securities | $ | i 5 | $ | i 1 | $ | i 4 | $ | i — | $ | i 10 | |||||||
HTM debt securities | |||||||||||||||||
State and municipal | i 3 | i — | i — | i — | i 3 | ||||||||||||
Total OTTI credit losses recognized for HTM debt securities | $ | i 3 | $ | i — | $ | i — | $ | i — | $ | i 3 |
In millions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Measurement alternative: | ||||||||
Carrying value | $ | i 962 | $ | i 700 |
Years ended December 31, | ||||||||
In millions of dollars | 2020 | 2019 | ||||||
Measurement alternative(1): | ||||||||
Impairment losses | $ | i 56 | $ | i 9 | ||||
Downward changes for observable prices | i 19 | i 16 | ||||||
Upward changes for observable prices | i 144 | i 123 |
Life-to-date amounts on securities still held | |||||
In millions of dollars | December 31, 2020 | ||||
Measurement alternative: | |||||
Impairment losses | $ | i 68 | |||
Downward changes for observable prices | i 53 | ||||
Upward changes for observable prices | i 486 |
Fair value | Unfunded commitments | Redemption frequency (if currently eligible) monthly, quarterly, annually | Redemption notice period | |||||||||||||||||
In millions of dollars | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | ||||||||||||||||
Private
equity funds(1)(2) | $ | i 123 | $ | i 134 | $ | i 62 | $ | i 62 | — | — | ||||||||||
Real
estate funds(2)(3) | i 9 | i 10 | i 20 | i 18 | — | — | ||||||||||||||
Mutual/collective investment funds | i 20 | i 26 | i — | i — | ||||||||||||||||
Total | $ | i 152 | $ | i 170 | $ | i 82 | $ | i 80 | — | — |
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 are no loan loss reserves | Non-accrual loans for which there are loan loss reserves | Total non-accrual | 90 days past due and accruing | ||||||||||||||||||||
In North America offices(6) | |||||||||||||||||||||||||||||
Residential first mortgages(7) | $ | i 46,471 | $ | i 402 | $ | i 381 | $ | i 524 | $ | i 47,778 | $ | i 136 | $ | i 509 | $ | i 645 | $ | i 332 | |||||||||||
Home
equity loans(8)(9) | i 6,829 | i 78 | i 221 | i — | i 7,128 | i 72 | i 307 | i 379 | i — | ||||||||||||||||||||
Credit cards | i 127,827 | i 1,228 | i 1,330 | i — | i 130,385 | i — | i — | i — | i 1,330 | ||||||||||||||||||||
Personal, small business and other | i 4,472 | i 27 | i 10 | i — | i 4,509 | i 2 | i 33 | i 35 | i — | ||||||||||||||||||||
Total | $ | i 185,599 | $ | i 1,735 | $ | i 1,942 | $ | i 524 | $ | i 189,800 | $ | i 210 | $ | i 849 | $ | i 1,059 | $ | i 1,662 | |||||||||||
In
offices outside North America(6) | |||||||||||||||||||||||||||||
Residential first mortgages(7) | $ | i 39,557 | $ | i 213 | $ | i 199 | $ | i — | $ | i 39,969 | $ | i — | $ | i 486 | $ | i 486 | $ | i — | |||||||||||
Credit cards | i 21,718 | i 429 | i 545 | i — | i 22,692 | i — | i 384 | i 384 | i 376 | ||||||||||||||||||||
Personal, small business and other | i 35,925 | i 319 | i 134 | i — | i 36,378 | i — | i 212 | i 212 | i — | ||||||||||||||||||||
Total | $ | i 97,200 | $ | i 961 | $ | i 878 | $ | i — | $ | i 99,039 | $ | i — | $ | i 1,082 | $ | i 1,082 | $ | i 376 | |||||||||||
Total
Citigroup(10) | $ | i 282,799 | $ | i 2,696 | $ | i 2,820 | $ | i 524 | $ | i 288,839 | $ | i 210 | $ | i 1,931 | $ | i 2,141 | $ | i 2,038 |
In millions of dollars | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(5) | Total loans | Total non-accrual | 90 days past due and accruing | ||||||||||||||||
In North America offices(6) | |||||||||||||||||||||||
Residential first mortgages(7) | $ | i 45,942 | $ | i 411 | $ | i 221 | $ | i 434 | $ | i 47,008 | $ | i 479 | $ | i 288 | |||||||||
Home
equity loans(8)(9) | i 8,860 | i 174 | i 189 | i — | i 9,223 | i 405 | i — | ||||||||||||||||
Credit cards | i 145,477 | i 1,759 | i 1,927 | i — | i 149,163 | i — | i 1,927 | ||||||||||||||||
Personal, small business and other | i 3,641 | i 44 | i 14 | i — | i 3,699 | i 21 | i — | ||||||||||||||||
Total | $ | i 203,920 | $ | i 2,388 | $ | i 2,351 | $ | i 434 | $ | i 209,093 | $ | i 905 | $ | i 2,215 | |||||||||
In
offices outside North America(6) | |||||||||||||||||||||||
Residential first mortgages(7) | $ | i 37,654 | $ | i 210 | $ | i 160 | $ | i — | $ | i 38,024 | $ | i 425 | $ | i — | |||||||||
Credit cards | i 25,111 | i 426 | i 372 | i — | i 25,909 | i 310 | i 242 | ||||||||||||||||
Personal, small business and other | i 36,118 | i 272 | i 132 | i — | i 36,522 | i 176 | i — | ||||||||||||||||
Total | $ | i 98,883 | $ | i 908 | $ | i 664 | $ | i — | $ | i 100,455 | $ | i 911 | $ | i 242 | |||||||||
Total
Citigroup(10) | $ | i 302,803 | $ | i 3,296 | $ | i 3,015 | $ | i 434 | $ | i 309,548 | $ | i 1,816 | $ | i 2,457 |
Interest income | |||||
In millions of dollars | For the year ended December 31, 2020 | ||||
In North America offices(1) | |||||
Residential first mortgages | $ | i 15 | |||
Home equity loans | i 8 | ||||
Credit cards | i — | ||||
Personal, small business and other | i — | ||||
Total | $ | i 23 | |||
In
offices outside North America(1) | |||||
Residential first mortgages | $ | i — | |||
Credit cards | i — | ||||
Personal, small business and other | i — | ||||
Total | $ | i — | |||
Total Citigroup | $ | i 23 |
FICO score distribution in U.S. portfolio(1) | December 31, 2020 | ||||||||||||||||
In millions of dollars | Less than 680 | 680 to 760 | Greater than 760 | FICO not available | Total loans | ||||||||||||
Residential first mortgages | |||||||||||||||||
2020 | $ | i 187 | $ | i 3,741 | $ | i 9,052 | |||||||||||
2019 | i 150 | i 1,857 | i 5,384 | ||||||||||||||
2018 | i 246 | i 655 | i 1,227 | ||||||||||||||
2017 | i 298 | i 846 | i 1,829 | ||||||||||||||
2016 | i 323 | i 1,368 | i 3,799 | ||||||||||||||
Prior | i 1,708 | i 4,133 | i 9,105 | ||||||||||||||
Total residential first mortgages | $ | i 2,912 | $ | i 12,600 | $ | i 30,396 | $ | i 1,870 | $ | i 47,778 | |||||||
Credit
cards(2) | $ | i 26,227 | $ | i 52,778 | $ | i 49,767 | $ | i 1,041 | $ | i 129,813 | |||||||
Home
equity loans (pre-reset) | $ | i 292 | $ | i 1,014 | $ | i 1,657 | |||||||||||
Home equity loans (post-reset) | i 1,055 | i 1,569 | i 1,524 | ||||||||||||||
Total home equity loans | $ | i 1,347 | $ | i 2,583 | $ | i 3,181 | $ | i 17 | $ | i 7,128 | |||||||
Installment and other | |||||||||||||||||
2020 | $ | i 23 | $ | i 58 | $ | i 95 | |||||||||||
2019 | i 79 | i 106 | i 134 | ||||||||||||||
2018 | i 82 | i 80 | i 84 | ||||||||||||||
2017 | i 26 | i 27 | i 30 | ||||||||||||||
2016 | i 10 | i 9 | i 8 | ||||||||||||||
Prior | i 214 | i 393 | i 529 | ||||||||||||||
Personal, small business and other | $ | i 434 | $ | i 673 | $ | i 880 | $ | i 2,522 | $ | i 4,509 | |||||||
Total | $ | i 30,920 | $ | i 68,634 | $ | i 84,224 | $ | i 5,450 | $ | i 189,228 |
FICO
score distribution in U.S. portfolio(1) | December 31, 2019 | ||||||||||||||||
In millions of dollars | Less than 680 | 680 to 760 | Greater than 760 | FICO not available | Total loans | ||||||||||||
Residential first mortgages | $ | i 3,608 | $ | i 13,264 | $ | i 28,442 | $ | i 1,694 | $ | i 47,008 | |||||||
Credit
cards(2) | i 33,290 | i 59,536 | i 52,935 | i 2,773 | i 148,534 | ||||||||||||
Home equity loans | i 1,901 | i 3,530 | i 3,732 | i 60 | i 9,223 | ||||||||||||
Personal, small business and other | i 564 | i 907 | i 1,473 | i 755 | i 3,699 | ||||||||||||
Total | $ | i 39,363 | $ | i 77,237 | $ | i 86,582 | $ | i 5,282 | $ | i 208,464 |
LTV distribution in U.S. portfolio | December 31, 2020 | ||||||||||||||||
In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | LTV not available | Total | ||||||||||||
Residential first mortgages | |||||||||||||||||
2020 | $ | i 11,447 | $ | i 1,543 | $ | i — | |||||||||||
2019 | i 7,029 | i 376 | i 2 | ||||||||||||||
2018 | i 1,617 | i 507 | i 11 | ||||||||||||||
2017 | i 2,711 | i 269 | i 4 | ||||||||||||||
2016 | i 5,423 | i 84 | i 2 | ||||||||||||||
Prior | i 14,966 | i 66 | i 16 | ||||||||||||||
Total residential first mortgages | $ | i 43,193 | $ | i 2,845 | $ | i 35 | $ | i 1,705 | $ | i 47,778 | |||||||
Home equity loans (pre-reset) | $ | i 2,876 | $ | i 50 | $ | i 16 | |||||||||||
Home equity loans (post-reset) | i 3,782 | i 290 | i 58 | ||||||||||||||
Total home equity loans | $ | i 6,658 | $ | i 340 | $ | i 74 | $ | i 56 | $ | i 7,128 | |||||||
Total | $ | i 49,851 | $ | i 3,185 | $ | i 109 | $ | i 1,761 | $ | i 54,906 |
LTV distribution in U.S. portfolio | December 31, 2019 | ||||||||||||||||
In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | LTV not available | Total | ||||||||||||
Residential first mortgages | $ | i 41,993 | $ | i 3,313 | $ | i 98 | $ | i 1,604 | $ | i 47,008 | |||||||
Home equity loans | i 8,101 | i 829 | i 237 | i 56 | i 9,223 | ||||||||||||
Total | $ | i 50,094 | $ | i 4,142 | $ | i 335 | $ | i 1,660 | $ | i 56,231 |
At and for the year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
In millions of dollars | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value(4) | Interest income recognized(5) | |||||||||||||||||||||||||||
Mortgage and real estate | ||||||||||||||||||||||||||||||||
Residential first mortgages | $ | i 1,787 | $ | i 1,962 | $ | i 157 | $ | i 1,661 | $ | i 68 | ||||||||||||||||||||||
Home equity loans | i 478 | i 651 | i 60 | i 527 | i 13 | |||||||||||||||||||||||||||
Credit cards | i 1,982 | i 2,135 | i 918 | i 1,926 | i 106 | |||||||||||||||||||||||||||
Personal, small business and other | i 552 | i 552 | i 210 | i 463 | i 63 | |||||||||||||||||||||||||||
Total | $ | i 4,799 | $ | i 5,300 | $ | i 1,345 | $ | i 4,577 | $ | i 250 |
At and for the year ended December 31, 2019 | |||||||||||||||||
In millions of dollars | Recorded investment(1)(2) | Unpaid principal balance | Related specific allowance(3) | Average carrying value(4) | Interest income recognized(5) | ||||||||||||
Mortgage and real estate | |||||||||||||||||
Residential first mortgages | $ | i 1,666 | $ | i 1,838 | $ | i 161 | $ | i 1,925 | $ | i 60 | |||||||
Home equity loans | i 592 | i 824 | i 123 | i 637 | i 9 | ||||||||||||
Credit cards | i 1,931 | i 2,288 | i 771 | i 1,890 | i 103 | ||||||||||||
Personal, small business and other | i 419 | i 455 | i 135 | i 683 | i 55 | ||||||||||||
Total | $ | i 4,608 | $ | i 5,405 | $ | i 1,190 | $ | i 5,135 | $ | i 227 |
For
the year ended December 31, 2020(1) | ||||||||||||||||||||
In millions of dollars, except number of loans modified | Number of loans modified | Post- modification recorded investment(2)(3) | Deferred principal(4) | Contingent principal forgiveness(5) | Principal forgiveness(6) | Average interest rate reduction | ||||||||||||||
North America | ||||||||||||||||||||
Residential first mortgages | i 1,225 | $ | i 209 | $ | i — | $ | i — | $ | i — | i — | % | |||||||||
Home equity loans | i 296 | i 27 | i — | i — | i — | i 1 | ||||||||||||||
Credit cards | i 215,466 | i 1,038 | i — | i — | i — | i 17 | ||||||||||||||
Personal, small business and other | i 2,452 | i 28 | i — | i — | i — | i 5 | ||||||||||||||
Total(7) | i 219,439 | $ | i 1,302 | $ | i — | $ | i — | $ | i — | |||||||||||
International | ||||||||||||||||||||
Residential first mortgages | i 2,542 | $ | i 141 | $ | i 3 | $ | i — | $ | i — | i 2 | % | |||||||||
Credit cards | i 90,694 | i 401 | i — | i — | i 12 | i 15 | ||||||||||||||
Personal, small business and other | i 41,079 | i 301 | i — | i — | i 8 | i 10 | ||||||||||||||
Total(7) | i 134,315 | $ | i 843 | $ | i 3 | $ | i — | $ | i 20 |
For the year ended December 31, 2019 | ||||||||||||||||||||
In millions of dollars, except number of loans modified | Number of loans modified | Post- modification recorded investment(2)(8) | Deferred principal(4) | Contingent principal forgiveness(5) | Principal forgiveness(6) | Average interest rate reduction | ||||||||||||||
North America | ||||||||||||||||||||
Residential first mortgages | i 1,122 | $ | i 172 | $ | i — | $ | i — | $ | i — | i — | % | |||||||||
Home equity loans | i 717 | i 79 | i 3 | i — | i — | i 1 | ||||||||||||||
Credit cards | i 268,778 | i 1,165 | i — | i — | i — | i 17 | ||||||||||||||
Personal, small business and other | i 1,719 | i 15 | i — | i — | i — | i 5 | ||||||||||||||
Total(7) | i 272,336 | $ | i 1,431 | $ | i 3 | $ | i — | $ | i — | |||||||||||
International | ||||||||||||||||||||
Residential first mortgages | i 2,448 | $ | i 74 | $ | i — | $ | i — | $ | i — | i — | % | |||||||||
Credit cards | i 72,325 | i 288 | i — | i — | i 10 | i 17 | ||||||||||||||
Personal, small business and other | i 29,192 | i 204 | i — | i — | i 6 | i 9 | ||||||||||||||
Total(7) | i 103,965 | $ | i 566 | $ | i — | $ | i — | $ | i 16 |
Years ended December 31, | ||||||||
In millions of dollars | 2020 | 2019 | ||||||
North America | ||||||||
Residential first mortgages | $ | i 71 | $ | i 85 | ||||
Home equity loans | i 14 | i 15 | ||||||
Credit cards | i 317 | i 301 | ||||||
Personal, small business and other | i 4 | i 4 | ||||||
Total | $ | i 406 | $ | i 405 | ||||
International | ||||||||
Residential first mortgages | $ | i 26 | $ | i 13 | ||||
Credit cards | i 178 | i 142 | ||||||
Personal, small business and other | i 78 | i 74 | ||||||
Total | $ | i 282 | $ | i 229 |
Year ended December 31, 2020 | |||||||||||
In millions of dollars | Credit cards | Mortgages(1) | Installment and other | ||||||||
Purchase price | $ | i 4 | $ | i 49 | $ | i — | |||||
Allowance for credit losses at acquisition date | i 4 | i — | i — | ||||||||
Discount or premium attributable to non-credit factors | i — | i — | i — | ||||||||
Par value (amortized cost basis) | $ | i 8 | $ | i 49 | $ | i — |
In millions of dollars | December 31, 2020 | December 31, 2019 | ||||||
In North America offices(1) | ||||||||
Commercial and industrial | $ | i 57,731 | $ | i 55,929 | ||||
Financial institutions | i 55,809 | i 53,922 | ||||||
Mortgage
and real estate(2) | i 60,675 | i 53,371 | ||||||
Installment and other | i 26,744 | i 31,238 | ||||||
Lease financing | i 673 | i 1,290 | ||||||
Total | $ | i 201,632 | $ | i 195,750 | ||||
In
offices outside North America(1) | ||||||||
Commercial and industrial | $ | i 104,072 | $ | i 112,668 | ||||
Financial institutions | i 32,334 | i 40,211 | ||||||
Mortgage
and real estate(2) | i 11,371 | i 9,780 | ||||||
Installment and other | i 33,759 | i 27,303 | ||||||
Lease financing | i 65 | i 95 | ||||||
Governments and official institutions | i 3,811 | i 4,128 | ||||||
Total | $ | i 185,412 | $ | i 194,185 | ||||
Corporate
loans, net of unearned income(3) | $ | i 387,044 | $ | i 389,935 |
In millions of dollars | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans(4) | ||||||||||||||
Commercial and industrial | $ | i 400 | $ | i 109 | $ | i 509 | $ | i 2,795 | $ | i 153,036 | $ | i 156,340 | ||||||||
Financial institutions | i 668 | i 65 | i 733 | i 92 | i 86,864 | i 87,689 | ||||||||||||||
Mortgage and real estate | i 450 | i 247 | i 697 | i 505 | i 70,836 | i 72,038 | ||||||||||||||
Lease financing | i 62 | i 12 | i 74 | i 24 | i 640 | i 738 | ||||||||||||||
Other | i 112 | i 19 | i 131 | i 111 | i 63,157 | i 63,399 | ||||||||||||||
Loans at fair value | i 6,840 | |||||||||||||||||||
Total | $ | i 1,692 | $ | i 452 | $ | i 2,144 | $ | i 3,527 | $ | i 374,533 | $ | i 387,044 |
In millions of dollars | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans(4) | ||||||||||||||
Commercial and industrial | $ | i 676 | $ | i 93 | $ | i 769 | $ | i 1,828 | $ | i 164,249 | $ | i 166,846 | ||||||||
Financial institutions | i 791 | i 3 | i 794 | i 50 | i 91,008 | i 91,852 | ||||||||||||||
Mortgage and real estate | i 534 | i 4 | i 538 | i 188 | i 62,425 | i 63,151 | ||||||||||||||
Lease financing | i 58 | i 9 | i 67 | i 41 | i 1,277 | i 1,385 | ||||||||||||||
Other | i 190 | i 22 | i 212 | i 81 | i 62,341 | i 62,634 | ||||||||||||||
Loans at fair value | i 4,067 | |||||||||||||||||||
Total | $ | i 2,249 | $ | i 131 | $ | i 2,380 | $ | i 2,188 | $ | i 381,300 | $ | i 389,935 |
Recorded investment in loans(1) | ||||||||||||||||||||||||||||||||
Term loans by year of origination | Revolving line of credit arrangements(2) | Totals as of | ||||||||||||||||||||||||||||||
In millions of dollars | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | December 31, 2020 | December
31, 2019 | ||||||||||||||||||||||||
Investment grade(3) | ||||||||||||||||||||||||||||||||
Commercial and industrial(4) | $ | i 38,398 | $ | i 7,607 | $ | i 5,929 | $ | i 3,909 | $ | i 2,094 | $ | i 8,670 | $ | i 25,819 | $ | i 92,426 | $ | i 110,797 | ||||||||||||||
Financial
institutions(4) | i 10,560 | i 2,964 | i 2,106 | i 782 | i 681 | i 2,030 | i 56,239 | i 75,362 | i 80,533 | |||||||||||||||||||||||
Mortgage and real estate | i 6,793 | i 6,714 | i 5,174 | i 2,568 | i 1,212 | i 1,719 | i 1,557 | i 25,737 | i 27,571 | |||||||||||||||||||||||
Other(5) | i 10,874 | i 3,566 | i 4,597 | i 952 | i 780 | i 5,290 | i 31,696 | i 57,755 | i 58,155 | |||||||||||||||||||||||
Total investment grade | $ | i 66,625 | $ | i 20,851 | $ | i 17,806 | $ | i 8,211 | $ | i 4,767 | $ | i 17,709 | $ | i 115,311 | $ | i 251,280 | $ | i 277,056 | ||||||||||||||
Non-investment
grade(3) | ||||||||||||||||||||||||||||||||
Accrual | ||||||||||||||||||||||||||||||||
Commercial and industrial(4) | $ | i 19,683 | $ | i 4,794 | $ | i 4,645 | $ | i 2,883 | $ | i 1,182 | $ | i 4,533 | $ | i 23,400 | $ | i 61,120 | $ | i 54,220 | ||||||||||||||
Financial
institutions(4) | i 7,413 | i 700 | i 654 | i 274 | i 141 | i 197 | i 2,855 | i 12,234 | i 11,269 | |||||||||||||||||||||||
Mortgage and real estate | i 1,882 | i 1,919 | i 2,058 | i 1,457 | i 697 | i 837 | i 551 | i 9,401 | i 3,811 | |||||||||||||||||||||||
Other(5) | i 1,407 | i 918 | i 725 | i 370 | i 186 | i 657 | i 1,986 | i 6,249 | i 5,734 | |||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||||||||
Commercial
and industrial(4) | i 260 | i 203 | i 192 | i 143 | i 57 | i 223 | i 1,717 | i 2,795 | i 1,828 | |||||||||||||||||||||||
Financial institutions | i 1 | i — | i — | i — | i — | i — | i 91 | i 92 | i 50 | |||||||||||||||||||||||
Mortgage and real estate | i 13 | i 4 | i 3 | i 18 | i 8 | i 32 | i 427 | i 505 | i 188 | |||||||||||||||||||||||
Other(5) | i 15 | i 3 | i 12 | i 29 | i 2 | i 65 | i 9 | i 135 | i 122 | |||||||||||||||||||||||
Total non-investment grade | $ | i 30,674 | $ | i 8,541 | $ | i 8,289 | $ | i 5,174 | $ | i 2,273 | $ | i 6,544 | $ | i 31,036 | $ | i 92,531 | $ | i 77,222 | ||||||||||||||
Non-rated
private bank loans managed on a delinquency basis(3)(6) | $ | i 9,823 | $ | i 7,121 | $ | i 3,533 | $ | i 3,674 | $ | i 4,300 | $ | i 7,942 | $ | i — | $ | i 36,393 | $ | i 31,590 | ||||||||||||||
Loans
at fair value(7) | i 6,840 | i 4,067 | ||||||||||||||||||||||||||||||
Corporate loans, net of unearned income | $ | i 107,122 | $ | i 36,513 | $ | i 29,628 | $ | i 17,059 | $ | i 11,340 | $ | i 32,195 | $ | i 146,347 | $ | i 387,044 | $ | i 389,935 |
At and for the year ended December 31, 2020 | ||||||||||||||||||||
In millions of dollars | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | Interest income recognized(3) | |||||||||||||||
Non-accrual corporate loans | ||||||||||||||||||||
Commercial and industrial | $ | i 2,795 | $ | i 3,664 | $ | i 442 | $ | i 2,649 | $ | i 14 | ||||||||||
Financial institutions | i 92 | i 181 | i 17 | i 132 | i — | |||||||||||||||
