|
Delaware
(State or other jurisdiction of incorporation or organization)
|
|
52-1568099
(I.R.S. Employer Identification No.)
|
399 Park Avenue, New York, NY
(Address of principal executive offices)
|
|
10022
(Zip code)
|
(212) 559-1000
(Registrant's telephone number, including area code)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
o
|
|
|
|
||
Item Number
|
Page
|
||
|
|
||
Part I
|
|
||
|
|
||
1.
|
|
Business
|
2–29, 32, 122–124,
|
|
|
|
127, 158,
|
|
|
|
307–308
|
|
|
|
|
1A.
|
|
Risk Factors
|
52–63
|
|
|
|
|
1B.
|
|
Unresolved Staff Comments
|
Not Applicable
|
|
|
|
|
2.
|
|
Properties
|
307–308
|
|
|
|
|
3.
|
|
Legal Proceedings—See Note 28 to the Consolidated Financial Statements
|
295–304
|
|
|
|
|
4.
|
|
Mine Safety Disclosures
|
Not Applicable
|
|
|
|
|
Part II
|
|
||
|
|
||
5.
|
|
Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
|
137–138, 164, 305, 309–310
|
|
|
|
|
6.
|
|
Selected Financial Data
|
8–9
|
|
|
|
|
7.
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
4–34, 65–121
|
|
|
|
|
7A.
|
|
Quantitative and Qualitative Disclosures About Market Risk
|
65–121, 159–161, 186–220, 229–288
|
|
|
|
|
8.
|
|
Financial Statements and Supplementary Data
|
132–306
|
|
|
|
|
9.
|
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Not Applicable
|
|
|
|
|
9A.
|
|
Controls and Procedures
|
125–126
|
|
|
|
|
9B.
|
|
Other Information
|
Not Applicable
|
|
|
|
|
|
|
|
|
*
|
For additional information regarding Citigroup’s Directors, see “Corporate Governance,” “Proposal 1: Election of Directors” and “Section 16(a) Beneficial Ownership Reporting Compliance” in the definitive Proxy Statement for Citigroup’s Annual Meeting of Stockholders scheduled to be held on April 28, 2015, to be filed with the SEC (the Proxy Statement), incorporated herein by reference.
|
**
|
See “Executive Compensation—The Personnel and Compensation Committee Report,” “—Compensation Discussion and Analysis” and “—2014 Summary Compensation Table and Compensation Information” in the Proxy Statement, incorporated herein by reference.
|
***
|
See “About the Annual Meeting,” “Stock Ownership” and “Proposal 4: Approval of Additional Authorized Shares under the Citigroup 2014 Stock Incentive Plan” 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
|
|
Summary of Selected Financial Data
|
|
SEGMENT AND BUSINESS—INCOME (LOSS)
AND REVENUES
|
|
CITICORP
|
|
Global Consumer Banking (GCB)
|
|
North America GCB
|
|
EMEA GCB
|
|
Latin America GCB
|
|
Asia GCB
|
|
Institutional Clients Group
|
|
Corporate/Other
|
|
CITI HOLDINGS
|
|
BALANCE SHEET REVIEW
|
|
OFF BALANCE SHEET
ARRANGEMENTS
|
|
CONTRACTUAL OBLIGATIONS
|
|
CAPITAL RESOURCES
|
|
Current Regulatory Capital Standards
|
|
Overview
|
|
Basel III Transition Arrangements
|
|
Basel III (Full Implementation)
|
|
Supplementary Leverage Ratio
|
|
Regulatory Capital Standards Developments
|
|
Tangible Common Equity, Tangible Book Value
Per Share and Book Value Per Share
|
|
RISK FACTORS
|
|
Managing Global Risk Table of Contents
—
Credit, Market (Including Funding and Liquidity),
Operational and Country and Cross-Border Risk
Sections
|
|
MANAGING GLOBAL RISK
|
|
Overview
|
|
Citi’s Risk Management Organization
|
|
Citi’s Compliance Organization
|
|
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—INTERNAL
CONTROL OVER FINANCIAL REPORTING
|
|
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM—
CONSOLIDATED FINANCIAL STATEMENTS
|
FINANCIAL STATEMENTS AND NOTES
TABLE OF CONTENTS
|
|
CONSOLIDATED FINANCIAL STATEMENTS
|
|
NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS
|
|
FINANCIAL DATA SUPPLEMENT
|
|
SUPERVISION, REGULATION AND OTHER
|
|
Supervision and Regulation
|
|
Competition
|
|
Properties
|
|
Disclosure Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act
|
|
UNREGISTERED SALES OF EQUITY,
PURCHASES OF EQUITY SECURITIES,
DIVIDENDS
|
|
PERFORMANCE GRAPH
|
|
CORPORATE INFORMATION
|
|
Citigroup Executive Officers
|
|
Citigroup Board of Directors
|
|
*
|
As previously announced, Citigroup intends to exit its consumer businesses in 11 markets and its consumer finance business in Korea in
GCB
and certain businesses in
ICG
. Effective in the first quarter of 2015, these businesses will be reported as part of Citi Holdings. For additional information, see “Executive Summary,” “
Global Consumer Banking
” and “
Institutional Clients Group
” below. Citi intends to release a revised Quarterly Financial Data Supplement reflecting this realignment prior to the release of its first quarter of 2015 earnings information.
|
•
|
the impact of macroeconomic uncertainty on the markets, trading environment and customer activity, particularly during the latter part of the year;
|
•
|
significant costs associated with legal settlements as Citi resolved its significant legacy legal issues and continued to work through its outstanding legal matters;
|
•
|
uneven global economic growth; and
|
•
|
a continued low interest rate environment.
|
•
|
Efficient resource allocation and disciplined expense management: As noted above, Citi continued to take actions to simplify and streamline the organization as well as improve productivity. As part of these efforts, Citi announced strategic actions to exit its consumer businesses in certain international markets in
Global Consumer Banking
(
GCB)
and certain businesses in
Institutional Clients Group (ICG)
to focus on those markets and businesses where it believes it has the greatest scale, growth potential and ability to provide meaningful returns to its shareholders.
|
•
|
Wind down of Citi Holdings: Citi continued to wind down Citi Holdings, including reducing its assets by $19 billion, or 16%, from year end 2013.
|
•
|
Utilization of deferred tax assets (DTAs): Citi utilized approximately $3.3 billion in DTAs during 2014 (for additional information, see “Income Taxes” below).
|
In millions of dollars, except per-share amounts and ratios
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
Net interest revenue
|
$
|
47,993
|
|
$
|
46,793
|
|
$
|
46,686
|
|
$
|
47,649
|
|
$
|
53,539
|
|
Non-interest revenue
|
28,889
|
|
29,626
|
|
22,504
|
|
29,612
|
|
32,210
|
|
|||||
Revenues, net of interest expense
|
$
|
76,882
|
|
$
|
76,419
|
|
$
|
69,190
|
|
$
|
77,261
|
|
$
|
85,749
|
|
Operating expenses
|
55,051
|
|
48,408
|
|
50,036
|
|
50,180
|
|
46,824
|
|
|||||
Provisions for credit losses and for benefits and claims
|
7,467
|
|
8,514
|
|
11,329
|
|
12,359
|
|
25,809
|
|
|||||
Income from continuing operations before income taxes
|
$
|
14,364
|
|
$
|
19,497
|
|
$
|
7,825
|
|
$
|
14,722
|
|
$
|
13,116
|
|
Income taxes
|
6,864
|
|
5,867
|
|
7
|
|
3,575
|
|
2,217
|
|
|||||
Income from continuing operations
|
$
|
7,500
|
|
$
|
13,630
|
|
$
|
7,818
|
|
$
|
11,147
|
|
$
|
10,899
|
|
Income (loss) from discontinued operations, net of taxes
(1)
|
(2
|
)
|
270
|
|
(58
|
)
|
68
|
|
(16
|
)
|
|||||
Net income before attribution of noncontrolling interests
|
$
|
7,498
|
|
$
|
13,900
|
|
$
|
7,760
|
|
$
|
11,215
|
|
$
|
10,883
|
|
Net income attributable to noncontrolling interests
|
185
|
|
227
|
|
219
|
|
148
|
|
281
|
|
|||||
Citigroup’s net income
|
$
|
7,313
|
|
$
|
13,673
|
|
$
|
7,541
|
|
$
|
11,067
|
|
$
|
10,602
|
|
Less:
|
|
|
|
|
|
||||||||||
Preferred dividends-Basic
|
$
|
511
|
|
$
|
194
|
|
$
|
26
|
|
$
|
26
|
|
$
|
9
|
|
Dividends and undistributed earnings allocated to employee restricted and deferred shares that contain nonforfeitable rights to dividends, applicable to basic EPS
|
111
|
|
263
|
|
166
|
|
186
|
|
90
|
|
|||||
Income allocated to unrestricted common shareholders for basic EPS
|
$
|
6,691
|
|
$
|
13,216
|
|
$
|
7,349
|
|
$
|
10,855
|
|
$
|
10,503
|
|
Add: Interest expense, net of tax, dividends on convertible securities and adjustment of undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to diluted EPS
|
—
|
|
1
|
|
11
|
|
17
|
|
2
|
|
|||||
Income allocated to unrestricted common shareholders for diluted EPS
|
$
|
6,691
|
|
$
|
13,217
|
|
$
|
7,360
|
|
$
|
10,872
|
|
$
|
10,505
|
|
Earnings per share
|
|
|
|
|
|
|
|||||||||
Basic
|
|
|
|
|
|
|
|||||||||
Income from continuing operations
|
$
|
2.21
|
|
$
|
4.27
|
|
$
|
2.53
|
|
$
|
3.71
|
|
$
|
3.64
|
|
Net income
|
2.21
|
|
4.35
|
|
2.51
|
|
3.73
|
|
3.65
|
|
|||||
Diluted
|
|
|
|
|
|
||||||||||
Income from continuing operations
|
$
|
2.20
|
|
$
|
4.26
|
|
$
|
2.46
|
|
$
|
3.60
|
|
$
|
3.53
|
|
Net income
|
2.20
|
|
4.35
|
|
2.44
|
|
3.63
|
|
3.54
|
|
|||||
Dividends declared per common share
|
0.04
|
|
0.04
|
|
0.04
|
|
0.03
|
|
—
|
|
|
Citigroup Inc. and Consolidated Subsidiaries
|
|
|||||||||||||
In millions of dollars, except per-share amounts, ratios and direct staff
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
At December 31:
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
1,842,530
|
|
$
|
1,880,382
|
|
$
|
1,864,660
|
|
$
|
1,873,878
|
|
$
|
1,913,902
|
|
Total deposits
(2)
|
899,332
|
|
968,273
|
|
930,560
|
|
865,936
|
|
844,968
|
|
|||||
Long-term debt
|
223,080
|
|
221,116
|
|
239,463
|
|
323,505
|
|
381,183
|
|
|||||
Citigroup common stockholders’ equity
|
200,066
|
|
197,601
|
|
186,487
|
|
177,494
|
|
163,156
|
|
|||||
Total Citigroup stockholders’ equity
|
210,534
|
|
204,339
|
|
189,049
|
|
177,806
|
|
163,468
|
|
|||||
Direct staff
(in thousands)
|
241
|
|
251
|
|
259
|
|
266
|
|
260
|
|
|||||
Performance metrics
|
|
|
|
|
|
||||||||||
Return on average assets
|
0.39
|
%
|
0.73
|
%
|
0.39
|
%
|
0.55
|
%
|
0.53
|
%
|
|||||
Return on average common stockholders’ equity
(3)
|
3.4
|
|
7.0
|
|
4.1
|
|
6.3
|
|
6.8
|
|
|||||
Return on average total stockholders’ equity
(3)
|
3.5
|
|
6.9
|
|
4.1
|
|
6.3
|
|
6.8
|
|
|||||
Efficiency ratio (Operating expenses/Total revenues)
|
72
|
|
63
|
|
72
|
|
65
|
|
55
|
|
|||||
Basel III ratios - full implementation
|
|
|
|
|
|
||||||||||
Common Equity Tier 1 Capital
(4)
|
10.58
|
%
|
10.59
|
%
|
8.74
|
%
|
N/A
|
|
N/A
|
|
|||||
Tier 1 Capital
(4)
|
11.47
|
|
11.25
|
|
9.05
|
|
N/A
|
|
N/A
|
|
|||||
Total Capital
(4)
|
12.81
|
|
12.65
|
|
10.83
|
|
N/A
|
|
N/A
|
|
|||||
Estimated supplementary leverage ratio
(5)
|
5.96
|
|
5.43
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|||||
Citigroup common stockholders’ equity to assets
|
10.86
|
%
|
10.51
|
%
|
10.00
|
%
|
9.47
|
%
|
8.52
|
%
|
|||||
Total Citigroup stockholders’ equity to assets
|
11.43
|
|
10.87
|
|
10.14
|
|
9.49
|
|
8.54
|
|
|||||
Dividend payout ratio
(6)
|
1.8
|
|
0.9
|
|
1.6
|
|
0.8
|
|
NM
|
|
|||||
Book value per common share
|
$
|
66.16
|
|
$
|
65.23
|
|
$
|
61.57
|
|
$
|
60.70
|
|
$
|
56.15
|
|
Ratio of earnings to fixed charges and preferred stock dividends
|
1.98x
|
|
2.16x
|
|
1.37x
|
|
1.60x
|
|
1.51x
|
|
(1)
|
Discontinued operations include Credicard, Citi Capital Advisors and Egg Banking credit card business. See Note
2
to the Consolidated Financial Statements for additional information on Citi’s discontinued operations.
|
(2)
|
Reflects reclassification of approximately $21 billion of deposits to held-for-sale (
Other liabilities)
at December 31, 2014 as a result of the agreement to sell Citi’s retail banking business in Japan. See “
Asia GCB
” below and Note 2 to the Consolidated Financial Statements.
|
(3)
|
The return on average common stockholders’ equity is calculated using net income less preferred stock dividends divided by average common stockholders’ equity. The return on average total Citigroup stockholders’ equity is calculated using net income divided by average Citigroup stockholders’ equity.
|
(4)
|
Capital ratios based on the final U.S. Basel III rules, with full implementation assumed for capital components; risk-weighted assets based on the Advanced Approaches for determining total risk-weighted assets. See “Capital Resources” below.
|
(5)
|
Citi’s estimated Supplementary Leverage ratio is based on the revised final U.S. Basel III rules issued in September 2014 and represents the ratio of Tier 1 Capital to Total Leverage Exposure (TLE). TLE is the sum of the daily average of on balance sheet assets for the quarter and the average of certain off balance sheet exposures calculated as of the last day of each month in the quarter, less applicable Tier 1 Capital deductions. See “Capital Resources” below.
|
In millions of dollars
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Income (loss) from continuing operations
|
|
|
|
|
|
||||||||
CITICORP
|
|
|
|
|
|
||||||||
Global Consumer Banking
|
|
|
|
|
|
||||||||
North America
|
$
|
4,421
|
|
$
|
3,910
|
|
$
|
4,564
|
|
13
|
%
|
(14
|
)%
|
EMEA
|
(7
|
)
|
35
|
|
(61
|
)
|
NM
|
|
NM
|
|
|||
Latin America
|
1,204
|
|
1,337
|
|
1,382
|
|
(10
|
)
|
(3
|
)
|
|||
Asia
|
1,320
|
|
1,481
|
|
1,712
|
|
(11
|
)
|
(13
|
)
|
|||
Total
|
$
|
6,938
|
|
$
|
6,763
|
|
$
|
7,597
|
|
3
|
%
|
(11
|
)%
|
Institutional Clients Group
|
|
|
|
|
|
|
|
|
|||||
North America
|
$
|
3,896
|
|
$
|
3,143
|
|
$
|
1,598
|
|
24
|
%
|
97
|
%
|
EMEA
|
1,984
|
|
2,432
|
|
2,467
|
|
(18
|
)
|
(1
|
)
|
|||
Latin America
|
1,337
|
|
1,628
|
|
1,879
|
|
(18
|
)
|
(13
|
)
|
|||
Asia
|
2,304
|
|
2,211
|
|
1,890
|
|
4
|
|
17
|
|
|||
Total
|
$
|
9,521
|
|
$
|
9,414
|
|
$
|
7,834
|
|
1
|
%
|
20
|
%
|
Corporate/Other
|
$
|
(5,593
|
)
|
$
|
(630
|
)
|
$
|
(1,048
|
)
|
NM
|
|
40
|
%
|
Total Citicorp
|
$
|
10,866
|
|
$
|
15,547
|
|
$
|
14,383
|
|
(30
|
)%
|
8
|
%
|
Citi Holdings
|
$
|
(3,366
|
)
|
$
|
(1,917
|
)
|
$
|
(6,565
|
)
|
(76
|
)%
|
71
|
%
|
Income from continuing operations
|
$
|
7,500
|
|
$
|
13,630
|
|
$
|
7,818
|
|
(45
|
)%
|
74
|
%
|
Discontinued operations
|
$
|
(2
|
)
|
$
|
270
|
|
$
|
(58
|
)
|
NM
|
|
NM
|
|
Net income attributable to noncontrolling interests
|
185
|
|
227
|
|
219
|
|
(19
|
)%
|
4
|
%
|
|||
Citigroup’s net income
|
$
|
7,313
|
|
$
|
13,673
|
|
$
|
7,541
|
|
(47
|
)%
|
81
|
%
|
In millions of dollars
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
CITICORP
|
|
|
|
|
|
||||||||
Global Consumer Banking
|
|
|
|
|
|
||||||||
North America
|
$
|
19,645
|
|
$
|
19,776
|
|
$
|
20,950
|
|
(1
|
)%
|
(6
|
)%
|
EMEA
|
1,358
|
|
1,449
|
|
1,485
|
|
(6
|
)
|
(2
|
)
|
|||
Latin America
|
9,204
|
|
9,316
|
|
8,742
|
|
(1
|
)
|
7
|
|
|||
Asia
|
7,546
|
|
7,624
|
|
7,928
|
|
(1
|
)
|
(4
|
)
|
|||
Total
|
$
|
37,753
|
|
$
|
38,165
|
|
$
|
39,105
|
|
(1
|
)%
|
(2
|
)%
|
Institutional Clients Group
|
|
|
|
|
|
|
|||||||
North America
|
$
|
12,345
|
|
$
|
11,473
|
|
$
|
8,973
|
|
8
|
%
|
28
|
%
|
EMEA
|
9,513
|
|
10,020
|
|
9,977
|
|
(5
|
)
|
—
|
|
|||
Latin America
|
4,237
|
|
4,692
|
|
4,710
|
|
(10
|
)
|
—
|
|
|||
Asia
|
7,172
|
|
7,382
|
|
7,102
|
|
(3
|
)
|
4
|
|
|||
Total
|
$
|
33,267
|
|
$
|
33,567
|
|
$
|
30,762
|
|
(1
|
)%
|
9
|
%
|
Corporate/Other
|
$
|
47
|
|
$
|
121
|
|
$
|
128
|
|
(61
|
)%
|
(5
|
)%
|
Total Citicorp
|
$
|
71,067
|
|
$
|
71,853
|
|
$
|
69,995
|
|
(1
|
)%
|
3
|
%
|
Citi Holdings
|
$
|
5,815
|
|
$
|
4,566
|
|
$
|
(805
|
)
|
27
|
%
|
NM
|
|
Total Citigroup net revenues
|
$
|
76,882
|
|
$
|
76,419
|
|
$
|
69,190
|
|
1
|
%
|
10
|
%
|
In millions of dollars except as otherwise noted
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Net interest revenue
|
$
|
44,452
|
|
$
|
43,609
|
|
$
|
44,067
|
|
2
|
%
|
(1
|
)%
|
Non-interest revenue
|
26,615
|
|
28,244
|
|
25,928
|
|
(6
|
)
|
9
|
|
|||
Total revenues, net of interest expense
|
$
|
71,067
|
|
$
|
71,853
|
|
$
|
69,995
|
|
(1
|
)%
|
3
|
%
|
Provisions for credit losses and for benefits and claims
|
|
|
|
|
|
|
|||||||
Net credit losses
|
$
|
7,327
|
|
$
|
7,393
|
|
$
|
8,389
|
|
(1
|
)%
|
(12
|
)%
|
Credit reserve build (release)
|
(1,252
|
)
|
(826
|
)
|
(2,222
|
)
|
(52
|
)
|
63
|
|
|||
Provision for loan losses
|
$
|
6,075
|
|
$
|
6,567
|
|
$
|
6,167
|
|
(7
|
)%
|
6
|
%
|
Provision for benefits and claims
|
199
|
|
212
|
|
236
|
|
(6
|
)
|
(10
|
)
|
|||
Provision for unfunded lending commitments
|
(152
|
)
|
90
|
|
40
|
|
NM
|
|
NM
|
|
|||
Total provisions for credit losses and for benefits and claims
|
$
|
6,122
|
|
$
|
6,869
|
|
$
|
6,443
|
|
(11
|
)%
|
7
|
%
|
Total operating expenses
|
$
|
47,336
|
|
$
|
42,438
|
|
$
|
44,773
|
|
12
|
%
|
(5
|
)%
|
Income from continuing operations before taxes
|
$
|
17,609
|
|
$
|
22,546
|
|
$
|
18,779
|
|
(22
|
)%
|
20
|
%
|
Income taxes
|
6,743
|
|
6,999
|
|
4,396
|
|
(4
|
)
|
59
|
|
|||
Income from continuing operations
|
$
|
10,866
|
|
$
|
15,547
|
|
$
|
14,383
|
|
(30
|
)%
|
8
|
%
|
Income (loss) from discontinued operations, net of taxes
|
(2
|
)
|
270
|
|
(58
|
)
|
NM
|
|
NM
|
|
|||
Noncontrolling interests
|
181
|
|
211
|
|
216
|
|
(14
|
)
|
(2
|
)
|
|||
Net income
|
$
|
10,683
|
|
$
|
15,606
|
|
$
|
14,109
|
|
(32
|
)%
|
11
|
%
|
Balance sheet data
(in billions of dollars)
|
|
|
|
|
|
|
|||||||
Total end-of-period (EOP) assets
|
$
|
1,745
|
|
$
|
1,763
|
|
$
|
1,709
|
|
(1
|
)%
|
3
|
%
|
Average assets
|
1,788
|
|
1,749
|
|
1,717
|
|
2
|
|
2
|
|
|||
Return on average assets
|
0.60
|
%
|
0.89
|
%
|
0.82
|
%
|
|
|
|
||||
Efficiency ratio (Operating expenses/Total revenues)
|
67
|
|
59
|
|
64
|
|
|
|
|
||||
Total EOP loans
|
$
|
572
|
|
$
|
573
|
|
$
|
540
|
|
—
|
|
6
|
|
Total EOP deposits
|
889
|
|
932
|
|
863
|
|
(5
|
)
|
8
|
|
In millions of dollars except as otherwise noted
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Net interest revenue
|
$
|
28,910
|
|
$
|
28,648
|
|
$
|
28,665
|
|
1
|
%
|
—
|
%
|
Non-interest revenue
|
8,843
|
|
9,517
|
|
10,440
|
|
(7
|
)
|
(9
|
)
|
|||
Total revenues, net of interest expense
|
$
|
37,753
|
|
$
|
38,165
|
|
$
|
39,105
|
|
(1
|
)%
|
(2
|
)%
|
Total operating expenses
|
$
|
21,277
|
|
$
|
21,187
|
|
$
|
21,872
|
|
—
|
%
|
(3
|
)%
|
Net credit losses
|
$
|
7,051
|
|
$
|
7,211
|
|
$
|
8,107
|
|
(2
|
)%
|
(11
|
)%
|
Credit reserve build (release)
|
(1,162
|
)
|
(669
|
)
|
(2,176
|
)
|
(74
|
)
|
69
|
|
|||
Provision (release) for unfunded lending commitments
|
(23
|
)
|
37
|
|
—
|
|
NM
|
|
—
|
|
|||
Provision for benefits and claims
|
199
|
|
212
|
|
237
|
|
(6
|
)
|
(11
|
)
|
|||
Provisions for credit losses and for benefits and claims
|
$
|
6,065
|
|
$
|
6,791
|
|
$
|
6,168
|
|
(11
|
)%
|
10
|
%
|
Income from continuing operations before taxes
|
$
|
10,411
|
|
$
|
10,187
|
|
$
|
11,065
|
|
2
|
%
|
(8
|
)%
|
Income taxes
|
3,473
|
|
3,424
|
|
3,468
|
|
1
|
|
(1
|
)
|
|||
Income from continuing operations
|
$
|
6,938
|
|
$
|
6,763
|
|
$
|
7,597
|
|
3
|
%
|
(11
|
)%
|
Noncontrolling interests
|
26
|
|
17
|
|
3
|
|
53
|
|
NM
|
|
|||
Net income
|
$
|
6,912
|
|
$
|
6,746
|
|
$
|
7,594
|
|
2
|
%
|
(11
|
)%
|
Balance Sheet data
(in billions of dollars)
|
|
|
|
|
|
|
|||||||
Average assets
|
$
|
399
|
|
$
|
395
|
|
$
|
388
|
|
1
|
%
|
2
|
%
|
Return on average assets
|
1.73
|
%
|
1.71
|
%
|
1.98
|
%
|
|
|
|
||||
Efficiency ratio
|
56
|
|
56
|
|
56
|
|
|
|
|
||||
Total EOP assets
|
$
|
396
|
|
$
|
405
|
|
$
|
404
|
|
(2
|
)
|
—
|
|
Average deposits
|
331
|
|
327
|
|
322
|
|
1
|
|
2
|
|
|||
Net credit losses as a percentage of average loans
|
2.37
|
%
|
2.51
|
%
|
2.87
|
%
|
|
|
|
||||
Revenue by business
|
|
|
|
|
|
|
|||||||
Retail banking
|
$
|
16,354
|
|
$
|
16,941
|
|
$
|
18,167
|
|
(3
|
)%
|
(7
|
)%
|
Cards
(1)
|
21,399
|
|
21,224
|
|
20,938
|
|
1
|
|
1
|
|
|||
Total
|
$
|
37,753
|
|
$
|
38,165
|
|
$
|
39,105
|
|
(1
|
)%
|
(2
|
)%
|
Income from continuing operations by business
|
|
|
|
|
|
|
|||||||
Retail banking
|
$
|
1,776
|
|
$
|
1,907
|
|
$
|
2,794
|
|
(7
|
)%
|
(32
|
)%
|
Cards
(1)
|
5,162
|
|
4,856
|
|
4,803
|
|
6
|
|
1
|
|
|||
Total
|
$
|
6,938
|
|
$
|
6,763
|
|
$
|
7,597
|
|
3
|
%
|
(11
|
)%
|
Foreign currency (FX) translation impact
|
|
|
|
|
|
||||||||
Total revenue-as reported
|
$
|
37,753
|
|
$
|
38,165
|
|
$
|
39,105
|
|
(1
|
)%
|
(2
|
)%
|
Impact of FX translation
(2)
|
—
|
|
(674
|
)
|
(890
|
)
|
|
|
|
||||
Total revenues-ex-FX
|
$
|
37,753
|
|
$
|
37,491
|
|
$
|
38,215
|
|
1
|
%
|
(2
|
)%
|
Total operating expenses-as reported
|
$
|
21,277
|
|
$
|
21,187
|
|
$
|
21,872
|
|
—
|
%
|
(3
|
)%
|
Impact of FX translation
(2)
|
—
|
|
(373
|
)
|
(630
|
)
|
|
|
|
||||
Total operating expenses-ex-FX
|
$
|
21,277
|
|
$
|
20,814
|
|
$
|
21,242
|
|
2
|
%
|
(2
|
)%
|
Total provisions for LLR & PBC-as reported
|
$
|
6,065
|
|
$
|
6,791
|
|
$
|
6,168
|
|
(11
|
)%
|
10
|
%
|
Impact of FX translation
(2)
|
—
|
|
(122
|
)
|
(136
|
)
|
|
|
|
||||
Total provisions for LLR & PBC-ex-FX
|
$
|
6,065
|
|
$
|
6,669
|
|
$
|
6,032
|
|
(9
|
)%
|
11
|
%
|
Net income-as reported
|
$
|
6,912
|
|
$
|
6,746
|
|
$
|
7,594
|
|
2
|
%
|
(11
|
)%
|
Impact of FX translation
(2)
|
—
|
|
(120
|
)
|
(79
|
)
|
|
|
|
||||
Net income-ex-FX
|
$
|
6,912
|
|
$
|
6,626
|
|
$
|
7,515
|
|
4
|
%
|
(12
|
)%
|
(1)
|
Includes both Citi-branded cards and Citi retail services.