Mortgage and real estate | i 505 | i 803 | i 38 | i 413 | i — | |||||||||||||||
Lease financing | i 24 | i 24 | i — | i 34 | i — | |||||||||||||||
Other | i 111 | i 235 | i 18 | i 174 | i 21 | |||||||||||||||
Total non-accrual corporate loans | $ | i 3,527 | $ | i 4,907 | $ | i 515 | $ | i 3,402 | $ | i 35 |
At and for the year ended December 31, 2019 | |||||||||||||||||
In millions of dollars | Recorded investment(1) | Unpaid principal balance | Related specific allowance | Average carrying value(2) | Interest income recognized(3) | ||||||||||||
Non-accrual corporate loans | |||||||||||||||||
Commercial and industrial | $ | i 1,828 | $ | i 1,942 | $ | i 283 | $ | i 1,449 | $ | i 33 | |||||||
Financial institutions | i 50 | i 120 | i 2 | i 63 | i — | ||||||||||||
Mortgage and real estate | i 188 | i 362 | i 10 | i 192 | i — | ||||||||||||
Lease financing | i 41 | i 41 | i — | i 8 | i — | ||||||||||||
Other | i 81 | i 202 | i 4 | i 76 | i 9 | ||||||||||||
Total non-accrual corporate loans | $ | i 2,188 | $ | i 2,667 | $ | i 299 | $ | i 1,788 | $ | i 42 |
December 31, 2020 | December 31, 2019 | |||||||||||||
In millions of dollars | Recorded investment(1) | Related specific allowance | Recorded investment(1) | Related specific allowance | ||||||||||
Non-accrual corporate loans with specific allowances | ||||||||||||||
Commercial and industrial | $ | i 1,523 | $ | i 442 | $ | i 714 | $ | i 283 | ||||||
Financial institutions | i 90 | i 17 | i 40 | i 2 | ||||||||||
Mortgage and real estate | i 246 | i 38 | i 48 | i 10 | ||||||||||
Lease financing | i — | i — | i — | i — | ||||||||||
Other | i 68 | i 18 | i 7 | i 4 | ||||||||||
Total non-accrual corporate loans with specific allowances | $ | i 1,927 | $ | i 515 | $ | i 809 | $ | i 299 | ||||||
Non-accrual corporate loans without specific allowances | ||||||||||||||
Commercial and industrial | $ | i 1,272 | $ | i 1,114 | ||||||||||
Financial institutions | i 2 | i 10 | ||||||||||||
Mortgage and real estate | i 259 | i 140 | ||||||||||||
Lease financing | i 24 | i 41 | ||||||||||||
Other | i 43 | i 74 | ||||||||||||
Total non-accrual corporate loans without specific allowances | $ | i 1,600 | N/A | $ | i 1,379 | N/A |
In millions of dollars | Carrying value of TDRs modified during the period | TDRs involving changes in the amount and/or timing of principal payments(2) | TDRs involving
changes in the amount and/or timing of interest payments(3) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||||||||||
Commercial and industrial | $ | i 247 | $ | i — | $ | i — | $ | i 247 | ||||||||||||
Mortgage and real estate | i 19 | i — | i — | i 19 | ||||||||||||||||
Other | i 19 | i 6 | i — | i 13 | ||||||||||||||||
Total | $ | i 285 | $ | i 6 | $ | i — | $ | i 279 |
In millions of dollars | Carrying value of TDRs modified during the period | TDRs involving changes in the amount and/or timing of principal payments(2) | TDRs involving
changes in the amount and/or timing of interest payments(3) | TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||||||||||||||
Commercial and industrial | $ | i 283 | $ | i 19 | $ | i — | $ | i 264 | ||||||||||||
Mortgage and real estate | i 16 | i — | i — | i 16 | ||||||||||||||||
Other | i 6 | i 6 | i — | i — | ||||||||||||||||
Total | $ | i 305 | $ | i 25 | $ | i — | $ | i 280 |
In millions of dollars | TDR balances at December 31, 2020 | TDR loans that re-defaulted in 2020 within one year of modification | TDR balances at December 31, 2019 | TDR loans that re-defaulted in 2019 within one year of modification | ||||||||||||||||
Commercial and industrial | $ | i 325 | $ | i — | $ | i 426 | $ | i 35 | ||||||||||||
Financial institutions | i — | i — | i — | i — | ||||||||||||||||
Mortgage and real estate | i 92 | i — | i 79 | i — | ||||||||||||||||
Lease financing | i — | i — | i — | i — | ||||||||||||||||
Other | i 33 | i — | i 44 | i — | ||||||||||||||||
Total(1) | $ | i 450 | $ | i — | $ | i 549 | $ | i 35 |
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Allowance for credit losses on loans (ACLL) at beginning of year | $ | i 12,783 | $ | i 12,315 | $ | i 12,355 | |||||
Adjustments to opening balance: | |||||||||||
Financial instruments—credit losses (CECL)(1) | i 4,201 | — | — | ||||||||
Variable
post-charge-off third-party collection costs(1) | ( i 443) | — | — | ||||||||
Adjusted ACLL at beginning of year | $ | i 16,541 | $ | i 12,315 | $ | i 12,355 | |||||
Gross credit losses on loans | $ | ( i 9,263) | $ | ( i 9,341) | $ | ( i 8,665) | |||||
Gross recoveries on loans | i 1,652 | i 1,573 | i 1,552 | ||||||||
Net credit losses on loans (NCLs) | $ | ( i 7,611) | $ | ( i 7,768) | $ | ( i 7,113) | |||||
NCLs | $ | i 7,611 | $ | i 7,768 | $ | i 7,113 | |||||
Net reserve builds for loans | i 7,635 | i 364 | i 394 | ||||||||
Net specific reserve builds (releases) for loans | i 676 | i 86 | ( i 153) | ||||||||
Total provision for credit losses on loans (PCLL) | $ | i 15,922 | $ | i 8,218 | $ | i 7,354 | |||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | i i 4 / | i — | i — | ||||||||
Other, net (see table below) | i 100 | i 18 | ( i 281) | ||||||||
ACLL at end of year | $ | i 24,956 | $ | i 12,783 | $ | i 12,315 | |||||
Allowance
for credit losses on unfunded lending commitments (ACLUC) at beginning of year(2) | $ | i 1,456 | $ | i 1,367 | $ | i 1,258 | |||||
Adjustment
to opening balance for CECL adoption(1) | ( i 194) | — | — | ||||||||
Provision (release) for credit losses on unfunded lending commitments | i 1,446 | i 92 | i 113 | ||||||||
Other,
net(3) | ( i 53) | ( i 3) | ( i 4) | ||||||||
ACLUC
at end of year(2) | $ | i 2,655 | $ | i 1,456 | $ | i 1,367 | |||||
Total allowance for credit losses on loans, leases and unfunded lending commitments | $ | i 27,611 | $ | i 14,239 | $ | i 13,682 |
Other, net details | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Sales or transfers of various consumer loan portfolios to HFS | |||||||||||
Transfer of real estate loan portfolios | $ | ( i 4) | $ | ( i 42) | $ | ( i 91) | |||||
Transfer of other loan portfolios | i — | i — | ( i 110) | ||||||||
Sales or transfers of various consumer loan portfolios to HFS | $ | ( i 4) | $ | ( i 42) | $ | ( i 201) | |||||
FX translation | i 97 | i 60 | ( i 60) | ||||||||
Other | i 7 | i — | ( i 20) | ||||||||
Other, net | $ | i 100 | $ | i 18 | $ | ( i 281) |
In millions of dollars | Corporate | Consumer | Total | |||||||||||||||||
ACLL at beginning of year | $ | i 2,886 | $ | i 9,897 | $ | i 12,783 | ||||||||||||||
Adjustments to opening balance: | ||||||||||||||||||||
Financial instruments—credit losses (CECL)(1) | ( i 721) | i 4,922 | i 4,201 | |||||||||||||||||
Variable
post-charge-off third-party collection costs(1) | i — | ( i 443) | ( i 443) | |||||||||||||||||
Adjusted ACLL at beginning of year | $ | i 2,165 | $ | i 14,376 | $ | i 16,541 | ||||||||||||||
Charge-offs | $ | ( i 1,072) | $ | ( i 8,191) | $ | ( i 9,263) | ||||||||||||||
Recoveries | i 86 | i 1,566 | i 1,652 | |||||||||||||||||
Replenishment of net charge-offs | i 986 | i 6,625 | i 7,611 | |||||||||||||||||
Net reserve builds (releases) | i 2,890 | i 4,745 | i 7,635 | |||||||||||||||||
Net specific reserve builds (releases) | i 282 | i 394 | i 676 | |||||||||||||||||
Initial
allowance for credit losses on newly purchased credit-deteriorated assets during the year | i — | i 4 | i i 4 / | |||||||||||||||||
Other | i 65 | i 35 | i 100 | |||||||||||||||||
Ending balance | $ | i 5,402 | $ | i 19,554 | $ | i 24,956 | ||||||||||||||
Allowance for credit losses on loans | ||||||||||||||||||||
Collectively evaluated | $ | i 4,887 | $ | i 18,207 | $ | i 23,094 | ||||||||||||||
Individually evaluated | i 515 | i 1,345 | i 1,860 | |||||||||||||||||
Purchased credit deteriorated | i — | i 2 | i 2 | |||||||||||||||||
Total allowance for credit losses on loans | $ | i 5,402 | $ | i 19,554 | $ | i 24,956 | ||||||||||||||
Loans, net of unearned income | ||||||||||||||||||||
Collectively evaluated | $ | i 376,677 | $ | i 283,885 | $ | i 660,562 | ||||||||||||||
Individually evaluated | i 3,527 | i 4,799 | i 8,326 | |||||||||||||||||
Purchased credit deteriorated | i — | i 141 | i 141 | |||||||||||||||||
Held at fair value | i 6,840 | i 14 | i 6,854 | |||||||||||||||||
Total loans, net of unearned income | $ | i 387,044 | $ | i 288,839 | $ | i 675,883 |
In millions of dollars | Corporate | Consumer | Total | |||||||||||||||||
ACLL at beginning of year | $ | i 2,811 | $ | i 9,504 | $ | i 12,315 | ||||||||||||||
Charge-offs | ( i 487) | ( i 8,854) | ( i 9,341) | |||||||||||||||||
Recoveries | i 95 | i 1,478 | i 1,573 | |||||||||||||||||
Replenishment of net charge-offs | i 392 | i 7,376 | i 7,768 | |||||||||||||||||
Net reserve builds (releases) | i 96 | i 268 | i 364 | |||||||||||||||||
Net specific reserve builds (releases) | ( i 21) | i 107 | i 86 | |||||||||||||||||
Other | i — | i 18 | i 18 | |||||||||||||||||
Ending balance | $ | i 2,886 | $ | i 9,897 | $ | i 12,783 | ||||||||||||||
Allowance for credit losses on loans | ||||||||||||||||||||
Collectively evaluated | $ | i 2,587 | $ | i 8,706 | $ | i 11,293 | ||||||||||||||
Individually evaluated | i 299 | i 1,190 | i 1,489 | |||||||||||||||||
Purchased credit deteriorated | i — | i 1 | i 1 | |||||||||||||||||
Total allowance for credit losses on loans | $ | i 2,886 | $ | i 9,897 | $ | i 12,783 | ||||||||||||||
Loans, net of unearned income | ||||||||||||||||||||
Collectively evaluated | $ | i 383,828 | $ | i 304,794 | $ | i 688,622 | ||||||||||||||
Individually evaluated | i 2,040 | i 4,608 | i 6,648 | |||||||||||||||||
Purchased credit deteriorated | i — | i 128 | i 128 | |||||||||||||||||
Held at fair value | i 4,067 | i 18 | i 4,085 | |||||||||||||||||
Total loans, net of unearned income | $ | i 389,935 | $ | i 309,548 | $ | i 699,483 |
In millions of dollars | Corporate | Consumer | Total | |||||||||||||||||
ACLL at beginning of year | $ | i 2,943 | $ | i 9,412 | $ | i 12,355 | ||||||||||||||
Charge-offs | ( i 343) | ( i 8,322) | ( i 8,665) | |||||||||||||||||
Recoveries | i 138 | i 1,414 | i 1,552 | |||||||||||||||||
Replenishment of net charge-offs | i 205 | i 6,908 | i 7,113 | |||||||||||||||||
Net reserve builds (releases) | i 42 | i 352 | i 394 | |||||||||||||||||
Net specific reserve builds (releases) | ( i 151) | ( i 2) | ( i 153) | |||||||||||||||||
Other | $ | ( i 23) | $ | ( i 258) | $ | ( i 281) | ||||||||||||||
Ending balance | $ | i 2,811 | $ | i 9,504 | $ | i 12,315 |
Year ended December 31, 2020 | ||||||||||||||||||||||||||
In millions of dollars | Mortgage-backed | State and municipal | Foreign government | Asset-backed | Total HTM | |||||||||||||||||||||
Allowance for credit losses on HTM debt securities at beginning of year | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||||
Adjustment to opening balance for CECL adoption | i — | i 61 | i 4 | i 5 | i 70 | |||||||||||||||||||||
Net credit losses (NCLs) | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||||
NCLs | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||||
Net reserve builds (releases) | ( i 2) | i 10 | ( i 2) | i 1 | i 7 | |||||||||||||||||||||
Net specific reserve builds (releases) | i — | i — | i — | i — | i — | |||||||||||||||||||||
Total provision for credit losses on HTM debt securities | $ | ( i 2) | $ | i 10 | $ | ( i 2) | $ | i 1 | $ | i 7 | ||||||||||||||||
Other, net | $ | i 5 | $ | i 3 | $ | i 4 | $ | ( i 3) | $ | i 9 | ||||||||||||||||
Initial allowance for credit losses on newly purchased credit-deteriorated securities during the year | i — | i — | i — | i — | i — | |||||||||||||||||||||
Allowance for credit losses on HTM debt securities at end of year | $ | i 3 | $ | i 74 | $ | i 6 | $ | i 3 | $ | i 86 |
Year ended December 31, 2020 | ||||||||||||||||||||||||||
In millions of dollars | Cash and due from banks | Deposits with banks | Securities borrowed and purchased under agreements to resell | Brokerage receivables | All other assets(1) | Total | ||||||||||||||||||||
Allowance for credit losses at beginning of year | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||
Adjustment to opening balance for CECL adoption | i 6 | i 14 | i 2 | i 1 | i 3 | i 26 | ||||||||||||||||||||
Net credit losses (NCLs) | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||
NCLs | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||
Net reserve builds (releases) | ( i 6) | i 5 | i 8 | ( i 1) | i 1 | i 7 | ||||||||||||||||||||
Total provision for credit losses | $ | ( i 6) | $ | i 5 | $ | i 8 | $ | ( i 1) | $ | i 1 | $ | i 7 | ||||||||||||||
Other, net | $ | i — | $ | i 1 | $ | i — | $ | i — | $ | i 21 | $ | i 22 | ||||||||||||||
Allowance for credit losses on other assets at end of year | $ | i — | $ | i 20 | $ | i 10 | $ | i — | $ | i 25 | $ | i 55 |
In millions of dollars | Global Consumer Banking | Institutional Clients Group | Corporate/Other | Total | |||||||||||||
Balance at December 31, 2017 | $ | i 12,128 | $ | i 10,112 | $ | i 16 | $ | i 22,256 | |||||||||
Foreign exchange translation | $ | ( i 41) | $ | ( i 153) | $ | i — | $ | ( i 194) | |||||||||
Divestitures(1) | i — | i — | ( i 16) | ( i 16) | |||||||||||||
Balance at December 31, 2018 | $ | i 12,087 | $ | i 9,959 | $ | i — | $ | i 22,046 | |||||||||
Foreign exchange translation | $ | i 15 | $ | i 65 | $ | i — | $ | i 80 | |||||||||
Balance at December 31, 2019 | $ | i 12,102 | $ | i 10,024 | $ | i — | $ | i 22,126 | |||||||||
Foreign exchange translation | $ | i 40 | $ | ( i 4) | $ | i — | $ | i 36 | |||||||||
Balance at December 31, 2020 | $ | i 12,142 | $ | i 10,020 | $ | i — | $ | i 22,162 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||
In millions of dollars | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||
Purchased credit card relationships | $ | i 5,648 | $ | i 4,229 | $ | i 1,419 | $ | i 5,676 | $ | i 4,059 | $ | i 1,617 | ||||||||
Credit
card contract-related intangibles(1) | i 3,929 | i 1,276 | i 2,653 | i 5,393 | i 3,069 | i 2,324 | ||||||||||||||
Core deposit intangibles | i 45 | i 44 | i 1 | i 434 | i 433 | i 1 | ||||||||||||||
Other customer relationships | i 455 | i 314 | i 141 | i 424 | i 275 | i 149 | ||||||||||||||
Present value of future profits | i 32 | i 30 | i 2 | i 34 | i 31 | i 3 | ||||||||||||||
Indefinite-lived intangible assets | i 190 | i — | i 190 | i 228 | i — | i 228 | ||||||||||||||
Other | i 72 | i 67 | i 5 | i 82 | i 77 | i 5 | ||||||||||||||
Intangible assets (excluding MSRs) | $ | i 10,371 | $ | i 5,960 | $ | i 4,411 | $ | i 12,271 | $ | i 7,944 | $ | i 4,327 | ||||||||
Mortgage
servicing rights (MSRs)(2) | 336 | — | i 336 | 495 | — | i 495 | ||||||||||||||
Total intangible assets | $ | i 10,707 | $ | i 5,960 | $ | i 4,747 | $ | i 12,766 | $ | i 7,944 | $ | i 4,822 |
Net
carrying amount at | Acquisitions/ | Net carrying amount at | ||||||||||||||||||
In millions of dollars | December 31, 2019 | renewals/ divestitures | Amortization | Impairments | FX translation and other | December 31, 2020 | ||||||||||||||
Purchased credit card relationships(1) | $ | i 1,617 | $ | i 11 | $ | ( i 200) | $ | ( i 10) | $ | i 1 | $ | i 1,419 | ||||||||
Credit
card contract-related intangibles(2) | i 2,324 | i 509 | ( i 183) | i — | i 3 | i 2,653 | ||||||||||||||
Core deposit intangibles | i 1 | i — | i — | i — | i — | i 1 | ||||||||||||||
Other customer relationships | i 149 | i — | ( i 24) | i — | i 16 | i 141 | ||||||||||||||
Present value of future profits | i 3 | i — | i — | i — | ( i 1) | i 2 | ||||||||||||||
Indefinite-lived intangible assets | i 228 | i — | i — | ( i 28) | ( i 10) | i 190 | ||||||||||||||
Other | i 5 | i 7 | ( i 12) | i — | i 5 | i 5 | ||||||||||||||
Intangible assets (excluding MSRs) | $ | i 4,327 | $ | i 527 | $ | ( i 419) | $ | ( i 38) | $ | i 14 | $ | i 4,411 | ||||||||
Mortgage
servicing rights (MSRs)(3) | i 495 | i 336 | ||||||||||||||||||
Total intangible assets | $ | i 4,822 | $ | i 4,747 |
December 31, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
In millions of dollars | Balance | Weighted average coupon | Balance | Weighted average coupon | |||||||||||||
Commercial paper | |||||||||||||||||
Bank(1) | $ | i 10,022 | $ | i 10,155 | |||||||||||||
Broker-dealer
and other(2) | i 7,988 | i 6,321 | |||||||||||||||
Total commercial paper | $ | i 18,010 | i 0.77 | % | $ | i 16,476 | i 1.98 | % | |||||||||
Other
borrowings(3) | i 11,504 | i 0.48 | i 28,573 | i 1.94 | |||||||||||||
Total | $ | i 29,514 | $ | i 45,049 |
Balances at December 31, | ||||||||||||||||||||
In millions of dollars | Weighted average coupon(1) | Maturities | 2020 | 2019 | ||||||||||||||||
Citigroup
Inc.(2) | ||||||||||||||||||||
Senior debt | i 2.82 | % | 2021-2098 | $ | i 142,197 | $ | i 123,292 | |||||||||||||
Subordinated
debt(3) | i 4.38 | 2022-2046 | i 26,636 | i 25,463 | ||||||||||||||||
Trust preferred securities | i 6.26 | 2036-2067 | i 1,730 | i 1,722 | ||||||||||||||||
Bank(4) | ||||||||||||||||||||
Senior debt | i 1.64 | 2021-2049 | i 44,742 | i 53,340 | ||||||||||||||||
Broker-dealer(5) | ||||||||||||||||||||
Senior debt | i 0.72 | 2021-2070 | i 55,896 | i 44,817 | ||||||||||||||||
Subordinated
debt(3) | i — | 2022-2046 | i 485 | i 126 | ||||||||||||||||
Total | i 2.66 | % | $ | i 271,686 | $ | i 248,760 | ||||||||||||||
Senior debt | $ | i 242,835 | $ | i 221,449 | ||||||||||||||||
Subordinated
debt(3) | i 27,121 | i 25,589 | ||||||||||||||||||
Trust preferred securities | i 1,730 | i 1,722 | ||||||||||||||||||
Total | $ | i 271,686 | $ | i 248,760 |
In millions of dollars | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||
Citigroup Inc. | $ | i 15,605 | $ | i 13,159 | $ | i 14,805 | $ | i 12,329 | $ | i 13,733 | $ | i 100,933 | $ | i 170,564 | |||||||||
Bank | i 18,577 | i 14,608 | i 2,685 | i 4,588 | i 501 | i 3,782 | i 44,741 | ||||||||||||||||
Broker-dealer | i 9,139 | i 8,978 | i 8,557 | i 4,089 | i 4,643 | i 20,975 | i 56,381 | ||||||||||||||||
Total | $ | i 43,321 | $ | i 36,745 | $ | i 26,047 | $ | i 21,006 | $ | i 18,877 | $ | i 125,690 | $ | i 271,686 |
Junior subordinated debentures owned by trust | ||||||||||||||||||||||||||
Trust | Issuance date | Securities issued | Liquidation value(1) | Coupon rate(2) | Common shares issued to parent | Amount | Maturity | Redeemable by issuer beginning | ||||||||||||||||||
In millions of dollars,
except securities and share amounts | ||||||||||||||||||||||||||
Citigroup Capital III | Dec. 1996 | i 194,053 | $ | i 194 | i 7.625 | % | i 6,003 | $ | i 200 | Dec. 1, 2036 | Not redeemable | |||||||||||||||
Citigroup Capital XIII | Sept. 2010 | i 89,840,000 | i 2,246 | 3
mo LIBOR + i 637 bps | i 1,000 | i 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | ||||||||||||||||||
Citigroup Capital XVIII | June 2007 | i 99,901 | i 137 | 3
mo Sterling LIBOR + i 88.75 bps | i 50 | i 137 | June 28, 2067 | June 28, 2017 | ||||||||||||||||||
Total obligated | $ | i 2,577 | $ | i 2,583 |
In millions of dollars, except ratios | Stated minimum | Citigroup | Citibank | ||||||||||||||||||||
Well- capitalized minimum | December 31, 2020 | December 31, 2019 | Well- capitalized minimum | December 31, 2020 | December 31, 2019 | ||||||||||||||||||