|
(2)
|
Reflects the impact of foreign exchange (FX) translation into U.S. dollars at the fourth quarter of 2014 average exchange rates for all periods presented.
|
In millions of dollars, except as otherwise noted
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Net interest revenue
|
$
|
17,200
|
|
$
|
16,658
|
|
$
|
16,460
|
|
3
|
%
|
1
|
%
|
Non-interest revenue
|
2,445
|
|
3,118
|
|
4,490
|
|
(22
|
)
|
(31
|
)
|
|||
Total revenues, net of interest expense
|
$
|
19,645
|
|
$
|
19,776
|
|
$
|
20,950
|
|
(1
|
)%
|
(6
|
)%
|
Total operating expenses
|
$
|
9,676
|
|
$
|
9,850
|
|
$
|
10,204
|
|
(2
|
)%
|
(3
|
)%
|
Net credit losses
|
$
|
4,203
|
|
$
|
4,634
|
|
$
|
5,756
|
|
(9
|
)%
|
(19
|
)%
|
Credit reserve build (release)
|
(1,241
|
)
|
(1,036
|
)
|
(2,389
|
)
|
(20
|
)
|
57
|
|
|||
Provisions for benefits and claims
|
41
|
|
60
|
|
70
|
|
(32
|
)
|
(14
|
)
|
|||
Provision for unfunded lending commitments
|
(8
|
)
|
6
|
|
1
|
|
NM
|
|
NM
|
|
|||
Provisions for credit losses and for benefits and claims
|
$
|
2,995
|
|
$
|
3,664
|
|
$
|
3,438
|
|
(18
|
)%
|
7
|
%
|
Income from continuing operations before taxes
|
$
|
6,974
|
|
$
|
6,262
|
|
$
|
7,308
|
|
11
|
%
|
(14
|
)%
|
Income taxes
|
2,553
|
|
2,352
|
|
2,744
|
|
9
|
|
(14
|
)
|
|||
Income from continuing operations
|
$
|
4,421
|
|
$
|
3,910
|
|
$
|
4,564
|
|
13
|
%
|
(14
|
)%
|
Noncontrolling interests
|
(1
|
)
|
2
|
|
1
|
|
NM
|
|
100
|
|
|||
Net income
|
$
|
4,422
|
|
$
|
3,908
|
|
$
|
4,563
|
|
13
|
%
|
(14
|
)%
|
Balance Sheet data
(in billions of dollars)
|
|
|
|
|
|
|
|
|
|||||
Average assets
|
$
|
178
|
|
$
|
175
|
|
$
|
172
|
|
2
|
%
|
2
|
%
|
Return on average assets
|
2.48
|
%
|
2.23
|
%
|
2.65
|
%
|
|
|
|
||||
Efficiency ratio
|
49
|
|
50
|
|
49
|
|
|
|
|
||||
Average deposits
|
$
|
170.7
|
|
$
|
166.0
|
|
$
|
153.9
|
|
3
|
|
8
|
|
Net credit losses as a percentage of average loans
|
2.69
|
%
|
3.09
|
%
|
3.83
|
%
|
|
|
|
||||
Revenue by business
|
|
|
|
|
|
|
|
|
|||||
Retail banking
|
$
|
4,901
|
|
$
|
5,376
|
|
$
|
6,687
|
|
(9
|
)%
|
(20
|
)%
|
Citi-branded cards
|
8,282
|
|
8,211
|
|
8,234
|
|
1
|
|
—
|
|
|||
Citi retail services
|
6,462
|
|
6,189
|
|
6,029
|
|
4
|
|
3
|
|
|||
Total
|
$
|
19,645
|
|
$
|
19,776
|
|
$
|
20,950
|
|
(1
|
)%
|
(6
|
)%
|
Income from continuing operations by business
|
|
|
|
|
|
|
|
|
|||||
Retail banking
|
$
|
349
|
|
$
|
411
|
|
$
|
1,136
|
|
(15
|
)%
|
(64
|
)%
|
Citi-branded cards
|
2,402
|
|
1,942
|
|
1,988
|
|
24
|
|
(2
|
)
|
|||
Citi retail services
|
1,670
|
|
1,557
|
|
1,440
|
|
7
|
|
8
|
|
|||
Total
|
$
|
4,421
|
|
$
|
3,910
|
|
$
|
4,564
|
|
13
|
%
|
(14
|
)%
|
In millions of dollars, except as otherwise noted
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Net interest revenue
|
$
|
899
|
|
$
|
948
|
|
$
|
1,010
|
|
(5
|
)%
|
(6
|
)%
|
Non-interest revenue
|
459
|
|
501
|
|
475
|
|
(8
|
)
|
5
|
|
|||
Total revenues, net of interest expense
|
$
|
1,358
|
|
$
|
1,449
|
|
$
|
1,485
|
|
(6
|
)%
|
(2
|
)%
|
Total operating expenses
|
$
|
1,283
|
|
$
|
1,359
|
|
$
|
1,469
|
|
(6
|
)%
|
(7
|
)%
|
Net credit losses
|
$
|
61
|
|
$
|
68
|
|
$
|
105
|
|
(10
|
)%
|
(35
|
)%
|
Credit reserve build (release)
|
24
|
|
(18
|
)
|
(5
|
)
|
NM
|
|
NM
|
|
|||
Provision for unfunded lending commitments
|
2
|
|
—
|
|
(1
|
)
|
100
|
|
100
|
|
|||
Provisions for credit losses
|
$
|
87
|
|
$
|
50
|
|
$
|
99
|
|
74
|
%
|
(49
|
)%
|
Income (loss) from continuing operations before taxes
|
$
|
(12
|
)
|
$
|
40
|
|
$
|
(83
|
)
|
NM
|
|
NM
|
|
Income taxes (benefits)
|
(5
|
)
|
5
|
|
(22
|
)
|
NM
|
|
NM
|
|
|||
Income (loss) from continuing operations
|
$
|
(7
|
)
|
$
|
35
|
|
$
|
(61
|
)
|
NM
|
|
NM
|
|
Noncontrolling interests
|
20
|
|
11
|
|
4
|
|
82
|
%
|
NM
|
|
|||
Net income (loss)
|
$
|
(27
|
)
|
$
|
24
|
|
$
|
(65
|
)
|
NM
|
|
NM
|
|
Balance Sheet data
(in billions of dollars)
|
|
|
|
|
|
|
|||||||
Average assets
|
$
|
10
|
|
$
|
10
|
|
$
|
9
|
|
—
|
%
|
11
|
%
|
Return on average assets
|
(0.27
|
)%
|
0.24
|
%
|
(0.72
|
)%
|
|
|
|
||||
Efficiency ratio
|
94
|
|
94
|
|
99
|
|
|
|
|
||||
Average deposits
|
$
|
13.1
|
|
$
|
12.6
|
|
$
|
12.6
|
|
4
|
|
—
|
|
Net credit losses as a percentage of average loans
|
0.75
|
%
|
0.85
|
%
|
1.40
|
%
|
|
|
|
||||
Revenue by business
|
|
|
|
|
|
|
|||||||
Retail banking
|
$
|
844
|
|
$
|
868
|
|
$
|
873
|
|
(3
|
)%
|
(1
|
)%
|
Citi-branded cards
|
514
|
|
581
|
|
612
|
|
(12
|
)
|
(5
|
)
|
|||
Total
|
$
|
1,358
|
|
$
|
1,449
|
|
$
|
1,485
|
|
(6
|
)%
|
(2
|
)%
|
Income (loss) from continuing operations by business
|
|
|
|
|
|
|
|||||||
Retail banking
|
$
|
(30
|
)
|
$
|
(42
|
)
|
$
|
(109
|
)
|
29
|
%
|
61
|
%
|
Citi-branded cards
|
23
|
|
77
|
|
48
|
|
(70
|
)
|
60
|
|
|||
Total
|
$
|
(7
|
)
|
$
|
35
|
|
$
|
(61
|
)
|
NM
|
|
NM
|
|
Foreign currency (FX) translation impact
|
|
|
|
|
|
|
|||||||
Total revenues-as reported
|
$
|
1,358
|
|
$
|
1,449
|
|
$
|
1,485
|
|
(6
|
)%
|
(2
|
)%
|
Impact of FX translation
(1)
|
—
|
|
(72
|
)
|
(77
|
)
|
|
|
|
||||
Total revenues-ex-FX
|
$
|
1,358
|
|
$
|
1,377
|
|
$
|
1,408
|
|
(1
|
)%
|
(2
|
)%
|
Total operating expenses-as reported
|
$
|
1,283
|
|
$
|
1,359
|
|
$
|
1,469
|
|
(6
|
)%
|
(7
|
)%
|
Impact of FX translation
(1)
|
—
|
|
(59
|
)
|
(79
|
)
|
|
|
|
||||
Total operating expenses-ex-FX
|
$
|
1,283
|
|
$
|
1,300
|
|
$
|
1,390
|
|
(1
|
)%
|
(6
|
)%
|
Provisions for credit losses-as reported
|
$
|
87
|
|
$
|
50
|
|
$
|
99
|
|
74
|
%
|
(49
|
)
|
Impact of FX translation
(1)
|
—
|
|
(6
|
)
|
(6
|
)
|
|
|
|
||||
Provisions for credit losses-ex-FX
|
$
|
87
|
|
$
|
44
|
|
$
|
93
|
|
98
|
%
|
(53
|
)%
|
Net income (loss)-as reported
|
$
|
(27
|
)
|
$
|
24
|
|
$
|
(65
|
)
|
NM
|
|
NM
|
|
Impact of FX translation
(1)
|
—
|
|
7
|
|
9
|
|
|
|
|
||||
Net income (loss)-ex-FX
|
$
|
(27
|
)
|
$
|
31
|
|
$
|
(56
|
)
|
NM
|
|
NM
|
|
(1)
|
Reflects the impact of foreign exchange (FX) translation into U.S. dollars at the fourth quarter of 2014 average exchange rates for all periods presented.
|
NM
|
Not meaningful
|
In millions of dollars, except as otherwise noted
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Net interest revenue
|
$
|
6,230
|
|
$
|
6,286
|
|
$
|
6,041
|
|
(1
|
)%
|
4
|
%
|
Non-interest revenue
|
2,974
|
|
3,030
|
|
2,701
|
|
(2
|
)
|
12
|
|
|||
Total revenues, net of interest expense
|
$
|
9,204
|
|
$
|
9,316
|
|
$
|
8,742
|
|
(1
|
)%
|
7
|
%
|
Total operating expenses
|
$
|
5,422
|
|
$
|
5,392
|
|
$
|
5,301
|
|
1
|
%
|
2
|
%
|
Net credit losses
|
$
|
2,008
|
|
$
|
1,727
|
|
$
|
1,405
|
|
16
|
%
|
23
|
%
|
Credit reserve build (release)
|
151
|
|
376
|
|
254
|
|
(60
|
)
|
48
|
|
|||
Provision (release) for unfunded lending commitments
|
(1
|
)
|
—
|
|
—
|
|
(100
|
)
|
—
|
|
|||
Provision for benefits and claims
|
158
|
|
152
|
|
167
|
|
4
|
|
(9
|
)
|
|||
Provisions for loan losses and for benefits and claims (LLR & PBC)
|
$
|
2,316
|
|
$
|
2,255
|
|
$
|
1,826
|
|
3
|
%
|
23
|
%
|
Income from continuing operations before taxes
|
$
|
1,466
|
|
$
|
1,669
|
|
$
|
1,615
|
|
(12
|
)%
|
3
|
%
|
Income taxes
|
262
|
|
332
|
|
233
|
|
(21
|
)
|
42
|
|
|||
Income from continuing operations
|
$
|
1,204
|
|
$
|
1,337
|
|
$
|
1,382
|
|
(10
|
)%
|
(3
|
)%
|
Noncontrolling interests
|
7
|
|
4
|
|
(2
|
)
|
75
|
|
NM
|
|
|||
Net income
|
$
|
1,197
|
|
$
|
1,333
|
|
$
|
1,384
|
|
(10
|
)%
|
(4
|
)%
|
Balance Sheet data
(in billions of dollars)
|
|
|
|
|
|
|
|
|
|||||
Average assets
|
$
|
80
|
|
$
|
82
|
|
$
|
80
|
|
(2
|
)%
|
3
|
%
|
Return on average assets
|
1.50
|
%
|
1.65
|
%
|
1.82
|
%
|
|
|
|
||||
Efficiency ratio
|
59
|
|
58
|
|
61
|
|
|
|
|
||||
Average deposits
|
$
|
46.4
|
|
$
|
45.6
|
|
$
|
44.5
|
|
2
|
|
2
|
|
Net credit losses as a percentage of average loans
|
4.85
|
%
|
4.19
|
%
|
3.83
|
%
|
|
|
|
||||
Revenue by business
|
|
|
|
|
|
|
|||||||
Retail banking
|
$
|
6,000
|
|
$
|
6,133
|
|
$
|
5,841
|
|
(2
|
)%
|
5
|
%
|
Citi-branded cards
|
3,204
|
|
3,183
|
|
2,901
|
|
1
|
|
10
|
|
|||
Total
|
$
|
9,204
|
|
$
|
9,316
|
|
$
|
8,742
|
|
(1
|
)%
|
7
|
%
|
Income from continuing operations by business
|
|
|
|
|
|
|
|
|
|||||
Retail banking
|
$
|
719
|
|
$
|
752
|
|
$
|
837
|
|
(4
|
)%
|
(10
|
)%
|
Citi-branded cards
|
485
|
|
585
|
|
545
|
|
(17
|
)
|
7
|
|
|||
Total
|
$
|
1,204
|
|
$
|
1,337
|
|
$
|
1,382
|
|
(10
|
)%
|
(3
|
)%
|
Foreign currency (FX) translation impact
|
|
|
|
|
|
|
|
|
|||||
Total revenues-as reported
|
$
|
9,204
|
|
$
|
9,316
|
|
$
|
8,742
|
|
(1
|
)%
|
7
|
%
|
Impact of FX translation
(1)
|
—
|
|
(446
|
)
|
(426
|
)
|
|
|
|
||||
Total revenues-ex-FX
|
$
|
9,204
|
|
$
|
8,870
|
|
$
|
8,316
|
|
4
|
%
|
7
|
%
|
Total operating expenses-as reported
|
$
|
5,422
|
|
$
|
5,392
|
|
$
|
5,301
|
|
1
|
%
|
2
|
%
|
Impact of FX translation
(1)
|
—
|
|
(232
|
)
|
(297
|
)
|
|
|
|
||||
Total operating expenses-ex-FX
|
$
|
5,422
|
|
$
|
5,160
|
|
$
|
5,004
|
|
5
|
%
|
3
|
%
|
Provisions for LLR & PBC-as reported
|
$
|
2,316
|
|
$
|
2,255
|
|
$
|
1,826
|
|
3
|
%
|
23
|
%
|
Impact of FX translation
(1)
|
—
|
|
(100
|
)
|
(103
|
)
|
|
|
|
||||
Provisions for LLR & PBC-ex-FX
|
$
|
2,316
|
|
$
|
2,155
|
|
$
|
1,723
|
|
7
|
%
|
25
|
%
|
Net income-as reported
|
$
|
1,197
|
|
$
|
1,333
|
|
$
|
1,384
|
|
(10
|
)%
|
(4
|
)%
|
Impact of FX translation
(1)
|
—
|
|
(97
|
)
|
(31
|
)
|
|
|
|
||||
Net income-ex-FX
|
$
|
1,197
|
|
$
|
1,236
|
|
$
|
1,353
|
|
(3
|
)%
|
(9
|
)%
|
(1)
|
Reflects the impact of foreign exchange (FX) translation into U.S. dollars at the fourth quarter of 2014 average exchange rates for all periods presented.