Common Equity Tier 1 Capital | $ | i 147,274 | $ | i 137,798 | $ | i 142,884 | $ | i 130,720 | |||||||||||||||
Tier 1 Capital | i 167,053 | i 155,805 | i 144,992 | i 132,847 | |||||||||||||||||||
Total
Capital (Tier 1 Capital + Tier 2 Capital)—Standardized Approach | i 204,849 | i 193,711 | i 169,235 | i 157,253 | |||||||||||||||||||
Total
Capital (Tier 1 Capital + Tier 2 Capital)—Advanced Approaches | i 195,959 | i 181,337 | i 161,294 | i 145,918 | |||||||||||||||||||
Total risk-weighted assets—Standardized Approach | i 1,221,576 | i 1,168,848 | i 1,030,081 | i 1,022,607 | |||||||||||||||||||
Total risk-weighted assets—Advanced Approaches | i 1,255,284 | i 1,142,804 | i 1,012,129 | i 938,735 | |||||||||||||||||||
Quarterly
adjusted average total assets(1) | i 2,265,615 | i 1,957,039 | i 1,680,056 | i 1,459,780 | |||||||||||||||||||
Total
Leverage Exposure(2) | i 2,386,881 | i 2,513,702 | i 2,167,969 | i 1,958,173 | |||||||||||||||||||
Common
Equity Tier 1 Capital ratio(3) | i 4.5 | % | N/A | i 11.73 | % | i 11.79 | % | i 6.5 | % | i 13.87 | % | i 12.78 | % | ||||||||||
Tier
1 Capital ratio(3) | i 6.0 | i 6.0 | % | i 13.31 | i 13.33 | i 8.0 | i 14.08 | i 12.99 | |||||||||||||||
Total
Capital ratio(3) | i 8.0 | i 10.0 | i 15.61 | i 15.87 | i 10.0 | i 15.94 | i 15.38 | ||||||||||||||||
Tier 1 Leverage ratio | i 4.0 | N/A | i 7.37 | i 7.96 | i 5.0 | i 8.63 | i 9.10 | ||||||||||||||||
Supplementary Leverage ratio | i 3.0 | N/A | i 7.00 | i 6.20 | i 6.0 | i 6.69 | i 6.78 |
In millions of dollars | Net unrealized gains (losses) on investment securities | Debt valuation adjustment (DVA)(1) | Cash
flow hedges(2) | Benefit plans(3) | Foreign currency translation adjustment (CTA), net of hedges(4) | Excluded component of fair value hedges(5) | Accumulated other comprehensive income (loss) | ||||||||||||||||
Balance, December 31, 2017 | $ | ( i 1,158) | $ | ( i 921) | $ | ( i 698) | $ | ( i 6,183) | $ | ( i 25,708) | $ | i — | $ | ( i 34,668) | |||||||||
Adjustment
to opening balance, net of taxes(6) | $ | ( i 3) | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | ( i 3) | |||||||||
Adjusted balance, beginning of year | $ | ( i 1,161) | $ | ( i 921) | $ | ( i 698) | $ | ( i 6,183) | $ | ( i 25,708) | $ | i — | $ | ( i 34,671) | |||||||||
Other
comprehensive income before reclassifications | ( i 866) | i 1,081 | ( i 135) | ( i 240) | ( i 2,607) | ( i 57) | ( i 2,824) | ||||||||||||||||
Increase
(decrease) due to amounts reclassified from AOCI (7) | ( i 223) | i 32 | i 105 | i 166 | i 245 | i — | i 325 | ||||||||||||||||
Change,
net of taxes | $ | ( i 1,089) | $ | i 1,113 | $ | ( i 30) | $ | ( i 74) | $ | ( i 2,362) | $ | ( i 57) | $ | ( i 2,499) | |||||||||
Balance,
December 31, 2018 | $ | ( i 2,250) | $ | i 192 | $ | ( i 728) | $ | ( i 6,257) | $ | ( i 28,070) | $ | ( i 57) | $ | ( i 37,170) | |||||||||
Other comprehensive income before reclassifications | i 3,065 | ( i 1,151) | i 549 | ( i 758) | ( i 321) | i 25 | i 1,409 | ||||||||||||||||
Increase
(decrease) due to amounts reclassified from AOCI | ( i 1,080) | i 15 | i 302 | i 206 | i — | i — | ( i 557) | ||||||||||||||||
Change,
net of taxes | $ | i 1,985 | $ | ( i 1,136) | $ | i 851 | $ | ( i 552) | $ | ( i 321) | $ | i 25 | $ | i 852 | |||||||||
Balance
at December 31, 2019 | $ | ( i 265) | $ | ( i 944) | $ | i 123 | $ | ( i 6,809) | $ | ( i 28,391) | $ | ( i 32) | $ | ( i 36,318) | |||||||||
Other
comprehensive income before reclassifications | i 4,837 | ( i 490) | i 2,027 | ( i 287) | ( i 250) | ( i 15) | i 5,822 | ||||||||||||||||
Increase
(decrease) due to amounts reclassified from AOCI | ( i 1,252) | i 15 | ( i 557) | i 232 | i — | i — | ( i 1,562) | ||||||||||||||||
Change, net of taxes | $ | i 3,585 | $ | ( i 475) | $ | i 1,470 | $ | ( i 55) | $ | ( i 250) | $ | ( i 15) | $ | i 4,260 | |||||||||
Balance
at December 31, 2020 | $ | i 3,320 | $ | ( i 1,419) | $ | i 1,593 | $ | ( i 6,864) | $ | ( i 28,641) | $ | ( i 47) | $ | ( i 32,058) |
In millions of dollars | Pretax | Tax effect(1) | After-tax | ||||||||
Balance, December 31, 2017 | $ | ( i 41,228) | $ | i 6,560 | $ | ( i 34,668) | |||||
Adjustment
to opening balance(2) | ( i 4) | i 1 | ( i 3) | ||||||||
Adjusted balance, beginning of year | $ | ( i 41,232) | $ | i 6,561 | $ | ( i 34,671) | |||||
Change in net unrealized gains (losses) on investment securities | ( i 1,435) | i 346 | ( i 1,089) | ||||||||
Debt valuation adjustment (DVA) | i 1,415 | ( i 302) | i 1,113 | ||||||||
Cash flow hedges | ( i 38) | i 8 | ( i 30) | ||||||||
Benefit plans | ( i 94) | i 20 | ( i 74) | ||||||||
Foreign currency translation adjustment | ( i 2,624) | i 262 | ( i 2,362) | ||||||||
Excluded component of fair value hedges | ( i 74) | i 17 | ( i 57) | ||||||||
Change | $ | ( i 2,850) | $ | i 351 | $ | ( i 2,499) | |||||
Balance,
December 31, 2018 | $ | ( i 44,082) | $ | i 6,912 | $ | ( i 37,170) | |||||
Change in net unrealized gains (losses) on investment securities | i 2,633 | ( i 648) | i 1,985 | ||||||||
Debt valuation adjustment (DVA) | ( i 1,473) | i 337 | ( i 1,136) | ||||||||
Cash flow hedges | i 1,120 | ( i 269) | i 851 | ||||||||
Benefit plans | ( i 671) | i 119 | ( i 552) | ||||||||
Foreign currency translation adjustment | ( i 332) | i 11 | ( i 321) | ||||||||
Excluded component of fair value hedges | i 33 | ( i 8) | i 25 | ||||||||
Change | $ | i 1,310 | $ | ( i 458) | $ | i 852 | |||||
Balance,
December 31, 2019 | $ | ( i 42,772) | $ | i 6,454 | $ | ( i 36,318) | |||||
Change in net unrealized gains (losses) on AFS debt securities | i 4,799 | ( i 1,214) | i 3,585 | ||||||||
Debt valuation adjustment (DVA) | ( i 616) | i 141 | ( i 475) | ||||||||
Cash flow hedges | i 1,925 | ( i 455) | i 1,470 | ||||||||
Benefit plans | ( i 78) | i 23 | ( i 55) | ||||||||
Foreign currency translation adjustment | ( i 227) | ( i 23) | ( i 250) | ||||||||
Excluded component of fair value hedges | ( i 23) | i 8 | ( i 15) | ||||||||
Change | $ | i 5,780 | $ | ( i 1,520) | $ | i 4,260 | |||||
Balance,
December 31, 2020 | $ | ( i 36,992) | $ | i 4,934 | $ | ( i 32,058) |
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | |||||||||||
Year ended December 31, | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Realized (gains) losses on sales of investments | $ | ( i 1,756) | $ | ( i 1,474) | $ | ( i 421) | |||||
Gross impairment losses | i 109 | i 23 | i 125 | ||||||||
Subtotal, pretax | $ | ( i 1,647) | $ | ( i 1,451) | $ | ( i 296) | |||||
Tax effect | i 395 | i 371 | i 73 | ||||||||
Net
realized (gains) losses on investments, after-tax(1) | $ | ( i 1,252) | $ | ( i 1,080) | $ | ( i 223) | |||||
Realized DVA (gains) losses on fair value option liabilities, pretax | $ | i 20 | $ | i 20 | $ | i 41 | |||||
Tax effect | ( i 5) | ( i 5) | ( i 9) | ||||||||
Net realized DVA, after-tax | $ | i 15 | $ | i 15 | $ | i 32 | |||||
Interest rate contracts | $ | ( i 734) | $ | i 384 | $ | i 301 | |||||
Foreign exchange contracts | i 4 | i 7 | i 17 | ||||||||
Subtotal, pretax | $ | ( i 730) | $ | i 391 | $ | i 318 | |||||
Tax effect | i 173 | ( i 89) | ( i 213) | ||||||||
Amortization
of cash flow hedges, after-tax(2) | $ | ( i 557) | $ | i 302 | $ | i 105 | |||||
Amortization of unrecognized: | |||||||||||
Prior service cost (benefit) | $ | ( i 5) | $ | ( i 12) | $ | ( i 34) | |||||
Net actuarial loss | i 322 | i 286 | i 248 | ||||||||
Curtailment/settlement
impact(3) | ( i 8) | i 1 | i 6 | ||||||||
Subtotal, pretax | $ | i 309 | $ | i 275 | $ | i 220 | |||||
Tax effect | ( i 77) | ( i 69) | ( i 54) | ||||||||
Amortization
of benefit plans, after-tax(3) | $ | i 232 | $ | i 206 | $ | i 166 | |||||
Excluded component of fair value hedges, pretax | $ | i — | $ | i — | $ | i — | |||||
Tax effect | i — | i — | i — | ||||||||
Excluded component of fair value hedges, after-tax | $ | i — | $ | i — | $ | i — | |||||
Foreign currency translation adjustment, pretax | $ | i — | $ | i — | $ | i 34 | |||||
Tax effect | i — | i — | i 211 | ||||||||
Foreign currency translation adjustment, after-tax | $ | i — | $ | i — | $ | i 245 | |||||
Total
amounts reclassified out of AOCI, pretax | $ | ( i 2,048) | $ | ( i 765) | $ | i 317 | |||||
Total tax effect | i 486 | i 208 | i 8 | ||||||||
Total
amounts reclassified out of AOCI, after-tax | $ | ( i 1,562) | $ | ( i 557) | $ | i 325 |
Redemption price per depositary share/preference share | Carrying value in millions of dollars | ||||||||||||||||||||||
Issuance date | Redeemable by issuer beginning | Dividend rate | Number of depositary shares | December 31, 2020 | December 31, 2019 | ||||||||||||||||||
Series A(1) | October 29, 2012 | January 30, 2023 | i i 5.950 / | % | $ | i i 1,000 / | i i 1,500,000 / | $ | i 1,500 | $ | i 1,500 | ||||||||||||
Series B(2) | December 13, 2012 | February 15, 2023 | i i 5.900 / | i i 1,000 / | i i 750,000 / | i 750 | i 750 | ||||||||||||||||
Series D(3) | April 30, 2013 | May 15, 2023 | i i 5.350 / | i i 1,000 / | i i 1,250,000 / | i 1,250 | i 1,250 | ||||||||||||||||
Series J(4) | September 19, 2013 | September 30, 2023 | i i 7.125 / | i i 25 / | i i 38,000,000 / | i 950 | i 950 | ||||||||||||||||
Series
K(5) | October 31, 2013 | November 15, 2023 | i i 6.875 / | i i 25 / | i i 59,800,000 / | i 1,495 | i 1,495 | ||||||||||||||||
Series
M(6) | April 30, 2014 | May 15, 2024 | i i 6.300 / | i i 1,000 / | i i 1,750,000 / | i 1,750 | i 1,750 | ||||||||||||||||
Series
O(7) | March 20, 2015 | March 27, 2020 | i 5.875 | i 1,000 | i 1,500,000 | i — | i 1,500 | ||||||||||||||||
Series
P(8) | April 24, 2015 | May 15, 2025 | i i 5.950 / | i i 1,000 / | i i 2,000,000 / | i 2,000 | i 2,000 | ||||||||||||||||
Series
Q(9) | August 12, 2015 | August 15, 2020 | i i 4.316 / | i i 1,000 / | i i 1,250,000 / | i 1,250 | i 1,250 | ||||||||||||||||
Series
R(10) | November 13, 2015 | November 15, 2020 | i i 4.699 / | i i 1,000 / | i i 1,500,000 / | i 1,500 | i 1,500 | ||||||||||||||||
Series
S(11) | February 2, 2016 | February 12, 2021 | i i 6.300 / | i i 25 / | i i 41,400,000 / | i 1,035 | i 1,035 | ||||||||||||||||
Series
T(12) | April 25, 2016 | August 15, 2026 | i i 6.250 / | i i 1,000 / | i i 1,500,000 / | i 1,500 | i 1,500 | ||||||||||||||||
Series
U(13) | September 12, 2019 | September 12, 2024 | i i 5.000 / | i i 1,000 / | i i 1,500,000 / | i 1,500 | i 1,500 | ||||||||||||||||
Series
V(14) | January 23, 2020 | January 30, 2025 | i 4.700 | i 1,000 | i 1,500,000 | i 1,500 | i — | ||||||||||||||||
Series
W(15) | December 10, 2020 | December 10, 2025 | i 4.000 | i 1,000 | i 1,500,000 | i 1,500 | i — | ||||||||||||||||
$ | i 19,480 | $ | i 17,980 |
As of December 31, 2020 | ||||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs(1) | ||||||||||||||||||||||||||
Funded exposures(2) | Unfunded exposures | |||||||||||||||||||||||||
In millions of dollars | Total involvement with SPE assets | Consolidated VIE/SPE assets | Significant unconsolidated VIE
assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | ||||||||||||||||||
Credit card securitizations | $ | i 32,420 | $ | i 32,420 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||
Mortgage
securitizations(4) | ||||||||||||||||||||||||||
U.S. agency-sponsored | i 123,999 | i — | i 123,999 | i 1,948 | i — | i — | i 61 | i 2,009 | ||||||||||||||||||
Non-agency-sponsored | i 46,132 | i 939 | i 45,193 | i 2,550 | i — | i 2 | i 1 | i 2,553 | ||||||||||||||||||
Citi-administered asset-backed commercial paper conduits | i 16,730 | i 16,730 | i — | i — | i — | i — | i — | i — | ||||||||||||||||||
Collateralized loan obligations (CLOs) | i 18,332 | i — | i 18,332 | i 4,273 | i — | i — | i — | i 4,273 | ||||||||||||||||||
Asset-based
financing(5) | i 222,274 | i 8,069 | i 214,205 | i 25,153 | i 1,587 | i 9,114 | i — | i 35,854 | ||||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | i 3,349 | i 835 | i 2,514 | i — | i — | i 1,611 | i — | i 1,611 | ||||||||||||||||||
Municipal
investments | i 20,335 | i — | i 20,335 | i 2,569 | i 4,056 | i 3,041 | i — | i 9,666 | ||||||||||||||||||
Client
intermediation | i 1,352 | i 910 | i 442 | i 88 | i — | i — | i 56 | i 144 | ||||||||||||||||||
Investment funds | i 488 | i 153 | i 335 | i — | i — | i 15 | i — | i 15 | ||||||||||||||||||
Other | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||
Total | $ | i 485,411 | $ | i 60,056 | $ | i 425,355 | $ | i 36,581 | $ | i 5,643 | $ | i 13,783 | $ | i 118 | $ | i 56,125 |
As of December 31, 2019 | ||||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs(1) | ||||||||||||||||||||||||||
Funded exposures(2) | Unfunded exposures | |||||||||||||||||||||||||
In millions of dollars | Total involvement with SPE assets | Consolidated VIE/SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | ||||||||||||||||||
Credit card securitizations | $ | i 43,534 | $ | i 43,534 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||
Mortgage
securitizations(4) | ||||||||||||||||||||||||||
U.S. agency-sponsored | i 117,374 | i — | i 117,374 | i 2,671 | i — | i — | i 72 | i 2,743 | ||||||||||||||||||
Non-agency-sponsored | i 39,608 | i 1,187 | i 38,421 | i 876 | i — | i — | i 1 | i 877 | ||||||||||||||||||
Citi-administered asset-backed commercial paper conduits | i 15,622 | i 15,622 | i — | i — | i — | i — | i — | i — | ||||||||||||||||||
Collateralized loan obligations (CLOs) | i 17,395 | i — | i 17,395 | i 4,199 | i — | i — | i — | i 4,199 | ||||||||||||||||||
Asset-based
financing(5) | i 196,728 | i 6,139 | i 190,589 | i 23,756 | i 1,151 | i 9,524 | i — | i 34,431 | ||||||||||||||||||
Municipal securities tender option bond trusts (TOBs) | i 6,950 | i 1,458 | i 5,492 | i 4 | i — | i 3,544 | i — | i 3,548 | ||||||||||||||||||
Municipal
investments | i 20,312 | i — | i 20,312 | i 2,636 | i 4,274 | i 3,034 | i — | i 9,944 | ||||||||||||||||||
Client
intermediation | i 1,455 | i 1,391 | i 64 | i 4 | i — | i — | i — | i 4 | ||||||||||||||||||
Investment funds | i 827 | i 174 | i 653 | i 5 | i — | i 16 | i 1 | i 22 | ||||||||||||||||||
Other | i 352 | i 1 | i 351 | i 169 | i — | i 39 | i — | i 208 | ||||||||||||||||||
Total | $ | i 460,157 | $ | i 69,506 | $ | i 390,651 | $ | i 34,320 | $ | i 5,425 | $ | i 16,157 | $ | i 74 | $ | i 55,976 |
December 31, 2020 | December 31, 2019 | |||||||||||||
In millions of dollars | Liquidity facilities | Loan/equity commitments | Liquidity facilities | Loan/equity commitments | ||||||||||
Non-agency-sponsored mortgage securitizations | $ | i — | $ | i 2 | $ | i — | $ | i — | ||||||
Asset-based
financing | i — | i 9,114 | i — | i 9,524 | ||||||||||
Municipal
securities tender option bond trusts (TOBs) | i 1,611 | i — | i 3,544 | i — | ||||||||||
Municipal
investments | i — | i 3,041 | i — | i 3,034 | ||||||||||
Investment
funds | i — | i 15 | i — | i 16 | ||||||||||
Other | i — | i — | i — | i 39 | ||||||||||
Total
funding commitments | $ | i 1,611 | $ | i 12,172 | $ | i 3,544 | $ | i 12,613 |
In billions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Cash | $ | i — | $ | i — | ||||
Trading
account assets | i 2.0 | i 2.6 | ||||||
Investments | i 10.6 | i 9.9 | ||||||
Total
loans, net of allowance | i 29.3 | i 26.7 | ||||||
Other | i 0.3 | i 0.5 | ||||||
Total
assets | $ | i 42.2 | $ | i 39.7 |
In
billions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Ownership interests in principal amount of trust credit card receivables | ||||||||
Sold to investors via trust-issued securities | $ | i 15.7 | $ | i 19.7 | ||||
Retained
by Citigroup as trust-issued securities | i 7.9 | i 6.2 | ||||||
Retained
by Citigroup via non-certificated interests | i 11.1 | i 17.8 | ||||||
Total
| $ | i 34.7 | $ | i 43.7 |
In billions of dollars | 2020 | 2019 | 2018 | ||||||||
Proceeds from new securitizations | $ | i 0.3 | $ | i — | $ | i 6.8 | |||||
Pay
down of maturing notes | ( i 4.3) | ( i 7.6) | ( i 8.3) |
In
billions of dollars | Dec. 31, 2020 | Dec. 31, 2019 | ||||||
Term notes issued to third parties | $ | i 13.9 | $ | i 18.2 | ||||
Term
notes retained by Citigroup affiliates | i 2.7 | i 4.3 | ||||||
Total
Master Trust liabilities | $ | i 16.6 | $ | i 22.5 |
In billions of dollars | Dec. 31, 2020 | Dec. 31, 2019 | ||||||
Term
notes issued to third parties | $ | i 1.8 | $ | i 1.5 | ||||
Term
notes retained by Citigroup affiliates | i 5.2 | i 1.9 | ||||||
Total
Omni Trust liabilities | $ | i 7.0 | $ | i 3.4 |
2020 | 2019 | 2018 | ||||||||||||||||||
In billions of dollars | U.S.
agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | ||||||||||||||
Principal securitized | $ | i 9.4 | $ | i 11.3 | $ | i 5.3 | $ | i 15.6 | $ | i 4.0 | $ | i 5.6 | ||||||||
Proceeds
from new securitizations(1) | i 10.0 | i 11.4 | i 5.5 | i 15.5 | i 4.2 | i 7.1 | ||||||||||||||
Contractual servicing fees received | i 0.1 | i — | i 0.1 | i — | i 0.1 | i — | ||||||||||||||
Purchases of previously transferred financial assets | i 0.4 | i — | i 0.2 | i — | i 0.2 | i — |
2020 | 2019 | |||||||||||||||||||
Non-agency-sponsored
mortgages(1) | Non-agency-sponsored mortgages(1) | |||||||||||||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests(2) | Subordinated interests | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||||||||||
Carrying value
of retained interests(3) | $ | i 315 | $ | i 1,210 | $ | i 145 | $ | i 491 | $ | i 748 | $ | i 102 |
December 31, 2020 | |||||||||||
Non-agency-sponsored mortgages(1) | |||||||||||
U.S. agency- sponsored mortgages | Senior
interests | Subordinated interests | |||||||||
Weighted average discount rate | i 5.4 | % | i 1.7 | % | i 3.0 | % | |||||
Weighted average constant prepayment rate | i 25.8 | % | i 3.4 | % | i 25.0 | % | |||||
Weighted
average anticipated net credit losses(2) | NM | i 1.7 | % | i 0.5 | % | ||||||
Weighted
average life | i 4.8 years | i 3.8 years | i 2.3 years |
December 31, 2019 | |||||||||||
Non-agency-sponsored mortgages(1) | |||||||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | |||||||||
Weighted average discount rate | i 9.3 | % | i 3.6 | % | i 4.6 | % | |||||
Weighted average constant prepayment rate | i 12.9 | % | i 10.5 | % | i 7.6 | % | |||||
Weighted
average anticipated net credit losses(2) | NM | i 3.9 | % | i 2.8 | % | ||||||
Weighted
average life | i 6.6 years | i 3.0 years | i 11.4 years |
December 31, 2020 | |||||||||||
Non-agency-sponsored mortgages(1) | |||||||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | |||||||||
Weighted average discount rate | i 5.9 | % | i 7.2 | % | i 4.3 | % | |||||
Weighted average constant prepayment rate | i 22.7 | % | i 5.3 | % | i 4.7 | % | |||||
Weighted
average anticipated net credit losses(2) | NM | i 1.2 | % | i 1.4 | % | ||||||
Weighted
average life | i 4.5 years | i 5.3 years | i 4.7 years |
December 31, 2019 | |||||||||||
Non-agency-sponsored mortgages(1) | |||||||||||
U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | |||||||||
Weighted average discount rate | i 9.8 | % | i 7.6 | % | i 4.2 | % | |||||
Weighted average constant prepayment rate | i 10.1 | % | i 3.6 | % | i 6.1 | % | |||||
Weighted
average anticipated net credit losses(2) | NM | i 5.2 | % | i 2.7 | % | ||||||
Weighted
average life | i 6.6 years | i 5.9 years | i 29.3 years |
December 31, 2020 | |||||||||||
Non-agency-sponsored mortgages | |||||||||||
In millions of dollars | U.S.
agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||||
Discount rate | |||||||||||
Adverse change of 10% | $ | ( i 8) | $ | i — | $ | ( i 1) | |||||
Adverse
change of 20% | ( i 15) | ( i 1) | ( i 1) | ||||||||
Constant
prepayment rate | |||||||||||
Adverse change of 10% | ( i 21) | i — | i — | ||||||||
Adverse
change of 20% | ( i 40) | i — | i — | ||||||||
Anticipated
net credit losses | |||||||||||
Adverse change of 10% | NM | i — | i — | ||||||||
Adverse
change of 20% | NM | i — | i — |
December 31, 2019 | |||||||||||
Non-agency-sponsored mortgages | |||||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||||
Discount rate | |||||||||||
Adverse
change of 10% | $ | ( i 18) | $ | i — | $ | ( i 1) | |||||
Adverse
change of 20% | ( i 35) | ( i 1) | ( i 1) | ||||||||
Constant
prepayment rate | |||||||||||
Adverse change of 10% | ( i 18) | i — | i — | ||||||||
Adverse
change of 20% | ( i 35) | i — | i — | ||||||||
Anticipated
net credit losses | |||||||||||
Adverse change of 10% | NM | i — | i — | ||||||||
Adverse
change of 20% | NM | i — | i — |
Securitized assets | 90 days past due | Liquidation losses | ||||||||||||||||||
In billions of dollars, except liquidation losses in millions | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Securitized assets | ||||||||||||||||||||
Residential
mortgages(1) | $ | i 16.9 | $ | i 11.7 | $ | i 0.5 | $ | i 0.4 | $ | i 26.2 | $ | i 49.0 | ||||||||
Commercial
and other | i 23.9 | i 19.0 | i — | i — | i — | i — | ||||||||||||||
Total | $ | i 40.8 | $ | i 30.7 | $ | i 0.5 | $ | i 0.4 | $ | i 26.2 | $ | i 49.0 |
In millions of dollars | 2020 | 2019 | ||||||
Balance, beginning of year | $ | i 495 | $ | i 584 | ||||
Originations | i 123 | i 70 | ||||||
Changes in fair value of MSRs due to changes in inputs and assumptions | ( i 204) | ( i 84) | ||||||
Other
changes(1) | ( i 78) | ( i 75) | ||||||
Sale of MSRs | i — | i — | ||||||
Balance, as of December 31 | $ | i 336 | $ | i 495 |
In
millions of dollars | 2020 | 2019 | 2018 | ||||||||||||||
Servicing fees | $ | i 142 | $ | i 148 | $ | i 172 | |||||||||||
Late
fees | i 5 | i 8 | i 4 | ||||||||||||||
Ancillary
fees | i — | i 1 | i 8 | ||||||||||||||
Total
MSR fees | $ | i 147 | $ | i 157 | $ | i 184 |
In billions of dollars | 2020 | 2019 | 2018 | ||||||||
Principal securitized | $ | i 0.1 | $ | i — | $ | i — | |||||
Proceeds
from new securitizations | i 0.1 | i — | i — | ||||||||
Cash flows received on retained interests and other net cash flows | i — | i — | i 0.1 |
In
millions of dollars | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||
Carrying value of retained interests | $ | i 1,611 | $ | i 1,404 | $ | i 3,142 |
December 31, 2020 | ||||||||
In millions of dollars | Total unconsolidated VIE assets | Maximum exposure to unconsolidated VIEs | ||||||
Type | ||||||||
Commercial and other real estate | $ | i 34,570 | $ | i 7,758 | ||||
Corporate
loans | i 12,022 | i 7,654 | ||||||
Other (including investment funds, airlines and shipping) | i 167,613 | i 20,442 | ||||||
Total | $ | i 214,205 | $ | i 35,854 |
December 31, 2019 | ||||||||
In millions of dollars | Total unconsolidated VIE assets | Maximum exposure to unconsolidated VIEs | ||||||
Type | ||||||||
Commercial and other real estate | $ | i 31,377 | $ | i 7,489 | ||||
Corporate
loans | i 7,088 | i 5,802 | ||||||
Other (including investment funds, airlines and shipping) | i 152,124 | i 21,140 | ||||||
Total | $ | i 190,589 | $ | i 34,431 |
Hedging
instruments under ASC 815 | Trading derivative instruments | |||||||||||||
In millions of dollars | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | ||||||||||
Interest rate contracts | ||||||||||||||
Swaps | $ | i 334,351 | $ | i 318,089 | $ | i 17,724,147 | $ | i 17,063,272 | ||||||
Futures and forwards | i — | i — | i 4,142,514 | i 3,636,658 | ||||||||||
Written options | i — | i — | i 1,573,483 | i 2,114,511 | ||||||||||
Purchased options | i — | i — | i 1,418,255 | i 1,857,770 | ||||||||||
Total interest rate contracts | $ | i 334,351 | $ | i 318,089 | $ | i 24,858,399 | $ | i 24,672,211 | ||||||
Foreign exchange contracts | ||||||||||||||
Swaps | $ | i 65,709 | $ | i 63,104 | $ | i 6,567,304 | $ | i 6,063,853 | ||||||
Futures, forwards and spot | i 37,080 | i 38,275 | i 3,945,391 | i 3,979,188 | ||||||||||
Written options | i 47 | i 80 | i 907,338 | i 908,061 | ||||||||||
Purchased options | i 53 | i 80 | i 900,626 | i 959,149 | ||||||||||
Total foreign exchange contracts | $ | i 102,889 | $ | i 101,539 | $ | i 12,320,659 | $ | i 11,910,251 | ||||||
Equity contracts | ||||||||||||||
Swaps | $ | i — | $ | i — | $ | i 274,098 | $ | i 197,893 | ||||||
Futures and forwards | i — | i — | i 67,025 | i 66,705 | ||||||||||
Written options | i — | i — | i 441,003 | i 560,571 | ||||||||||
Purchased options | i — | i — | i 328,202 | i 422,393 | ||||||||||
Total equity contracts | $ | i — | $ | i — | $ | i 1,110,328 | $ | i 1,247,562 | ||||||
Commodity and other contracts | ||||||||||||||
Swaps | $ | i — | $ | i — | $ | i 80,127 | $ | i 69,445 | ||||||
Futures and forwards | i 924 | i 1,195 | i 143,175 | i 137,192 | ||||||||||
Written options | i — | i — | i 71,376 | i 91,587 | ||||||||||
Purchased options | i — | i — | i 67,849 | i 86,631 | ||||||||||
Total commodity and other contracts | $ | i 924 | $ | i 1,195 | $ | i 362,527 | $ | i 384,855 | ||||||
Credit
derivatives(1) | ||||||||||||||
Protection sold | $ | i — | $ | i — | $ | i 543,607 | $ | i 603,387 | ||||||
Protection purchased | i — | i — | i 612,770 | i 703,926 | ||||||||||
Total credit derivatives | $ | i — | $ | i — | $ | i 1,156,377 | $ | i 1,307,313 | ||||||
Total derivative notionals | $ | i 438,164 | $ | i 420,823 | $ | i 39,808,290 | $ | i 39,522,192 |
In millions of dollars at December 31, 2020 | Derivatives classified in Trading account assets/liabilities(1)(2) | |||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | ||||||
Over-the-counter | $ | i 1,781 | $ | i 161 | ||||
Cleared | i 74 | i 319 | ||||||
Interest rate contracts | $ | i 1,855 | $ | i 480 | ||||
Over-the-counter | $ | i 2,037 | $ | i 2,042 | ||||
Foreign exchange contracts | $ | i 2,037 | $ | i 2,042 | ||||
Total derivatives instruments designated as ASC 815 hedges | $ | i 3,892 | $ | i 2,522 | ||||
Derivatives instruments not designated as ASC 815 hedges | ||||||||
Over-the-counter | $ | i 228,519 | $ | i 209,330 | ||||
Cleared | i 11,041 | i 12,563 | ||||||
Exchange traded | i 46 | i 38 | ||||||
Interest rate contracts | $ | i 239,606 | $ | i 221,931 | ||||
Over-the-counter | $ | i 153,791 | $ | i 152,784 | ||||
Cleared | i 842 | i 1,239 | ||||||
Exchange traded | i — | i 1 | ||||||
Foreign exchange contracts | $ | i 154,633 | $ | i 154,024 | ||||
Over-the-counter | $ | i 29,244 | $ | i 41,036 | ||||
Cleared | i 1 | i 18 | ||||||
Exchange traded | i 21,274 | i 22,515 | ||||||
Equity contracts | $ | i 50,519 | $ | i 63,569 | ||||
Over-the-counter | $ | i 13,659 | $ | i 17,076 | ||||
Exchange traded | i 879 | i 1,017 | ||||||
Commodity and other contracts | $ | i 14,538 | $ | i 18,093 | ||||
Over-the-counter | $ | i 7,826 | $ | i 7,951 | ||||
Cleared | i 1,963 | i 2,178 | ||||||
Credit derivatives | $ | i 9,789 | $ | i 10,129 | ||||
Total derivatives instruments not designated as ASC 815 hedges | $ | i 469,085 | $ | i 467,746 | ||||
Total derivatives | $ | i 472,977 | $ | i 470,268 | ||||
Cash
collateral paid/received(3) | $ | i 32,778 | $ | i 8,196 | ||||
Less:
Netting agreements(4) | ( i 364,879) | ( i 364,879) | ||||||
Less:
Netting cash collateral received/paid(5) | ( i 63,915) | ( i 45,628) | ||||||
Net
receivables/payables included on the Consolidated Balance Sheet(6) | $ | i 76,961 | $ | i 67,957 | ||||
Additional
amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet | ||||||||
Less: Cash collateral received/paid | $ | ( i 1,567) | $ | ( i 473) | ||||
Less: Non-cash collateral received/paid | ( i 7,408) | ( i 13,087) | ||||||
Total
net receivables/payables(6) | $ | i 67,986 | $ | i 54,397 |
In millions of dollars at December 31, 2019 | Derivatives classified in Trading account assets/liabilities(1)(2) | |||||||
Derivatives instruments designated as ASC 815 hedges | Assets | Liabilities | ||||||
Over-the-counter | $ | i 1,682 | $ | i 143 | ||||
Cleared | i 41 | i 111 | ||||||
Interest rate contracts | $ | i 1,723 | $ | i 254 | ||||
Over-the-counter | $ | i 1,304 | $ | i 908 | ||||
Cleared | i — | i 2 | ||||||
Foreign exchange contracts | $ | i 1,304 | $ | i 910 | ||||
Total derivatives instruments designated as ASC 815 hedges | $ | i 3,027 | $ | i 1,164 | ||||
Derivatives instruments not designated as ASC 815 hedges | ||||||||
Over-the-counter | $ | i 189,892 | $ | i 169,749 | ||||
Cleared | i 5,896 | i 7,472 | ||||||
Exchange traded | i 157 | i 180 | ||||||
Interest rate contracts | $ | i 195,945 | $ | i 177,401 | ||||
Over-the-counter | $ | i 105,401 | $ | i 108,807 | ||||
Cleared | i 862 | i 1,015 | ||||||
Exchange traded | i 3 | i — | ||||||
Foreign exchange contracts | $ | i 106,266 | $ | i 109,822 | ||||
Over-the-counter | $ | i 21,311 | $ | i 22,411 | ||||
Exchange traded | i 7,160 | i 8,075 | ||||||
Equity contracts | $ | i 28,471 | $ | i 30,486 | ||||
Over-the-counter | $ | i 13,582 | $ | i 16,773 | ||||
Exchange traded | i 630 | i 542 | ||||||
Commodity and other contracts | $ | i 14,212 | $ | i 17,315 | ||||
Over-the-counter | $ | i 8,896 | $ | i 8,975 | ||||
Cleared | i 1,513 | i 1,763 | ||||||
Credit derivatives | $ | i 10,409 | $ | i 10,738 | ||||
Total derivatives instruments not designated as ASC 815 hedges | $ | i 355,303 | $ | i 345,762 | ||||
Total derivatives | $ | i 358,330 | $ | i 346,926 | ||||
Cash
collateral paid/received(3) | $ | i 17,926 | $ | i 14,391 | ||||
Less:
Netting agreements(4) | ( i 274,970) | ( i 274,970) | ||||||
Less:
Netting cash collateral received/paid(5) | ( i 44,353) | ( i 38,919) | ||||||
Net
receivables/payables included on the Consolidated Balance Sheet(6) | $ | i 56,933 | $ | i 47,428 | ||||
Additional
amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet | ||||||||
Less: Cash collateral received/paid | $ | ( i 861) | $ | ( i 128) | ||||
Less: Non-cash collateral received/paid | ( i 13,143) | ( i 7,308) | ||||||
Total
net receivables/payables(6) | $ | i 42,929 | $ | i 39,992 |
Gains
(losses) included in Other revenue | |||||||||||
Year ended December 31, | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Interest rate contracts | $ | i 63 | $ | i 57 | $ | ( i 25) | |||||
Foreign exchange | ( i 57) | ( i 29) | ( i 197) | ||||||||
Total | $ | i 6 | $ | i 28 | $ | ( i 222) |
Gains (losses) on fair value hedges(1) | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
In millions of dollars | Other revenue | Net interest revenue | Other revenue | Net interest revenue | Other revenue | Net interest revenue | ||||||||||||||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | ||||||||||||||||||||
Interest rate hedges | $ | i — | $ | i 4,189 | $ | i — | $ | i 2,273 | $ | i — | $ | i 794 | ||||||||
Foreign exchange hedges | i 1,442 | i — | i 337 | i — | ( i 2,064) | i — | ||||||||||||||
Commodity hedges | ( i 164) | i — | ( i 33) | i — | ( i 123) | i — | ||||||||||||||
Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | $ | i 1,278 | $ | i 4,189 | $ | i 304 | $ | i 2,273 | $ | ( i 2,187) | $ | i 794 | ||||||||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | ||||||||||||||||||||
Interest rate hedges | $ | i — | $ | ( i 4,537) | $ | i — | $ | ( i 2,085) | $ | i — | $ | ( i 747) | ||||||||
Foreign exchange hedges | ( i 1,442) | i — | ( i 337) | i — | i 2,064 | i — | ||||||||||||||
Commodity hedges | i 164 | i — | i 33 | i — | i 124 | i — | ||||||||||||||
Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | ( i 1,278) | $ | ( i 4,537) | $ | ( i 304) | $ | ( i 2,085) | $ | i 2,188 | $ | ( i 747) | ||||||||
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | ||||||||||||||||||||
Interest rate hedges | $ | i — | $ | ( i 23) | $ | i — | $ | i 3 | $ | i — | $ | ( i 5) | ||||||||
Foreign
exchange hedges(2) | ( i 73) | i — | ( i 109) | i — | ( i 4) | i — | ||||||||||||||
Commodity hedges | i 131 | i — | i 41 | i — | ( i 19) | i — | ||||||||||||||
Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | $ | i 58 | $ | ( i 23) | $ | ( i 68) | $ | i 3 | $ | ( i 23) | $ | ( i 5) |
In millions of dollars | |||||||||||
Balance sheet line item in which hedged item is recorded | Carrying amount of hedged asset/ liability | Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount | |||||||||
Active | De-designated | ||||||||||
As of December 31, 2020 | |||||||||||
Debt securities AFS(1)(3) | $ | i 81,082 | $ | i 28 | $ | i 342 | |||||
Long-term debt | i 169,026 | i 5,554 | i 4,989 | ||||||||
As of December 31, 2019 | |||||||||||
Debt securities AFS(2)(3) | $ | i 94,659 | $ | ( i 114) | $ | i 743 | |||||
Long-term debt | i 157,387 | i 2,334 | i 3,445 |
In millions of dollars | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Amount
of gain (loss) recognized in AOCI on derivatives | ||||||||||||||||||||||||||
Interest rate contracts | $ | i 2,670 | $ | i 746 | $ | ( i 361) | ||||||||||||||||||||
Foreign exchange contracts | ( i 15) | ( i 17) | i 5 | |||||||||||||||||||||||
Total
gain (loss) recognized in AOCI | $ | i 2,655 | $ | i 729 | $ | ( i 356) | ||||||||||||||||||||
Amount
of gain (loss) reclassified from AOCI to earnings(1) | Other revenue | Net interest revenue | Other revenue | Net interest revenue | Other revenue | Net interest revenue | ||||||||||||||||||||
Interest rate contracts | $ | i — | $ | i 734 | $ | i — | $ | ( i 384) | $ | i — | $ | ( i 301) | ||||||||||||||
Foreign exchange contracts | ( i 4) | i — | ( i 7) | i — | ( i 17) | i — | ||||||||||||||||||||
Total
gain (loss) reclassified from AOCI into earnings | $ | ( i 4) | $ | i 734 | $ | ( i 7) | $ | ( i 384) | $ | ( i 17) | $ | ( i 301) | ||||||||||||||
Net
pretax change in cash flow hedges included within AOCI | $ | i 1,925 | $ | i 1,120 | $ | ( i 38) |
Fair values | Notionals | |||||||||||||
In millions of dollars at December 31, 2020 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||
By industry of counterparty | ||||||||||||||
Banks | $ | i 2,902 | $ | i 3,187 | $ | i 117,685 | $ | i 120,739 | ||||||
Broker-dealers | i 1,770 | i 1,215 | i 46,928 | i 44,692 | ||||||||||
Non-financial | i 109 | i 90 | i 5,740 | i 2,217 | ||||||||||
Insurance and other financial institutions | i 5,008 | i 5,637 | i 442,417 | i 375,959 | ||||||||||
Total by industry of counterparty | $ | i 9,789 | $ | i 10,129 | $ | i 612,770 | $ | i 543,607 | ||||||
By instrument | ||||||||||||||
Credit default swaps and options | $ | i 9,254 | $ | i 9,254 | $ | i 599,633 | $ | i 538,426 | ||||||
Total return swaps and other | i 535 | i 875 | i 13,137 | i 5,181 | ||||||||||
Total by instrument | $ | i 9,789 | $ | i 10,129 | $ | i 612,770 | $ | i 543,607 | ||||||
By rating of reference entity | ||||||||||||||
Investment grade | $ | i 4,136 | $ | i 4,037 | $ | i 478,643 | $ | i 418,147 | ||||||
Non-investment grade | i 5,653 | i 6,092 | i 134,127 | i 125,460 | ||||||||||
Total by rating of reference entity | $ | i 9,789 | $ | i 10,129 | $ | i 612,770 | $ | i 543,607 | ||||||
By maturity | ||||||||||||||
Within 1 year | $ | i 914 | $ | i 1,355 | $ | i 134,080 | $ | i 125,464 | ||||||
From 1 to 5 years | i 6,022 | i 5,991 | i 421,682 | i 374,376 | ||||||||||
After 5 years | i 2,853 | i 2,783 | i 57,008 | i 43,767 | ||||||||||
Total by maturity | $ | i 9,789 | $ | i 10,129 | $ | i 612,770 | $ | i 543,607 |
Fair values | Notionals | |||||||||||||
In millions of dollars at December 31, 2019 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||
By industry of counterparty | ||||||||||||||
Banks | $ | i 4,017 | $ | i 4,102 | $ | i 172,461 | $ | i 169,546 | ||||||
Broker-dealers | i 1,724 | i 1,528 | i 54,843 | i 53,846 | ||||||||||
Non-financial | i 92 | i 76 | i 2,601 | i 1,968 | ||||||||||
Insurance and other financial institutions | i 4,576 | i 5,032 | i 474,021 | i 378,027 | ||||||||||
Total by industry of counterparty | $ | i 10,409 | $ | i 10,738 | $ | i 703,926 | $ | i 603,387 | ||||||
By instrument | ||||||||||||||
Credit default swaps and options | $ | i 9,759 | $ | i 9,791 | $ | i 685,643 | $ | i 593,850 | ||||||
Total return swaps and other | i 650 | i 947 | i 18,283 | i 9,537 | ||||||||||
Total by instrument | $ | i 10,409 | $ | i 10,738 | $ | i 703,926 | $ | i 603,387 | ||||||
By rating of reference entity | ||||||||||||||
Investment grade | $ | i 4,579 | $ | i 4,578 | $ | i 560,806 | $ | i 470,778 | ||||||
Non-investment grade | i 5,830 | i 6,160 | i 143,120 | i 132,609 | ||||||||||
Total by rating of reference entity | $ | i 10,409 | $ | i 10,738 | $ | i 703,926 | $ | i 603,387 | ||||||
By maturity | ||||||||||||||
Within 1 year | $ | i 1,806 | $ | i 2,181 | $ | i 231,135 | $ | i 176,188 | ||||||
From 1 to 5 years | i 7,275 | i 7,265 | i 414,237 | i 379,915 | ||||||||||
After 5 years | i 1,328 | i 1,292 | i 58,554 | i 47,284 | ||||||||||
Total by maturity | $ | i 10,409 | $ | i 10,738 | $ | i 703,926 | $ | i 603,387 |
Credit and funding valuation adjustments contra-liability (contra-asset) | ||||||||
In millions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Counterparty CVA | $ | ( i 800) | $ | ( i 705) | ||||
Asset FVA | ( i 525) | ( i 530) | ||||||
Citigroup (own-credit) CVA | i 403 | i 341 | ||||||
Liability FVA | i 67 | i 72 | ||||||
Total
CVA—derivative instruments(1) | $ | ( i 855) | $ | ( i 822) |
Credit/funding/debt valuation adjustments gain (loss) | |||||||||||
In millions of dollars | 2020 | 2019 | 2018 | ||||||||
Counterparty CVA | $ | ( i 101) | $ | i 149 | $ | ( i 109) | |||||
Asset FVA | ( i 95) | i 13 | i 46 | ||||||||
Own-credit CVA | i 133 | ( i 131) | i 178 | ||||||||
Liability FVA | ( i 6) | ( i 63) | i 56 | ||||||||
Total CVA—derivative instruments | $ | ( i 69) | $ | ( i 32) | $ | i 171 | |||||
DVA
related to own FVO liabilities(1) | $ | ( i 616) | $ | ( i 1,473) | $ | i 1,415 | |||||
Total
CVA and DVA(2) | $ | ( i 685) | $ | ( i 1,505) | $ | i 1,586 |
In millions of dollars at December 31, 2020 | Level 1 | Level 2 | Level 3 | Gross inventory | Netting(1) | Net balance | ||||||||||||||
Assets | ||||||||||||||||||||
Securities borrowed and purchased under agreements to resell | $ | i — | $ | i 335,073 | $ | i 320 | $ | i 335,393 | $ | ( i 150,189) | $ | i 185,204 | ||||||||
Trading non-derivative assets | ||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||
U.S. government-sponsored agency guaranteed | i — | i 42,903 | i 27 | i 42,930 | — | i 42,930 | ||||||||||||||
Residential | i — | i 391 | i 340 | i 731 | — | i 731 | ||||||||||||||
Commercial | i — | i 893 | i 136 | i 1,029 | — | i 1,029 | ||||||||||||||
Total trading mortgage-backed securities | $ | i — | $ | i 44,187 | $ | i 503 | $ | i 44,690 | $ | — | $ | i 44,690 | ||||||||
U.S. Treasury and federal agency securities | $ | i 64,529 | $ | i 2,269 | $ | i — | $ | i 66,798 | $ | — | $ | i 66,798 | ||||||||
State and municipal | i — | i 1,224 | i 94 | i 1,318 | — | i 1,318 | ||||||||||||||
Foreign government | i 68,195 | i 15,143 | i 51 | i 83,389 | — | i 83,389 | ||||||||||||||
Corporate | i 1,607 | i 18,840 | i 375 | i 20,822 | — | i 20,822 | ||||||||||||||
Equity securities | i 54,117 | i 12,289 | i 73 | i 66,479 | — | i 66,479 | ||||||||||||||
Asset-backed securities | i — | i 776 | i 1,606 | i 2,382 | — | i 2,382 | ||||||||||||||
Other
trading assets(2) | i — | i 11,295 | i 945 | i 12,240 | — | i 12,240 | ||||||||||||||
Total trading non-derivative assets | $ | i 188,448 | $ | i 106,023 | $ | i 3,647 | $ | i 298,118 | $ | — | $ | i 298,118 | ||||||||
Trading derivatives | ||||||||||||||||||||
Interest rate contracts | $ | i 42 | $ | i 238,026 | $ | i 3,393 | $ | i 241,461 | ||||||||||||
Foreign exchange contracts | i 2 | i 155,994 | i 674 | i 156,670 | ||||||||||||||||
Equity contracts | i 66 | i 48,362 | i 2,091 | i 50,519 | ||||||||||||||||
Commodity contracts | i — | i 13,546 | i 992 | i 14,538 | ||||||||||||||||
Credit derivatives | i — | i 8,634 | i 1,155 | i 9,789 | ||||||||||||||||
Total trading derivatives | $ | i 110 | $ | i 464,562 | $ | i 8,305 | $ | i 472,977 | ||||||||||||
Cash
collateral paid(3) | $ | i 32,778 | ||||||||||||||||||
Netting agreements | $ | ( i 364,879) | ||||||||||||||||||
Netting of cash collateral received | ( i 63,915) | |||||||||||||||||||
Total trading derivatives | $ | i 110 | $ | i 464,562 | $ | i 8,305 | $ | i 505,755 | $ | ( i 428,794) | $ | i 76,961 | ||||||||
Investments | ||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | i — | $ | i 43,888 | $ | i 30 | $ | i 43,918 | $ | — | $ | i 43,918 | ||||||||
Residential | i — | i 571 | i — | i 571 | — | i 571 | ||||||||||||||
Commercial | i — | i 50 | i — | i 50 | — | i 50 | ||||||||||||||
Total investment mortgage-backed securities | $ | i — | $ | i 44,509 | $ | i 30 | $ | i 44,539 | $ | — | $ | i 44,539 | ||||||||
U.S. Treasury and federal agency securities | $ | i 146,032 | $ | i 172 | $ | i — | $ | i 146,204 | $ | — | $ | i 146,204 | ||||||||
State and municipal | i — | i 2,885 | i 834 | i 3,719 | — | i 3,719 | ||||||||||||||
Foreign government | i 77,056 | i 47,644 | i 268 | i 124,968 | — | i 124,968 | ||||||||||||||
Corporate | i 6,326 | i 4,114 | i 60 | i 10,500 | — | i 10,500 | ||||||||||||||
Marketable equity securities | i 287 | i 228 | i — | i 515 | — | i 515 | ||||||||||||||
Asset-backed securities | i — | i 277 | i 1 | i 278 | — | i 278 | ||||||||||||||
Other debt securities | i — | i 4,876 | i — | i 4,876 | — | i 4,876 | ||||||||||||||
Non-marketable
equity securities(4) | i — | i 50 | i 349 | i 399 | — | i 399 | ||||||||||||||
Total investments | $ | i 229,701 | $ | i 104,755 | $ | i 1,542 | $ | i 335,998 | $ | — | $ | i 335,998 |
In millions of dollars at December 31, 2020 | Level 1 | Level 2 | Level 3 | Gross inventory | Netting(1) | Net balance | ||||||||||||||
Loans | $ | i — | $ | i 4,869 | $ | i 1,985 | $ | i 6,854 | $ | — | $ | i 6,854 | ||||||||
Mortgage servicing rights | i — | i — | i 336 | i 336 | — | i 336 | ||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | i 6,230 | $ | i 8,383 | $ | i — | $ | i 14,613 | $ | i — | $ | i 14,613 | ||||||||
Total assets | $ | i 424,489 | $ | i 1,023,665 | $ | i 16,135 | $ | i 1,497,067 | $ | ( i 578,983) | $ | i 918,084 | ||||||||
Total
as a percentage of gross assets(5) | i 29.0 | % | i 69.9 | % | i 1.1 | % | ||||||||||||||
Liabilities | ||||||||||||||||||||
Interest-bearing deposits | $ | i — | $ | i 1,752 | $ | i 206 | $ | i 1,958 | $ | — | $ | i 1,958 | ||||||||
Securities loaned and sold under agreements to repurchase | i — | i 156,644 | i 631 | i 157,275 | ( i 97,069) | i 60,206 | ||||||||||||||
Trading account liabilities | ||||||||||||||||||||
Securities sold, not yet purchased | i 85,353 | i 14,477 | i 214 | i 100,044 | — | i 100,044 | ||||||||||||||
Other trading liabilities | i — | i — | i 26 | i 26 | — | i 26 | ||||||||||||||
Total trading liabilities | $ | i 85,353 | $ | i 14,477 | $ | i 240 | $ | i 100,070 | $ | — | $ | i 100,070 | ||||||||
Trading derivatives | ||||||||||||||||||||
Interest rate contracts | $ | i 25 | $ | i 220,607 | $ | i 1,779 | $ | i 222,411 | ||||||||||||
Foreign exchange contracts | i 3 | i 155,441 | i 622 | i 156,066 | ||||||||||||||||
Equity contracts | i 53 | i 58,212 | i 5,304 | i 63,569 | ||||||||||||||||
Commodity contracts | i — | i 17,393 | i 700 | i 18,093 | ||||||||||||||||
Credit derivatives | i — | i 9,022 | i 1,107 | i 10,129 | ||||||||||||||||
Total trading derivatives | $ | i 81 | $ | i 460,675 | $ | i 9,512 | $ | i 470,268 | ||||||||||||
Cash
collateral received(6) | $ | i 8,196 | ||||||||||||||||||
Netting agreements | $ | ( i 364,879) | ||||||||||||||||||
Netting of cash collateral paid | ( i 45,628) | |||||||||||||||||||
Total trading derivatives | $ | i 81 | $ | i 460,675 | $ | i 9,512 | $ | i 478,464 | $ | ( i 410,507) | $ | i 67,957 | ||||||||
Short-term borrowings | $ | i — | $ | i 4,464 | $ | i 219 | $ | i 4,683 | $ | — | $ | i 4,683 | ||||||||
Long-term debt | i — | i 41,853 | i 25,210 | i 67,063 | — | i 67,063 | ||||||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis | $ | i 6,762 | $ | i 72 | $ | i 1 | $ | i 6,835 | $ | i — | $ | i 6,835 | ||||||||
Total liabilities | $ | i 92,196 | $ | i 679,937 | $ | i 36,019 | $ | i 816,348 | $ | ( i 507,576) | $ | i 308,772 | ||||||||
Total
as a percentage of gross liabilities(5) | i 11.4 | % | i 84.1 | % | i 4.5 | % |
In millions of dollars at December 31, 2019 | Level 1 | Level 2 | Level 3 | Gross inventory | Netting(1) | Net balance | ||||||||||||||
Assets | ||||||||||||||||||||
Securities borrowed and purchased under agreements to resell | $ | i — | $ | i 254,253 | $ | i 303 | $ | i 254,556 | $ | ( i 101,363) | $ | i 153,193 | ||||||||
Trading non-derivative assets | ||||||||||||||||||||
Trading mortgage-backed securities | ||||||||||||||||||||
U.S. government-sponsored agency guaranteed | i — | i 27,661 | i 10 | i 27,671 | — | i 27,671 | ||||||||||||||
Residential | i — | i 573 | i 123 | i 696 | — | i 696 | ||||||||||||||
Commercial | i — | i 1,632 | i 61 | i 1,693 | — | i 1,693 | ||||||||||||||
Total trading mortgage-backed securities | $ | i — | $ | i 29,866 | $ | i 194 | $ | i 30,060 | $ | — | $ | i 30,060 | ||||||||
U.S. Treasury and federal agency securities | $ | i 26,159 | $ | i 3,736 | $ | i — | $ | i 29,895 | $ | — | $ | i 29,895 | ||||||||
State and municipal | i — | i 2,573 | i 64 | i 2,637 | — | i 2,637 | ||||||||||||||
Foreign government | i 50,948 | i 20,326 | i 52 | i 71,326 | — | i 71,326 | ||||||||||||||
Corporate | i 1,332 | i 17,246 | i 313 | i 18,891 | — | i 18,891 | ||||||||||||||
Equity securities | i 41,663 | i 9,878 | i 100 | i 51,641 | — | i 51,641 | ||||||||||||||
Asset-backed securities | i — | i 1,539 | i 1,177 | i 2,716 | — | i 2,716 | ||||||||||||||
Other
trading assets(2) | i 74 | i 11,412 | i 555 | i 12,041 | — | i 12,041 | ||||||||||||||
Total trading non-derivative assets | $ | i 120,176 | $ | i 96,576 | $ | i 2,455 | $ | i 219,207 | $ | — | $ | i 219,207 | ||||||||
Trading derivatives | ||||||||||||||||||||
Interest rate contracts | $ | i 7 | $ | i 196,493 | $ | i 1,168 | $ | i 197,668 | ||||||||||||
Foreign exchange contracts | i 1 | i 107,022 | i 547 | i 107,570 | ||||||||||||||||
Equity contracts | i 83 | i 28,148 | i 240 | i 28,471 | ||||||||||||||||
Commodity contracts | i — | i 13,498 | i 714 | i 14,212 | ||||||||||||||||
Credit derivatives | i — | i 9,960 | i 449 | i 10,409 | ||||||||||||||||
Total trading derivatives | $ | i 91 | $ | i 355,121 | $ | i 3,118 | $ | i 358,330 | ||||||||||||
Cash
collateral paid(3) | $ | i 17,926 | ||||||||||||||||||
Netting agreements | $ | ( i 274,970) | ||||||||||||||||||
Netting of cash collateral received | ( i 44,353) | |||||||||||||||||||
Total trading derivatives | $ | i 91 | $ | i 355,121 | $ | i 3,118 | $ | i 376,256 | $ | ( i 319,323) | $ | i 56,933 | ||||||||
Investments | ||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | i — | $ | i 35,198 | $ | i 32 | $ | i 35,230 | $ | — | $ | i 35,230 | ||||||||
Residential | i — | i 793 | i — | i 793 | — | i 793 | ||||||||||||||
Commercial | i — | i 74 | i — | i 74 | — | i 74 | ||||||||||||||
Total investment mortgage-backed securities | $ | i — | $ | i 36,065 | $ | i 32 | $ | i 36,097 | $ | — | $ | i 36,097 | ||||||||
U.S. Treasury and federal agency securities | $ | i 106,103 | $ | i 5,315 | $ | i — | $ | i 111,418 | $ | — | $ | i 111,418 | ||||||||
State and municipal | i — | i 4,355 | i 623 | i 4,978 | — | i 4,978 | ||||||||||||||
Foreign government | i 69,957 | i 41,196 | i 96 | i 111,249 | — | i 111,249 | ||||||||||||||
Corporate | i 5,150 | i 6,076 | i 45 | i 11,271 | — | i 11,271 | ||||||||||||||
Marketable equity securities | i 87 | i 371 | i — | i 458 | — | i 458 | ||||||||||||||
Asset-backed securities | i — | i 500 | i 22 | i 522 | — | i 522 | ||||||||||||||
Other debt securities | i — | i 4,730 | i — | i 4,730 | — | i 4,730 | ||||||||||||||
Non-marketable
equity securities(4) | i — | i 93 | i 441 | i 534 | — | i 534 | ||||||||||||||
Total investments | $ | i 181,297 | $ | i 98,701 | $ | i 1,259 | $ | i 281,257 | $ | — | $ | i 281,257 |
In millions of dollars at December 31, 2019 | Level 1 | Level 2 | Level 3 | Gross inventory | Netting(1) | Net balance | ||||||||||||||
Loans | $ | i — | $ | i 3,683 | $ | i 402 | $ | i 4,085 | $ | — | $ | i 4,085 | ||||||||
Mortgage servicing rights | i — | i — | i 495 | i 495 | — | i 495 | ||||||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis | $ | i 5,628 | $ | i 7,201 | $ | i 1 | $ | i 12,830 | $ | i — | $ | i 12,830 | ||||||||
Total assets | $ | i 307,192 | $ | i 815,535 | $ | i 8,033 | $ | i 1,148,686 | $ | ( i 420,686) | $ | i 728,000 | ||||||||
Total
as a percentage of gross assets(5) | i 27.2 | % | i 72.1 | % | i 0.7 | % | ||||||||||||||
Liabilities | ||||||||||||||||||||
Interest-bearing deposits | $ | i — | $ | i 2,104 | $ | i 215 | $ | i 2,319 | $ | — | $ | i 2,319 | ||||||||
Securities loaned and sold under agreements to repurchase | i — | i 111,567 | i 757 | i 112,324 | ( i 71,673) | i 40,651 | ||||||||||||||
Trading account liabilities | ||||||||||||||||||||
Securities sold, not yet purchased | i 60,429 | i 11,965 | i 48 | i 72,442 | — | i 72,442 | ||||||||||||||
Other trading liabilities | i — | i 24 | i — | i 24 | — | i 24 | ||||||||||||||
Total trading liabilities | $ | i 60,429 | $ | i 11,989 | $ | i 48 | $ | i 72,466 | $ | — | $ | i 72,466 | ||||||||
Trading account derivatives | ||||||||||||||||||||
Interest rate contracts | $ | i 8 | $ | i 176,480 | $ | i 1,167 | $ | i 177,655 | ||||||||||||
Foreign exchange contracts | i — | i 110,180 | i 552 | i 110,732 | ||||||||||||||||
Equity contracts | i 144 | i 28,506 | i 1,836 | i 30,486 | ||||||||||||||||
Commodity contracts | i — | i 16,542 | i 773 | i 17,315 | ||||||||||||||||
Credit derivatives | i — | i 10,233 | i 505 | i 10,738 | ||||||||||||||||
Total trading derivatives | $ | i 152 | $ | i 341,941 | $ | i 4,833 | $ | i 346,926 | ||||||||||||
Cash
collateral received(6) | $ | i 14,391 | ||||||||||||||||||
Netting agreements | $ | ( i 274,970) | ||||||||||||||||||
Netting of cash collateral paid | ( i 38,919) | |||||||||||||||||||
Total trading derivatives | $ | i 152 | $ | i 341,941 | $ | i 4,833 | $ | i 361,317 | $ | ( i 313,889) | $ | i 47,428 | ||||||||
Short-term borrowings | $ | i — | $ | i 4,933 | $ | i 13 | $ | i 4,946 | $ | — | $ | i 4,946 | ||||||||
Long-term debt | i — | i 38,614 | i 17,169 | i 55,783 | — | i 55,783 | ||||||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis | $ | i 6,280 | $ | i 63 | $ | i — | $ | i 6,343 | $ | i — | $ | i 6,343 | ||||||||
Total liabilities | $ | i 66,861 | $ | i 511,211 | $ | i 23,035 | $ | i 615,498 | $ | ( i 385,562) | $ | i 229,936 | ||||||||
Total
as a percentage of gross liabilities(5) | i 11.1 | % | i 85.0 | % | i 3.8 | % |
Net
realized/unrealized gains (losses) included in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2019 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Dec. 31, 2020 | |||||||||||||||||||||||||
Assets | 0 | ||||||||||||||||||||||||||||||||||
Securities borrowed and purchased under agreements to resell | $ | i 303 | $ | i 23 | $ | i — | $ | i — | $ | i — | $ | i 194 | $ | i — | $ | i — | $ | ( i 200) | $ | i 320 | $ | i 43 | |||||||||||||
Trading non-derivative assets | |||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | i 10 | ( i 79) | i — | i 21 | ( i 11) | i 392 | i — | ( i 306) | i — | i 27 | ( i 1) | ||||||||||||||||||||||||
Residential | i 123 | i 79 | i — | i 234 | ( i 68) | i 486 | i — | ( i 514) | i — | i 340 | ( i 20) | ||||||||||||||||||||||||
Commercial | i 61 | i — | i — | i 162 | ( i 35) | i 174 | i — | ( i 226) | i — | i 136 | ( i 14) | ||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | i 194 | $ | i — | $ | i — | $ | i 417 | $ | ( i 114) | $ | i 1,052 | $ | i — | $ | ( i 1,046) | $ | i — | $ | i 503 | $ | ( i 35) | |||||||||||||
U.S. Treasury and federal agency securities | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
State and municipal | i 64 | i 2 | i — | i 33 | ( i 3) | i 62 | i — | ( i 64) | i — | i 94 | i 4 | ||||||||||||||||||||||||
Foreign government | i 52 | ( i 35) | i — | i 9 | ( i 1) | i 169 | i — | ( i 143) | i — | i 51 | ( i 7) | ||||||||||||||||||||||||
Corporate | i 313 | i 246 | i — | i 211 | ( i 136) | i 770 | i — | ( i 1,023) | ( i 6) | i 375 | ( i 37) | ||||||||||||||||||||||||
Marketable equity securities | i 100 | ( i 16) | i — | i 43 | ( i 2) | i 240 | i — | ( i 292) | i — | i 73 | ( i 11) | ||||||||||||||||||||||||
Asset-backed securities | i 1,177 | ( i 105) | i — | i 677 | ( i 131) | i 1,406 | i — | ( i 1,418) | i — | i 1,606 | ( i 248) | ||||||||||||||||||||||||
Other trading assets | i 555 | i 315 | i — | i 471 | ( i 343) | i 387 | i 19 | ( i 440) | ( i 19) | i 945 | ( i 56) | ||||||||||||||||||||||||
Total trading non-derivative assets | $ | i 2,455 | $ | i 407 | $ | i — | $ | i 1,861 | $ | ( i 730) | $ | i 4,086 | $ | i 19 | $ | ( i 4,426) | $ | ( i 25) | $ | i 3,647 | $ | ( i 390) | |||||||||||||
Trading
derivatives, net(4) | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | i 1 | $ | i 429 | $ | i — | $ | i 1,644 | $ | i 16 | $ | i 41 | $ | i 134 | $ | ( i 34) | $ | ( i 617) | $ | i 1,614 | $ | i 161 | |||||||||||||
Foreign exchange contracts | ( i 5) | i 105 | i — | ( i 61) | i 48 | i 74 | i — | ( i 55) | ( i 54) | i 52 | i 130 | ||||||||||||||||||||||||
Equity contracts | ( i 1,596) | ( i 536) | i — | ( i 519) | i 378 | i 35 | i — | ( i 886) | ( i 89) | ( i 3,213) | ( i 3,868) | ||||||||||||||||||||||||
Commodity contracts | ( i 59) | ( i 1) | i — | i 99 | ( i 108) | i 101 | i — | ( i 61) | i 321 | i 292 | i 407 | ||||||||||||||||||||||||
Credit derivatives | ( i 56) | i 123 | i — | i 173 | ( i 334) | i — | i — | i — | i 142 | i 48 | ( i 136) | ||||||||||||||||||||||||
Total
trading derivatives, net(4) | $ | ( i 1,715) | $ | i 120 | $ | i — | $ | i 1,336 | $ | i — | $ | i 251 | $ | i 134 | $ | ( i 1,036) | $ | ( i 297) | $ | ( i 1,207) | $ | ( i 3,306) |
Net
realized/unrealized gains (losses) included in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2019 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Dec. 31, 2020 | |||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | i 32 | $ | i — | $ | ( i 5) | $ | i 2 | $ | i — | $ | i 1 | $ | i — | $ | i — | $ | i — | $ | i 30 | $ | ( i 104) | |||||||||||||
Residential | i — | i — | i 76 | i — | i — | i — | i — | ( i 76) | i — | i — | i 5 | ||||||||||||||||||||||||
Commercial | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | i 32 | $ | i — | $ | i 71 | $ | i 2 | $ | i — | $ | i 1 | $ | i — | $ | ( i 76) | $ | i — | $ | i 30 | $ | ( i 99) | |||||||||||||
U.S. Treasury and federal agency securities | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
State and municipal | i 623 | i — | ( i 3) | i 322 | ( i 131) | i 121 | i — | ( i 98) | i — | i 834 | ( i 20) | ||||||||||||||||||||||||
Foreign government | i 96 | i — | i 11 | i 27 | ( i 64) | i 381 | i — | ( i 183) | i — | i 268 | ( i 4) | ||||||||||||||||||||||||
Corporate | i 45 | i — | i 6 | i 49 | ( i 152) | i 162 | i — | ( i 50) | i — | i 60 | i — | ||||||||||||||||||||||||
Marketable equity securities | i — | i — | ( i 1) | i 1 | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Asset-backed securities | i 22 | i — | ( i 1) | i — | i — | i — | i — | ( i 20) | i — | i 1 | ( i 4) | ||||||||||||||||||||||||
Other debt securities | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Non-marketable equity securities | i 441 | i — | ( i 35) | i — | ( i 2) | i 2 | i 3 | ( i 3) | ( i 57) | i 349 | i 10 | ||||||||||||||||||||||||
Total investments | $ | i 1,259 | $ | i — | $ | i 48 | $ | i 401 | $ | ( i 349) | $ | i 667 | $ | i 3 | $ | ( i 430) | $ | ( i 57) | $ | i 1,542 | $ | ( i 117) | |||||||||||||
Loans | $ | i 402 | $ | i — | $ | i 1,143 | $ | i 451 | $ | ( i 6) | $ | i — | $ | i — | $ | i — | $ | ( i 5) | $ | i 1,985 | $ | i 1,424 | |||||||||||||
Mortgage servicing rights | i 495 | i — | ( i 204) | i — | i — | i — | i 123 | i — | ( i 78) | i 336 | ( i 180) | ||||||||||||||||||||||||
Other financial assets measured on a recurring basis | i 1 | i — | i — | i — | i — | i — | i — | ( i 1) | i — | i — | i — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | i 215 | $ | i — | $ | i 11 | $ | i 278 | $ | ( i 152) | $ | i — | $ | i 34 | $ | i — | $ | ( i 158) | $ | i 206 | $ | ( i 142) | |||||||||||||
Securities loaned and sold under agreements to repurchase | i 757 | i 5 | i — | i — | i — | i — | i — | i — | ( i 121) | i 631 | ( i 18) | ||||||||||||||||||||||||
Trading account liabilities | |||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | i 48 | ( i 102) | i — | i 271 | ( i 17) | i — | i — | i 10 | ( i 200) | i 214 | ( i 163) | ||||||||||||||||||||||||
Other trading liabilities | i — | i 9 | i — | i 35 | i — | i — | i — | i — | i — | i 26 | i 23 | ||||||||||||||||||||||||
Short-term borrowings | i 13 | i 78 | i — | i 220 | ( i 6) | i — | i 86 | i — | ( i 16) | i 219 | ( i 91) | ||||||||||||||||||||||||
Long-term debt | i 17,169 | ( i 1,489) | i — | i 6,553 | ( i 2,615) | i — | i 10,270 | i — | ( i 7,656) | i 25,210 | ( i 1,679) | ||||||||||||||||||||||||
Other financial liabilities measured on a recurring basis | i — | i — | i — | i — | i — | i — | i 3 | i — | ( i 2) | i 1 | i — |
Net
realized/unrealized gains (losses) included in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2018 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Dec. 31, 2019 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Securities borrowed and purchased under agreements to resell | $ | i 115 | $ | ( i 5) | $ | i — | $ | i 191 | $ | ( i 4) | $ | i 195 | $ | i — | $ | i — | $ | ( i 189) | $ | i 303 | $ | i 3 | |||||||||||||
Trading non-derivative assets | |||||||||||||||||||||||||||||||||||
Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | i 156 | i — | i — | i 54 | ( i 72) | i 160 | ( i 1) | ( i 287) | i — | i 10 | i 1 | ||||||||||||||||||||||||
Residential | i 268 | i 15 | i — | i 86 | ( i 80) | i 227 | i — | ( i 393) | i — | i 123 | i 10 | ||||||||||||||||||||||||
Commercial | i 77 | i 14 | i — | i 150 | ( i 105) | i 136 | i — | ( i 211) | i — | i 61 | ( i 4) | ||||||||||||||||||||||||
Total trading mortgage-backed securities | $ | i 501 | $ | i 29 | $ | i — | $ | i 290 | $ | ( i 257) | $ | i 523 | $ | ( i 1) | $ | ( i 891) | $ | i — | $ | i 194 | $ | i 7 | |||||||||||||
U.S. Treasury and federal agency securities | $ | i 1 | $ | ( i 9) | $ | i — | $ | i — | $ | i — | $ | i 20 | $ | i — | $ | ( i 11) | $ | ( i 1) | $ | i — | $ | i — | |||||||||||||
State and municipal | i 200 | ( i 2) | i — | i 1 | ( i 19) | i 2 | i — | ( i 118) | i — | i 64 | ( i 2) | ||||||||||||||||||||||||
Foreign government | i 31 | i 28 | i — | i 12 | ( i 7) | i 88 | i — | ( i 100) | i — | i 52 | i 1 | ||||||||||||||||||||||||
Corporate | i 360 | i 284 | i — | i 213 | ( i 86) | i 323 | ( i 29) | ( i 742) | ( i 10) | i 313 | ( i 11) | ||||||||||||||||||||||||
Marketable equity securities | i 153 | ( i 21) | i — | i 13 | ( i 19) | i 117 | i — | ( i 143) | i — | i 100 | ( i 51) | ||||||||||||||||||||||||
Asset-backed securities | i 1,484 | ( i 65) | i — | i 51 | ( i 127) | i 738 | i — | ( i 904) | i — | i 1,177 | i 29 | ||||||||||||||||||||||||
Other trading assets | i 818 | ( i 52) | i — | i 97 | ( i 283) | i 598 | i 36 | ( i 630) | ( i 29) | i 555 | ( i 257) | ||||||||||||||||||||||||
Total trading non-derivative assets | $ | i 3,548 | $ | i 192 | $ | i — | $ | i 677 | $ | ( i 798) | $ | i 2,409 | $ | i 6 | $ | ( i 3,539) | $ | ( i 40) | $ | i 2,455 | $ | ( i 284) | |||||||||||||
Trading
derivatives, net(4) | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | ( i 154) | $ | i 116 | $ | i — | $ | ( i 129) | $ | i 172 | $ | i 154 | $ | i 45 | $ | ( i 1) | $ | ( i 202) | $ | i 1 | $ | i 2,194 | |||||||||||||
Foreign exchange contracts | ( i 6) | ( i 73) | i — | i 152 | ( i 97) | i 113 | i — | ( i 114) | i 20 | ( i 5) | ( i 134) | ||||||||||||||||||||||||
Equity contracts | ( i 784) | ( i 425) | i — | ( i 213) | i 274 | ( i 111) | ( i 147) | ( i 8) | ( i 182) | ( i 1,596) | ( i 422) | ||||||||||||||||||||||||
Commodity contracts | ( i 18) | ( i 121) | i — | ( i 15) | ( i 15) | i 252 | i — | ( i 133) | ( i 9) | ( i 59) | ( i 33) | ||||||||||||||||||||||||
Credit derivatives | i 61 | ( i 412) | i — | ( i 114) | i 204 | i — | i — | i 14 | i 191 | ( i 56) | ( i 289) | ||||||||||||||||||||||||
Total
trading derivatives, net(4) | $ | ( i 901) | $ | ( i 915) | $ | i — | $ | ( i 319) | $ | i 538 | $ | i 408 | $ | ( i 102) | $ | ( i 242) | $ | ( i 182) | $ | ( i 1,715) | $ | i 1,316 | |||||||||||||
Investments | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
U.S. government-sponsored agency guaranteed | $ | i 32 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 32 | $ | ( i 1) | |||||||||||||
Residential | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Commercial | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Total investment mortgage-backed securities | $ | i 32 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 32 | $ | ( i 1) | |||||||||||||