|
In millions of dollars, except as otherwise noted
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Net interest revenue
|
$
|
4,581
|
|
$
|
4,756
|
|
$
|
5,154
|
|
(4
|
)%
|
(8
|
)%
|
Non-interest revenue
|
2,965
|
|
2,868
|
|
2,774
|
|
3
|
|
3
|
|
|||
Total revenues, net of interest expense
|
$
|
7,546
|
|
$
|
7,624
|
|
$
|
7,928
|
|
(1
|
)%
|
(4
|
)%
|
Total operating expenses
|
$
|
4,896
|
|
$
|
4,586
|
|
$
|
4,898
|
|
7
|
%
|
(6
|
)%
|
Net credit losses
|
$
|
779
|
|
$
|
782
|
|
$
|
841
|
|
—
|
%
|
(7
|
)%
|
Credit reserve build (release)
|
(96
|
)
|
9
|
|
(36
|
)
|
NM
|
|
NM
|
|
|||
Provision for unfunded lending commitments
|
(16
|
)
|
31
|
|
—
|
|
NM
|
|
—
|
|
|||
Provisions for loan losses
|
$
|
667
|
|
$
|
822
|
|
$
|
805
|
|
(19
|
)%
|
2
|
%
|
Income from continuing operations before taxes
|
$
|
1,983
|
|
$
|
2,216
|
|
$
|
2,225
|
|
(11
|
)%
|
—
|
%
|
Income taxes
|
663
|
|
735
|
|
513
|
|
(10
|
)
|
43
|
|
|||
Income from continuing operations
|
$
|
1,320
|
|
$
|
1,481
|
|
$
|
1,712
|
|
(11
|
)%
|
(13
|
)%
|
Noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||
Net income
|
$
|
1,320
|
|
$
|
1,481
|
|
$
|
1,712
|
|
(11
|
)%
|
(13
|
)%
|
Balance Sheet data
(in billions of dollars)
|
|
|
|
|
|
|
|
|
|||||
Average assets
|
$
|
131
|
|
$
|
129
|
|
$
|
127
|
|
2
|
%
|
2
|
%
|
Return on average assets
|
1.01
|
%
|
1.15
|
%
|
1.35
|
%
|
|
|
|
||||
Efficiency ratio
|
65
|
|
60
|
|
62
|
|
|
|
|
||||
Average deposits
|
$
|
101.2
|
|
$
|
102.6
|
|
$
|
110.8
|
|
(1
|
)
|
(7
|
)
|
Net credit losses as a percentage of average loans
|
0.84
|
%
|
0.88
|
%
|
0.95
|
%
|
|
|
|
||||
Revenue by business
|
|
|
|
|
|
|
|||||||
Retail banking
|
$
|
4,609
|
|
$
|
4,564
|
|
$
|
4,766
|
|
1
|
%
|
(4
|
)%
|
Citi-branded cards
|
2,937
|
|
3,060
|
|
3,162
|
|
(4
|
)
|
(3
|
)
|
|||
Total
|
$
|
7,546
|
|
$
|
7,624
|
|
$
|
7,928
|
|
(1
|
)%
|
(4
|
)%
|
Income from continuing operations by business
|
|
|
|
|
|
|
|||||||
Retail banking
|
$
|
738
|
|
$
|
786
|
|
$
|
930
|
|
(6
|
)%
|
(15
|
)%
|
Citi-branded cards
|
582
|
|
695
|
|
782
|
|
(16
|
)
|
(11
|
)
|
|||
Total
|
$
|
1,320
|
|
$
|
1,481
|
|
$
|
1,712
|
|
(11
|
)%
|
(13
|
)%
|
Foreign currency (FX) translation impact
|
|
|
|
|
|
|
|||||||
Total revenues-as reported
|
$
|
7,546
|
|
$
|
7,624
|
|
$
|
7,928
|
|
(1
|
)%
|
(4
|
)%
|
Impact of FX translation
(1)
|
—
|
|
(156
|
)
|
(387
|
)
|
|
|
|
||||
Total revenues-ex-FX
|
$
|
7,546
|
|
$
|
7,468
|
|
$
|
7,541
|
|
1
|
%
|
(1
|
)%
|
Total operating expenses-as reported
|
$
|
4,896
|
|
$
|
4,586
|
|
$
|
4,898
|
|
7
|
%
|
(6
|
)%
|
Impact of FX translation
(1)
|
—
|
|
(82
|
)
|
(254
|
)
|
|
|
|
||||
Total operating expenses-ex-FX
|
$
|
4,896
|
|
$
|
4,504
|
|
$
|
4,644
|
|
9
|
%
|
(3
|
)%
|
Provisions for loan losses-as reported
|
$
|
667
|
|
$
|
822
|
|
$
|
805
|
|
(19
|
)%
|
2
|
%
|
Impact of FX translation
(1)
|
—
|
|
(16
|
)
|
(27
|
)
|
|
|
|
||||
Provisions for loan losses-ex-FX
|
$
|
667
|
|
$
|
806
|
|
$
|
778
|
|
(17
|
)%
|
4
|
%
|
Net income-as reported
|
$
|
1,320
|
|
$
|
1,481
|
|
$
|
1,712
|
|
(11
|
)%
|
(13
|
)%
|
Impact of FX translation
(1)
|
—
|
|
(30
|
)
|
(57
|
)
|
|
|
|
||||
Net income-ex-FX
|
$
|
1,320
|
|
$
|
1,451
|
|
$
|
1,655
|
|
(9
|
)%
|
(12
|
)%
|
(1)
|
Reflects the impact of foreign exchange (FX) translation into U.S. dollars at the
fourth
quarter of 2014 average exchange rates for all periods presented.
|
NM
|
Not meaningful
|
In millions of dollars, except as otherwise noted
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Commissions and fees
|
$
|
4,386
|
|
$
|
4,344
|
|
$
|
4,171
|
|
1
|
%
|
4
|
%
|
Administration and other fiduciary fees
|
2,577
|
|
2,626
|
|
2,741
|
|
(2
|
)
|
(4
|
)
|
|||
Investment banking
|
4,269
|
|
3,862
|
|
3,618
|
|
11
|
|
7
|
|
|||
Principal transactions
|
5,908
|
|
6,491
|
|
4,330
|
|
(9
|
)
|
50
|
|
|||
Other
|
363
|
|
674
|
|
(76
|
)
|
(46
|
)
|
NM
|
|
|||
Total non-interest revenue
|
$
|
17,503
|
|
$
|
17,997
|
|
$
|
14,784
|
|
(3
|
)%
|
22
|
%
|
Net interest revenue (including dividends)
|
15,764
|
|
15,570
|
|
15,978
|
|
1
|
|
(3
|
)
|
|||
Total revenues, net of interest expense
|
$
|
33,267
|
|
$
|
33,567
|
|
$
|
30,762
|
|
(1
|
)%
|
9
|
%
|
Total operating expenses
|
$
|
19,960
|
|
$
|
20,218
|
|
$
|
20,631
|
|
(1
|
)%
|
(2
|
)%
|
Net credit losses
|
$
|
276
|
|
$
|
182
|
|
$
|
282
|
|
52
|
%
|
(35
|
)%
|
Provision (release) for unfunded lending commitments
|
(129
|
)
|
53
|
|
39
|
|
NM
|
|
36
|
|
|||
Credit reserve release
|
(90
|
)
|
(157
|
)
|
(45
|
)
|
43
|
|
NM
|
|
|||
Provisions for credit losses
|
$
|
57
|
|
$
|
78
|
|
$
|
276
|
|
(27
|
)%
|
(72
|
)%
|
Income from continuing operations before taxes
|
$
|
13,250
|
|
$
|
13,271
|
|
$
|
9,855
|
|
—
|
%
|
35
|
%
|
Income taxes
|
3,729
|
|
3,857
|
|
2,021
|
|
(3
|
)
|
91
|
|
|||
Income from continuing operations
|
$
|
9,521
|
|
$
|
9,414
|
|
$
|
7,834
|
|
1
|
%
|
20
|
%
|
Noncontrolling interests
|
111
|
|
110
|
|
128
|
|
1
|
|
(14
|
)
|
|||
Net income
|
$
|
9,410
|
|
$
|
9,304
|
|
$
|
7,706
|
|
1
|
%
|
21
|
%
|
Average assets
(in billions of dollars)
|
$
|
1,058
|
|
$
|
1,066
|
|
$
|
1,044
|
|
(1
|
)%
|
2
|
%
|
Return on average assets
|
0.89
|
%
|
0.87
|
%
|
0.74
|
%
|
|
|
|
||||
Efficiency ratio
|
60
|
|
60
|
|
67
|
|
|
|
|
||||
Revenues by region
|
|
|
|
|
|
|
|||||||
North America
|
$
|
12,345
|
|
$
|
11,473
|
|
$
|
8,973
|
|
8
|
%
|
28
|
%
|
EMEA
|
9,513
|
|
10,020
|
|
9,977
|
|
(5
|
)
|
—
|
|
|||
Latin America
|
4,237
|
|
4,692
|
|
4,710
|
|
(10
|
)
|
—
|
|
|||
Asia
|
7,172
|
|
7,382
|
|
7,102
|
|
(3
|
)
|
4
|
|
|||
Total
|
$
|
33,267
|
|
$
|
33,567
|
|
$
|
30,762
|
|
(1
|
)%
|
9
|
%
|
Income from continuing operations by region
|
|
|
|
|
|
|
|
||||||
North America
|
$
|
3,896
|
|
$
|
3,143
|
|
$
|
1,598
|
|
24
|
%
|
97
|
%
|
EMEA
|
1,984
|
|
2,432
|
|
2,467
|
|
(18
|
)
|
(1
|
)
|
|||
Latin America
|
1,337
|
|
1,628
|
|
1,879
|
|
(18
|
)
|
(13
|
)
|
|||
Asia
|
2,304
|
|
2,211
|
|
1,890
|
|
4
|
|
17
|
|
|||
Total
|
$
|
9,521
|
|
$
|
9,414
|
|
$
|
7,834
|
|
1
|
%
|
20
|
%
|
Average loans by region
(in billions of dollars)
|
|
|
|
|
|
|
|
||||||
North America
|
$
|
111
|
|
$
|
98
|
|
$
|
83
|
|
13
|
%
|
18
|
%
|
EMEA
|
58
|
|
55
|
|
53
|
|
5
|
|
4
|
|
|||
Latin America
|
40
|
|
38
|
|
35
|
|
5
|
|
9
|
|
|||
Asia
|
68
|
|
65
|
|
63
|
|
5
|
|
3
|
|
|||
Total
|
$
|
277
|
|
$
|
256
|
|
$
|
234
|
|
8
|
%
|
9
|
%
|
EOP deposits by business (in billions of dollars)
|
|
|
|
|
|
|
|||||||
Treasury and trade solutions
|
$
|
380
|
|
$
|
380
|
|
$
|
325
|
|
—
|
|
17
|
%
|
All other
ICG
businesses
|
179
|
|
194
|
|
199
|
|
(8
|
)
|
(3
|
)
|
|||
Total
|
$
|
559
|
|
$
|
574
|
|
$
|
524
|
|
(3
|
)%
|
10
|
%
|
In millions of dollars
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Investment banking
revenue details
|
|
|
|
|
|
||||||||
Advisory
|
$
|
949
|
|
$
|
852
|
|
$
|
715
|
|
11
|
%
|
19
|
%
|
Equity underwriting
|
1,246
|
|
1,059
|
|
731
|
|
18
|
|
45
|
|
|||
Debt underwriting
|
2,508
|
|
2,500
|
|
2,656
|
|
—
|
|
(6
|
)
|
|||
Total investment banking
|
$
|
4,703
|
|
$
|
4,411
|
|
$
|
4,102
|
|
7
|
%
|
8
|
%
|
Treasury and trade solutions
|
7,882
|
|
7,819
|
|
8,026
|
|
1
|
|
(3
|
)
|
|||
Corporate lending - excluding gain/(loss) on loan hedges
|
1,742
|
|
1,513
|
|
1,576
|
|
15
|
|
(4
|
)
|
|||
Private bank
|
2,653
|
|
2,487
|
|
2,394
|
|
7
|
|
4
|
|
|||
Total banking revenues (ex-CVA/DVA and gain/(loss) on loan hedges)
|
$
|
16,980
|
|
$
|
16,230
|
|
$
|
16,098
|
|
5
|
%
|
1
|
%
|
Corporate lending - gain/(loss) on loan hedges
(1)
|
$
|
116
|
|
$
|
(287
|
)
|
$
|
(698
|
)
|
NM
|
|
59
|
%
|
Total banking revenues (ex-CVA/DVA and including gain/(loss) on loan hedges)
|
$
|
17,096
|
|
$
|
15,943
|
|
$
|
15,400
|
|
7
|
%
|
4
|
%
|
Fixed income markets
|
$
|
11,815
|
|
$
|
13,322
|
|
$
|
14,361
|
|
(11
|
)%
|
(7
|
)%
|
Equity markets
|
2,776
|
|
2,818
|
|
2,281
|
|
(1
|
)
|
24
|
|
|||
Securities services
|
2,333
|
|
2,272
|
|
2,214
|
|
3
|
|
3
|
|
|||
Other
|
(410
|
)
|
(443
|
)
|
(1,007
|
)
|
7
|
|
56
|
|
|||
Total Markets and securities services (ex-CVA/DVA)
|
$
|
16,514
|
|
$
|
17,969
|
|
$
|
17,849
|
|
(8
|
)%
|
1
|
%
|
Total
ICG
(ex-CVA/DVA)
|
$
|
33,610
|
|
$
|
33,912
|
|
$
|
33,249
|
|
(1
|
)%
|
2
|
%
|
CVA/DVA (excluded as applicable in lines above)
(2)
|
(343
|
)
|
(345
|
)
|
(2,487
|
)
|
1
|
|
86
|
|
|||
Fixed income markets
|
(359
|
)
|
(300
|
)
|
(2,048
|
)
|
(20
|
)
|
85
|
|
|||
Equity markets
|
24
|
|
(39
|
)
|
(424
|
)
|
NM
|
|
91
|
|
|||
Private bank
|
(8
|
)
|
(6
|
)
|
(15
|
)
|
(33
|
)
|
60
|
|
|||
Total revenues, net of interest expense
|
$
|
33,267
|
|
$
|
33,567
|
|
$
|
30,762
|
|
(1
|
)%
|
9
|
%
|
(1)
|
Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection.
|
(2)
|
2014 includes the impact of a one-time pretax charge of $430 million related to the implementation of funding valuation adjustments (FVA) on derivatives in the third quarter of 2014. For additional information, see Note
25
to the Consolidated Financial Statements. FVA is included within CVA for presentation purposes.
|
•
|
Revenues
decreased 1%, reflecting lower revenues in
Markets and securities
services (decrease of 8%), partially offset by higher revenues in
Banking
(increase of 7%, 5% excluding the gains/(losses) on hedges on accrual loans). Citi expects revenues in
ICG
, particularly in its
Markets and securities services
businesses, will likely continue to reflect the overall market environment.
|
•
|
Investment banking
revenues increased 7%, reflecting a stronger overall market environment and improved wallet share with
ICG
’s target clients, partially offset by a modest decline in overall wallet share. The decline in overall wallet share was primarily driven by equity and debt underwriting and reflected market fragmentation. Advisory revenues increased 11%, reflecting the increased target client activity and an expansion of the overall M&A market.
Equity underwriting revenues increased 18% largely in line with overall growth in market fees. Debt underwriting revenues were largely unchanged.
|
•
|
Treasury and trade solutions
revenues increased 1%, as continued higher deposit balances, fee growth and trade activity were partially offset by the impact of spread compression globally. End-of-period deposit balances were unchanged, but increased 3% excluding the impact of FX translation, largely driven by
North America
. Average trade loans decreased 9% (7% excluding the impact of FX translation), as the business maintained origination volumes while reducing lower spread assets and increasing asset sales to optimize returns (see “Balance Sheet Review” below).
|
•
|
Corporate lending
revenues increased 52%. Excluding the impact of gains/(losses) on hedges on accrual loans, revenues increased 15%, primarily due to continued growth in average loan balances and lower funding costs. (For information on Citi’s corporate credit exposure to the energy sector, see “Managing Global Risk—Credit Risk—Corporate Credit Details” below.)
|
•
|
Private bank
revenues increased 7% due to growth in client business volumes and improved spreads in banking, higher capital markets activity and an increase in assets under management in managed investments, partially offset by continued spread compression in lending.
|
•
|
Fixed income markets
revenues decreased 11%, driven by a decrease in rates and currencies revenues, partially offset by increased securitized products and commodities revenues. Rates and currencies revenues declined due to historically muted levels of volatility, uncertainties around Russia and Greece and lower client activity in the first half of 2014. In addition, the first half of 2013 included a strong performance in rates and currencies, driven in part by the impact of quantitative easing globally. Municipals and credit markets revenues declined due to challenging trading conditions resulting from macroeconomic uncertainties, particularly in the fourth quarter of 2014. These declines were partially offset by increased securitized products and commodities revenues, largely in
North America
.
|
•
|
Equity markets
revenues decreased 1%, primarily reflecting weakness in
EMEA
, particularly cash equities, driven by volatility in Europe, largely offset by improved performance in prime finance due to increased customer flows.
|
•
|
Securities services
revenues increased 3% due to increased volumes, assets under custody and overall client activity.
|
•
|
Revenues
increased 2%, primarily reflecting higher revenues in
Banking
(increase of 4%, 1% excluding the gains/(losses) on hedges on accrual loans) and in
Markets and securities services
(increase of 1%).
|
•
|
Investment banking
revenues increased 8%, reflecting gains in overall investment banking wallet share. Advisory revenues increased 19%, reflecting an improvement in wallet share, despite a contraction in the overall M&A market wallet. Equity underwriting revenues increased 45%, driven by improved wallet share and increased market activity, particularly initial public offerings. Debt underwriting revenues decreased 6%, primarily due to lower bond underwriting fees and a decline in wallet share during the year.
|
•
|
Treasury and trade solutions
revenues decreased 3%, as the ongoing impact of spread compression globally was partially offset by higher balances and fee growth. Average deposits increased 7% and average trade loans increased 22%, including the impact of the consolidation of approximately $7 billion of trade loans during the second quarter of 2013.
|
•
|
Corporate lending
revenues increased 40%. Excluding the impact of gains/(losses) on hedges on accrual loans, revenues decreased 4%, primarily due to increased hedge premium costs and moderately lower loan balances, partially offset by higher spreads.
|
•
|
Private bank
revenues increased 4%, with growth across all regions and products, particularly in managed investments, where growth reflected both higher client assets under management and increased placement fees, as well as in capital markets. Revenue growth in lending and deposits, primarily driven by growth in client volumes, was partially offset by continued spread compression.
|
•
|
Fixed income markets
revenues decreased 7%, primarily reflecting industry-wide weakness in rates and currencies, partially offset by strong performance in credit-related and securitized products and commodities. Rates and currencies performance was lower compared to a strong 2012 that benefited from increased client revenues and a more liquid market environment, particularly in
EMEA
. 2013 results also reflected a general slowdown in client activity exacerbated by uncertainty around the tapering of
|
•
|
Equity markets
revenues increased 24%, primarily due to market share gains, continued improvement in cash and derivative trading performance and a more favorable market environment.
|
•
|
Securities services
revenues increased 3%, as settlement volumes increased 15% and assets under custody increased 8%, partially offset by spread compression related to deposits.
|
In millions of dollars
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Net interest revenue
|
$
|
(222
|
)
|
$
|
(609
|
)
|
$
|
(576
|
)
|
64
|
%
|
(6
|
)%
|
Non-interest revenue
|
269
|
|
730
|
|
704
|
|
(63
|
)
|
4
|
|
|||
Total revenues, net of interest expense
|
$
|
47
|
|
$
|
121
|
|
$
|
128
|
|
(61
|
)%
|
(5
|
)%
|
Total operating expenses
|
$
|
6,099
|
|
$
|
1,033
|
|
$
|
2,270
|
|
NM
|
|
(54
|
)%
|
Provisions for loan losses and for benefits and claims
|
—
|
|
—
|
|
(1
|
)
|
—
|
%
|
100
|
|
|||
Loss from continuing operations before taxes
|
$
|
(6,052
|
)
|
$
|
(912
|
)
|
$
|
(2,141
|
)
|
NM
|
|
57
|
%
|
Benefits for income taxes
|
(459
|
)
|
(282
|
)
|
(1,093
|
)
|
(63
|
)%
|
74
|
|
|||
Loss from continuing operations
|
$
|
(5,593
|
)
|
$
|
(630
|
)
|
$
|
(1,048
|
)
|
NM
|
|
40
|
%
|
Income (loss) from discontinued operations, net of taxes
|
(2
|
)
|
270
|
|
(58
|
)
|
NM
|
|
NM
|
|
|||
Net loss before attribution of noncontrolling interests
|
$
|
(5,595
|
)
|
$
|
(360
|
)
|
$
|
(1,106
|
)
|
NM
|
|
67
|
%
|
Noncontrolling interests
|
44
|
|
84
|
|
85
|
|
(48
|
)%
|
(1
|
)
|
|||
Net loss
|
$
|
(5,639
|
)
|
$
|
(444
|
)
|
$
|
(1,191
|
)
|
NM
|
|
63
|
%
|
In millions of dollars, except as otherwise noted
|
2014
|
2013
|
2012
|
% Change
2014 vs. 2013 |
% Change
2013 vs. 2012 |
||||||||
Net interest revenue
|
$
|
3,541
|
|
$
|
3,184
|
|
$
|
2,619
|
|
11
|
%
|
22
|
%
|
Non-interest revenue
|
2,274
|
|
1,382
|
|
(3,424
|
)
|
65
|
|
NM
|
|
|||
Total revenues, net of interest expense
|
$
|
5,815
|
|
$
|
4,566
|
|
$
|
(805
|
)
|
27
|
%
|
NM
|
|
Provisions for credit losses and for benefits and claims
|
|
|
|
|
|
|
|||||||
Net credit losses
|
$
|
1,646
|
|
$
|
3,070
|
|
$
|
5,842
|
|
(46
|
)%
|
(47
|
)%
|
Credit reserve release
|
(893
|
)
|
(2,033
|
)
|
(1,551
|
)
|
56
|
|
(31
|
)
|
|||
Provision for loan losses
|
$
|
753
|
|
$
|
1,037
|
|
$
|
4,291
|
|
(27
|
)%
|
(76
|
)%
|
Provision for benefits and claims
|
602
|
|
618
|
|
651
|
|
(3
|
)
|
(5
|
)
|
|||
Release for unfunded lending commitments
|
(10
|
)
|
(10
|
)
|
(56
|
)
|
—
|
|
82
|
|
|||
Total provisions for credit losses and for benefits and claims
|
$
|
1,345
|
|
$
|
1,645
|
|
$
|
4,886
|
|
(18
|
)%
|
(66
|
)%
|
Total operating expenses
|
$
|
7,715
|
|
$
|
5,970
|
|
$
|
5,263
|
|
29
|
%
|
13
|
%
|
Loss from continuing operations before taxes
|
$
|
(3,245
|
)
|
$
|
(3,049
|
)
|
$
|
(10,954
|
)
|
(6
|
)%
|
72
|
%
|
Income taxes (benefits)
|
121
|
|
(1,132
|
)
|
(4,389
|
)
|
NM
|
|
74
|
|
|||
Loss from continuing operations
|
$
|
(3,366
|
)
|
$
|
(1,917
|
)
|
$
|
(6,565
|
)
|
(76
|
)%
|
71
|
%
|
Noncontrolling interests
|
$
|
4
|
|
$
|
16
|
|
$
|
3
|
|
(75
|
)%
|
NM
|
|
Citi Holdings net loss
|
$
|
(3,370
|
)
|
$
|
(1,933
|
)
|
$
|
(6,568
|
)
|
(74
|
)%
|
71
|
%
|
Total revenues, net of interest expense (excluding CVA/DVA)
|
|
|
|
|
|
|
|||||||
Total revenues-as reported
|
$
|
5,815
|
|
$
|
4,566
|
|
$
|
(805
|
)
|
27
|
%
|
NM
|
|
CVA/DVA
(1)
|
(47
|
)
|
3
|
|
157
|
|
NM
|
|
(98
|
)%
|
|||
Total revenues-excluding CVA/DVA
|
$
|
5,862
|
|
$
|
4,563
|
|
$
|
(962
|
)
|
28
|
%
|
NM
|
|
Balance sheet data
(in billions of dollars)
|
|
|
|
|
|
|
|||||||
Average assets
|
$
|
109
|
|
$
|
135
|
|
$
|
194
|
|
(19
|
)%
|
(30
|
)%
|
Return on average assets
|
(3.09
|
)%
|
(1.43
|
)%
|
(3.39
|
)%
|
|
|
|
||||
Efficiency ratio
|
133
|
%
|
131
|
%
|
(654
|
)%
|
|
|
|
||||
Total EOP assets
|
$
|
98
|
|
$
|
117
|
|
$
|
156
|
|
(16
|
)
|
(25
|
)
|
Total EOP loans
|
73
|
|
93
|
|
116
|
|
(21
|
)
|
(20
|
)
|
|||
Total EOP deposits
|
10
|
|
36
|
|
68
|
|
(72
|
)
|
(47
|
)
|
(1)
|
2014 includes the impact of a one-time pretax charge of $44 million related to the implementation of funding valuation adjustments (FVA) on derivatives in the third quarter of 2014. For additional information, see Note
25
to the Consolidated Financial Statements. FVA is included within CVA for presentation purposes.
|
In billions of dollars
|
Dec. 31, 2014
|
September 30,
2014 |
Dec. 31, 2013
|
EOP
4Q14 vs. 3Q14
Increase
(decrease)
|
%
Change
|
EOP
4Q14 vs. 4Q13
Increase
(decrease)
|
%
Change
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||||||
Cash and deposits with banks
|
$
|
160
|
|
$
|
179
|
|
$
|
199
|
|
$
|
(19
|
)
|
(11
|
)%
|
$
|
(39
|
)
|
(20
|
)%
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
243
|
|
245
|
|
257
|
|
(2
|
)
|
(1
|
)
|
(14
|
)
|
(5
|
)
|
|||||
Trading account assets
|
297
|
|
291
|
|
286
|
|
6
|
|
2
|
|
11
|
|
4
|
|
|||||
Investments
|
333
|
|
333
|
|
309
|
|
—
|
|
—
|
|
24
|
|
8
|
|
|||||
Loans, net of unearned income
|
645
|
|
654
|
|
665
|
|
(9
|
)
|
(1
|
)
|
(20
|
)
|
(3
|
)
|
|||||
Allowance for loan losses
|
(16
|
)
|
(17
|
)
|
(19
|
)
|
1
|
|
(6
|
)
|
3
|
|
(16
|
)
|
|||||
Loans, net
|
629
|
|
637
|
|
646
|
|
(8
|
)
|
(1
|
)
|
(17
|
)
|
(3
|
)
|
|||||
Other assets
|
181
|
|
198
|
|
183
|
|
(17
|
)
|
(9
|
)
|
(2
|
)
|
(1
|
)
|
|||||
Total assets
|
$
|
1,843
|
|
$
|
1,883
|
|
$
|
1,880
|
|
$
|
(40
|
)
|
(2
|
)%
|
$
|
(37
|
)
|
(2
|
)%
|
Liabilities
|
|
|
|
|
|
|
|
||||||||||||
Deposits
|
$
|
899
|
|
$
|
943
|
|
$
|
968
|
|
$
|
(44
|
)
|
(5
|
)%
|
$
|
(69
|
)
|
(7
|
)%
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
173
|
|
176
|
|
204
|
|
(3
|
)
|
(2
|
)
|
(31
|
)
|
(15
|
)
|
|||||
Trading account liabilities
|
139
|
|
137
|
|
109
|
|
2
|
|
1
|
|
30
|
|
28
|
|
|||||
Short-term borrowings
|
58
|
|
65
|
|
59
|
|
(7
|
)
|
(11
|
)
|
(1
|
)
|
(2
|
)
|
|||||
Long-term debt
|
223
|
|
224
|
|
221
|
|
(1
|
)
|
—
|
|
2
|
|
1
|
|
|||||
Other liabilities
|
139
|
|
124
|
|
113
|
|
15
|
|
12
|
|
26
|
|
23
|
|
|||||
Total liabilities
|
$
|
1,631
|
|
$
|
1,669
|
|
$
|
1,674
|
|
$
|
(38
|
)
|
(2
|
)%
|
$
|
(43
|
)
|
(3
|
)%
|
Total equity
|
212
|
|
214
|
|
206
|
|
(2
|
)
|
(1
|
)
|
6
|
|
3
|
|
|||||
Total liabilities and equity
|
$
|
1,843
|
|
$
|
1,883
|
|
$
|
1,880
|
|
$
|
(40
|
)
|
(2
|
)%
|
$
|
(37
|
)
|
(2
|
)%
|
In millions of dollars
|
Global
Consumer
Banking
|
Institutional
Clients
Group
|
Corporate/Other
and
Consolidating
Eliminations
(2)
|
Subtotal
Citicorp
|
Citi
Holdings
|
Citigroup
Parent
Company-
Issued
Long-Term
Debt and
Stockholders’
Equity
(3)
|
Total
Citigroup
Consolidated
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||||||||
Cash and deposits with banks
|
$
|
17,192
|
|
$
|
62,245
|
|
$
|
79,701
|
|
$
|
159,138
|
|
$
|
1,059
|
|
$
|
—
|
|
$
|
160,197
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
5,317
|
|
236,211
|
|
—
|
|
241,528
|
|
1,042
|
|
—
|
|
242,570
|
|
|||||||
Trading account assets
|
7,328
|
|
284,922
|
|
754
|
|
293,004
|
|
3,782
|
|
—
|
|
296,786
|
|
|||||||
Investments
|
26,395
|
|
90,434
|
|
205,805
|
|
322,634
|
|
10,809
|
|
—
|
|
333,443
|
|
|||||||
Loans, net of unearned income and
|
|
|
|
|
|
|
|
||||||||||||||
allowance for loan losses
|
287,934
|
|
272,002
|
|
—
|
|
559,936
|
|
68,705
|
|
—
|
|
628,641
|
|
|||||||
Other assets
|
51,885
|
|
74,259
|
|
42,284
|
|
168,428
|
|
12,465
|
|
—
|
|
180,893
|
|
|||||||
Total assets
|
$
|
396,051
|
|
$
|
1,020,073
|
|
$
|
328,544
|
|
$
|
1,744,668
|
|
$
|
97,862
|
|
$
|
—
|
|
$
|
1,842,530
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
||||||||||||||
Total deposits
(4)
|
$
|
307,626
|
|
$
|
558,926
|
|
$
|
22,803
|
|
$
|
889,355
|
|
$
|
9,977
|
|
$
|
—
|
|
$
|
899,332
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
5,826
|
|
167,500
|
|
—
|
|
173,326
|
|
112
|
|
—
|
|
173,438
|
|
|||||||
Trading account liabilities
|
19
|
|
138,195
|
|
—
|
|
138,214
|
|
822
|
|
—
|
|
139,036
|
|
|||||||
Short-term borrowings
|
396
|
|
46,664
|
|
11,229
|
|
58,289
|
|
46
|
|
—
|
|
58,335
|
|
|||||||
Long-term debt
|
1,939
|
|
35,411
|
|
29,349
|
|
66,699
|
|
6,869
|
|
149,512
|
|
223,080
|
|
|||||||
Other liabilities
|
39,210
|
|
74,353
|
|
15,181
|
|
128,744
|
|
8,520
|
|
—
|
|
137,264
|
|
|||||||
Net inter-segment funding (lending)
|
41,035
|
|
(976
|
)
|
248,471
|
|
288,530
|
|
71,516
|
|
(360,046
|
)
|
—
|
|
|||||||
Total liabilities
|
$
|
396,051
|
|
$
|
1,020,073
|
|
$
|
327,033
|
|
$
|
1,743,157
|
|
$
|
97,862
|
|
$
|
(210,534
|
)
|
$
|
1,630,485
|
|
Total equity
|
—
|
|
—
|
|
1,511
|
|
1,511
|
|
—
|
|
210,534
|
|
212,045
|
|
|||||||
Total liabilities and equity
|
$
|
396,051
|
|
$
|
1,020,073
|
|
$
|
328,544
|
|
$
|
1,744,668
|
|
$
|
97,862
|
|
$
|
—
|
|
$
|
1,842,530
|
|
(1)
|
The supplemental information presented in the table above reflects Citigroup’s consolidated GAAP balance sheet by reporting segment as of
December 31, 2014
. The respective segment information depicts the assets and liabilities managed by each segment as of such date. While this presentation is not defined by GAAP, Citi believes that these non-GAAP financial measures enhance investors’ understanding of the balance sheet components managed by the underlying business segments, as well as the beneficial inter-relationships of the asset and liability dynamics of the balance sheet components among Citi’s business segments.
|
(2)
|
Consolidating eliminations for total Citigroup and Citigroup parent company assets and liabilities are recorded within the
Corporate/Other
segment.
|
(3)
|
The total stockholders’ equity and the majority of long-term debt of Citigroup reside in the Citigroup parent company Consolidated Balance Sheet. Citigroup allocates stockholders’ equity and long-term debt to its businesses through inter-segment allocations as shown above.
|
(4)
|
Reflects reclassification of approximately $21 billion of deposits to held-for-sale (
Other liabilities)
at December 31, 2014 as a result of the agreement to sell Citi’s retail banking business in Japan.
|
•
|
purchasing or retaining residual and other interests in unconsolidated special purpose entities, such as credit card receivables and mortgage-backed and other asset-backed securitization entities;
|
•
|
holding senior and subordinated debt, interests in limited and general partnerships and equity interests in other unconsolidated special purpose entities;
|
•
|
providing guarantees, indemnifications, loan commitments, letters of credit and representations and warranties; and
|
•
|
entering into operating leases for property and equipment.
|
Variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEs
|
See Note 22 to the Consolidated Financial Statements.
|
Letters of credit, and lending and other commitments
|
See Note 27 to the Consolidated Financial Statements.
|
Guarantees
|
See Note 27 to the Consolidated Financial Statements.
|
Leases
|
See Note 27 to the Consolidated Financial Statements.
|
|
Contractual obligations by year
|
|
|||||||||||||||||||
In millions of dollars
|
2015
|
2016
|
2017
|
2018
|
2019
|
Thereafter
|
Total
|
||||||||||||||
Long-term debt obligations—principal
(1)
|
$
|
31,070
|
|
$
|
42,128
|
|
$
|
40,249
|
|
$
|
22,017
|
|
$
|
22,117
|
|
$
|
65,499
|
|
$
|
223,080
|
|
Long-term debt obligations—interest payments
(2)
|
6,932
|
|
5,710
|
|
4,334
|
|
3,294
|
|
2,557
|
|
33,895
|
|
56,722
|
|
|||||||
Operating and capital lease obligations
|
1,415
|
|
1,192
|
|
964
|
|
771
|
|
679
|
|
4,994
|
|
10,015
|
|
|||||||
Purchase obligations
(3)
|
1,245
|
|
676
|
|
657
|
|
408
|
|
188
|
|
223
|
|
3,397
|
|
|||||||
Other liabilities
(4)
|
31,120
|
|
693
|
|
955
|
|
264
|
|
213
|
|
4,282
|
|
37,527
|
|
|||||||
Total
|
$
|
71,782
|
|
$
|
50,399
|
|
$
|
47,159
|
|
$
|
26,754
|
|
$
|
25,754
|
|
$
|
108,893
|
|
$
|
330,741
|
|
(1)
|
For additional information about long-term debt obligations, see “Managing Global Risk—Market Risk—Funding and Liquidity” below and Note 18 to the Consolidated Financial Statements.
|
(2)
|
Contractual obligations related to interest payments on long-term debt for 2015—2019 are calculated by applying the December 31, 2014 weighted- average interest rate (3.34%) on average outstanding long-term debt to the average remaining contractual obligations on long-term debt for each of those years. The “Thereafter” interest payments on long-term debt for the remaining years to maturity (for 2020—2098) are calculated by applying interest rates on the remaining contractual obligations on long-term debt for each of those years.
|
(3)
|
Purchase obligations consist of obligations to purchase goods or services that are enforceable and legally binding on Citi. For presentation purposes, purchase obligations are included in the table above through the termination date of the respective agreements, even if the contract is renewable. Many of the purchase agreements for goods or services include clauses that would allow Citi to cancel the agreement with specified notice; however, that impact is not included in the table above (unless Citi has already notified the counterparty of its intention to terminate the agreement).
|
(4)
|
Other liabilities
reflected on Citigroup’s Consolidated Balance Sheet includes accounts payable, accrued expenses, uncertain tax positions and other liabilities that have been incurred and will ultimately be paid in cash; legal reserve accruals are not included in the table above. Also includes discretionary contributions in 2015 for Citi’s non-U.S. pension plans and the non-U.S. postretirement plans, as well as employee benefit obligations accounted for under SFAS 87 (ASC 715), SFAS 106 (ASC 715) and SFAS 112 (ASC 712).
|
Basel III Transition Arrangements: Minimum Risk-Based Capital Ratios
|
|
Basel III Transition Arrangements: Significant Regulatory Capital Adjustments and Deductions
|
|
January 1
|
|||||||||
|
2014
|
2015
|
2016
|
2017
|
2018
|
|||||
Phase-in of Significant Regulatory Capital Adjustments and Deductions
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Common Equity Tier 1 Capital
(1)
|
20
|
%
|
40
|
%
|
60
|
%
|
80
|
%
|
100
|
%
|
|
|
|
|
|
|
|||||
Common Equity Tier 1 Capital
(2)
|
20
|
%
|
40
|
%
|
60
|
%
|
80
|
%
|
100
|
%
|
Additional Tier 1 Capital
(2)(3)
|
80
|
%
|
60
|
%
|
40
|
%
|
20
|
%
|
0
|
%
|
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
|
|
|
|
|
|
|||||
Phase-out of Significant AOCI Regulatory Capital Adjustments
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Common Equity Tier 1 Capital
(4)
|
80
|
%
|
60
|
%
|
40
|
%
|
20
|
%
|
0
|
%
|
(1)
|
Includes the phase-in of Common Equity Tier 1 Capital deductions for all intangible assets other than goodwill and mortgage servicing rights (MSRs); and excess over 10%/15% limitations for deferred tax assets (DTAs) arising from temporary differences, significant common stock investments in unconsolidated financial institutions and MSRs. Goodwill (including goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions) is fully deducted in arriving at Common Equity Tier 1 Capital commencing January 1, 2014. The amount of other intangible assets, aside from MSRs, not deducted in arriving at Common Equity Tier 1 Capital are risk-weighted at 100%, as are the excess over the 10%/15% limitations for DTAs arising from temporary differences, significant common stock investments in unconsolidated financial institutions and MSRs prior to full implementation of the Final Basel III Rules. Upon full implementation, the amount of temporary difference DTAs, significant common stock investments in unconsolidated financial institutions and MSRs not deducted in arriving at Common Equity Tier 1 Capital are risk-weighted at 250%.
|
(2)
|
Includes the phase-in of Common Equity Tier 1 Capital deductions related to DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards and defined benefit pension plan net assets; and the phase-in of the Common Equity Tier 1 Capital adjustment for cumulative unrealized net gains (losses) related to changes in fair value of financial liabilities attributable to Citi’s own creditworthiness.
|
(3)
|
To the extent Additional Tier 1 Capital is not sufficient to absorb regulatory capital adjustments and deductions, such excess is to be applied against Common Equity Tier 1 Capital.
|
(4)
|
Includes the phase-out from Common Equity Tier 1 Capital of adjustments related to unrealized gains (losses) on available-for-sale (AFS) debt securities; unrealized gains on AFS equity securities; unrealized gains (losses) on held-to-maturity (HTM) securities included in AOCI; and defined benefit plans liability adjustment.
|
|
December 31, 2014
|
|
December 31, 2013
(1)
|
||||||||||
In millions of dollars, except ratios
|
Advanced Approaches
|
Standardized Approach
(2)
|
|
Advanced Approaches
|
Standardized Approach
(2)
|
||||||||
Common Equity Tier 1 Capital
|
$
|
166,984
|
|
$
|
166,984
|
|
|
$
|
157,473
|
|
$
|
157,473
|
|
Tier 1 Capital
|
166,984
|
|
166,984
|
|
|
157,473
|
|
157,473
|
|
||||
Total Capital (Tier 1 Capital + Tier 2 Capital)
(3)
|
185,280
|
|
196,379
|
|
|
176,748
|
|
187,374
|
|
||||
Risk-Weighted Assets
|
1,275,012
|
|
1,080,716
|
|
|
1,177,736
|
|
1,103,045
|
|
||||
Quarterly Adjusted Average Total Assets
(4)
|
1,849,297
|
|
1,849,297
|
|
|
1,830,896
|
|
1,830,896
|
|
||||
Common Equity Tier 1 Capital ratio
(5)
|
13.10
|
%
|
15.45
|
%
|
|
13.37
|
%
|
14.28
|
%
|
||||
Tier 1 Capital ratio
(5)
|
13.10
|
|
15.45
|
|
|
13.37
|
|
14.28
|
|
||||
Total Capital ratio
(5)
|
14.53
|
|
18.17
|
|
|
15.01
|
|
16.99
|
|
||||
Tier 1 Leverage ratio
|
9.03
|
|
9.03
|
|
|
8.60
|
|
8.60
|
|
(1)
|
Pro forma presentation based on application of the Final Basel III Rules consistent with current period presentation.
|
(2)
|
Basel III 2014 Standardized Approach which reflects the application of the Basel I credit risk and Basel II.5 market risk capital rules.
|
(3)
|
Under the Advanced Approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent the excess reserves do not exceed 0.6% of credit risk-weighted assets, which differs from the Standardized Approach in which the allowance for credit losses is includable in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets.
|
(4)
|
Tier 1 Leverage ratio denominator.
|
(5)
|
As of
December 31, 2014
and
December 31, 2013
, Citi’s reportable Common Equity Tier 1 Capital, Tier 1 Capital, and Total Capital ratios were the lower derived under the Basel III Advanced Approaches framework.
|
In millions of dollars
|
December 31,
2014 |
December 31,
2013
(1)
|
||||
Common Equity Tier 1 Capital
|
|
|
||||
Citigroup common stockholders’ equity
(2)
|
$
|
200,190
|
|
$
|
197,694
|
|
Add: Qualifying noncontrolling interests
|
539
|
|
597
|
|
||
Regulatory Capital Adjustments and Deductions:
|
|
|
||||
Less: Net unrealized gains (losses) on securities AFS, net of tax
(3)(4)
|
46
|
|
(1,312)
|
|
||
Less: Defined benefit plans liability adjustment, net of tax
(4)
|
(4,127)
|
|
(3,191)
|
|
||
Less: Accumulated net unrealized losses on cash flow hedges, net of tax
(5)
|
(909)
|
|
(1,245)
|
|
||
Less: Cumulative unrealized net gain related to changes in fair value of financial liabilities
attributable to own creditworthiness, net of tax
(4)(6)
|
56
|
|
35
|
|
||
Less: Intangible assets:
|
|
|
||||
Goodwill, net of related deferred tax liabilities (DTLs)
(7)
|
22,805
|
|
24,518
|
|
||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related
DTLs
(4)
|
875
|
|
990
|
|
||
Less: Defined benefit pension plan net assets
(4)
|
187
|
|
225
|
|
||
Less: Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general
business credit carry-forwards
(4)(8)
|
4,726
|
|
5,288
|
|
||
Less: Excess over 10%/15% limitations for other DTAs, certain common stock investments,
and MSRs
(4)(8)(9)
|
2,003
|
|
2,343
|
|
||
Less: Deductions applied to Common Equity Tier 1 Capital due to insufficient amount of Additional
Tier 1 Capital to cover deductions (4) |
8,083
|
|
13,167
|
|
||
Total Common Equity Tier 1 Capital
|
$
|
166,984
|
|
$
|
157,473
|
|
Additional Tier 1 Capital
|
|
|
||||
Qualifying perpetual preferred stock
(2)
|
$
|
10,344
|
|
$
|
6,645
|
|
Qualifying trust preferred securities
(10)
|
1,719
|
|
2,616
|
|
||
Qualifying noncontrolling interests
|
7
|
|
8
|
|
||
Regulatory Capital Adjustment and Deductions:
|
|
|
||||
Less: Cumulative unrealized net gain related to changes in fair value of financial liabilities
attributable to own creditworthiness, net of tax
(4)(6)
|
223
|
|
142
|
|
||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries
(11)
|
279
|
|
243
|
|
||
Less: Defined benefit pension plan net assets
(4)
|
749
|
|
900
|
|
||
Less: DTAs arising from net operating loss, foreign tax credit and general
business credit carry-forwards
(4)(8)
|
18,902
|
|
21,151
|
|
||
Less: Deductions applied to Common Equity Tier 1 Capital due to insufficient amount of Additional
Tier 1 Capital to cover deductions
(4)
|
(8,083)
|
|
(13,167)
|
|
||
Total Additional Tier 1 Capital
|
$
|
—
|
|
$
|
—
|
|
Total Tier 1 Capital (Common Equity Tier 1 Capital + Additional Tier 1 Capital)
|
$
|
166,984
|
|
$
|
157,473
|
|
Tier 2 Capital
|
|
|
||||
Qualifying subordinated debt
(12)
|
$
|
17,386
|
|
$
|
16,594
|
|
Qualifying trust preferred securities
(10)
|
—
|
|
1,242
|
|
||
Qualifying noncontrolling interests
|
12
|
|
13
|
|
||
Excess of eligible credit reserves over expected credit losses
(13)
|
1,177
|
|
1,669
|
|
||
Regulatory Capital Deduction:
|
|
|
||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries
(11)
|
279
|
|
243
|
|
||
Total Tier 2 Capital
|
$
|
18,296
|
|
$
|
19,275
|
|
Total Capital (Tier 1 Capital + Tier 2 Capital)
|
$
|
185,280
|
|
$
|
176,748
|
|
In millions of dollars
|
December 31,
2014 |
December 31,
2013
(14)
|
||||
Credit Risk
(15)
|
$
|
862,031
|
|
$
|
834,082
|
|
Market Risk
|
100,481
|
|
112,154
|
|
||
Operational Risk
(16)
|
312,500
|
|
231,500
|
|
||
Total Risk-Weighted Assets
|
$
|
1,275,012
|
|
$
|
1,177,736
|
|
(1)
|
Pro forma presentation of regulatory capital components and tiers based on application of the Final Basel III Rules consistent with current period presentation.