U.S. Treasury and federal agency securities | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||
State and municipal | i 708 | i — | i 86 | i 14 | ( i 318) | i 430 | i — | ( i 297) | i — | i 623 | i 82 | ||||||||||||||||||||||||
Foreign government | i 68 | i — | i 2 | i — | i — | i 145 | i — | ( i 119) | i — | i 96 | i 2 | ||||||||||||||||||||||||
Corporate | i 156 | i — | ( i 14) | i 3 | ( i 94) | i — | i — | ( i 6) | i — | i 45 | i — | ||||||||||||||||||||||||
Marketable equity securities | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Asset-backed securities | i 187 | i — | ( i 11) | i 122 | ( i 612) | i 550 | i — | ( i 214) | i — | i 22 | i 13 | ||||||||||||||||||||||||
Other debt securities | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Non-marketable equity securities | i 586 | i — | ( i 11) | i 39 | ( i 1) | i 11 | i — | ( i 151) | ( i 32) | i 441 | i 16 | ||||||||||||||||||||||||
Total investments | $ | i 1,737 | $ | i — | $ | i 52 | $ | i 178 | $ | ( i 1,025) | $ | i 1,136 | $ | i — | $ | ( i 787) | $ | ( i 32) | $ | i 1,259 | $ | i 112 |
Net
realized/unrealized gains (losses) included in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
In millions of dollars | Dec. 31, 2018 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Dec. 31, 2019 | |||||||||||||||||||||||||
Loans | $ | i 277 | $ | i — | $ | i 192 | $ | i 148 | $ | ( i 189) | $ | i 16 | $ | i — | $ | ( i 40) | $ | ( i 2) | $ | i 402 | $ | i 186 | |||||||||||||
Mortgage servicing rights | i 584 | i — | ( i 84) | i — | i — | i — | i 70 | i — | ( i 75) | i 495 | ( i 68) | ||||||||||||||||||||||||
Other financial assets measured on a recurring basis | i — | i — | i 96 | i 6 | ( i 2) | i 2 | i 32 | ( i 21) | ( i 112) | i 1 | i 18 | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | i 495 | $ | i — | $ | ( i 16) | $ | i 10 | $ | ( i 783) | $ | i — | $ | i 843 | $ | i — | $ | ( i 366) | $ | i 215 | $ | ( i 25) | |||||||||||||
Securities loaned and sold under agreements to repurchase | i 983 | i 121 | i — | i 1 | i 4 | i — | i — | ( i 168) | i 58 | i 757 | ( i 26) | ||||||||||||||||||||||||
Trading account liabilities | |||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | i 586 | i 122 | i — | i 68 | ( i 443) | i 19 | i — | ( i 12) | ( i 48) | i 48 | i 3 | ||||||||||||||||||||||||
Other trading liabilities | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Short-term borrowings | i 37 | i 32 | i — | i 13 | ( i 42) | i — | i 168 | i — | ( i 131) | i 13 | ( i 1) | ||||||||||||||||||||||||
Long-term debt | i 12,570 | ( i 1,899) | i — | i 3,304 | ( i 4,411) | i — | i 6,766 | i — | ( i 2,958) | i 17,169 | ( i 1,411) | ||||||||||||||||||||||||
Other financial liabilities measured on a recurring basis | i — | i — | i 4 | i 5 | i — | i — | i 4 | i — | ( i 5) | i — | i — |
As of December 31, 2020 | 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 | $ | i 320 | Model-based | Credit spread | i 15 bps | i 15 bps | i 15 bps | |||||||||||||
Interest rate | i 0.30 | % | i 0.35 | % | i 0.32 | % | ||||||||||||||
Mortgage-backed securities | $ | i 344 | Price-based | Price | $ | i 30 | $ | i 111 | $ | i 80 | ||||||||||
i 168 | Yield analysis | Yield | i 2.63 | % | i 21.80 | % | i 10.13 | % | ||||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | i 1,566 | Price-based | Price | $ | i — | $ | i 2,265 | $ | i 90 | ||||||||||
i 852 | Model-based | Credit spread | i 35 bps | i 375 bps | i 226 bps | |||||||||||||||
Marketable equity securities(5) | $ | i 36 | Model-based | Price | $ | i — | $ | i 31,000 | $ | i 5,132 | ||||||||||
i 36 | Price-based | WAL | i 1.48 years | i 1.48 years | i 1.48 years | |||||||||||||||
Recovery (in
millions) | $ | i 5,733 | $ | i 5,733 | $ | i 5,733 | ||||||||||||||
Asset-backed securities | $ | i 863 | Price-based | Price | $ | i 2 | $ | i 157 | $ | i 59 | ||||||||||
i 744 | Yield
analysis | Yield | i 3.77 | % | i 21.77 | % | i 9.01 | % | ||||||||||||
Non-marketable equities | $ | i 205 | Comparables analysis | Illiquidity discount | i 10.00 | % | i 45.00 | % | i 25.29 | % | ||||||||||
PE ratio | i 13.60x | i 28.00x | i 22.83x | |||||||||||||||||
i 142 | Price-based | Price | $ | i 136 | $ | i 2,041 | $ | i 1,647 | ||||||||||||
EBITDA multiples | i 3.30x | i 36.70x | i 15.10x | |||||||||||||||||
Adjustment factor | i 0.20x | i 0.61x | i 0.25x | |||||||||||||||||
Appraised
value (in thousands) | $ | i 287 | $ | i 39,745 | $ | i 21,754 | ||||||||||||||
Revenue multiple | i 2.70x | i 28.00x | i 8.92x | |||||||||||||||||
Derivatives—gross(6) | ||||||||||||||||||||
Interest rate contracts (gross) | $ | i 5,143 | Model-based | Inflation volatility | i 0.27 | % | i 2.36 | % | i 0.78 | % | ||||||||||
IR normal volatility | i 0.11 | % | i 0.73 | % | i 0.52 | % | ||||||||||||||
Foreign exchange contracts (gross) | $ | i 1,296 | Model-based | FX volatility | i 1.70 | % | i 12.63 | % | i 5.41 | % | ||||||||||
Contingent event | i 100.00 | % | i 100.00 | % | i 100.00 | % | ||||||||||||||
Interest rate | i 0.84 | % | i 84.09 | % | i 17.55 | % | ||||||||||||||
IR normal volatility | i 0.11 | % | i 0.52 | % | i 0.46 | % | ||||||||||||||
IR-FX correlation | i 40.00 | % | i 60.00 | % | i 50.00 | % | ||||||||||||||
IR-IR correlation | ( i 21.71) | % | i 40.00 | % | i 38.09 | % | ||||||||||||||
Equity
contracts (gross)(7) | $ | i 7,330 | Model-based | Equity volatility | i 5.00 | % | i 91.43 | % | i 42.74 | % | ||||||||||
Forward price | i 65.88 | % | i 105.20 | % | i 91.82 | % | ||||||||||||||
Commodity and other contracts (gross) | $ | i 1,636 | Model-based | Commodity correlation | ( i 44.92) | % | i 95.91 | % | i 70.60 | % | ||||||||||
Commodity volatility | i 0.16 | % | i 80.17 | % | i 23.72 | % | ||||||||||||||
Forward price | i 15.40 | % | i 262.00 | % | i 98.53 | % | ||||||||||||||
Credit derivatives (gross) | $ | i 1,854 | Model-based | Credit spread | i 3.50 bps | i 352.35 bps | i 99.89 bps |
As of December 31, 2020 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||
i 408 | Price-based | Recovery rate | i 20.00 | % | i 60.00 | % | i 41.60 | % | ||||||||||||
Credit correlation | i 25.00 | % | i 80.00 | % | i 43.36 | % | ||||||||||||||
Upfront points | i — | % | i 107.20 | % | i 48.10 | % | ||||||||||||||
Loans and leases | $ | i 1,804 | Model-based | Equity volatility | i 24.65 | % | i 83.09 | % | i 58.23 | % | ||||||||||
Mortgage servicing rights | i 258 | Cash flow | Yield | i 2.86 | % | i 16.00 | % | i 6.32 | % | |||||||||||
i 78 | Model-based | WAL | i 2.66 years | i 5.40 years | i 4.46 years | |||||||||||||||
Liabilities | ||||||||||||||||||||
Interest-bearing deposits | $ | i 206 | Model-based | IR Normal volatility | i 0.11 | % | i 0.73 | % | i 0.54 | % | ||||||||||
Securities loaned and sold under agreements to repurchase | $ | i 631 | Model-based | Interest rate | i 0.08 | % | i 1.86 | % | i 0.71 | % | ||||||||||
Trading account liabilities | ||||||||||||||||||||
Securities sold, not yet purchased and other trading liabilities | $ | i 178 | Model-based | IR lognormal volatility | i 52.06 | % | i 128.87 | % | i 89.82 | % | ||||||||||
i 62 | Price-based | Price | $ | i — | $ | i 866 | $ | i 80 | ||||||||||||
Interest rate | i 10.03 | % | i 20.07 | % | i 13.70 | % | ||||||||||||||
Short-term borrowings and long-term debt | $ | i 24,827 | Model-based | IR Normal volatility | i 0.11 | % | i 0.73 | % | i 0.51 | % | ||||||||||
Forward price | i 15.40 | % | i 262.00 | % | i 92.48 | % |
As of December 31, 2019 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||
Assets | ||||||||||||||||||||
Securities borrowed and purchased under agreements to resell | $ | i 303 | Model-based | Credit spread | i 15 bps | i 15 bps | i 15 bps | |||||||||||||
Interest rate | i 1.59 | % | i 3.67 | % | i 2.72 | % | ||||||||||||||
Mortgage-backed securities | $ | i 196 | Price-based | Price | $ | i 36 | $ | i 505 | $ | i 97 | ||||||||||
i 22 | Model-based | |||||||||||||||||||
State and municipal, foreign government, corporate and other debt securities | $ | i 880 | Model-based | Price | $ | i — | $ | i 1,238 | $ | i 90 | ||||||||||
i 677 | Price-based | Credit spread | i 35 bps | i 295 bps | i 209 bps | |||||||||||||||
Marketable equity securities(5) | $ | i 70 | Price-based | Price | $ | i — | $ | i 38,500 | $ | i 2,979 | ||||||||||
i 30 | Model-based | WAL | i 1.48 years | i 1.48 years | i 1.48 years | |||||||||||||||
Recovery (in
millions) | $ | i 5,450 | $ | i 5,450 | $ | i 5,450 | ||||||||||||||
Asset-backed securities | $ | i 812 | Price-based | Price | $ | i 4 | $ | i 103 | $ | i 60 | ||||||||||
i 368 | Yield analysis | Yield | i 0.61 | % | i 23.38 | % | i 8.88 | % | ||||||||||||
Non-marketable equities | $ | i 316 | Comparables analysis | EBITDA multiples | i 7.00x | i 17.95x | i 10.34x | |||||||||||||
i 97 | Price-based | Appraised
value (in thousands) | $ | i 397 | $ | i 33,246 | $ | i 8,446 | ||||||||||||
Price | $ | i 3 | $ | i 2,019 | $ | i 1,020 | ||||||||||||||
PE ratio | i 14.70x | i 28.70x | i 20.54x | |||||||||||||||||
Price to book ratio | i 1.50x | i 3.00x | i 1.88x | |||||||||||||||||
Discount to price | i — | % | i 10.00 | % | i 2.32 | % | ||||||||||||||
Derivatives—gross(6) | ||||||||||||||||||||
Interest rate contracts (gross) | $ | i 2,196 | Model-based | Inflation volatility | i 0.21 | % | i 2.74 | % | i 0.79 | % | ||||||||||
Mean reversion | i 1.00 | % | i 20.00 | % | i 10.50 | % | ||||||||||||||
IR normal volatility | i 0.09 | % | i 0.66 | % | i 0.53 | % | ||||||||||||||
Foreign exchange contracts (gross) | $ | i 1,099 | Model-based | FX volatility | i 1.27 | % | i 12.16 | % | i 9.17 | % | ||||||||||
IR normal volatility | i 0.27 | % | i 0.66 | % | i 0.58 | % | ||||||||||||||
FX rate | i 37.39 | % | i 586.84 | % | i 80.64 | % | ||||||||||||||
Interest rate | i 2.72 | % | i 56.14 | % | i 13.11 | % |
IR-IR correlation | ( i 51.00) | % | i 40.00 | % | i 32.00 | % | ||||||||||||||
IR-FX correlation | i 40.00 | % | i 60.00 | % | i 50.00 | % | ||||||||||||||
Equity
contracts (gross)(7) | $ | i 2,076 | Model-based | Equity volatility | i 3.16 | % | i 52.80 | % | i 28.43 | % | ||||||||||
Forward price | i 62.60 | % | i 112.69 | % | i 98.46 | % | ||||||||||||||
WAL | i 1.48 years | i 1.48 years | i 1.48 years | |||||||||||||||||
Recovery (in millions) | $ | i 5,450 | $ | i 5,450 | $ | i 5,450 | ||||||||||||||
Commodity and other contracts (gross) | $ | i 1,487 | Model-based | Forward price | i 37.62 | % | i 362.57 | % | i 119.32 | % | ||||||||||
Commodity
volatility | i 5.25 | % | i 93.63 | % | i 23.55 | % | ||||||||||||||
Commodity correlation | ( i 39.65) | % | i 87.81 | % | i 41.80 | % | ||||||||||||||
Credit derivatives (gross) | $ | i 613 | Model-based | Credit spread | i 8 bps | i 283 bps | i 80 bps | |||||||||||||
i 341 | Price-based | Upfront points | i 2.59 | % | i 99.94 | % | i 59.41 | % | ||||||||||||
Price | $ | i 12 | $ | i 100 | $ | i 87 | ||||||||||||||
Credit
correlation | i 25.00 | % | i 87.00 | % | i 48.57 | % | ||||||||||||||
Recovery rate | i 20.00 | % | i 65.00 | % | i 48.00 | % | ||||||||||||||
Loans and leases | $ | i 378 | Model-based | Credit spread | i 9 bps | i 52 bps | i 48 bps | |||||||||||||
Equity volatility | i 32.00 | % | i 32.00 | % | i 32.00 | % | ||||||||||||||
Mortgage servicing rights | $ | i 418 | Cash flow | Yield | i 1.78 | % | i 12.00 | % | i 9.49 | % | ||||||||||
i 77 | Model-based | WAL | i 4.07 years | i 8.13 years | i 6.61 years | |||||||||||||||
Liabilities | ||||||||||||||||||||
Interest-bearing deposits | $ | i 215 | Model-based | Mean reversion | i 1.00 | % | i 20.00 | % | i 10.50 | % | ||||||||||
Forward price | i 97.59 | % | i 111.06 | % | i 102.96 | % | ||||||||||||||
Securities loaned and sold under agreements to repurchase | $ | i 757 | Model-based | Interest rate | i 1.59 | % | i 2.38 | % | i 1.95 | % | ||||||||||
Trading account liabilities | ||||||||||||||||||||
Securities sold, not yet purchased | $ | i 46 | Price-based | Price | $ | i — | $ | i 866 | $ | i 96 | ||||||||||
Short-term borrowings and long-term debt | i 17,182 | Model-based | Mean reversion | i 1.00 | % | i 20.00 | % | i 10.50 | % | |||||||||||
IR normal volatility | i 0.09 | % | i 0.66 | % | i 0.46 | % | ||||||||||||||
Forward price | i 37.62 | % | i 362.57 | % | i 97.52 | % | ||||||||||||||
Equity-IR correlation | i 15.00 | % | i 44.00 | % | i 32.66 | % |
In millions of dollars | Fair value | Level 2 | Level 3 | ||||||||
December 31, 2020 | |||||||||||
Loans HFS(1) | $ | i 3,375 | $ | i 478 | $ | i 2,897 | |||||
Other real estate owned | i 17 | i 4 | i 13 | ||||||||
Loans(2) | i 1,015 | i 679 | i 336 | ||||||||
Non-marketable equity securities measured using the measurement alternative | i 315 | i 312 | i 3 | ||||||||
Total assets at fair value on a nonrecurring basis | $ | i 4,722 | $ | i 1,473 | $ | i 3,249 |
In millions of dollars | Fair value | Level 2 | Level 3 | ||||||||
December 31, 2019 | |||||||||||
Loans HFS(1) | $ | i 4,579 | $ | i 3,249 | $ | i 1,330 | |||||
Other real estate owned | i 20 | i 6 | i 14 | ||||||||
Loans(2) | i 344 | i 93 | i 251 | ||||||||
Non-marketable equity securities measured using the measurement alternative | i 249 | i 249 | i — | ||||||||
Total assets at fair value on a nonrecurring basis | $ | i 5,192 | $ | i 3,597 | $ | i 1,595 |
As of December 31, 2020 | Fair value(1) (in millions) | Methodology | Input | Low(2) | High | Weighted average(3) | ||||||||||||||
Loans HFS | $ | i 2,683 | Price-based | Price | $ | i 79 | $ | i 100 | $ | i 98 | ||||||||||
Other real estate owned | $ | i 7 | Price-based | Appraised value(4) | $ | i 3,110,711 | $ | i 4,241,357 | $ | i 3,586,975 | ||||||||||
i 4 | Recovery analysis | Price | i 51 | i 51 | i 51 | |||||||||||||||
Loans(5) | $ | i 147 | Price-based | Price | $ | i 2 | $ | i 49 | $ | i 23 | ||||||||||
i 73 | Recovery analysis | Recovery rate | i 0.99 | % | i 78.00 | % | i 13.37 | % | ||||||||||||
Appraised
value(4) | $ | i 34 | $ | i 43,646,426 | $ | i 17,762,950 | ||||||||||||||
As of December 31, 2019 | Fair value(1) (in millions) | Methodology | Input | Low(2) | High | Weighted average(3) | ||||||||||||||
Loans HFS | $ | i 1,320 | Price-based | Price | $ | i 86 | $ | i 100 | $ | i 99 | ||||||||||
Other real estate owned | $ | i 11 | Price-based | Appraised value(4) | $ | i 2,297,358 | $ | i 8,394,102 | $ | i 5,615,884 | ||||||||||
i 5 | Recovery analysis | |||||||||||||||||||
Loans(5) | $ | i 100 | Recovery analysis | Recovery rate | i 0.57 | % | i 100.00 | % | i 64.78 | % | ||||||||||
i 54 | Cash flow | Price | $ | i 2 | $ | i 54 | $ | i 27 | ||||||||||||
i 47 | Price-based | Cost of capital | i 0.10 | % | i 100.00 | % | i 54.84 | % | ||||||||||||
i 66 | Price-based | Price | $ | i 17,521,218 | $ | i 43,646,426 | $ | i 30,583,822 | ||||||||||||
Year ended December 31, | ||||||||
In millions of dollars | 2020 | |||||||
Loans HFS | $ | ( i 91) | ||||||
Other real estate owned | ( i 1) | |||||||
Loans(1) | ( i 137) | |||||||
Non-marketable equity securities measured using the measurement alternative | i 70 | |||||||
Total nonrecurring fair value gains (losses) | $ | ( i 159) |
Year ended December 31, | ||||||||
In millions of dollars | 2019 | |||||||
Loans HFS | $ | i — | ||||||
Other real estate owned | ( i 1) | |||||||
Loans(1) | ( i 56) | |||||||
Non-marketable equity securities measured using the measurement alternative | i 99 | |||||||
Total nonrecurring fair value gains (losses) | $ | i 42 |
December 31, 2020 | Estimated fair value | ||||||||||||||||
Carrying value | Estimated fair value | ||||||||||||||||
In billions of dollars | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Investments | $ | i 110.3 | $ | i 113.2 | $ | i 23.3 | $ | i 87.0 | $ | i 2.9 | |||||||
Securities borrowed and purchased under agreements to resell | i 109.5 | i 109.5 | i — | i 109.5 | i — | ||||||||||||
Loans(1)(2) | i 643.3 | i 663.9 | i — | i 0.6 | i 663.3 | ||||||||||||
Other
financial assets(2)(3) | i 383.2 | i 383.2 | i 291.5 | i 18.1 | i 73.6 | ||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | i 1,278.7 | $ | i 1,278.8 | $ | i — | $ | i 1,093.3 | $ | i 185.5 | |||||||
Securities loaned and sold under agreements to repurchase | i 139.3 | i 139.3 | i — | i 139.3 | i — | ||||||||||||
Long-term
debt(4) | i 204.6 | i 221.2 | i — | i 197.8 | i 23.4 | ||||||||||||
Other
financial liabilities(5) | i 102.4 | i 102.4 | i — | i 19.2 | i 83.2 |
December 31, 2019 | Estimated fair value | ||||||||||||||||
Carrying value | Estimated fair value | ||||||||||||||||
In billions of dollars | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Investments | $ | i 86.4 | $ | i 87.8 | $ | i 1.9 | $ | i 83.8 | $ | i 2.1 | |||||||
Securities borrowed and purchased under agreements to resell | i 98.1 | i 98.1 | i — | i 98.1 | i — | ||||||||||||
Loans(1)(2) | i 681.2 | i 677.7 | i — | i 4.7 | i 673.0 | ||||||||||||
Other
financial assets(2)(3) | i 262.4 | i 262.4 | i 177.6 | i 16.3 | i 68.5 | ||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | i 1,068.3 | $ | i 1,066.7 | $ | i — | $ | i 875.5 | $ | i 191.2 | |||||||
Securities loaned and sold under agreements to repurchase | i 125.7 | i 125.7 | i — | i 125.7 | i — | ||||||||||||
Long-term
debt(4) | i 193.0 | i 203.8 | i — | i 187.3 | i 16.5 | ||||||||||||
Other
financial liabilities(5) | i 110.2 | i 110.2 | i — | i 37.5 | i 72.7 |
Changes in fair value—gains (losses) for the years ended December 31, | ||||||||||||||
In millions of dollars | 2020 | 2019 | ||||||||||||
Assets | ||||||||||||||
Securities borrowed and purchased under agreements to resell | $ | i — | $ | i 6 | ||||||||||
Trading account assets | ( i 136) | i 77 | ||||||||||||
Investments | i — | i — | ||||||||||||
Loans | ||||||||||||||
Certain
corporate loans | i 2,486 | ( i 222) | ||||||||||||
Certain consumer loans | i 1 | i — | ||||||||||||
Total loans | $ | i 2,487 | $ | ( i 222) | ||||||||||
Other assets | ||||||||||||||
MSRs | $ | ( i 204) | $ | ( i 84) | ||||||||||
Certain
mortgage loans HFS(1) | i 299 | i 91 | ||||||||||||
Total other assets | $ | i 95 | $ | i 7 | ||||||||||
Total assets | $ | i 2,446 | $ | ( i 132) | ||||||||||
Liabilities | ||||||||||||||
Interest-bearing deposits | $ | ( i 154) | $ | ( i 205) | ||||||||||
Securities loaned and sold under agreements to repurchase | ( i 559) | i 386 | ||||||||||||
Trading account liabilities | ( i 1) | i 27 | ||||||||||||
Short-term
borrowings(2) | i 802 | ( i 78) | ||||||||||||
Long-term
debt(2) | ( i 2,700) | ( i 5,174) | ||||||||||||
Total liabilities | $ | ( i 2,612) | $ | ( i 5,044) |
December 31, 2020 | December 31, 2019 | |||||||||||||
In millions of dollars | Trading assets | Loans | Trading assets | Loans | ||||||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | i 8,063 | $ | i 6,854 | $ | i 8,320 | $ | i 4,086 | ||||||
Aggregate unpaid principal balance in excess of (less than) fair value | ( i 915) | ( i 14) | i 410 | i 315 | ||||||||||
Balance of non-accrual loans or loans more than 90 days past due | i — | i 4 | i — | i 1 | ||||||||||
Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due | i — | i — | i — | i — |
In millions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | i 1,742 | $ | i 1,254 | ||||
Aggregate fair value in excess of (less than) unpaid principal balance | i 91 | ( i 31) | ||||||
Balance of non-accrual loans or loans more than 90 days past due | i — | i 1 | ||||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | i — | i — |
In billions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Interest rate linked | $ | i 16.0 | $ | i 22.6 | ||||
Foreign exchange linked | i 1.2 | i 0.7 | ||||||
Equity linked | i 27.3 | i 23.7 | ||||||
Commodity linked | i 1.4 | i 1.8 | ||||||
Credit linked | i 2.6 | i 0.9 | ||||||
Total | $ | i 48.5 | $ | i 49.7 |
In millions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | i 67,063 | $ | i 55,783 | ||||
Aggregate unpaid principal balance in excess of (less than) fair value | ( i 5,130) | ( i 2,967) |
In millions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Carrying amount reported on the Consolidated Balance Sheet | $ | i 4,683 | $ | i 4,946 | ||||
Aggregate unpaid principal balance in excess of (less than) fair value | i 68 | i 1,411 |
In millions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Investment securities | $ | i 231,696 | $ | i 152,352 | ||||
Loans | i 239,699 | i 236,033 | ||||||
Trading account assets | i 174,717 | i 131,392 | ||||||
Total | $ | i 646,112 | $ | i 519,777 |
In millions of dollars | December 31, 2020 | December 31, 2019 | ||||||
Cash and due from banks | $ | i 3,774 | $ | i 3,758 | ||||
Deposits with banks, net of allowance | i 14,203 | i 26,493 | ||||||
Total | $ | i 17,977 | $ | i 30,251 |
In millions of dollars | December