|
(2)
|
Issuance costs of $124 million and $93 million related to preferred stock outstanding at
December 31, 2014
and
December 31, 2013
, respectively, are excluded from common stockholders’ equity and netted against preferred stock in accordance with Federal Reserve Board regulatory reporting requirements, which differ from those under U.S. GAAP.
|
(3)
|
In addition, includes the net amount of unamortized loss on held-to-maturity (HTM) securities. This amount relates to securities that were previously transferred from AFS to HTM, and non-credit related factors such as changes in interest rates and liquidity spreads for HTM securities with other-than-temporary impairment.
|
(4)
|
The transition arrangements for significant regulatory capital adjustments and deductions impacting Common Equity Tier 1 Capital and/or Additional Tier 1 Capital are set forth above in the table entitled “Basel III Transition Arrangements: Significant Regulatory Capital Adjustments and Deductions.”
|
(5)
|
Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in AOCI that relate to the hedging of items not recognized at fair value on the balance sheet.
|
(6)
|
The cumulative impact of changes in Citigroup’s own creditworthiness in valuing liabilities for which the fair value option has been elected and own-credit valuation adjustments on derivatives are excluded from Common Equity Tier 1 Capital, in accordance with the Final Basel III Rules.
|
(7)
|
Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.
|
(8)
|
Of Citi’s approximately $49.5 billion of net DTAs at
December 31, 2014
, approximately $25.5 billion of such assets were includable in regulatory capital pursuant to the Final Basel III Rules, while approximately $24.0 billion of such assets were excluded in arriving at regulatory capital. Comprising the excluded net DTAs was an aggregate of approximately $25.6 billion of net DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards as well as temporary differences, of which $14.4 billion were deducted from Common Equity Tier 1 Capital and $11.2 billion were deducted from Additional Tier 1 Capital. In addition, approximately $1.6 billion of net DTLs, primarily consisting of DTLs associated with goodwill and certain other intangible assets, partially offset by DTAs related to cash flow hedges, are permitted to be excluded prior to deriving the amount of net DTAs subject to deduction under these rules. Separately, under the Final Basel III Rules, goodwill and these other intangible assets are deducted net of associated DTLs in arriving at Common Equity Tier 1 Capital, while Citi’s current cash flow hedges and the related deferred tax effects are not required to be reflected in regulatory capital.
|
(9)
|
Aside from MSRs, reflects DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions.
|
(10)
|
Represents Citigroup Capital XIII trust preferred securities, which are permanently grandfathered as Tier 1 Capital under the Final Basel III Rules, as well as 50% of non-grandfathered trust preferred securities. The remaining 50% of non-grandfathered trust preferred securities are eligible for inclusion in Tier 2 Capital during 2014 in accordance with the transition arrangements for non-qualifying capital instruments under the Final Basel III Rules.
|
(11)
|
50% of the minimum regulatory capital requirements of insurance underwriting subsidiaries must be deducted from each of Tier 1 Capital and Tier 2 Capital.
|
(12)
|
Under the transition arrangements of the Final Basel III Rules, non-qualifying subordinated debt issuances which consist of those with a fixed-to-floating rate step-up feature where the call/step-up date has not passed are eligible for 50% inclusion in Tier 2 Capital during 2014, with the threshold based upon the aggregate outstanding principal amounts of such issuances as of January 1, 2014.
|
(13)
|
Advanced Approaches banking organizations are permitted to include in Tier 2 Capital eligible credit reserves that exceed expected credit losses to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets.
|
(14)
|
Risk-weighted assets at December 31, 2013 are presented on a pro forma basis, assuming the application of the Final Basel III Rules consistent with current period presentation, including the resultant impact on credit risk-weighted assets.
|
(15)
|
Under the Final Basel III Rules, credit risk-weighted assets during the transition period reflect the effects of transitional arrangements related to regulatory capital adjustments and deductions and, as a result, will differ from credit risk-weighted assets derived under full implementation of the rules.
|
(16)
|
During 2014, Citi’s operational risk-weighted assets were increased by $81 billion, of which $56 billion was in conjunction with the granting of permission by the Federal Reserve Board to exit the parallel run period and commence applying the Basel III Advanced Approaches framework, effective with the second quarter of 2014. Further, an additional $25 billion was recognized during the last six months of 2014, reflecting an evaluation of ongoing events in the banking industry.
|
In millions of dollars
|
Three Months Ended
December 31, 2014 |
Twelve Months Ended
December 31, 2014 |
||||
Common Equity Tier 1 Capital
|
|
|
||||
Balance, beginning of period
(1)
|
$
|
166,425
|
|
$
|
157,473
|
|
Net income
|
350
|
|
7,313
|
|
||
Dividends declared
|
(190
|
)
|
(633
|
)
|
||
Net increase in treasury stock
|
(380
|
)
|
(1,232
|
)
|
||
Net increase in additional paid-in capital
(2)
|
229
|
|
778
|
|
||
Net increase in foreign currency translation adjustment net of hedges, net of tax
|
(2,716
|
)
|
(4,946
|
)
|
||
Net decrease in unrealized losses on securities AFS, net of tax
(3)
|
94
|
|
339
|
|
||
Net increase in defined benefit plans liability adjustment, net of tax
(3)
|
(213
|
)
|
(234
|
)
|
||
Net increase in cumulative unrealized net gain related to changes in fair value of
financial liabilities attributable to own creditworthiness, net of tax
|
(17
|
)
|
(21
|
)
|
||
Net decrease in goodwill, net of related deferred tax liabilities (DTLs)
|
873
|
|
1,713
|
|
||
Net change in other intangible assets other than mortgage servicing rights (MSRs),
net of related DTLs
|
(14
|
)
|
115
|
|
||
Net decrease in defined benefit pension plan net assets
|
49
|
|
38
|
|
||
Net decrease in deferred tax assets (DTAs) arising from net operating loss, foreign
tax credit and general business credit carry-forwards
|
205
|
|
562
|
|
||
Net change in excess over 10%/15% limitations for other DTAs, certain common stock
investments and MSRs
|
(88
|
)
|
340
|
|
||
Net decrease in regulatory capital deduction applied to Common Equity Tier 1 Capital
due to insufficient Additional Tier 1 Capital to cover deductions
|
2,402
|
|
5,084
|
|
||
Other
|
(25
|
)
|
295
|
|
||
Net increase in Common Equity Tier 1 Capital
|
$
|
559
|
|
$
|
9,511
|
|
Common Equity Tier 1 Capital Balance, end of period
|
$
|
166,984
|
|
$
|
166,984
|
|
Additional Tier 1 Capital
|
|
|
||||
Balance, beginning of period
(1)
|
$
|
—
|
|
$
|
—
|
|
Net increase in qualifying perpetual preferred stock
(4)
|
1,493
|
|
3,699
|
|
||
Net decrease in qualifying trust preferred securities
|
(7
|
)
|
(897
|
)
|
||
Net increase in cumulative unrealized net gain related to changes in fair value of
financial liabilities attributable to own creditworthiness, net of tax
|
(69
|
)
|
(81
|
)
|
||
Net decrease in defined benefit pension plan net assets
|
194
|
|
151
|
|
||
Net decrease in DTAs arising from net operating loss, foreign tax credit and general
business credit carry-forwards
|
822
|
|
2,249
|
|
||
Net decrease in regulatory capital deduction applied to Common Equity Tier 1 Capital
due to insufficient Additional Tier 1 Capital to cover deductions
|
(2,402
|
)
|
(5,084
|
)
|
||
Other
|
(31
|
)
|
(37
|
)
|
||
Net change in Additional Tier 1 Capital
|
$
|
—
|
|
$
|
—
|
|
Tier 1 Capital Balance, end of period
|
$
|
166,984
|
|
$
|
166,984
|
|
Tier 2 Capital
|
|
|
||||
Balance, beginning of period
(1)
|
$
|
18,382
|
|
$
|
19,275
|
|
Net increase in qualifying subordinated debt
|
401
|
|
792
|
|
||
Net decrease in qualifying trust preferred securities
|
—
|
|
(1,242
|
)
|
||
Net decrease in excess of eligible credit reserves over expected credit losses
|
(456
|
)
|
(492
|
)
|
||
Other
|
(31
|
)
|
(37
|
)
|
||
Net decrease in Tier 2 Capital
|
$
|
(86
|
)
|
$
|
(979
|
)
|
Tier 2 Capital Balance, end of period
|
$
|
18,296
|
|
$
|
18,296
|
|
Total Capital (Tier 1 Capital + Tier 2 Capital)
|
$
|
185,280
|
|
$
|
185,280
|
|
(1)
|
Pro forma presentation based on application of the Final Basel III Rules consistent with current period presentation.
|
(2)
|
Primarily represents an increase in additional paid-in capital related to employee benefit plans.
|
(3)
|
Presented net of impact of transition arrangements related to unrealized losses on securities AFS and defined benefit plans liability adjustment under the Final Basel III Rules.
|
(4)
|
Citi issued approximately $3.7 billion and approximately $1.5 billion of qualifying perpetual preferred stock during the twelve months and three months ended
December 31, 2014
, respectively, which were partially offset by the netting of issuance costs of $31 million and $7 million during those periods.
|
In millions of dollars
|
Three Months Ended
December 31, 2014 |
Twelve Months Ended
December 31, 2014 (1) |
||||
Total Risk-Weighted Assets, beginning of period
|
$
|
1,282,986
|
|
$
|
1,103,045
|
|
Impact of adoption of Basel III Advanced Approaches
(2)
|
—
|
|
74,691
|
|
||
Changes in Credit Risk-Weighted Assets
|
|
|
||||
Net change in retail exposures
(3)
|
5,222
|
|
(29,820
|
)
|
||
Net change in wholesale exposures
(4)
|
(9,316
|
)
|
31,698
|
|
||
Net change in repo-style transactions
|
(444
|
)
|
4,483
|
|
||
Net change in securitization exposures
|
(166
|
)
|
2,470
|
|
||
Net decrease in equity exposures
|
(893
|
)
|
(1,605
|
)
|
||
Net change in over-the-counter (OTC) derivatives
(5)
|
(10,158
|
)
|
9,148
|
|
||
Net increase in derivatives CVA
|
1,834
|
|
4,544
|
|
||
Net change in other
(6)
|
(5,004
|
)
|
5,706
|
|
||
Net change in supervisory 6% multiplier
(7)
|
(1,245
|
)
|
1,325
|
|
||
Net change in Credit Risk-Weighted Assets
|
$
|
(20,170
|
)
|
$
|
27,949
|
|
|
|
|
||||
Changes in Market Risk-Weighted Assets
|
|
|
||||
Net change in risk levels
(8)
|
$
|
650
|
|
$
|
(17,803
|
)
|
Net change due to model and methodology updates
|
(954
|
)
|
6,130
|
|
||
Net decrease in Market Risk-Weighted Assets
|
$
|
(304
|
)
|
$
|
(11,673
|
)
|
Net increase in Operational Risk-Weighted Assets
(9)
|
$
|
12,500
|
|
$
|
81,000
|
|
Total Risk-Weighted Assets, end of period
|
$
|
1,275,012
|
|
$
|
1,275,012
|
|
(1)
|
Total risk-weighted assets at the beginning of the period (i.e., as of December 31, 2013) are presented on a pro forma basis to reflect application of the Final Basel III Rules related to the effect of transition arrangements on regulatory capital components, consistent with current period presentation.
|
(3)
|
Retail exposures decreased from year-end 2013, driven by reduction in loans and commitments, sale of consumer businesses in Spain and Greece and the impact of FX translation, offset by enhancements to credit risk models.
|
(4)
|
Wholesale exposures decreased from September 30, 2014, driven by model parameter updates and reductions in loans and commitments. The increase from year-end 2013 was driven by enhancements to credit risk models.
|
(5)
|
OTC derivatives decreased from September 30, 2014, driven by model parameter updates. The increase from year-end 2013 was largely due to enhancements to credit risk models, partially offset by model parameter updates.
|
(6)
|
Other includes cleared transactions, unsettled transactions, assets other than those reportable in specific exposure categories and non-material portfolios of exposures.
|
(7)
|
Supervisory 6% multiplier does not apply to derivatives CVA.
|
(8)
|
Market risk-weighted assets risk levels decreased from year-end 2013 driven by movement in securitization positions from trading book to banking book, as well as reductions in inventory positions.
|
|
December 31, 2014
|
|
December 31, 2013
(1)
|
||||||||||
In millions of dollars, except ratios
|
Advanced Approaches
|
Standardized Approach
(2)
|
|
Advanced Approaches
|
Standardized Approach
(2)
|
||||||||
Common Equity Tier 1 Capital
|
$
|
129,135
|
|
$
|
129,135
|
|
|
$
|
128,317
|
|
$
|
128,317
|
|
Tier 1 Capital
|
129,135
|
|
129,135
|
|
|
128,317
|
|
128,317
|
|
||||
Total Capital (Tier 1 Capital + Tier 2 Capital)
(3)
|
140,119
|
|
150,215
|
|
|
137,277
|
|
146,267
|
|
||||
Risk-Weighted Assets
|
946,333
|
|
906,250
|
|
|
893,390
|
|
910,553
|
|
||||
Quarterly Adjusted Average Total Assets
(4)
|
1,367,444
|
|
1,367,444
|
|
|
1,321,440
|
|
1,321,440
|
|
||||
Common Equity Tier 1 Capital ratio
(5)
|
13.65
|
%
|
14.25
|
%
|
|
14.36
|
%
|
14.09
|
%
|
||||
Tier 1 Capital ratio
(5)
|
13.65
|
|
14.25
|
|
|
14.36
|
|
14.09
|
|
||||
Total Capital ratio
(5)
|
14.81
|
|
16.58
|
|
|
15.37
|
|
16.06
|
|
||||
Tier 1 Leverage ratio
|
9.44
|
|
9.44
|
|
|
9.71
|
|
9.71
|
|
(1)
|
Pro forma presentation based on application of the Final Basel III Rules consistent with current period presentation.
|
(2)
|
Basel III 2014 Standardized Approach which reflects the application of the Basel I credit risk and Basel II.5 market risk capital rules.
|
(3)
|
Under the Advanced Approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent the excess reserves do not exceed 0.6% of credit risk-weighted assets, which differs from the Standardized Approach in which the allowance for credit losses is includable in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets.
|
(4)
|
Tier 1 Leverage ratio denominator.
|
(5)
|
As of
December 31, 2014
, Citibank, N.A.’s reportable Common Equity Tier 1 Capital, Tier 1 Capital, and Total Capital ratios were the lower derived under the Basel III Advanced Approaches. As of
December 31, 2013
, Citibank, N.A.’s reportable Common Equity Tier 1 Capital and Tier 1 Capital ratios were the lower derived under the Basel III 2014 Standardized Approach (Basel I credit risk and Basel II.5 market risk capital rules), whereas the reportable Total Capital ratio was the lower derived under the Advanced Approaches framework.
|
|
Common Equity
Tier 1 Capital ratio
|
Tier 1 Capital ratio
|
Total Capital ratio
|
Tier 1 Leverage ratio
|
||||
|
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
|
Impact of
$100 million
change in
Tier 1
Capital
|
Impact of
$1 billion
change in
quarterly adjusted
average total
assets
|
Citigroup
|
|
|
|
|
|
|
|
|
Advanced Approaches
|
0.8 bps
|
1.0 bps
|
0.8 bps
|
1.0 bps
|
0.8 bps
|
1.1 bps
|
0.5 bps
|
0.5 bps
|
Standardized Approach
(1)
|
0.9 bps
|
1.4 bps
|
0.9 bps
|
1.4 bps
|
0.9 bps
|
1.7 bps
|
0.5 bps
|
0.5 bps
|
Citibank, N.A.
|
|
|
|
|
|
|
|
|
Advanced Approaches
|
1.1 bps
|
1.4 bps
|
1.1 bps
|
1.4 bps
|
1.1 bps
|
1.6 bps
|
0.7 bps
|
0.7 bps
|
Standardized Approach
(1)
|
1.1 bps
|
1.6 bps
|
1.1 bps
|
1.6 bps
|
1.1 bps
|
1.8 bps
|
0.7 bps
|
0.7 bps
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||
In millions of dollars, except ratios
|
Advanced Approaches
|
Standardized Approach
(1)
|
|
Advanced Approaches
|
Standardized Approach
(1)
|
||||||||
Common Equity Tier 1 Capital
|
$
|
136,806
|
|
$
|
136,806
|
|
|
$
|
125,597
|
|
$
|
125,597
|
|
Tier 1 Capital
|
148,275
|
|
148,275
|
|
|
133,412
|
|
133,412
|
|
||||
Total Capital (Tier 1 Capital + Tier 2 Capital)
(2)
|
165,663
|
|
178,625
|
|
|
150,049
|
|
161,782
|
|
||||
Risk-Weighted Assets
|
1,292,878
|
|
1,228,748
|
|
|
1,185,766
|
|
1,176,886
|
|
||||
Quarterly Adjusted Average Total Assets
(3)
|
1,835,497
|
|
1,835,497
|
|
|
1,814,368
|
|
1,814,368
|
|
||||
Common Equity Tier 1 Capital ratio
(4)(5)
|
10.58
|
%
|
11.13
|
%
|
|
10.59
|
%
|
10.67
|
%
|
||||
Tier 1 Capital ratio
(4)(5)
|
11.47
|
|
12.07
|
|
|
11.25
|
|
11.34
|
|
||||
Total Capital ratio
(4)(5)
|
12.81
|
|
14.54
|
|
|
12.65
|
|
13.75
|
|
||||
Tier 1 Leverage ratio
(5)
|
8.08
|
|
8.08
|
|
|
7.35
|
|
7.35
|
|
(2)
|
Under the Advanced Approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent the excess reserves do not exceed 0.6% of credit risk-weighted assets, which differs from the Standardized Approach in which the allowance for credit losses is includable in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets.
|
In millions of dollars
|
December 31,
2014 |
December 31, 2013
|
||||
Common Equity Tier 1 Capital
|
|
|
||||
Citigroup common stockholders’ equity
(1)
|
$
|
200,190
|
|
$
|
197,694
|
|
Add: Qualifying noncontrolling interests
|
165
|
|
182
|
|
||
Regulatory Capital Adjustments and Deductions:
|
|
|
||||
Less: Accumulated net unrealized losses on cash flow hedges, net of tax
(2)
|
(909
|
)
|
(1,245
|
)
|
||
Less: Cumulative unrealized net gain related to changes in fair value of financial liabilities
attributable to own creditworthiness, net of tax
(3)
|
279
|
|
177
|
|
||
Less: Intangible assets:
|
|
|
||||
Goodwill, net of related deferred tax liabilities (DTLs)
(4)
|
22,805
|
|
24,518
|
|
||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs
|
4,373
|
|
4,950
|
|
||
Less: Defined benefit pension plan net assets
|
936
|
|
1,125
|
|
||
Less: Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general
business credit carry-forwards
(5)
|
23,628
|
|
26,439
|
|
||
Less: Excess over 10%/15% limitations for other DTAs, certain common stock investments,
and MSRs
(5)(6)
|
12,437
|
|
16,315
|
|
||
Total Common Equity Tier 1 Capital
|
$
|
136,806
|
|
$
|
125,597
|
|
Additional Tier 1 Capital
|
|
|
||||
Qualifying perpetual preferred stock
(1)
|
$
|
10,344
|
|
$
|
6,645
|
|
Qualifying trust preferred securities
(7)
|
1,369
|
|
1,374
|
|
||
Qualifying noncontrolling interests
|
35
|
|
39
|
|
||
Regulatory Capital Deduction:
|
|
|
||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries
(8)
|
279
|
|
243
|
|
||
Total Additional Tier 1 Capital
|
$
|
11,469
|
|
$
|
7,815
|
|
Total Tier 1 Capital (Common Equity Tier 1 Capital + Additional Tier 1 Capital)
|
$
|
148,275
|
|
$
|
133,412
|
|
Tier 2 Capital
|
|
|
||||
Qualifying subordinated debt
(9)
|
$
|
16,094
|
|
$
|
14,414
|
|
Qualifying trust preferred securities
(10)
|
350
|
|
745
|
|
||
Qualifying noncontrolling interests
|
46
|
|
52
|
|
||
Excess of eligible credit reserves over expected credit losses
(11)
|
1,177
|
|
1,669
|
|
||
Regulatory Capital Deduction:
|
|
|
||||
Less: Minimum regulatory capital requirements of insurance underwriting subsidiaries
(8)
|
279
|
|
243
|
|
||
Total Tier 2 Capital
|
$
|
17,388
|
|
$
|
16,637
|
|
Total Capital (Tier 1 Capital + Tier 2 Capital)
(12)
|
$
|
165,663
|
|
$
|
150,049
|
|
(1)
|
Issuance costs of $124 million and $93 million related to preferred stock outstanding at
December 31, 2014
and
December 31, 2013
, respectively, are excluded from common stockholders’ equity and netted against preferred stock in accordance with Federal Reserve Board regulatory reporting requirements, which differ from those under U.S. GAAP.
|
(2)
|
Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in AOCI that relate to the hedging of items not recognized at fair value on the balance sheet.
|
(3)
|
The cumulative impact of changes in Citigroup’s own creditworthiness in valuing liabilities for which the fair value option has been elected and own-credit valuation adjustments on derivatives are excluded from Common Equity Tier 1 Capital, in accordance with the Final Basel III Rules.
|
(4)
|
Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.
|
(5)
|
Of Citi’s approximately $49.5 billion of net DTAs at
December 31, 2014
, approximately $15.2 billion of such assets were includable in regulatory capital pursuant to the Final Basel III Rules, while approximately $34.3 billion of such assets were excluded in arriving at Common Equity Tier 1 Capital. Comprising the excluded net DTAs was an aggregate of approximately $35.9 billion of net DTAs arising from net operating loss, foreign tax credit and general business credit carry-forwards as well as temporary differences that were deducted from Common Equity Tier 1 Capital. In addition, approximately $1.6 billion of net DTLs, primarily consisting of DTLs associated with goodwill and certain other intangible assets, partially offset by DTAs related to cash flow hedges, are permitted to be excluded prior to deriving the amount of net DTAs subject to deduction under these rules. Separately, under the Final Basel III Rules, goodwill and these other intangible assets are deducted net of associated DTLs in arriving at Common Equity Tier 1 Capital, while Citi’s current cash flow hedges and the related deferred tax effects are not required to be reflected in regulatory capital.
|
(6)
|
Aside from MSRs, reflects DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions.
|
(7)
|
Represents Citigroup Capital XIII trust preferred securities, which are permanently grandfathered as Tier 1 Capital under the Final Basel III Rules.
|
(8)
|
50% of the minimum regulatory capital requirements of insurance underwriting subsidiaries must be deducted from each of Tier 1 Capital and Tier 2 Capital.
|
(9)
|
Non-qualifying subordinated debt issuances which consist of those with a fixed-to-floating rate step-up feature where the call/step-up date has not passed are excluded from Tier 2 Capital.
|
(10)
|
Represents the amount of non-grandfathered trust preferred securities eligible for inclusion in Tier 2 Capital under the Final Basel III Rules, which will be fully phased-out of Tier 2 Capital by January 1, 2022.
|
(11)
|
Advanced Approaches banking organizations are permitted to include in Tier 2 Capital eligible credit reserves that exceed expected credit losses to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets.
|
(12)
|
Total Capital as calculated under Advanced Approaches, which differs from the Standardized Approach in the treatment of the amount of eligible credit reserves includable in Tier 2 Capital.
|
In millions of dollars
|
Three Months Ended
December 31, 2014 |
Twelve Months Ended
December 31, 2014 |
||||
Common Equity Tier 1 Capital
|
|
|
||||
Balance, beginning of period
|
$
|
138,762
|
|
$
|
125,597
|
|
Net income
|
350
|
|
7,313
|
|
||
Dividends declared
|
(190
|
)
|
(633
|
)
|
||
Net increase in treasury stock
|
(380
|
)
|
(1,232
|
)
|
||
Net increase in additional paid-in capital
(1)
|
229
|
|
778
|
|
||
Net increase in foreign currency translation adjustment net of hedges, net of tax
|
(2,716
|
)
|
(4,946
|
)
|
||
Net decrease in unrealized losses on securities AFS, net of tax
|
470
|
|
1,697
|
|
||
Net increase in defined benefit plans liability adjustment, net of tax
|
(1,064
|
)
|
(1,170
|
)
|
||
Net increase in cumulative unrealized net gain related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax
|
(86
|
)
|
(102
|
)
|
||
Net decrease in goodwill, net of related deferred tax liabilities (DTLs)
|
873
|
|
1,713
|
|
||
Net change in other intangible assets other than mortgage servicing rights (MSRs),
net of related DTLs
|
(66
|
)
|
577
|
|
||
Net decrease in defined benefit pension plan net assets
|
243
|
|
189
|
|
||
Net decrease in deferred tax assets (DTAs) arising from net operating loss, foreign
tax credit and general business credit carry-forwards
|
1,027
|
|
2,811
|
|
||
Net change in excess over 10%/15% limitations for other DTAs, certain common stock
investments and MSRs
|
(639
|
)
|
3,878
|
|
||
Other
|
(7
|
)
|
336
|
|
||
Net change in Common Equity Tier 1 Capital
|
$
|
(1,956
|
)
|
$
|
11,209
|
|
Common Equity Tier 1 Capital Balance, end of period
|
$
|
136,806
|
|
$
|
136,806
|
|
Additional Tier 1 Capital
|
|
|
||||
Balance, beginning of period
|
$
|
10,010
|
|
$
|
7,815
|
|
Net increase in qualifying perpetual preferred stock
(2)
|
1,493
|
|
3,699
|
|
||
Net decrease in qualifying trust preferred securities
|
(1
|
)
|
(5
|
)
|
||
Other
|
(33
|
)
|
(40
|
)
|
||
Net increase in Additional Tier 1 Capital
|
$
|
1,459
|
|
$
|
3,654
|
|
Tier 1 Capital Balance, end of period
|
$
|
148,275
|
|
$
|
148,275
|
|
Tier 2 Capital
|
|
|
||||
Balance, beginning of period
|
$
|
17,482
|
|
$
|
16,637
|
|
Net increase in qualifying subordinated debt
|
401
|
|
1,680
|
|
||
Net decrease in excess of eligible credit reserves over expected credit losses
|
(456
|
)
|
(492
|
)
|
||
Other
|
(39
|
)
|
(437
|
)
|
||
Net change in Tier 2 Capital
|
$
|
(94
|
)
|
$
|
751
|
|
Tier 2 Capital Balance, end of period
|
$
|
17,388
|
|
$
|
17,388
|
|
Total Capital (Tier 1 Capital + Tier 2 Capital)
|
$
|
165,663
|
|
$
|
165,663
|
|
(1)
|
Primarily represents an increase in additional paid-in capital related to employee benefit plans.
|
(2)
|
Citi issued approximately $3.7 billion and approximately $1.5 billion of qualifying perpetual preferred stock during the twelve months and three months ended
December 31, 2014
, respectively, which were partially offset by the netting of issuance costs of $31 million and $7 million for those periods.
|
|
Advanced Approaches
|
|
Standardized Approach
|
||||||||||||||||
In millions of dollars
|
Citicorp
|
Citi Holdings
|
Total
|
|
Citicorp
|
Citi Holdings
|
Total
|
||||||||||||
Credit Risk
|
$
|
760,690
|
|
$
|
119,207
|
|
$
|
879,897
|
|
|
$
|
1,033,064
|
|
$
|
95,203
|
|
$
|
1,128,267
|
|
Market Risk
|
95,835
|
|
4,646
|
|
100,481
|
|
|
95,835
|
|
4,646
|
|
100,481
|
|
||||||
Operational Risk
(2)
|
258,693
|
|
53,807
|
|
312,500
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Total Risk-Weighted Assets
|
$
|
1,115,218
|
|
$
|
177,660
|
|
$
|
1,292,878
|
|
|
$
|
1,128,899
|
|
$
|
99,849
|
|
$
|
1,228,748
|
|
|
Advanced Approaches
|
|
Standardized Approach
|
||||||||||||||||
In millions of dollars
|
Citicorp
|
Citi Holdings
|
Total
|
|
Citicorp
|
Citi Holdings
|
Total
|
||||||||||||
Credit Risk
|
$
|
693,469
|
|
$
|
148,644
|
|
$
|
842,113
|
|
|
$
|
962,456
|
|
$
|
102,277
|
|
$
|
1,064,733
|
|
Market Risk
|
106,919
|
|
5,234
|
|
112,153
|
|
|
106,919
|
|
5,234
|
|
112,153
|
|
||||||
Operational Risk
|
159,500
|
|
72,000
|
|
231,500
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Total Risk-Weighted Assets
|
$
|
959,888
|
|
$
|
225,878
|
|
$
|
1,185,766
|
|
|
$
|
1,069,375
|
|
$
|
107,511
|
|
$
|
1,176,886
|
|
(1)
|
Calculated based on the Final Basel III Rules.
|
(2)
|
During 2014, Citi’s operational risk-weighted assets were increased by $81 billion, of which $56 billion was in conjunction with the granting of permission by the Federal Reserve Board to exit the parallel run period and commence applying the Basel III Advanced Approaches framework, effective with the second quarter of 2014. Further, an additional $25 billion was recognized during the last six months of 2014, reflecting an evaluation of ongoing events in the banking industry.
|
In millions of dollars
|
Three Months Ended
December 31, 2014 (1) |
Twelve Months Ended
December 31, 2014 (1) |
||||
Total Risk-Weighted Assets, beginning of period
|
$
|
1,301,958
|
|
$
|
1,185,766
|
|
Changes in Credit Risk-Weighted Assets
|
|
|
||||
Net change in retail exposures
(2)
|
5,222
|
|
(29,820
|
)
|
||
Net change in wholesale exposures
(3)
|
(9,316
|
)
|
31,698
|
|
||
Net change in repo-style transactions
|
(444
|
)
|
4,483
|
|
||
Net change in securitization exposures
|
(166
|
)
|
2,470
|
|
||
Net decrease in equity exposures
|
(770
|
)
|
(1,681
|
)
|
||
Net change in over-the-counter (OTC) derivatives
(4)
|
(10,158
|
)
|
9,148
|
|
||
Net increase in derivatives CVA
|
1,834
|
|
4,544
|
|
||
Net change in other
(5)
|
(6,170
|
)
|
12,638
|
|
||
Net change in supervisory 6% multiplier
(6)
|
(1,308
|
)
|
4,305
|
|
||
Net change in Credit Risk-Weighted Assets
|
$
|
(21,276
|
)
|
$
|
37,785
|
|
Changes in Market Risk-Weighted Assets
|
|
|
||||
Net change in risk levels
(7)
|
$
|
650
|
|
$
|
(17,803
|
)
|
Net change due to model and methodology updates
|
(954
|
)
|
6,130
|
|
||
Net decrease in Market Risk-Weighted Assets
|
$
|
(304
|
)
|
$
|
(11,673
|
)
|
Net increase in Operational Risk-Weighted Assets
(8)
|
$
|
12,500
|
|
$
|
81,000
|
|
Total Risk-Weighted Assets, end of period
|
$
|
1,292,878
|
|
$
|
1,292,878
|
|
(1)
|
Calculated based on the Final Basel III Rules.
|
(2)
|
Retail exposures decreased from year-end 2013, driven by reduction in loans and commitments, the sales of consumer businesses in Spain and Greece and the impact of FX translation, offset by enhancements to credit risk models.
|
(3)
|
Wholesale exposures decreased from September 30, 2014, driven by model parameter updates and reductions in loan and commitments. The increase from year-end 2013 was driven by enhancements to credit risk models.
|
(4)
|
OTC derivatives decreased from September 30, 2014, driven by model parameter updates. The increase from year-end 2013 was largely due to enhancements to credit risk models, partially offset by model parameter updates.
|
(6)
|
Supervisory 6% multiplier does not apply to derivatives CVA.
|
(7)
|
Market risk-weighted assets risk levels decreased from year-end 2013 driven by movement in securitization positions from trading book to banking book, as well as reductions in inventory positions.
|
In millions of dollars, except ratios
|
December 31, 2014
|
December 31, 2013
(2)
|
||||
Tier 1 Capital
|
$
|
148,275
|
|
$
|
133,412
|
|
Total Leverage Exposure (TLE)
|
|
|
||||
On-balance sheet assets
(3)
|
$
|
1,899,955
|
|
$
|
1,886,613
|
|
Certain off-balance sheet exposures:
(4)
|
|
|
||||
Potential future exposure (PFE) on derivative contracts
|
240,712
|
|
240,534
|
|
||
Effective notional of sold credit derivatives, net
(5)
|
96,869
|
|
102,061
|
|
||
Counterparty credit risk for repo-style transactions
(6)
|
21,894
|
|
26,035
|
|
||
Unconditionally cancellable commitments
|
61,673
|
|
63,782
|
|
||
Other off-balance sheet exposures
|
229,672
|
|
210,571
|
|
||
Total of certain off-balance sheet exposures
|
$
|
650,820
|
|
$
|
642,983
|
|
Less: Tier 1 Capital deductions
|
64,458
|
|
73,590
|
|
||
Total Leverage Exposure
|
$
|
2,486,317
|
|
$
|
2,456,006
|
|
Supplementary Leverage ratio
|
5.96
|
%
|
5.43
|
%
|
(1)
|
Citi’s estimated Basel III Supplementary Leverage ratio and certain related components are non-GAAP financial measures. Citi believes this ratio and its components provide useful information to investors and others by measuring Citigroup’s progress against future regulatory capital standards.
|
(2)
|
Pro forma presentation based on application of the Revised Final Basel III Rules consistent with current period presentation.
|
(3)
|
Represents the daily average of on-balance sheet assets for the quarter.
|
(4)
|
Represents the average of certain off-balance sheet exposures calculated as of the last day of each month in the quarter.
|
(5)
|
Under the Revised Final Basel III Rules, banking organizations are required to include in TLE the effective notional amount of sold credit derivatives, with netting of exposures permitted if certain conditions are met.
|
(6)
|
Repo-style transactions include repurchase or reverse repurchase transactions and securities borrowing or securities lending transactions.
|
In millions of dollars or shares, except per share amounts
|
December 31,
2014 |
December 31, 2013
|
||||
Total Citigroup stockholders’ equity
|
$
|
210,534
|
|
$
|
204,339
|
|
Less: Preferred stock
|
10,468
|
|
6,738
|
|
||
Common equity
|
$
|
200,066
|
|
$
|
197,601
|
|
Less: Intangible assets:
|
|
|
||||
Goodwill
|
23,592
|
|
25,009
|
|
||
Other intangible assets (other than MSRs)
|
4,566
|
|
5,056
|
|
||
Goodwill related to assets held-for-sale
|
71
|
|
|
|||
Tangible common equity (TCE)
|
$
|
171,837
|
|
$
|
167,536
|
|
|
|
|
||||
Common shares outstanding (CSO)
|
3,023.9
|
|
3,029.2
|
|
||
Tangible book value per share (TCE/CSO)
|
$
|
56.83
|
|
$
|
55.31
|
|
Book value per share (common equity/CSO)
|
$
|
66.16
|
|
$
|
65.23
|
|
MANAGING GLOBAL RISK
|
|
|
|
Overview
|
|
|
|
Citi’s Risk Management Organization
|
|
|
|
Citi’s Compliance Organization
|
|
69
|
|
CREDIT RISK
(1)
|
|
|
|
Credit Risk Management
|
|
|
|
Credit Risk Measurement and Stress Testing
|
|
|
|
Loans Outstanding
|
|
|
|
Details of Credit Loss Experience
|
|
|
|
Allowance for Loan Losses
|
|
75
|
|
Non-Accrual Loans and Assets and Renegotiated Loans
|
|
|
|
North America
Consumer Mortgage Lending
|
|
|
|
Consumer Loan Details
|
|
|
|
Corporate Credit Details
|
|
|
|
MARKET RISK
(1)
|
|
|
|
Market Risk Management
|
|
|
|
Funding and Liquidity Risk
|
|
|
|
Overview
|
|
|
|
High Quality Liquid Assets
|
|
|
|
Deposits
|
|
92
|
|
Long-Term Debt
|
|
93
|
|
Secured Funding Transactions and Short-Term Borrowings
|
|
95
|
|
Liquidity Management, Stress Testing and Measurement
|
|
96
|
|
Credit Ratings
|
|
97
|
|
Price Risk
|
|
|
|
Price Risk Measurement and Stress Testing
|
|
|
|
Price Risk—Non-Trading Portfolios (including Interest Rate Exposure)
|
|
|
|
Price Risk—Trading Portfolios (including VAR)
|
|
|
|
OPERATIONAL RISK
|
|
|
|
Operational Risk Management
|
|
|
|
Operational Risk Measurement and Stress Testing
|
|
|
|
COUNTRY AND CROSS-BORDER RISK
|
|
|
|
Country Risk
|
|
|
|
Cross-Border Risk
|
|
|
(1)
|
For additional information regarding certain credit risk, market risk and other quantitative and qualitative information, refer to Citi’s Pillar 3 Basel III Advanced Approaches Disclosures, as required by the rules of the Federal Reserve Board, on Citi’s Investor Relations website.
|
•
|
Business Management
. Each of Citi’s businesses, including in-business risk personnel, own and manage the risks, including compliance risks, inherent in or arising from the business, and are responsible for having controls in place to mitigate key risks, performing manager assessments of internal controls, and promoting a culture of compliance and control.
|
•
|
Independent Control Functions
. Citi’s independent control functions, including Compliance, Finance, Legal and Risk, set standards according to which Citi and its businesses are expected to manage and oversee risks, including compliance with applicable laws, regulatory requirements, policies and standards of ethical conduct. In addition, among other things, the independent control functions provide advice and training to Citi’s businesses and establish tools, methodologies, processes and oversight of controls used by the businesses to foster a culture of compliance and control and to satisfy those standards.
|
•
|
Internal Audit
. Citi’s Internal Audit function independently reviews activities of the first two lines of defense discussed above based on a risk-based audit plan and methodology approved by the Citigroup Board of Directors.
|
•
|
establishing core standards for the management, measurement and reporting of risk arising from business risk taking activities and the macroeconomic and market environments;
|
•
|
identifying, assessing, communicating and monitoring risks on a company-wide basis;
|
•
|
engaging with senior management on a frequent basis on material matters with respect to risk-taking activities in the businesses and related risk management processes; and
|
•
|
ensuring that the Risk function has adequate independence, authority, expertise, staffing, technology and resources.
|
•
|
establish core policies to articulate rules and behaviors for activities where capital is at risk; and
|
•
|
establish policy standards, procedures, guidelines, risk limits and limit adherence processes covering new and current risk exposures across Citi that are aligned with Citi’s risk appetite.
|
•
|
Risk Management Executive Committee
: Citi’s Chief Risk Officer chairs this committee. Members include all direct reports of Citi’s Chief Risk Officer, as well as certain reports of the Head of Franchise Risk and Strategy. The committee reviews key risk issues across businesses, products and regions.
|
•
|
Citibank, N.A. Risk Committee
: Citibank, N.A.’s Chief Risk Officer chairs this committee. Members include the Citibank, N.A Chief Executive Officer, Chief Financial Officer, Treasurer, Chief Compliance Officer, Chief Lending Officer and General Counsel. The committee reviews the risk appetite framework, thresholds and usage against the established thresholds for Citibank, N.A. The committee also reviews reports designed to monitor market, credit, operational and other risk types within the bank.
|
•
|
Business and Regional Consumer Risk Committees
: These committees exist in all regions, with broad engagement from the businesses, risk and other control functions. These committees include the
Global Consumer Banking
Risk Committee
, which
is chaired by the
GCB
Chief Executive Officer with the
GCB
Chief Risk Officer as the vice chair. The committee monitors key performance trends, significant regulatory and control events and management actions.
|
•
|
ICG Risk Management Committee
: This committee reviews
ICG’s
risk profile, discusses pertinent risk issues in trading, global transaction services, structuring and lending businesses and reviews strategic risk decisions for consistency with Citi’s risk appetite. Members include Citi’s Chief Risk Officer and Head of Franchise Risk and Strategy, as well as the Global Head of Markets and the
ICG
Chief Executive Officer and Chief Risk Officer.
|
•
|
Business Risk, Compliance and Control Committees
:
These committees, which exist at both sector and function levels, serve as a forum for senior management to review key internal control, legal, compliance, regulatory and other risk and control issues.
|
•
|
Business Practices Committee
: This Citi-wide governance committee reviews practices involving potentially significant reputational or franchise issues. Each business also has its own business practices committee. These committees review whether Citi’s business practices have been designed and implemented in a way that meets the highest standards of professionalism, integrity and ethical behavior.
|
•
|
Risk Policy Coordination Group
: This group ensures a consistent approach to risk policy architecture and risk management requirements across Citi. Members include independent risk representatives from each business, region and Citibank, N.A.
|
•
|
New Product Approval Committee
: This committee is designed to ensure that significant risks, including reputation and franchise risks, in a new
ICG
product or service or complex transaction, are identified and evaluated, determined to be appropriate, properly recorded for risk aggregation purposes, effectively controlled, and have accountabilities in place. Functions that participate in this committee’s reviews include Legal, Bank Regulatory, Risk, Compliance, Accounting Policy, Product Control, and the Basel Interpretive Committee. Citibank, N.A. management participates in reviews of proposals contemplating the use of bank chain entities.
|
•
|
Consumer Product Approval Committee
(CPAC): This committee, which includes senior, multidisciplinary members, approves new products, services, channels or geographies for
GCB
. Each region has a regional CPAC, and a global CPAC addresses initiatives with high anti-money-laundering (AML) risk or cross-border elements. Members include senior Risk, Legal, Compliance, Bank Regulatory, Operations and Technology and Operational Risk executives, supported by other specialists, including fair lending. A member of Citibank, N.A. senior management also participates in the CPAC process.
|
•
|
Investment Products Risk Committee
: This committee oversees two product approval committees that facilitate analysis and discussion of new retail investment products and services created and/or distributed by Citi.
|
-
|
Manufacturing Product Approval Committee
: This committee has responsibility for reviewing new or modified products or transactions created by Citi that are distributed to individual investors as well as third-party retail distributors.
|
-
|
Distribution Product Approval Committee
: This committee approves new investment products and services, including those created by third parties as part of Citi’s “open architecture” distribution model, before they are offered to individual investors via Citi distribution businesses (e.g., private bank, consumer, etc.). This committee also sets requirements for the periodic review of existing products and services.
|
•
|
Commercial Bank Product Approval Committee:
This committee is designed to ensure that significant risks in a new or complex product, service, business line manufactured or provided by the Consumer and Commercial Bank (CCB) or by third parties for distribution to CCB clients, or certain modifications to existing products, services or business lines, undergo an appropriate and consistent level of review for CCB and its customers and are properly recorded and controlled.
|
•
|
“Economic losses” include losses that are reflected on Citi’s Consolidated Statements of Income and fair value adjustments to the Consolidated Financial Statements, as well as any further declines in value not captured on the Consolidated Statements of Income.
|
•
|
“Unexpected losses” are the difference between potential extremely severe losses and Citi’s expected (average) loss over a one-year time period.
|
•
|
“Extremely severe” is defined as potential loss at a 99.97% confidence level, based on the distribution of observed events and scenario analysis.
|
•
|
Setting risk appetite
: Citi establishes its compliance risk appetite by setting limits on the types of business in which Citi will engage, the products and services Citi will offer, the types of customers which Citi will service, the counterparties with which Citi will deal, and the locations where Citi will do business. These limits are guided by adherence to the highest ethical standards.
|
•
|
Adhering to risk appetite
: Citi manages adherence to its compliance risk appetite through the execution of its compliance program, which includes customer onboarding processes, product development processes, transaction monitoring processes, conduct risk program, ethics program, and new products, services, and complex transactions approval processes.
|
•
|
Evaluating the effectiveness of risk appetite controls
: The business and compliance evaluate the effectiveness of controls governing compliance risk appetite through the Manager’s Control Assessment (MCA) processes; compliance testing; compliance monitoring processes; compliance risk assessments; compliance metrics related to key operating risks, key risk indicators and control effectiveness indicators; and the Internal Audit function.
|
•
|
Understand the regulatory environment, requirements and expectations to which Citi’s activities are subject.
Compliance coordinates with Legal and other independent control functions, as appropriate, to identify, communicate and document key regulatory requirements.
|
•
|
Assess the compliance risks of business activities and the state of mitigating controls, including the risks and controls in legal entities in which activity is conducted.