31, 2020 | December 31, 2019 | ||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | i 814 | $ | i 942 | ||||
Right-of-use
assets obtained in exchange for new operating lease liabilities(1)(2) | i 447 | i 499 |
In millions of dollars | |||||
2021 | $ | i 791 | |||
2022 | i 663 | ||||
2023 | i 518 | ||||
2024 | i 399 | ||||
2025 | i 307 | ||||
Thereafter | i 766 | ||||
Total future lease payments | $ | i 3,444 | |||
Less imputed interest (based on weighted-average discount rate of i 3.6%) | $ | ( i 356) | |||
Lease liability | $ | i 3,088 |
Maximum potential amount of future payments | ||||||||||||||
In billions of dollars at December 31, 2020 | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying
value (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | i 25.3 | $ | i 68.4 | $ | i 93.7 | $ | i 1,407 | ||||||
Performance guarantees | i 7.3 | i 6.0 | i 13.3 | i 72 | ||||||||||
Derivative instruments considered to be guarantees | i 20.0 | i 60.9 | i 80.9 | i 671 | ||||||||||
Loans sold with recourse | i — | i 1.2 | i 1.2 | i 9 | ||||||||||
Securities
lending indemnifications(1) | i 112.2 | i — | i 112.2 | i — | ||||||||||
Credit
card merchant processing(1)(2) | i 101.9 | i — | i 101.9 | i 3 | ||||||||||
Credit card arrangements with partners | i 0.2 | i 0.8 | i 1.0 | i 7 | ||||||||||
Custody indemnifications and other | i — | i 37.3 | i 37.3 | i 35 | ||||||||||
Total | $ | i 266.9 | $ | i 174.6 | $ | i 441.5 | $ | i 2,204 |
Maximum potential amount of future payments | ||||||||||||||
In billions of dollars at December 31, 2019 | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||
Financial standby letters of credit | $ | i 31.9 | $ | i 61.4 | $ | i 93.3 | $ | i 581 | ||||||
Performance guarantees | i 6.9 | i 5.5 | i 12.4 | i 36 | ||||||||||
Derivative instruments considered to be guarantees | i 35.2 | i 60.8 | i i 96.0 / | i 474 | ||||||||||
Loans sold with recourse | i — | i 1.2 | i i 1.2 / | i 7 | ||||||||||
Securities
lending indemnifications(1) | i 87.8 | i — | i i 87.8 / | i — | ||||||||||
Credit
card merchant processing(1)(2) | i 91.6 | i — | i i 91.6 / | i — | ||||||||||
Credit card arrangements with partners | i 0.2 | i 0.4 | i i 0.6 / | i 23 | ||||||||||
Custody indemnifications and other | i — | i 33.7 | i 33.7 | i 41 | ||||||||||
Total | $ | i 253.6 | $ | i 163.0 | $ | i 416.6 | $ | i 1,162 |
Maximum potential amount of future payments | ||||||||||||||
In billions of dollars at December 31, 2020 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||
Financial standby letters of credit | $ | i 78.5 | $ | i 14.6 | $ | i 0.6 | $ | i 93.7 | ||||||
Performance guarantees | i 9.8 | i 3.0 | i 0.5 | i 13.3 | ||||||||||
Derivative instruments deemed to be guarantees | i — | i — | i 80.9 | i 80.9 | ||||||||||
Loans sold with recourse | i — | i — | i 1.2 | i 1.2 | ||||||||||
Securities lending indemnifications | i — | i — | i 112.2 | i 112.2 | ||||||||||
Credit card merchant processing | i — | i — | i 101.9 | i 101.9 | ||||||||||
Credit card arrangements with partners | i — | i — | i 1.0 | i 1.0 | ||||||||||
Custody indemnifications and other | i 24.9 | i 12.4 | i — | i 37.3 | ||||||||||
Total | $ | i 113.2 | $ | i 30.0 | $ | i 298.3 | $ | i 441.5 |
Maximum potential amount of future payments | ||||||||||||||
In billions of dollars at December 31, 2019 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||
Financial standby letters of credit | $ | i 81.2 | $ | i 11.6 | $ | i 0.5 | $ | i 93.3 | ||||||
Performance guarantees | i 9.7 | i 2.3 | i 0.4 | i 12.4 | ||||||||||
Derivative instruments deemed to be guarantees | i — | i — | i i 96.0 / | i 96.0 | ||||||||||
Loans sold with recourse | i — | i — | i i 1.2 / | i 1.2 | ||||||||||
Securities lending indemnifications | i — | i — | i i 87.8 / | i 87.8 | ||||||||||
Credit card merchant processing | i — | i — | i i 91.6 / | i 91.6 | ||||||||||
Credit card arrangements with partners | i — | i — | i i 0.6 / | i 0.6 | ||||||||||
Custody indemnifications and other | i 21.3 | i 12.4 | i — | i 33.7 | ||||||||||
Total | $ | i 112.2 | $ | i 26.3 | $ | i 278.1 | $ | i 416.6 |
In millions of dollars | U.S. | Outside
of U.S. | December 31, 2020 | December 31, 2019 | ||||||||||
Commercial and similar letters of credit | $ | i 658 | $ | i 4,563 | $ | i 5,221 | $ | i 4,533 | ||||||
One- to four-family residential mortgages | i 2,654 | i 2,348 | i 5,002 | i 3,721 | ||||||||||
Revolving open-end loans secured by one- to four-family residential properties | i 8,326 | i 1,300 | i 9,626 | i 10,799 | ||||||||||
Commercial real estate, construction and land development | i 11,256 | i 1,611 | i 12,867 | i 12,981 | ||||||||||
Credit card lines | i 606,768 | i 103,631 | i 710,399 | i 708,023 | ||||||||||
Commercial and other consumer loan commitments | i 201,969 | i 120,489 | i 322,458 | i 324,359 | ||||||||||
Other commitments and contingencies | i 5,177 | i 538 | i 5,715 | i 1,948 | ||||||||||
Total | $ | i 836,808 | $ | i 234,480 | $ | i 1,071,288 | $ | i 1,066,364 |
Year ended December 31, 2020 | |||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||
Revenues | |||||||||||||||||
Dividends from subsidiaries | $ | i 2,355 | $ | i — | $ | i — | $ | ( i 2,355) | $ | i — | |||||||
Interest revenue | i — | i 5,364 | i 52,725 | i — | i 58,089 | ||||||||||||
Interest revenue—intercompany | i 4,162 | i 920 | ( i 5,082) | i — | i — | ||||||||||||
Interest expense | i 4,992 | i 1,989 | i 7,560 | i — | i 14,541 | ||||||||||||
Interest expense—intercompany | i 502 | i 2,170 | ( i 2,672) | i — | i — | ||||||||||||
Net interest revenue | $ | ( i 1,332) | $ | i 2,125 | $ | i 42,755 | $ | i — | $ | i 43,548 | |||||||
Commissions and fees | $ | i — | $ | i 6,216 | $ | i 5,169 | $ | i — | $ | i 11,385 | |||||||
Commissions and fees—intercompany | ( i 36) | i 290 | ( i 254) | i — | i — | ||||||||||||
Principal transactions | ( i 1,254) | ( i 4,252) | i 19,391 | i — | i 13,885 | ||||||||||||
Principal transactions—intercompany | i 693 | i 9,064 | ( i 9,757) | i — | i — | ||||||||||||
Other revenue | ( i 127) | i 706 | i 4,901 | i — | i 5,480 | ||||||||||||
Other revenue—intercompany | i 111 | i 23 | ( i 134) | i — | i — | ||||||||||||
Total non-interest revenues | $ | ( i 613) | $ | i 12,047 | $ | i 19,316 | $ | i — | $ | i 30,750 | |||||||
Total revenues, net of interest expense | $ | i 410 | $ | i 14,172 | $ | i 62,071 | $ | ( i 2,355) | $ | i 74,298 | |||||||
Provisions for credit losses and for benefits and claims | $ | i — | $ | ( i 1) | $ | i 17,496 | $ | i — | $ | i 17,495 | |||||||
Operating expenses | |||||||||||||||||
Compensation and benefits | $ | ( i 5) | $ | i 4,941 | $ | i 17,278 | $ | i — | $ | i 22,214 | |||||||
Compensation and benefits—intercompany | i 191 | i — | ( i 191) | i — | i — | ||||||||||||
Other operating | i 37 | i 2,393 | i 18,527 | i — | i 20,957 | ||||||||||||
Other operating—intercompany | i 15 | i 2,317 | ( i 2,332) | i — | i — | ||||||||||||
Total operating expenses | $ | i 238 | $ | i 9,651 | $ | i 33,282 | $ | i — | $ | i 43,171 | |||||||
Equity in undistributed income of subsidiaries | $ | i 9,894 | $ | i — | $ | i — | $ | ( i 9,894) | $ | i — | |||||||
Income from continuing operations before income taxes | $ | i 10,066 | $ | i 4,522 | $ | i 11,293 | $ | ( i 12,249) | $ | i 13,632 | |||||||
Provision (benefit) for income taxes | ( i 981) | i 1,249 | i 2,257 | i — | i 2,525 | ||||||||||||
Income from continuing operations | $ | i 11,047 | $ | i 3,273 | $ | i 9,036 | $ | ( i 12,249) | $ | i 11,107 | |||||||
Income (loss) from discontinued operations, net of taxes | i — | i — | ( i 20) | i — | ( i 20) | ||||||||||||
Net income before attribution of noncontrolling interests | $ | i 11,047 | $ | i 3,273 | $ | i 9,016 | $ | ( i 12,249) | $ | i 11,087 | |||||||
Noncontrolling interests | i — | i — | i 40 | i — | i 40 | ||||||||||||
Net income | $ | i 11,047 | $ | i 3,273 | $ | i 8,976 | $ | ( i 12,249) | $ | i 11,047 | |||||||
Comprehensive income | |||||||||||||||||
Add: Other comprehensive income (loss) | $ | i 4,260 | $ | ( i 223) | $ | i 4,244 | $ | ( i 4,021) | $ | i 4,260 | |||||||
Total Citigroup comprehensive income | $ | i 15,307 | $ | i 3,050 | $ | i 13,220 | $ | ( i 16,270) | $ | i 15,307 | |||||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | i — | $ | i — | $ | i 26 | $ | i — | $ | i 26 | |||||||
Add: Net income attributable to noncontrolling interests | i — | i — | i 40 | i — | i 40 | ||||||||||||
Total comprehensive income | $ | i 15,307 | $ | i 3,050 | $ | i 13,286 | $ | ( i 16,270) | $ | i 15,373 |
Year ended December 31, 2019 | |||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||
Revenues | |||||||||||||||||
Dividends from subsidiaries | $ | i 23,347 | $ | i — | $ | i — | $ | ( i 23,347) | $ | i — | |||||||
Interest revenue | i — | i 10,661 | i 65,849 | i — | i 76,510 | ||||||||||||
Interest revenue—intercompany | i 5,091 | i 1,942 | ( i 7,033) | i — | i — | ||||||||||||
Interest expense | i 4,949 | i 7,010 | i 17,204 | i — | i 29,163 | ||||||||||||
Interest expense—intercompany | i 1,038 | i 4,243 | ( i 5,281) | i — | i — | ||||||||||||
Net interest revenue | $ | ( i 896) | $ | i 1,350 | $ | i 46,893 | $ | i — | $ | i 47,347 | |||||||
Commissions and fees | $ | i — | $ | i 5,265 | $ | i 6,481 | $ | i — | $ | i 11,746 | |||||||
Commissions and fees—intercompany | ( i 21) | i 354 | ( i 333) | i — | i — | ||||||||||||
Principal transactions | ( i 2,537) | i 277 | i 11,152 | i — | i 8,892 | ||||||||||||
Principal transactions—intercompany | i 1,252 | i 2,464 | ( i 3,716) | i — | i — | ||||||||||||
Other revenue | i 767 | i 832 | i 4,702 | i — | i 6,301 | ||||||||||||
Other revenue—intercompany | ( i 55) | i 102 | ( i 47) | i — | i — | ||||||||||||
Total non-interest revenues | $ | ( i 594) | $ | i 9,294 | $ | i 18,239 | $ | i — | $ | i 26,939 | |||||||
Total revenues, net of interest expense | $ | i 21,857 | $ | i 10,644 | $ | i 65,132 | $ | ( i 23,347) | $ | i 74,286 | |||||||
Provisions for credit losses and for benefits and claims | $ | i — | $ | i — | $ | i 8,383 | $ | i — | $ | i 8,383 | |||||||
Operating expenses | |||||||||||||||||
Compensation and benefits | $ | i 32 | $ | i 4,680 | $ | i 16,721 | $ | i — | $ | i 21,433 | |||||||
Compensation and benefits—intercompany | i 134 | i — | ( i 134) | i — | i — | ||||||||||||
Other operating | ( i 16) | i 2,326 | i 18,259 | i — | i 20,569 | ||||||||||||
Other operating—intercompany | i 20 | i 2,410 | ( i 2,430) | i — | i — | ||||||||||||
Total operating expenses | $ | i 170 | $ | i 9,416 | $ | i 32,416 | $ | i — | $ | i 42,002 | |||||||
Equity in undistributed income of subsidiaries | $ | ( i 3,620) | $ | i — | $ | i — | $ | i 3,620 | $ | i — | |||||||
Income from continuing operations before income taxes | $ | i 18,067 | $ | i 1,228 | $ | i 24,333 | $ | ( i 19,727) | $ | i 23,901 | |||||||
Provision (benefit) for income taxes | ( i 1,334) | i 176 | i 5,588 | i — | i 4,430 | ||||||||||||
Income from continuing operations | $ | i 19,401 | $ | i 1,052 | $ | i 18,745 | $ | ( i 19,727) | $ | i 19,471 | |||||||
Income (loss) from discontinued operations, net of taxes | i — | i — | ( i 4) | i — | ( i 4) | ||||||||||||
Net income (loss) before attribution of noncontrolling interests | $ | i 19,401 | $ | i 1,052 | $ | i 18,741 | $ | ( i 19,727) | $ | i 19,467 | |||||||
Noncontrolling interests | i — | i — | i 66 | i — | i 66 | ||||||||||||
Net income | $ | i 19,401 | $ | i 1,052 | $ | i 18,675 | $ | ( i 19,727) | $ | i 19,401 | |||||||
Comprehensive income | |||||||||||||||||
Add: Other comprehensive income (loss) | $ | i 852 | $ | ( i 651) | $ | i 1,600 | $ | ( i 949) | $ | i 852 | |||||||
Total Citigroup comprehensive income | $ | i 20,253 | $ | i 401 | $ | i 20,275 | $ | ( i 20,676) | $ | i 20,253 | |||||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||
Add: Net income attributable to noncontrolling interests | i — | i — | i 66 | i — | i 66 | ||||||||||||
Total comprehensive income | $ | i 20,253 | $ | i 401 | $ | i 20,341 | $ | ( i 20,676) | $ | i 20,319 |
Year ended December 31, 2018 | |||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||
Revenues | |||||||||||||||||
Dividends from subsidiaries | $ | i 22,854 | $ | i — | $ | i — | $ | ( i 22,854) | $ | i — | |||||||
Interest revenue | i 67 | i 8,732 | i 62,029 | i — | i 70,828 | ||||||||||||
Interest revenue—intercompany | i 4,933 | i 1,659 | ( i 6,592) | i — | i — | ||||||||||||
Interest expense | i 4,783 | i 5,430 | i 14,053 | i — | i 24,266 | ||||||||||||
Interest expense—intercompany | i 1,198 | i 3,539 | ( i 4,737) | i — | i — | ||||||||||||
Net interest revenue | $ | ( i 981) | $ | i 1,422 | $ | i 46,121 | $ | i — | $ | i 46,562 | |||||||
Commissions and fees | $ | i — | $ | i 5,146 | $ | i 6,711 | $ | i — | $ | i 11,857 | |||||||
Commissions and fees—intercompany | ( i 2) | i 237 | ( i 235) | i — | i — | ||||||||||||
Principal transactions | ( i 1,310) | i 1,599 | i 8,616 | i — | i 8,905 | ||||||||||||
Principal transactions—intercompany | ( i 929) | i 1,328 | ( i 399) | i — | i — | ||||||||||||
Other revenue | i 1,373 | i 710 | i 3,447 | i — | i 5,530 | ||||||||||||
Other revenue—intercompany | ( i 107) | i 143 | ( i 36) | i — | i — | ||||||||||||
Total non-interest revenues | $ | ( i 975) | $ | i 9,163 | $ | i 18,104 | $ | i — | $ | i 26,292 | |||||||
Total revenues, net of interest expense | $ | i 20,898 | $ | i 10,585 | $ | i 64,225 | $ | ( i 22,854) | $ | i 72,854 | |||||||
Provisions for credit losses and for benefits and claims | $ | i — | $ | ( i 22) | $ | i 7,590 | $ | i — | $ | i 7,568 | |||||||
Operating expenses | |||||||||||||||||
Compensation and benefits | $ | i 4 | $ | i 4,484 | $ | i 16,666 | $ | i — | $ | i 21,154 | |||||||
Compensation and benefits—intercompany | i 115 | i — | ( i 115) | i — | i — | ||||||||||||
Other operating | ( i 192) | i 2,224 | i 18,655 | i — | i 20,687 | ||||||||||||
Other operating—intercompany | i 49 | i 2,312 | ( i 2,361) | i — | i — | ||||||||||||
Total operating expenses | $ | ( i 24) | $ | i 9,020 | $ | i 32,845 | $ | i — | $ | i 41,841 | |||||||
Equity in undistributed income of subsidiaries | $ | ( i 2,163) | $ | i — | $ | i — | $ | i 2,163 | $ | i — | |||||||
Income from continuing operations before income taxes | $ | i 18,759 | $ | i 1,587 | $ | i 23,790 | $ | ( i 20,691) | $ | i 23,445 | |||||||
Provision (benefit) for income taxes | i 714 | i 1,123 | i 3,520 | i — | i 5,357 | ||||||||||||
Income from continuing operations | $ | i 18,045 | $ | i 464 | $ | i 20,270 | $ | ( i 20,691) | $ | i 18,088 | |||||||
Income (loss) from discontinued operations, net of taxes | i — | i — | ( i 8) | i — | ( i 8) | ||||||||||||
Net income before attribution of noncontrolling interests | $ | i 18,045 | $ | i 464 | $ | i 20,262 | $ | ( i 20,691) | $ | i 18,080 | |||||||
Noncontrolling interests | i — | i — | i 35 | i — | i 35 | ||||||||||||
Net income | $ | i 18,045 | $ | i 464 | $ | i 20,227 | $ | ( i 20,691) | $ | i 18,045 | |||||||
Comprehensive income | |||||||||||||||||
Add: Other comprehensive income (loss) | $ | ( i 2,499) | $ | i 257 | $ | i 3,500 | $ | ( i 3,757) | $ | ( i 2,499) | |||||||
Total Citigroup comprehensive income | $ | i 15,546 | $ | i 721 | $ | i 23,727 | $ | ( i 24,448) | $ | i 15,546 | |||||||
Add: Other comprehensive income attributable to noncontrolling interests | $ | i — | $ | i — | $ | ( i 43) | $ | i — | $ | ( i 43) | |||||||
Add: Net income attributable to noncontrolling interests | i — | i — | i 35 | i — | i 35 | ||||||||||||
Total comprehensive income | $ | i 15,546 | $ | i 721 | $ | i 23,719 | $ | ( i 24,448) | $ | i 15,538 |
December 31, 2020 | |||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | i — | $ | i 628 | $ | i 25,721 | $ | i — | $ | i 26,349 | |||||||
Cash and due from banks—intercompany | i i 16 / | i 6,081 | ( i 6,097) | i — | i — | ||||||||||||
Deposits with banks, net of allowance | i — | i 5,224 | i 278,042 | i — | i 283,266 | ||||||||||||
Deposits with banks—intercompany | i i 4,500 / | i 8,179 | ( i 12,679) | i — | i — | ||||||||||||
Securities borrowed and purchased under resale agreements | i — | i 238,718 | i 55,994 | i — | i 294,712 | ||||||||||||
Securities borrowed and purchased under resale agreements—intercompany | i — | i 24,309 | ( i 24,309) | i — | i — | ||||||||||||
Trading account assets | i 307 | i 222,278 | i 152,494 | i — | i 375,079 | ||||||||||||
Trading account assets—intercompany | i 723 | i 9,400 | ( i 10,123) | i — | i — | ||||||||||||
Investments, net of allowance | i 1 | i 374 | i 446,984 | i — | i 447,359 | ||||||||||||
Loans, net of unearned income | i — | i 2,524 | i 673,359 | i — | i 675,883 | ||||||||||||
Loans, net of unearned income—intercompany | i — | i — | i — | i — | i — | ||||||||||||
Allowance for credit losses on loans (ACLL) | i — | i — | ( i 24,956) | i — | ( i 24,956) | ||||||||||||
Total loans, net | $ | i — | $ | i 2,524 | $ | i 648,403 | $ | i — | $ | i 650,927 | |||||||
Advances to subsidiaries | $ | i 152,383 | $ | i — | $ | ( i 152,383) | $ | i — | $ | i — | |||||||
Investments in subsidiaries | i 213,267 | i — | i — | ( i 213,267) | i — | ||||||||||||
Other
assets, net of allowance(1) | i 12,156 | i 60,273 | i 109,969 | i — | i 182,398 | ||||||||||||
Other assets—intercompany | i 2,781 | i 51,489 | ( i 54,270) | i — | i — | ||||||||||||
Total assets | $ | i 386,134 | $ | i 629,477 | $ | i 1,457,746 | $ | ( i 213,267) | $ | i 2,260,090 | |||||||
Liabilities and equity | |||||||||||||||||
Deposits | $ | i — | $ | i — | $ | i 1,280,671 | $ | i — | $ | i 1,280,671 | |||||||
Deposits—intercompany | i — | i — | i — | i — | i — | ||||||||||||
Securities loaned and sold under repurchase agreements | i — | i 184,786 | i 14,739 | i — | i 199,525 | ||||||||||||
Securities loaned and sold under repurchase agreements—intercompany | i — | i 76,590 | ( i 76,590) | i — | i — | ||||||||||||
Trading account liabilities | i — | i 113,100 | i 54,927 | i — | i 168,027 | ||||||||||||
Trading account liabilities—intercompany | i 397 | i 8,591 | ( i 8,988) | i — | i — | ||||||||||||
Short-term borrowings | i — | i 12,323 | i 17,191 | i — | i 29,514 | ||||||||||||
Short-term borrowings—intercompany | i — | i 12,757 | ( i 12,757) | i — | i — | ||||||||||||
Long-term debt | i 170,563 | i 47,732 | i 53,391 | i — | i 271,686 | ||||||||||||
Long-term debt—intercompany | i — | i 67,322 | ( i 67,322) | i — | i — | ||||||||||||
Advances from subsidiaries | i 12,975 | i — | ( i 12,975) | i — | i — | ||||||||||||
Other liabilities, including allowance | i 2,692 | i 55,217 | i 52,558 | i — | i 110,467 | ||||||||||||
Other liabilities—intercompany | i 65 | i 15,378 | ( i 15,443) | i — | i — | ||||||||||||
Stockholders’ equity | i 199,442 | i 35,681 | i 178,344 | ( i 213,267) | i 200,200 | ||||||||||||
Total liabilities and equity | $ | i 386,134 | $ | i 629,477 | $ | i 1,457,746 | $ | ( i 213,267) | $ | i 2,260,090 |
December 31, 2019 | |||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | i — | $ | i 586 | $ | i 23,381 | $ | i — | $ | i 23,967 | |||||||
Cash and due from banks—intercompany | i 21 | i 5,095 | ( i 5,116) | i — | i — | ||||||||||||
Deposits with banks, net of allowance | i — | i 4,050 | i 165,902 | i — | i 169,952 | ||||||||||||
Deposits with banks—intercompany | i 3,000 | i 6,710 | ( i 9,710) | i — | i — | ||||||||||||
Securities borrowed and purchased under resale agreements | i — | i 195,537 | i 55,785 | i — | i 251,322 | ||||||||||||
Securities borrowed and purchased under resale agreements—intercompany | i — | i 21,446 | ( i 21,446) | i — | i — | ||||||||||||
Trading account assets | i 286 | i 152,115 | i 123,739 | i — | i 276,140 | ||||||||||||
Trading account assets—intercompany | i 426 | i 5,858 | ( i 6,284) | i — | i — | ||||||||||||
Investments, net of allowance | i 1 | i 541 | i 368,021 | i — | i 368,563 | ||||||||||||
Loans, net of unearned income | i — | i 2,497 | i 696,986 | i — | i 699,483 | ||||||||||||
Loans, net of unearned income—intercompany | i — | i — | i — | i — | i — | ||||||||||||
Allowance for credit losses on loans (ACLL) | i — | i — | ( i 12,783) | i — | ( i 12,783) | ||||||||||||
Total loans, net | $ | i — | $ | i 2,497 | $ | i 684,203 | $ | i — | $ | i 686,700 | |||||||
Advances to subsidiaries | $ | i 144,587 | $ | i — | $ | ( i 144,587) | $ | i — | $ | i — | |||||||
Investments in subsidiaries | i 202,116 | i — | i — | ( i 202,116) | i — | ||||||||||||
Other
assets, net of allowance(1) | i 12,377 | i 54,784 | i 107,353 | i — | i 174,514 | ||||||||||||
Other assets—intercompany | i 2,799 | i 45,588 | ( i 48,387) | i — | i — | ||||||||||||