To facilitate the identification and assessment of compliance risk, Compliance works with the businesses and other independent control functions to review significant compliance and regulatory issues and the results of testing, monitoring, and internal and external exams and audits.
|
•
|
In conjunction with Citi’s Board of Directors and senior management, define Citi’s appetite for prudent compliance and regulatory risk consistent with its culture for compliance, control and responsible finance.
|
•
|
Develop controls and execute programs reasonably designed to limit conduct to that consistent with Citi’s compliance and regulatory risk appetite and promptly detect and mitigate behavior that violates those limits.
Compliance has business-specific compliance functions (e.g.,
Global Consumer Banking
and
Institutional Clients Group
), regional programs, and thematic groups and programs (
e.g.,
the AML Program and the Conduct, Governance, and Emerging Risk Management group) that aim to mitigate Citi’s exposure to conduct that is inconsistent with its compliance risk appetite.
|
•
|
Detect, report on, escalate and remediate key compliance and franchise risks and control issues; test controls for design and operating effectiveness, promptly address issues, and track remediation efforts
.
|
•
|
Engage with the Board, business management, operating committees and Citi’s regulators to foster effective global governance
. Compliance provides regular reports on emerging risks and other issues and their implications for Citi, as well as compliance program performance, to the Citigroup and Citibank, N.A. Boards of Directors, including the Audit and Ethics and Culture Committees, as well as other committees of the Boards.
|
•
|
Advise and train Citi personnel across businesses, functions, regions and legal entities in how to comply with laws, regulations and other standards of conduct
. Compliance helps promote a strong culture of compliance and control by increasing awareness and capability across Citi on key compliance issues through training and communication programs. A fundamental element of Citi’s culture is the requirement that Citi conducts itself in accordance with the highest standards of ethical behavior. Compliance plays a key role in developing company-wide initiatives designed to further embed ethics in Citi’s culture. These initiatives include training for more than 40,000 senior employees that fosters ethical decision-making and underscores the importance of escalating issues. The initiatives also include a video series featuring senior leaders discussing difficult ethical decisions, regular communications on ethics and culture, and the development of enhanced tools to support ethical decision-making. Compliance partners with the businesses and other functions to develop and implement these and other ethics and culture initiatives.
|
•
|
Enhance the Compliance Program
.
|
•
|
wholesale and retail lending;
|
•
|
capital markets derivative transactions;
|
•
|
structured finance; and
|
•
|
repurchase and reverse repurchase transactions.
|
|
December 31,
|
||||||||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
Consumer loans
|
|
|
|
|
|
||||||||||
In U.S. offices
|
|
|
|
|
|
||||||||||
Mortgage and real estate
(1)
|
$
|
96,533
|
|
$
|
108,453
|
|
$
|
125,946
|
|
$
|
139,177
|
|
$
|
151,469
|
|
Installment, revolving credit, and other
|
14,450
|
|
13,398
|
|
14,070
|
|
15,616
|
|
28,291
|
|
|||||
Cards
|
112,982
|
|
115,651
|
|
111,403
|
|
117,908
|
|
122,384
|
|
|||||
Commercial and industrial
|
5,895
|
|
6,592
|
|
5,344
|
|
4,766
|
|
5,021
|
|
|||||
Lease financing
|
—
|
|
—
|
|
—
|
|
1
|
|
2
|
|
|||||
|
$
|
229,860
|
|
$
|
244,094
|
|
$
|
256,763
|
|
$
|
277,468
|
|
$
|
307,167
|
|
In offices outside the U.S.
|
|
|
|
|
|
||||||||||
Mortgage and real estate
(1)
|
$
|
54,462
|
|
$
|
55,511
|
|
$
|
54,709
|
|
$
|
52,052
|
|
$
|
52,175
|
|
Installment, revolving credit, and other
|
31,128
|
|
33,182
|
|
33,958
|
|
32,673
|
|
36,132
|
|
|||||
Cards
|
32,032
|
|
36,740
|
|
40,653
|
|
38,926
|
|
40,948
|
|
|||||
Commercial and industrial
|
22,561
|
|
24,107
|
|
22,225
|
|
21,915
|
|
18,028
|
|
|||||
Lease financing
|
609
|
|
769
|
|
781
|
|
711
|
|
665
|
|
|||||
|
$
|
140,792
|
|
$
|
150,309
|
|
$
|
152,326
|
|
$
|
146,277
|
|
$
|
147,948
|
|
Total Consumer loans
|
$
|
370,652
|
|
$
|
394,403
|
|
$
|
409,089
|
|
$
|
423,745
|
|
$
|
455,115
|
|
Unearned income
|
(682
|
)
|
(572
|
)
|
(418
|
)
|
(405
|
)
|
69
|
|
|||||
Consumer loans, net of unearned income
|
$
|
369,970
|
|
$
|
393,831
|
|
$
|
408,671
|
|
$
|
423,340
|
|
$
|
455,184
|
|
Corporate loans
|
|
|
|
|
|
||||||||||
In U.S. offices
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
35,055
|
|
$
|
32,704
|
|
$
|
26,985
|
|
$
|
20,830
|
|
$
|
13,669
|
|
Loans to financial institutions
|
36,272
|
|
25,102
|
|
18,159
|
|
15,113
|
|
8,995
|
|
|||||
Mortgage and real estate
(1)
|
32,537
|
|
29,425
|
|
24,705
|
|
21,516
|
|
19,770
|
|
|||||
Installment, revolving credit, and other
|
29,207
|
|
34,434
|
|
32,446
|
|
33,182
|
|
34,046
|
|
|||||
Lease financing
|
1,758
|
|
1,647
|
|
1,410
|
|
1,270
|
|
1,413
|
|
|||||
|
$
|
134,829
|
|
$
|
123,312
|
|
$
|
103,705
|
|
$
|
91,911
|
|
$
|
77,893
|
|
In offices outside the U.S.
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
79,239
|
|
$
|
82,663
|
|
$
|
82,939
|
|
$
|
79,764
|
|
$
|
72,166
|
|
Loans to financial institutions
|
33,269
|
|
38,372
|
|
37,739
|
|
29,794
|
|
22,620
|
|
|||||
Mortgage and real estate
(1)
|
6,031
|
|
6,274
|
|
6,485
|
|
6,885
|
|
5,899
|
|
|||||
Installment, revolving credit, and other
|
19,259
|
|
18,714
|
|
14,958
|
|
14,114
|
|
11,829
|
|
|||||
Lease financing
|
356
|
|
527
|
|
605
|
|
568
|
|
531
|
|
|||||
Governments and official institutions
|
2,236
|
|
2,341
|
|
1,159
|
|
1,576
|
|
3,644
|
|
|||||
|
$
|
140,390
|
|
$
|
148,891
|
|
$
|
143,885
|
|
$
|
132,701
|
|
$
|
116,689
|
|
Total Corporate loans
|
$
|
275,219
|
|
$
|
272,203
|
|
$
|
247,590
|
|
$
|
224,612
|
|
$
|
194,582
|
|
Unearned income
|
(554
|
)
|
(562
|
)
|
(797
|
)
|
(710
|
)
|
(972
|
)
|
|||||
Corporate loans, net of unearned income
|
$
|
274,665
|
|
$
|
271,641
|
|
$
|
246,793
|
|
$
|
223,902
|
|
$
|
193,610
|
|
Total loans—net of unearned income
|
$
|
644,635
|
|
$
|
665,472
|
|
$
|
655,464
|
|
$
|
647,242
|
|
$
|
648,794
|
|
Allowance for loan losses—on drawn exposures
|
(15,994
|
)
|
(19,648
|
)
|
(25,455
|
)
|
(30,115
|
)
|
(40,655
|
)
|
|||||
Total loans—net of unearned income and allowance for credit losses
|
$
|
628,641
|
|
$
|
645,824
|
|
$
|
630,009
|
|
$
|
617,127
|
|
$
|
608,139
|
|
Allowance for loan losses as a percentage of total loans—net of unearned income
(2)
|
2.50
|
%
|
2.97
|
%
|
3.92
|
%
|
4.69
|
%
|
6.31
|
%
|
|||||
Allowance for Consumer loan losses as a percentage of total Consumer loans—net of unearned income
(2)
|
3.68
|
%
|
4.34
|
%
|
5.57
|
%
|
6.45
|
%
|
7.81
|
%
|
|||||
Allowance for Corporate loan losses as a percentage of total Corporate loans—net of unearned income
(2)
|
0.89
|
%
|
0.97
|
%
|
1.14
|
%
|
1.31
|
%
|
2.75
|
%
|
(1)
|
Loans secured primarily by real estate.
|
(2)
|
All periods exclude loans that are carried at fair value.
|
In millions of dollars
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
Allowance for loan losses at beginning of period
|
$
|
19,648
|
|
$
|
25,455
|
|
$
|
30,115
|
|
$
|
40,655
|
|
$
|
36,033
|
|
Provision for loan losses
|
|
|
|
|
|
||||||||||
Consumer
|
$
|
6,693
|
|
$
|
7,603
|
|
$
|
10,371
|
|
$
|
12,075
|
|
$
|
24,886
|
|
Corporate
|
135
|
|
1
|
|
87
|
|
(739
|
)
|
75
|
|
|||||
|
$
|
6,828
|
|
$
|
7,604
|
|
$
|
10,458
|
|
$
|
11,336
|
|
$
|
24,961
|
|
Gross credit losses
|
|
|
|
|
|
||||||||||
Consumer
|
|
|
|
|
|
||||||||||
In U.S. offices
(1)(2)
|
$
|
6,780
|
|
$
|
8,402
|
|
$
|
12,226
|
|
$
|
15,767
|
|
$
|
24,183
|
|
In offices outside the U.S.
|
3,901
|
|
3,998
|
|
4,139
|
|
4,932
|
|
6,548
|
|
|||||
Corporate
|
|
|
|
|
|
||||||||||
Commercial and industrial, and other
|
|
|
|
|
|
||||||||||
In U.S. offices
|
66
|
|
125
|
|
154
|
|
392
|
|
1,222
|
|
|||||
In offices outside the U.S.
|
283
|
|
144
|
|
305
|
|
649
|
|
571
|
|
|||||
Loans to financial institutions
|
|
|
|
|
|
||||||||||
In U.S. offices
|
2
|
|
2
|
|
33
|
|
215
|
|
275
|
|
|||||
In offices outside the U.S.
|
13
|
|
7
|
|
68
|
|
391
|
|
111
|
|
|||||
Mortgage and real estate
|
|
|
|
|
|
||||||||||
In U.S offices
|
8
|
|
62
|
|
59
|
|
182
|
|
953
|
|
|||||
In offices outside the U.S.
|
55
|
|
29
|
|
21
|
|
171
|
|
286
|
|
|||||
|
$
|
11,108
|
|
$
|
12,769
|
|
$
|
17,005
|
|
$
|
22,699
|
|
$
|
34,149
|
|
Credit recoveries
(3)
|
|
|
|
|
|
||||||||||
Consumer
|
|
|
|
|
|
||||||||||
In U.S. offices
|
$
|
1,122
|
|
$
|
1,073
|
|
$
|
1,302
|
|
$
|
1,467
|
|
$
|
1,323
|
|
In offices outside the U.S.
|
874
|
|
1,065
|
|
1,055
|
|
1,159
|
|
1,209
|
|
|||||
Corporate
|
|
|
|
|
|
||||||||||
Commercial & industrial, and other
|
|
|
|
|
|
||||||||||
In U.S offices
|
64
|
|
62
|
|
243
|
|
175
|
|
591
|
|
|||||
In offices outside the U.S.
|
63
|
|
52
|
|
95
|
|
93
|
|
115
|
|
|||||
Loans to financial institutions
|
|
|
|
|
|
||||||||||
In U.S. offices
|
1
|
|
1
|
|
—
|
|
—
|
|
—
|
|
|||||
In offices outside the U.S.
|
11
|
|
20
|
|
43
|
|
89
|
|
132
|
|
|||||
Mortgage and real estate
|
|
|
|
|
|
||||||||||
In U.S offices
|
—
|
|
31
|
|
17
|
|
27
|
|
130
|
|
|||||
In offices outside the U.S.
|
—
|
|
2
|
|
19
|
|
2
|
|
26
|
|
|||||
|
$
|
2,135
|
|
$
|
2,306
|
|
$
|
2,774
|
|
$
|
3,012
|
|
$
|
3,526
|
|
Net credit losses
|
|
|
|
|
|
||||||||||
In U.S. offices
(1)(2)
|
$
|
5,669
|
|
$
|
7,424
|
|
$
|
10,910
|
|
$
|
14,887
|
|
$
|
24,589
|
|
In offices outside the U.S.
|
3,304
|
|
3,039
|
|
3,321
|
|
4,800
|
|
6,034
|
|
|||||
Total
|
$
|
8,973
|
|
$
|
10,463
|
|
$
|
14,231
|
|
$
|
19,687
|
|
$
|
30,623
|
|
Other - net
(4)(5)(6)(7)(8)(9)
|
$
|
(1,509
|
)
|
$
|
(2,948
|
)
|
$
|
(887
|
)
|
$
|
(2,189
|
)
|
$
|
10,284
|
|
Allowance for loan losses at end of period
|
$
|
15,994
|
|
$
|
19,648
|
|
$
|
25,455
|
|
$
|
30,115
|
|
$
|
40,655
|
|
Allowance for loan losses as a % of total loans
(10)
|
2.50
|
%
|
2.97
|
%
|
3.92
|
%
|
4.69
|
%
|
6.31
|
%
|
|||||
Allowance for unfunded lending commitments
(11)
|
$
|
1,063
|
|
$
|
1,229
|
|
$
|
1,119
|
|
$
|
1,136
|
|
$
|
1,066
|
|
Total allowance for loan losses and unfunded lending commitments
|
$
|
17,057
|
|
$
|
20,877
|
|
$
|
26,574
|
|
$
|
31,251
|
|
$
|
41,721
|
|
Net Consumer credit losses
(1)(2)
|
$
|
8,685
|
|
$
|
10,262
|
|
$
|
14,008
|
|
$
|
18,073
|
|
$
|
28,199
|
|
As a percentage of average Consumer loans
|
2.28
|
%
|
2.63
|
%
|
3.43
|
%
|
4.15
|
%
|
5.72
|
%
|
|||||
Net Corporate credit losses
|
$
|
288
|
|
$
|
201
|
|
$
|
223
|
|
$
|
1,614
|
|
$
|
2,424
|
|
As a percentage of average Corporate loans
|
0.10
|
%
|
0.08
|
%
|
0.09
|
%
|
0.79
|
%
|
1.27
|
%
|
(1)
|
2012 includes approximately $635 million of incremental charge-offs related to the Office of the Comptroller of the Currency (OCC) guidance issued in the third quarter of 2012, which required mortgage loans to borrowers that have gone through Chapter 7 U.S. Bankruptcy Code to be written down to collateral value. There was a corresponding approximate $600 million release in the third quarter of 2012 allowance for loans losses related to these charge-offs. 2012 also includes a benefit to charge-offs of approximately $40 million related to finalizing the impact of the OCC guidance in the fourth quarter of 2012.
|
(2)
|
2012 includes approximately $370 million of incremental charge-offs related to previously deferred principal balances on modified loans in the first quarter of 2012. These charge-offs were related to anticipated forgiveness of principal in connection with the national mortgage settlement. There was a corresponding approximate $350 million reserve release in the first quarter of 2012 related to these charge-offs.
|
(3)
|
Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful.
|
(4)
|
Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, foreign currency translation, purchase accounting adjustments, etc.
|
(5)
|
2014 includes reductions of approximately $1.1 billion related to the sale or transfer to held-for-sale (HFS) of various loan portfolios, which includes approximately $411 million related to the transfer of various real estate loan portfolios to HFS, approximately $204 million related to the transfer to HFS of a business in Greece, approximately $177 million related to the transfer to HFS of a business in Spain, approximately $29 million related to the transfer to HFS of a business in Honduras and approximately $108 million related to the transfer to HFS of various EMEA loan portfolios. Additionally, 2014 includes a reduction of approximately $463 million related to foreign currency translation.
|
(6)
|
2013 includes reductions of approximately $2.4 billion related to the sale or transfer to held-for-sale of various loan portfolios, which includes approximately $360 million related to the sale of Credicard and approximately $255 million related to a transfer to held-for-sale of a loan portfolio in Greece, approximately $230 million related to a non-provision transfer of reserves associated with deferred interest to
Other assets
which includes deferred interest and approximately $220 million related to foreign currency translation.
|
(7)
|
2012 includes reductions of approximately $875 million related to the sale or transfer to held-for-sale of various U.S. loan portfolios.
|
(8)
|
2011 includes reductions of approximately $1.6 billion related to the sale or transfer to held-for-sale of various U.S. loan portfolios, approximately $240 million related to the sale of the Egg Banking PLC credit card business, approximately $72 million related to the transfer of the Citi Belgium business to held-for-sale and approximately $290 million related to FX translation.
|
(9)
|
2010 primarily includes an addition of $13.4 billion related to the impact of consolidating entities in connection with Citi’s adoption of SFAS 166/167, reductions of approximately $2.7 billion related to the sale or transfer to held-for-sale of various U.S. loan portfolios and approximately $290 million related to the transfer of a U.K. first mortgage portfolio to held-for-sale.
|
(10)
|
December 31, 2014, December 31, 2013, December 31, 2012, December 31, 2011 and December 31, 2010 exclude $5.9 billion, $5.0 billion, $5.3 billion, $5.3 billion and $4.4 billion, respectively, of loans which are carried at fair value.
|
(11)
|
Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in
Other liabilities
on the Consolidated Balance Sheet.
|
(12)
|
Allowance for loan losses represents management’s best estimate of probable losses inherent in the portfolio, as well as probable losses related to large individually evaluated impaired loans and troubled debt restructurings. See “Significant Accounting Policies and Significant Estimates” and Note 1 to the Consolidated Financial Statements below. Attribution of the allowance is made for analytical purposes only and the entire allowance is available to absorb probable credit losses inherent in the overall portfolio.
|
|
December 31, 2014
|
|||||||
In billions of dollars
|
Allowance for
loan losses
|
Loans, net of
unearned income
|
Allowance as a
percentage of loans
(1)
|
|||||
North America
cards
(2)
|
$
|
4.9
|
|
$
|
114.0
|
|
4.3
|
%
|
North America
mortgages
(3)(4)
|
3.7
|
|
95.9
|
|
3.9
|
|
||
North America
other
|
1.2
|
|
21.6
|
|
5.6
|
|
||
International cards
|
1.9
|
|
31.5
|
|
6.0
|
|
||
International other
(5)
|
1.9
|
|
106.9
|
|
1.8
|
|
||
Total Consumer
|
$
|
13.6
|
|
$
|
369.9
|
|
3.7
|
%
|
Total Corporate
|
2.4
|
|
274.7
|
|
0.9
|
|
||
Total Citigroup
|
$
|
16.0
|
|
$
|
644.6
|
|
2.5
|
%
|
(1)
|
Allowance as a percentage of loans excludes loans that are carried at fair value.
|
(2)
|
Includes both Citi-branded cards and Citi retail services. The $4.9 billion of loan loss reserves represented approximately 15 months of coincident net credit loss coverage.
|
(3)
|
Of the $3.7 billion, approximately $3.5 billion was allocated to
North America
mortgages in Citi Holdings. The $3.7 billion of loan loss reserves represented approximately 53 months of coincident net credit loss coverage (for both total
North America
mortgages and Citi Holdings
North America
mortgages).
|
(4)
|
Of the $3.7 billion in loan loss reserves, approximately $1.2 billion and $2.5 billion are determined in accordance with ASC 450-20 and ASC 310-10-35 (troubled debt restructurings), respectively. Of the $95.9 billion in loans, approximately $80.4 billion and $15.2 billion of the loans are evaluated in accordance with ASC 450-20 and ASC 310-10-35 (troubled debt restructurings), respectively. For additional information, see Note
16
to the Consolidated Financial Statements.
|
(5)
|
Includes mortgages and other retail loans.
|
|
December 31, 2013
|
|||||||
In billions of dollars
|
Allowance for
loan losses
|
Loans, net of
unearned income
|
Allowance as a
percentage of loans
(1)
|
|||||
North America
cards
(2)
|
$
|
6.2
|
|
$
|
116.8
|
|
5.3
|
%
|
North America
mortgages
(3)(4)
|
5.1
|
|
107.5
|
|
4.8
|
|
||
North America
other
|
1.2
|
|
21.9
|
|
5.4
|
|
||
International cards
|
2.3
|
|
36.2
|
|
6.5
|
|
||
International other
(5)
|
2.2
|
|
111.4
|
|
2.0
|
|
||
Total Consumer
|
$
|
17.0
|
|
$
|
393.8
|
|
4.3
|
%
|
Total Corporate
|
2.6
|
|
271.7
|
|
1.0
|
|
||
Total Citigroup
|
$
|
19.6
|
|
$
|
665.5
|
|
3.0
|
%
|
(1)
|
Allowance as a percentage of loans excludes loans that are carried at fair value.
|
(2)
|
Includes both Citi-branded cards and Citi retail services. The $6.2 billion of loan loss reserves represented approximately 18 months of coincident net credit loss coverage.
|
(3)
|
Of the $5.1 billion, approximately $4.9 billion was allocated to
North America
mortgages in Citi Holdings. The $5.1 billion of loan loss reserves represented approximately 26 months of coincident net credit loss coverage (for both total
North Americ
a mortgages and Citi Holdings
North America
mortgages).
|
(4)
|
Of the $5.1 billion in loan loss reserves, approximately $2.4 billion and $2.7 billion are determined in accordance with ASC 450-20 and ASC 310-10-35 (troubled debt restructurings), respectively. Of the $107.5 billion in loans, approximately $88.6 billion and $18.5 billion of the loans are evaluated in accordance with ASC 450-20 and ASC 310-10-35 (troubled debt restructurings), respectively. For additional information, see Note
16
to the Consolidated Financial Statements.
|
(5)
|
Includes mortgages and other retail loans.
|
•
|
Corporate and consumer (commercial market) non-accrual status is based on the determination that payment of interest or principal is doubtful.
|
•
|
Consumer non-accrual status is generally based on aging, i.e., the borrower has fallen behind in payments.
|
•
|
Mortgage loans in regulated bank entities discharged through Chapter 7 bankruptcy, other than Federal Housing Administration (FHA) insured loans, are classified as non-accrual. Non-bank mortgage loans discharged through Chapter 7 bankruptcy are classified as non-accrual at 90 days or more past due. In addition, home equity loans in regulated bank entities are classified as non-accrual if the related residential first mortgage loan is 90 days or more past due.