Total assets | $ | i 365,613 | $ | i 494,807 | $ | i 1,292,854 | $ | ( i 202,116) | $ | i 1,951,158 | |||||||
Liabilities and equity | |||||||||||||||||
Deposits | $ | i — | $ | i — | $ | i 1,070,590 | $ | i — | $ | i 1,070,590 | |||||||
Deposits—intercompany | i — | i — | i — | i — | i — | ||||||||||||
Securities loaned and sold under repurchase agreements | i — | i 145,473 | i 20,866 | i — | i 166,339 | ||||||||||||
Securities loaned and sold under repurchase agreements—intercompany | i — | i 36,581 | ( i 36,581) | i — | i — | ||||||||||||
Trading account liabilities | i 1 | i 80,100 | i 39,793 | i — | i 119,894 | ||||||||||||
Trading account liabilities—intercompany | i 379 | i 5,109 | ( i 5,488) | i — | i — | ||||||||||||
Short-term borrowings | i 66 | i 11,096 | i 33,887 | i — | i 45,049 | ||||||||||||
Short-term borrowings—intercompany | i — | i 17,129 | ( i 17,129) | i — | i — | ||||||||||||
Long-term debt | i 150,477 | i 39,578 | i 58,705 | i — | i 248,760 | ||||||||||||
Long-term debt—intercompany | i — | i 66,791 | ( i 66,791) | i — | i — | ||||||||||||
Advances from subsidiaries | i 20,503 | i — | ( i 20,503) | i — | i — | ||||||||||||
Other liabilities, including allowance | i 937 | i 51,777 | i 53,866 | i — | i 106,580 | ||||||||||||
Other liabilities—intercompany | i 8 | i 8,414 | ( i 8,422) | i — | i — | ||||||||||||
Stockholders’ equity | i 193,242 | i 32,759 | i 170,061 | ( i 202,116) | i 193,946 | ||||||||||||
Total liabilities and equity | $ | i 365,613 | $ | i 494,807 | $ | i 1,292,854 | $ | ( i 202,116) | $ | i 1,951,158 |
Year ended December 31, 2020 | |||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | i 5,002 | $ | ( i 26,195) | $ | i 572 | $ | i — | $ | ( i 20,621) | |||||||
Cash flows from investing activities of continuing operations | |||||||||||||||||
Purchases of investments | $ | i — | $ | i — | $ | ( i 334,900) | $ | i — | $ | ( i 334,900) | |||||||
Proceeds from sales of investments | i — | i — | i 146,285 | i — | i 146,285 | ||||||||||||
Proceeds from maturities of investments | i — | i — | i 124,229 | i — | i 124,229 | ||||||||||||
Change in loans | i — | i — | i 14,249 | i — | i 14,249 | ||||||||||||
Proceeds from sales and securitizations of loans | i — | i — | i 1,495 | i — | i 1,495 | ||||||||||||
Change in securities borrowed and purchased under agreements to resell | i — | ( i 46,044) | i 2,654 | i — | ( i 43,390) | ||||||||||||
Changes in investments and advances—intercompany | ( i 5,584) | ( i 6,917) | i 12,501 | i — | i — | ||||||||||||
Other
investing activities | i — | ( i 54) | ( i 3,226) | i — | ( i 3,280) | ||||||||||||
Net cash used in investing activities of continuing operations | $ | ( i 5,584) | $ | ( i 53,015) | $ | ( i 36,713) | $ | i — | $ | ( i 95,312) | |||||||
Cash flows from financing activities of continuing operations | |||||||||||||||||
Dividends paid | $ | ( i 5,352) | $ | ( i 172) | $ | i 172 | $ | i — | $ | ( i 5,352) | |||||||
Issuance of preferred stock | i 2,995 | i — | i — | i — | i 2,995 | ||||||||||||
Redemption
of preferred stock | ( i 1,500) | i — | i — | i — | ( i 1,500) | ||||||||||||
Treasury stock acquired | ( i 2,925) | i — | i — | i — | ( i 2,925) | ||||||||||||
Proceeds (repayments) from issuance of long-term debt, net | i 16,798 | i 6,349 | ( i 10,091) | i — | i 13,056 | ||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | i — | i 3,960 | ( i 3,960) | i — | i — | ||||||||||||
Change in deposits | i — | i — | i 210,081 | i — | i 210,081 | ||||||||||||
Change in securities loaned and sold under agreements to repurchase | i — | i 79,322 | ( i 46,136) | i — | i 33,186 | ||||||||||||
Change in short-term borrowings | i — | i 1,228 | ( i 16,763) | i — | ( i 15,535) | ||||||||||||
Net change in short-term borrowings and other advances—intercompany | ( i 7,528) | ( i 7,806) | i 15,334 | i — | i — | ||||||||||||
Capital contributions from (to) parent | i — | i — | i — | i — | i — | ||||||||||||
Other financing activities | ( i 411) | i — | i — | i — | ( i 411) | ||||||||||||
Net cash provided by financing activities of continuing operations | $ | i 2,077 | $ | i 82,881 | $ | i 148,637 | $ | i — | $ | i 233,595 | |||||||
Effect of exchange rate changes on cash and due from banks | $ | i — | $ | i — | $ | ( i 1,966) | $ | i — | $ | ( i 1,966) | |||||||
Change in cash and due from banks and deposits with banks | $ | i 1,495 | $ | i 3,671 | $ | i 110,530 | $ | i — | $ | i 115,696 | |||||||
Cash
and due from banks and deposits with banks at beginning of year | i 3,021 | i 16,441 | i 174,457 | i — | i 193,919 | ||||||||||||
Cash and due from banks and deposits with banks at end of year | $ | i 4,516 | $ | i 20,112 | $ | i 284,987 | $ | i — | $ | i 309,615 | |||||||
Cash and due from banks | $ | i i 16 / | $ | i 6,709 | $ | i 19,624 | $ | i — | $ | i 26,349 | |||||||
Deposits with banks, net of allowance | i i 4,500 / | i 13,403 | i 265,363 | i — | i 283,266 | ||||||||||||
Cash and due from banks and deposits with banks at end of year | $ | i 4,516 | $ | i 20,112 | $ | i 284,987 | $ | i — | $ | i 309,615 | |||||||
Supplemental disclosure of cash flow information for continuing operations | |||||||||||||||||
Cash paid during the year for income taxes | $ | ( i 1,883) | $ | i 1,138 | $ | i 5,542 | $ | i — | $ | i 4,797 | |||||||
Cash
paid during the year for interest | i 2,681 | i 4,516 | i 6,101 | i — | i 13,298 | ||||||||||||
Non-cash
investing activities | |||||||||||||||||
Transfers
to loans HFS from loans | $ | i — | $ | i — | $ | i 2,614 | $ | i — | $ | i 2,614 | |||||||
Year ended December 31, 2019 | |||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | i 25,011 | $ | ( i 35,396) | $ | ( i 2,452) | $ | i — | $ | ( i 12,837) | |||||||
Cash flows from investing activities of continuing operations | |||||||||||||||||
Purchases of investments | $ | i — | $ | i — | $ | ( i 274,491) | $ | i — | $ | ( i 274,491) | |||||||
Proceeds from sales of investments | i 5 | i — | i 137,168 | i — | i 137,173 | ||||||||||||
Proceeds from maturities of investments | i — | i — | i 119,051 | i — | i 119,051 | ||||||||||||
Change in loans | i — | i — | ( i 22,466) | i — | ( i 22,466) | ||||||||||||
Proceeds from sales and securitizations of loans | i — | i — | i 2,878 | i — | i 2,878 | ||||||||||||
Change in securities borrowed and purchased under agreements to resell | i — | i 15,811 | i 3,551 | i — | i 19,362 | ||||||||||||
Changes in investments and advances—intercompany | ( i 1,847) | ( i 870) | i 2,717 | i — | i — | ||||||||||||
Other
investing activities | i — | ( i 64) | ( i 4,817) | i — | ( i 4,881) | ||||||||||||
Net cash provided by (used in) investing activities of continuing operations | $ | ( i 1,842) | $ | i 14,877 | $ | ( i 36,409) | $ | i — | $ | ( i 23,374) | |||||||
Cash flows from financing activities of continuing operations | |||||||||||||||||
Dividends paid | $ | ( i 5,447) | $ | i — | $ | i — | $ | i — | $ | ( i 5,447) | |||||||
Issuance of preferred stock | i 1,496 | i — | i — | i — | i 1,496 | ||||||||||||
Redemption
of preferred stock | ( i 1,980) | i — | i — | i — | ( i 1,980) | ||||||||||||
Treasury stock acquired | ( i 17,571) | i — | i — | i — | ( i 17,571) | ||||||||||||
Proceeds from issuance of long-term debt, net | i 1,666 | i 10,389 | ( i 3,950) | i — | i 8,105 | ||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | i — | ( i 7,177) | i 7,177 | i — | i — | ||||||||||||
Change in deposits | i — | i — | i 57,420 | i — | i 57,420 | ||||||||||||
Change in securities loaned and sold under agreements to repurchase | i — | i 5,115 | ( i 16,544) | i — | ( i 11,429) | ||||||||||||
Change in short-term borrowings | i — | i 7,440 | i 5,263 | i — | i 12,703 | ||||||||||||
Net change in short-term borrowings and other advances—intercompany | ( i 968) | i 5,843 | ( i 4,875) | i — | i — | ||||||||||||
Capital contributions from (to) parent | i — | ( i 74) | i 74 | i — | i — | ||||||||||||
Other financing activities | ( i 364) | ( i 253) | i 253 | i — | ( i 364) | ||||||||||||
Net cash provided by (used in) financing activities of continuing operations | $ | ( i 23,168) | $ | i 21,283 | $ | i 44,818 | $ | i — | $ | i 42,933 | |||||||
Effect of exchange rate changes on cash and due from banks | $ | i — | $ | i — | $ | ( i 908) | $ | i — | $ | ( i 908) | |||||||
Change in cash and due from banks and deposits with banks | $ | i 1 | $ | i 764 | $ | i 5,049 | $ | i — | $ | i 5,814 | |||||||
Cash
and due from banks and deposits with banks at beginning of year | i 3,020 | i 15,677 | i 169,408 | i — | i 188,105 | ||||||||||||
Cash and due from banks and deposits with banks at end of year | $ | i 3,021 | $ | i 16,441 | $ | i 174,457 | $ | i — | $ | i 193,919 | |||||||
Cash and due from banks | $ | i 21 | $ | i 5,681 | $ | i 18,265 | $ | i — | $ | i 23,967 | |||||||
Deposits with banks, net of allowance | i 3,000 | i 10,760 | i 156,192 | i — | i 169,952 | ||||||||||||
Cash and due from banks and deposits with banks at end of year | $ | i 3,021 | $ | i 16,441 | $ | i 174,457 | $ | i — | $ | i 193,919 | |||||||
Supplemental disclosure of cash flow information for continuing operations | |||||||||||||||||
Cash paid (received) during the year for income taxes | $ | ( i 393) | $ | i 418 | $ | i 4,863 | $ | i — | $ | i 4,888 | |||||||
Cash
paid during the year for interest | i 3,820 | i 12,664 | i 12,198 | i — | i 28,682 | ||||||||||||
Non-cash investing activities | |||||||||||||||||
Transfers to loans HFS from loans | $ | i — | $ | i — | $ | i 5,500 | $ | i — | $ | i 5,500 | |||||||
Year ended December 31, 2018 | |||||||||||||||||
In millions of dollars | Citigroup parent company | CGMHI | Other Citigroup subsidiaries and eliminations | Consolidating adjustments | Citigroup consolidated | ||||||||||||
Net cash provided by operating activities of continuing operations | $ | i 21,314 | $ | i 13,287 | $ | i 2,351 | $ | i — | $ | i 36,952 | |||||||
Cash flows from investing activities of continuing operations | |||||||||||||||||
Purchases of investments | $ | ( i 7,955) | $ | ( i 18) | $ | ( i 144,514) | $ | i — | $ | ( i 152,487) | |||||||
Proceeds from sales of investments | i 7,634 | i 3 | i 53,854 | i — | i 61,491 | ||||||||||||
Proceeds from maturities of investments | i — | i — | i 83,604 | i — | i 83,604 | ||||||||||||
Change in loans | i — | i — | ( i 29,002) | i — | ( i 29,002) | ||||||||||||
Proceeds from sales and securitizations of loans | i — | i — | i 4,549 | i — | i 4,549 | ||||||||||||
Proceeds from significant disposals | i — | i — | i 314 | i — | i 314 | ||||||||||||
Change in securities borrowed and purchased under agreements to resell | i — | ( i 34,018) | ( i 4,188) | i — | ( i 38,206) | ||||||||||||
Changes in investments and advances—intercompany | ( i 5,566) | ( i 832) | i 6,398 | i — | i — | ||||||||||||
Other
investing activities | i 556 | ( i 59) | ( i 3,878) | i — | ( i 3,381) | ||||||||||||
Net cash used in investing activities of continuing operations | $ | ( i 5,331) | $ | ( i 34,924) | $ | ( i 32,863) | $ | i — | $ | ( i 73,118) | |||||||
Cash flows from financing activities of continuing operations | |||||||||||||||||
Dividends paid | $ | ( i 5,020) | $ | i — | $ | i — | $ | i — | $ | ( i 5,020) | |||||||
Redemption
of preferred stock | ( i 793) | i — | i — | i — | ( i 793) | ||||||||||||
Treasury stock acquired | ( i 14,433) | i — | i — | i — | ( i 14,433) | ||||||||||||
Proceeds (repayments) from issuance of long-term debt, net | ( i 5,099) | i 10,278 | ( i 2,656) | i — | i 2,523 | ||||||||||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | i — | i 10,708 | ( i 10,708) | i — | i — | ||||||||||||
Change in deposits | i — | i — | i 53,348 | i — | i 53,348 | ||||||||||||
Change in securities loaned and sold under agreements to repurchase | i — | i 23,454 | ( i 1,963) | i — | i 21,491 | ||||||||||||
Change in short-term borrowings | i 32 | i 88 | ( i 12,226) | i — | ( i 12,106) | ||||||||||||
Net change in short-term borrowings and other advances—intercompany | i 1,819 | ( i 19,111) | i 17,292 | i — | i — | ||||||||||||
Capital contributions from (to) parent | i — | ( i 798) | i 798 | i — | i — | ||||||||||||
Other financing activities | ( i 482) | i — | i — | i — | ( i 482) | ||||||||||||
Net cash provided by (used in) financing activities of continuing operations | $ | ( i 23,976) | $ | i 24,619 | $ | i 43,885 | $ | i — | $ | i 44,528 | |||||||
Effect of exchange rate changes on cash and due from banks | $ | i — | $ | i — | $ | ( i 773) | $ | i — | $ | ( i 773) | |||||||
Change in cash and due from banks and deposits with banks | $ | ( i 7,993) | $ | i 2,982 | $ | i 12,600 | $ | i — | $ | i 7,589 | |||||||
Cash
and due from banks and deposits with banks at beginning of year | i 11,013 | i 12,695 | i 156,808 | i — | i 180,516 | ||||||||||||
Cash and due from banks and deposits with banks at end of year | $ | i 3,020 | $ | i 15,677 | $ | i 169,408 | $ | i — | $ | i 188,105 | |||||||
Cash and due from banks | $ | i 20 | $ | i 4,234 | $ | i 19,391 | $ | i — | $ | i 23,645 | |||||||
Deposits with banks, net of allowance | i 3,000 | i 11,443 | i 150,017 | i — | i 164,460 | ||||||||||||
Cash and due from banks and deposits with banks at end of year | $ | i 3,020 | $ | i 15,677 | $ | i 169,408 | $ | i — | $ | i 188,105 | |||||||
Supplemental disclosure of cash flow information for continuing operations | |||||||||||||||||
Cash paid during the year for income taxes | $ | ( i 783) | $ | i 458 | $ | i 4,638 | $ | i — | $ | i 4,313 | |||||||
Cash
paid during the year for interest | i 3,854 | i 8,671 | i 10,438 | i — | i 22,963 | ||||||||||||
Non-cash investing activities | |||||||||||||||||
Transfers to loans HFS from loans | $ | i — | $ | i — | $ | i 4,200 | $ | i — | $ | i 4,200 | |||||||
2020 | 2019 | |||||||||||||||||||||||||
In millions of dollars, except per share amounts | Fourth(1) | Third(2) | Second(2) | First(2) | Fourth | Third | Second | First | ||||||||||||||||||
Revenues, net of interest expense | $ | i 16,499 | $ | i 17,302 | $ | i 19,766 | $ | i 20,731 | $ | i 18,378 | $ | i 18,574 | $ | i 18,758 | $ | i 18,576 | ||||||||||
Operating expenses | i 11,104 | i 10,964 | i 10,460 | i 10,643 | i 10,454 | i 10,464 | i 10,500 | i 10,584 | ||||||||||||||||||
Provisions
(release) for credit losses and for benefits and claims | ( i 46) | i 2,384 | i 8,197 | i 6,960 | i 2,222 | i 2,088 | i 2,093 | i 1,980 | ||||||||||||||||||
Income from continuing operations before income taxes | $ | i 5,441 | $ | i 3,954 | $ | i 1,109 | $ | i 3,128 | $ | i 5,702 | $ | i 6,022 | $ | i 6,165 | $ | i 6,012 | ||||||||||
Income
taxes(3) | i 1,116 | i 777 | i 52 | i 580 | i 703 | i 1,079 | i 1,373 | i 1,275 | ||||||||||||||||||
Income from continuing operations | $ | i 4,325 | $ | i 3,177 | $ | i 1,057 | $ | i 2,548 | $ | i 4,999 | $ | i 4,943 | $ | i 4,792 | $ | i 4,737 | ||||||||||
Income (loss) from discontinued operations, net of taxes | i 6 | ( i 7) | ( i 1) | ( i 18) | ( i 4) | ( i 15) | i 17 | ( i 2) | ||||||||||||||||||
Net income before attribution of noncontrolling interests | $ | i 4,331 | $ | i 3,170 | $ | i 1,056 | $ | i 2,530 | $ | i 4,995 | $ | i 4,928 | $ | i 4,809 | $ | i 4,735 | ||||||||||
Noncontrolling interests | i 22 | i 24 | i — | ( i 6) | i 16 | i 15 | i 10 | i 25 | ||||||||||||||||||
Citigroup’s net income | $ | i 4,309 | $ | i 3,146 | $ | i 1,056 | $ | i 2,536 | $ | i 4,979 | $ | i 4,913 | $ | i 4,799 | $ | i 4,710 | ||||||||||
Earnings
per share(4) | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Income from continuing operations | $ | i 1.93 | $ | i 1.37 | $ | i 0.38 | $ | i 1.07 | $ | i 2.16 | $ | i 2.09 | $ | i 1.94 | $ | i 1.88 | ||||||||||
Net income | i 1.93 | i 1.37 | i 0.38 | i 1.06 | i 2.16 | i 2.09 | i 1.95 | i 1.88 | ||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Income from continuing operations | i 1.92 | i 1.36 | i 0.38 | i 1.06 | i 2.15 | i 2.08 | i 1.94 | i 1.87 | ||||||||||||||||||
Net income | i 1.92 | i 1.36 | i 0.38 | i 1.06 | i 2.15 | i 2.07 | i 1.95 | i 1.87 |
2020 | 2019 | 2018 | |||||||||
Return on average assets | 0.50 | % | 0.98 | % | 0.94 | % | |||||
Return on average common stockholders’ equity(1) | 5.7 | 10.3 | 9.4 | ||||||||
Return on average total stockholders’ equity(2) | 5.7 | 9.9 | 9.1 | ||||||||
Total
average equity to average assets(3) | 8.7 | 9.9 | 10.3 | ||||||||
Dividend payout ratio(4) | 43 | 24 | 23 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||
In
millions of dollars at year end, except ratios | Average interest rate | Average balance | Average interest rate | Average balance | Average interest rate | Average balance | ||||||||||||||||||||
Banks | 0.10 | % | $ | 130,970 | 0.59 | % | $ | 52,699 | 1.35 | % | $ | 44,426 | ||||||||||||||
Other
demand deposits | 0.33 | 311,342 | 1.08 | 293,209 | 0.61 | 287,665 | ||||||||||||||||||||
Other time and savings deposits(2) | 0.94 | 210,896 | 1.28 | 223,450 | 1.31 | 209,410 | ||||||||||||||||||||
Total | 0.48 | % | $ | 653,208 | 1.11 | % | $ | 569,358 | 0.94 | % | $ | 541,501 |
In millions of dollars at December 31, 2020 | Under 3 months | Over 3 to 6 months | Over 6 to 12 months | Over 12 months | ||||||||||
Over $100,000 | ||||||||||||||
Certificates of deposit | $ | 8,257 | $ | 7,478 | $ | 2,535 | $ | 501 | ||||||
Other
time deposits | 4,531 | 13 | 21 | 708 | ||||||||||
Over $250,000 | ||||||||||||||
Certificates of deposit | $ | 6,434 | $ | 4,855 | $ | 1,367 | $ | 298 | ||||||
Other
time deposits | 4,499 | — | — | 39 |
Comparison of Five-Year Cumulative Total Return For the years ended |
DATE | Citigroup | S&P 500 Index | S&P Financials Index | ||||||||
31-Dec-2015 | 100.0 | 100.0 | 100.0 | ||||||||
31-Dec-2016 | 115.9 | 112.0 | 122.8 | ||||||||
31-Dec-2017 | 147.2 | 136.4 | 150.0 | ||||||||
31-Dec-2018 | 105.3 | 130.4 | 130.5 | ||||||||
31-Dec-2019 | 166.1 | 171.5 | 172.4 | ||||||||
31-Dec-2020 | 133.5 | 203.0 | 169.5 |
Name | Age | Position and office held | ||||||
Peter Babej | 57 | CEO, Asia Pacific | ||||||
Michael L. Corbat* | 60 | Chief Executive Officer, Citigroup Inc. and Citibank, N.A. | ||||||
Jane Fraser* | 53 | President | ||||||
David Livingstone | 57 | CEO, Europe, Middle East and Africa | ||||||
Mark A. L. Mason | 51 | Chief Financial Officer | ||||||
Mary McNiff | 50 | Chief Compliance Officer | ||||||
Johnbull Okpara | 49 | Controller and Chief Accounting Officer | ||||||
Karen Peetz | 65 | Chief Administrative Officer | ||||||
Anand Selvakesari | 53 | CEO, Global Consumer Banking | ||||||
Edward Skyler | 47 | Head of Global Public Affairs | ||||||
Ernesto Torres Cantú | 56 | CEO, Latin America | ||||||
Zdenek Turek | 56 | Chief Risk Officer | ||||||
Sara Wechter | 40 | Head of Human Resources | ||||||
Rohan Weerasinghe | 70 | General Counsel and Corporate Secretary | ||||||
Mike Whitaker | 57 | Head of Operations and Technology | ||||||
Paco Ybarra | 59 | CEO, Institutional Clients Group |
Chief Executive Officer Citigroup Inc. and Citibank, N.A. Ellen M. Costello Former President and CEO BMO Financial Corporation and Former U.S. Country Head BMO Financial Group Grace E. Dailey Former
Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner Office of the Comptroller of the Currency (OCC) Barbara Desoer Chair Citibank, N.A. John C. Dugan Chair Citigroup Inc. | Jane Fraser President of Citigroup Inc. Duncan P. Hennes Co-Founder and Partner Atrevida Partners, LLC Peter
Blair Henry Dean Emeritus and W. R. Berkley Professor of Economics and Finance New York University Stern School of Business S. Leslie Ireland Former Assistant Secretary for Intelligence and Analysis U.S. Department of the Treasury | Lew W. (Jay) Jacobs, IV Former President and Managing Director Pacific Investment Management Company LLC (PIMCO) Renée J. James Founder, Chairman and CEO Ampere Computing Gary
M. Reiner Operating Partner General Atlantic LLC Diana L. Taylor Former Superintendent of Banks State of New York | James S. Turley Former Chairman and CEO Ernst & Young Deborah C. Wright Former Chairman Carver Bancorp, Inc. Alexander Wynaendts Former Chief Executive Officer
and Chairman of the Executive Board Aegon N.V. Ernesto Zedillo Ponce de Leon Director, Center for the Study of Globalization and Professor in the Field of International Economics and Politics Yale University |
Ellen M. Costello | Lew W. (Jay) Jacobs, IV | ||||
Grace E. Dailey | Renée J. James | ||||
Barbara Desoer | Gary M. Reiner | ||||
John C. Dugan | Diana L. Taylor | ||||
Jane Fraser | James S. Turley | ||||
Duncan P. Hennes | Deborah C. Wright | ||||
Peter Blair Henry | Alexander Wynaendts | ||||
S. Leslie Ireland | Ernesto Zedillo Ponce de Leon |
104 | The cover page of this Current Report on Form 10-K, formatted in inline XBRL. |