|
•
|
North America
Citi-branded cards and Citi retail services are not included because under industry standards, credit card loans accrue interest until such loans are charged off, which typically occurs at 180 days contractual delinquency.
|
•
|
Includes both corporate and consumer loans whose terms have been modified in a troubled debt restructuring (TDR).
|
•
|
Includes both accrual and non-accrual TDRs.
|
|
December 31,
|
||||||||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
Citicorp
|
$
|
3,062
|
|
$
|
3,791
|
|
$
|
4,096
|
|
$
|
4,018
|
|
$
|
4,909
|
|
Citi Holdings
|
4,045
|
|
5,212
|
|
7,434
|
|
7,050
|
|
14,498
|
|
|||||
Total non-accrual loans
|
$
|
7,107
|
|
$
|
9,003
|
|
$
|
11,530
|
|
$
|
11,068
|
|
$
|
19,407
|
|
Corporate non-accrual loans
(1)
|
|
|
|
|
|
||||||||||
North America
|
$
|
321
|
|
$
|
736
|
|
$
|
735
|
|
$
|
1,246
|
|
$
|
2,112
|
|
EMEA
|
267
|
|
766
|
|
1,131
|
|
1,293
|
|
5,337
|
|
|||||
Latin America
|
416
|
|
127
|
|
128
|
|
362
|
|
701
|
|
|||||
Asia
|
179
|
|
279
|
|
339
|
|
335
|
|
470
|
|
|||||
Total Corporate non-accrual loans
|
$
|
1,183
|
|
$
|
1,908
|
|
$
|
2,333
|
|
$
|
3,236
|
|
$
|
8,620
|
|
Citicorp
|
$
|
1,126
|
|
$
|
1,580
|
|
$
|
1,909
|
|
$
|
2,217
|
|
$
|
3,091
|
|
Citi Holdings
|
57
|
|
328
|
|
424
|
|
1,019
|
|
5,529
|
|
|||||
Total Corporate non-accrual loans
|
$
|
1,183
|
|
$
|
1,908
|
|
$
|
2,333
|
|
$
|
3,236
|
|
$
|
8,620
|
|
Consumer non-accrual loans
(1)
|
|
|
|
|
|
||||||||||
North America
|
$
|
4,412
|
|
$
|
5,238
|
|
$
|
7,149
|
|
$
|
5,888
|
|
$
|
8,540
|
|
EMEA
|
32
|
|
138
|
|
380
|
|
387
|
|
652
|
|
|||||
Latin America
|
1,188
|
|
1,426
|
|
1,285
|
|
1,107
|
|
1,019
|
|
|||||
Asia
|
292
|
|
293
|
|
383
|
|
450
|
|
576
|
|
|||||
Total Consumer non-accrual loans
|
$
|
5,924
|
|
$
|
7,095
|
|
$
|
9,197
|
|
$
|
7,832
|
|
$
|
10,787
|
|
Citicorp
|
$
|
1,936
|
|
$
|
2,211
|
|
$
|
2,187
|
|
$
|
1,801
|
|
$
|
1,818
|
|
Citi Holdings
|
3,988
|
|
4,884
|
|
7,010
|
|
6,031
|
|
8,969
|
|
|||||
Total Consumer non-accrual loans
|
$
|
5,924
|
|
$
|
7,095
|
|
$
|
9,197
|
|
$
|
7,832
|
|
$
|
10,787
|
|
(1)
|
Excludes purchased distressed loans, as they are generally accreting interest. The carrying value of these loans was $
421 million
at
December 31, 2014
, $
703 million
at
December 31, 2013
,
$537 million
at
December 31, 2012
,
$511 million
at
December 31, 2011
, and
$469 million
at
December 31, 2010
.
|
|
December 31,
|
||||||||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
OREO
(1)
|
|
|
|
|
|
||||||||||
Citicorp
|
$
|
96
|
|
$
|
79
|
|
$
|
49
|
|
$
|
86
|
|
$
|
840
|
|
Citi Holdings
|
164
|
|
338
|
|
391
|
|
480
|
|
863
|
|
|||||
Total OREO
|
$
|
260
|
|
$
|
417
|
|
$
|
440
|
|
$
|
566
|
|
$
|
1,703
|
|
North America
|
$
|
195
|
|
$
|
305
|
|
$
|
299
|
|
$
|
441
|
|
$
|
1,440
|
|
EMEA
|
8
|
|
59
|
|
99
|
|
73
|
|
161
|
|
|||||
Latin America
|
47
|
|
47
|
|
40
|
|
51
|
|
47
|
|
|||||
Asia
|
10
|
|
6
|
|
2
|
|
1
|
|
55
|
|
|||||
Total OREO
|
$
|
260
|
|
$
|
417
|
|
$
|
440
|
|
$
|
566
|
|
$
|
1,703
|
|
Other repossessed assets
|
$
|
—
|
|
$
|
—
|
|
$
|
1
|
|
$
|
1
|
|
$
|
28
|
|
Non-accrual assets—Total Citigroup
|
|
|
|
|
|
||||||||||
Corporate non-accrual loans
|
$
|
1,183
|
|
$
|
1,908
|
|
$
|
2,333
|
|
$
|
3,236
|
|
$
|
8,620
|
|
Consumer non-accrual loans
|
5,924
|
|
7,095
|
|
9,197
|
|
7,832
|
|
10,787
|
|
|||||
Non-accrual loans (NAL)
|
$
|
7,107
|
|
$
|
9,003
|
|
$
|
11,530
|
|
$
|
11,068
|
|
$
|
19,407
|
|
OREO
|
$
|
260
|
|
$
|
417
|
|
$
|
440
|
|
$
|
566
|
|
$
|
1,703
|
|
Other repossessed assets
|
—
|
|
—
|
|
1
|
|
1
|
|
28
|
|
|||||
Non-accrual assets (NAA)
|
$
|
7,367
|
|
$
|
9,420
|
|
$
|
11,971
|
|
$
|
11,635
|
|
$
|
21,138
|
|
NAL as a percentage of total loans
|
1.10
|
%
|
1.35
|
%
|
1.76
|
%
|
1.71
|
%
|
2.99
|
%
|
|||||
NAA as a percentage of total assets
|
0.40
|
|
0.50
|
|
0.64
|
|
0.62
|
|
1.10
|
|
|||||
Allowance for loan losses as a percentage of NAL
(2)
|
225
|
|
218
|
|
221
|
|
272
|
|
209
|
|
Non-accrual assets—Total Citicorp
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
Non-accrual loans (NAL)
|
$
|
3,062
|
|
$
|
3,791
|
|
$
|
4,096
|
|
$
|
4,018
|
|
$
|
4,909
|
|
OREO
|
96
|
|
79
|
|
49
|
|
86
|
|
840
|
|
|||||
Other repossessed assets
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|||||
Non-accrual assets (NAA)
|
$
|
3,158
|
|
$
|
3,870
|
|
$
|
4,145
|
|
$
|
4,104
|
|
$
|
5,749
|
|
NAA as a percentage of total assets
|
0.18
|
%
|
0.22
|
%
|
0.24
|
%
|
0.25
|
%
|
0.36
|
%
|
|||||
Allowance for loan losses as a percentage of NAL
(2)
|
374
|
|
348
|
|
357
|
|
416
|
|
456
|
|
|||||
Non-accrual assets—Total Citi Holdings
|
|
|
|
|
|
||||||||||
Non-accrual loans (NAL)
|
$
|
4,045
|
|
$
|
5,212
|
|
$
|
7,434
|
|
$
|
7,050
|
|
$
|
14,498
|
|
OREO
|
164
|
|
338
|
|
391
|
|
480
|
|
863
|
|
|||||
Other repossessed assets
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|||||
Non-accrual assets (NAA)
|
$
|
4,209
|
|
$
|
5,550
|
|
$
|
7,825
|
|
$
|
7,530
|
|
$
|
15,361
|
|
NAA as a percentage of total assets
|
4.29
|
%
|
4.74
|
%
|
5.02
|
%
|
3.35
|
%
|
4.91
|
%
|
|||||
Allowance for loan losses as a percentage of NAL
(2)
|
112
|
|
124
|
|
146
|
|
190
|
|
126
|
|
(1)
|
2014 reflects a decrease of $130 million related to the adoption of ASU 2014-14, which requires certain government guaranteed mortgage loans to be recognized as separate other receivables upon foreclosure. Prior periods have not been restated. For additional information, see Note 1 of the Consolidated Financial Statements.
|
(2)
|
The allowance for loan losses includes the allowance for Citi’s credit card portfolios and purchased distressed loans, while the non-accrual loans exclude credit card balances (with the exception of certain international portfolios) and purchased distressed loans as these continue to accrue interest until charge-off.
|
In millions of dollars
|
Dec. 31, 2014
|
Dec. 31, 2013
|
||||
Corporate renegotiated loans
(1)
|
|
|
||||
In U.S. offices
|
|
|
||||
Commercial and industrial
(2)
|
$
|
12
|
|
$
|
36
|
|
Mortgage and real estate
(3)
|
106
|
|
143
|
|
||
Loans to financial institutions
|
—
|
|
14
|
|
||
Other
|
316
|
|
364
|
|
||
|
$
|
434
|
|
$
|
557
|
|
In offices outside the U.S.
|
|
|
||||
Commercial and industrial
(2)
|
$
|
105
|
|
$
|
161
|
|
Mortgage and real estate
(3)
|
1
|
|
18
|
|
||
Other
|
39
|
|
58
|
|
||
|
$
|
145
|
|
$
|
237
|
|
Total Corporate renegotiated loans
|
$
|
579
|
|
$
|
794
|
|
Consumer renegotiated loans
(4)(5)(6)(7)
|
|
|
||||
In U.S. offices
|
|
|
||||
Mortgage and real estate
(8)
|
$
|
15,514
|
|
$
|
18,922
|
|
Cards
|
1,751
|
|
2,510
|
|
||
Installment and other
|
580
|
|
626
|
|
||
|
$
|
17,845
|
|
$
|
22,058
|
|
In offices outside the U.S.
|
|
|
||||
Mortgage and real estate
|
$
|
695
|
|
$
|
641
|
|
Cards
|
656
|
|
830
|
|
||
Installment and other
|
586
|
|
834
|
|
||
|
$
|
1,937
|
|
$
|
2,305
|
|
Total Consumer renegotiated loans
|
$
|
19,782
|
|
$
|
24,363
|
|
(1)
|
Includes $135 million and $312 million of non-accrual loans included in the non-accrual assets table above at
December 31, 2014
and December 31, 2013, respectively. The remaining loans are accruing interest.
|
(2)
|
In addition to modifications reflected as TDRs at
December 31, 2014
, Citi also modified $15 million and $34 million of commercial loans risk rated “Substandard Non-Performing” or worse (asset category defined by banking regulators) in offices inside and outside the U.S., respectively. These modifications were not considered TDRs because the modifications did not involve a concession (a required element of a TDR for accounting purposes).
|
(3)
|
In addition to modifications reflected as TDRs at
December 31, 2014
, Citi also modified $22 million of commercial real estate loans risk rated “Substandard Non-Performing” or worse (asset category defined by banking regulators) in offices inside the U.S. These modifications were not considered TDRs because the modifications did not involve a concession (a required element of a TDR for accounting purposes).
|
(4)
|
Includes
$3,132 million
and
$3,637 million
of non-accrual loans included in the non-accrual assets table above at
December 31, 2014
and
2013
, respectively. The remaining loans are accruing interest.
|
(5)
|
Includes
$124 million
and
$29 million
of commercial real estate loans at
December 31, 2014
and
2013
, respectively.
|
(6)
|
Includes
$184 million
and
$295 million
of other commercial loans at
December 31, 2014
and
2013
, respectively.
|
(7)
|
Smaller-balance homogeneous loans were derived from Citi’s risk management systems.
|
(8)
|
Reduction in 2014 includes $2,901 million related to TDRs sold or transferred to held-for-sale.
|
In millions of dollars
|
In U.S.
offices
|
In non-
U.S.
offices
|
2014
total
|
||||||
Interest revenue that would have been accrued at original contractual rates
(2)
|
$
|
1,708
|
|
$
|
715
|
|
$
|
2,423
|
|
Amount recognized as interest revenue
(2)
|
996
|
|
261
|
|
1,257
|
|
|||
Forgone interest revenue
|
$
|
712
|
|
$
|
454
|
|
$
|
1,166
|
|
(1)
|
Relates to Corporate non-accrual loans, renegotiated loans and Consumer loans on which accrual of interest has been suspended.
|
(2)
|
Interest revenue in offices outside the U.S. may reflect prevailing local interest rates, including the effects of inflation and monetary correction in certain countries.
|
North America Residential First Mortgage - EOP Loans
In billions of dollars
|
North America Residential First Mortgage - Net Credit Losses
In millions of dollars
|
(1)
|
4Q’13 includes $6 million of charge-offs related to Citi’s fulfillment of its obligations under the national mortgage and independent foreclosure review settlements.
|
(2)
|
4Q’13 excludes approximately $84 million of net credit losses consisting of (i) approximately $69 million of charge-offs related to a change in the charge-off policy for mortgages originated in CitiFinancial to more closely align to policies used in the CitiMortgage business, and (ii) approximately $15 million of charge-offs related to a change in the estimate of net credit losses related to collateral dependent loans to borrowers who have gone through Chapter 7 bankruptcy.
|
(3)
|
2Q’14 excludes a recovery of approximately $58 million in CitiMortgage.
|
(4)
|
Increase in 4Q’14 CitiFinancial residential first mortgage loss driven by portfolio seasoning and loss mitigation activities.
|
(5)
|
Year-over-year change in the S&P/Case-Shiller U.S. National Home Price Index.
|
(6)
|
Year-over-year change as of October 2014.
|
North America Residential First Mortgage Delinquencies-Citi Holdings
In billions of dollars
|
In billions of dollars
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||
State
(1)
|
ENR
(2)
|
ENR
Distribution
|
90+DPD
%
|
%
LTV >
100%
(3)
|
Refreshed
FICO
|
ENR
(2)
|
ENR
Distribution
|
90+DPD
%
|
%
LTV >
100%
(3)
|
Refreshed
FICO
|
||||||||||||
CA
|
$
|
18.9
|
|
31
|
%
|
0.6
|
%
|
2
|
%
|
745
|
|
$
|
19.2
|
|
30
|
%
|
1.0
|
%
|
4
|
%
|
738
|
|
NY/NJ/CT
(4)(5)
|
12.2
|
|
20
|
|
1.9
|
|
2
|
|
740
|
|
11.7
|
|
18
|
|
2.6
|
|
3
|
|
733
|
|
||
FL
(4)
|
2.8
|
|
5
|
|
3.0
|
|
14
|
|
700
|
|
3.1
|
|
5
|
|
4.4
|
|
25
|
|
688
|
|
||
IN/OH/MI
(4)
|
2.5
|
|
4
|
|
2.9
|
|
10
|
|
667
|
|
3.1
|
|
5
|
|
3.9
|
|
21
|
|
659
|
|
||
IL
(4)
|
2.5
|
|
4
|
|
2.5
|
|
9
|
|
713
|
|
2.7
|
|
4
|
|
3.8
|
|
16
|
|
703
|
|
||
AZ/NV
|
1.3
|
|
2
|
|
1.9
|
|
18
|
|
715
|
|
1.5
|
|
2
|
|
2.7
|
|
25
|
|
710
|
|
||
Other
|
19.9
|
|
33
|
|
3.4
|
|
5
|
|
679
|
|
23.1
|
|
36
|
|
4.1
|
|
8
|
|
671
|
|
||
Total
|
$
|
60.1
|
|
100
|
%
|
2.1
|
%
|
4
|
%
|
715
|
|
$
|
64.4
|
|
100
|
%
|
2.9
|
%
|
8
|
%
|
705
|
|
(1)
|
Certain of the states are included as part of a region based on Citi’s view of similar HPI within the region.
|
(2)
|
Ending net receivables. Excludes loans in Canada and Puerto Rico, loans guaranteed by U.S. government agencies, loans recorded at fair value and loans subject to LTSCs. Excludes balances for which FICO or LTV data are unavailable.
|
(3)
|
LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.
|
(4)
|
New York, New Jersey, Connecticut, Indiana, Ohio, Florida and Illinois are judicial states.
|
(5)
|
Increase in ENR year-over-year was due to originations in Citicorp.
|
North America Home Equity Lines of Credit Amortization – Citigroup
Total ENR by Reset Year
In billions of dollars as of December 31, 2014
|
North America Home Equity - EOP Loans
In billions of dollars
|
North America Home Equity - Net Credit Losses
In millions of dollars
|
(1)
|
4Q’13 includes $15 million of charge-offs related to Citi’s fulfillment of its obligations under the national mortgage and independent foreclosure review settlements.
|
(2)
|
4Q’13 excludes approximately $100 million of net credit losses consisting of (i) approximately $64 million for the acceleration of accounting losses associated with modified home equity loans determined to be collateral dependent, (ii) approximately $22 million of charge-offs related to a change in the charge-off policy for mortgages originated in CitiFinancial to more closely align to policies used in the CitiMortgage business, and (iii) approximately $14 million of charge-offs related to a change in the estimate of net credit losses related to collateral dependent loans to borrowers that have gone through Chapter 7 bankruptcy.
|
North America Home Equity Loan Delinquencies - Citi Holdings
In billions of dollars
|
In billions of dollars
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||
State
(1)
|
ENR
(2)
|
ENR
Distribution
|
90+DPD
%
|
%
CLTV >
100%
(3)
|
Refreshed
FICO
|
ENR
(2)
|
ENR
Distribution
|
90+DPD
%
|
%
CLTV >
100%
(3)
|
Refreshed
FICO
|
||||||||||||
CA
|
$
|
7.4
|
|
28
|
%
|
1.5
|
%
|
10
|
%
|
729
|
|
$
|
8.2
|
|
28
|
%
|
1.6
|
%
|
17
|
%
|
726
|
|
NY/NJ/CT
(4)
|
6.7
|
|
25
|
|
2.4
|
|
11
|
|
721
|
|
7.2
|
|
24
|
|
2.3
|
|
12
|
|
718
|
|
||
FL
(4)
|
1.8
|
|
7
|
|
2.2
|
|
36
|
|
707
|
|
2.1
|
|
7
|
|
2.9
|
|
44
|
|
704
|
|
||
IL
(4)
|
1.1
|
|
4
|
|
1.4
|
|
35
|
|
716
|
|
1.2
|
|
4
|
|
1.6
|
|
42
|
|
713
|
|
||
IN/OH/MI
(4)
|
0.8
|
|
3
|
|
1.7
|
|
31
|
|
688
|
|
1.0
|
|
3
|
|
1.6
|
|
47
|
|
686
|
|
||
AZ/NV
|
0.6
|
|
2
|
|
2.2
|
|
46
|
|
716
|
|
0.7
|
|
2
|
|
2.1
|
|
53
|
|
713
|
|
||
Other
|
8.1
|
|
30
|
|
1.7
|
|
19
|
|
703
|
|
9.5
|
|
32
|
|
1.7
|
|
26
|
|
699
|
|
||
Total
|
$
|
26.6
|
|
100
|
%
|
1.8
|
%
|
17
|
%
|
715
|
|
$
|
29.9
|
|
100
|
%
|
1.9
|
%
|
23
|
%
|
712
|
|
(1)
|
Certain of the states are included as part of a region based on Citi’s view of similar HPI within the region.
|
(2)
|
Ending net receivables. Excludes loans in Canada and Puerto Rico and loans subject to LTSCs. Excludes balances for which FICO or LTV data are unavailable.
|
(3)
|
Represents combined loan-to-value (CLTV) for both residential first mortgages and home equity loans. CLTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.
|
(4)
|
New York, New Jersey, Connecticut, Indiana, Ohio, Florida and Illinois are judicial states.
|
|
Total
loans
(1)
|
90+ days past due
(2)
|
30-89 days past due
(2)
|
||||||||||||||||||
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||
In millions of dollars, except EOP loan amounts in billions
|
2014
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
||||||||||||||
Citicorp
(3)(4)
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
$
|
297.2
|
|
$
|
2,664
|
|
$
|
2,973
|
|
$
|
3,081
|
|
$
|
2,820
|
|
$
|
3,220
|
|
$
|
3,509
|
|
Ratio
|
|
0.90
|
%
|
0.99
|
%
|
1.05
|
%
|
0.95
|
%
|
1.07
|
%
|
1.19
|
%
|
||||||||
Retail banking
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
$
|
151.7
|
|
$
|
840
|
|
$
|
952
|
|
$
|
879
|
|
$
|
902
|
|
$
|
1,049
|
|
$
|
1,112
|
|
Ratio
|
|
0.56
|
%
|
0.63
|
%
|
0.61
|
%
|
0.60
|
%
|
0.70
|
%
|
0.77
|
%
|
||||||||
North America
|
46.8
|
|
225
|
|
257
|
|
280
|
|
212
|
|
205
|
|
223
|
|
|||||||
Ratio
|
|
0.49
|
%
|
0.60
|
%
|
0.68
|
%
|
0.46
|
%
|
0.48
|
%
|
0.54
|
%
|
||||||||
EMEA
|
5.4
|
|
19
|
|
34
|
|
48
|
|
42
|
|
51
|
|
77
|
|
|||||||
Ratio
|
|
0.35
|
%
|
0.61
|
%
|
0.94
|
%
|
0.78
|
%
|
0.91
|
%
|
1.51
|
%
|
||||||||
Latin America
|
27.7
|
|
410
|
|
470
|
|
323
|
|
315
|
|
395
|
|
353
|
|
|||||||
Ratio
|
|
1.48
|
%
|
1.55
|
%
|
1.15
|
%
|
1.14
|
%
|
1.30
|
%
|
1.26
|
%
|
||||||||
Asia
|
71.8
|
|
186
|
|
191
|
|
228
|
|
333
|
|
398
|
|
459
|
|
|||||||
Ratio
|
|
0.26
|
%
|
0.27
|
%
|
0.33
|
%
|
0.46
|
%
|
0.56
|
%
|
0.66
|
%
|
||||||||
Cards
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
$
|
145.5
|
|
$
|
1,824
|
|
$
|
2,021
|
|
$
|
2,202
|
|
$
|
1,918
|
|
$
|
2,171
|
|
$
|
2,397
|
|
Ratio
|
|
1.25
|
%
|
1.34
|
%
|
1.47
|
%
|
1.32
|
%
|
1.44
|
%
|
1.60
|
%
|
||||||||
North America—Citi-branded
|
67.5
|
|
593
|
|
681
|
|
786
|
|
568
|
|
661
|
|
771
|
|
|||||||
Ratio
|
|
0.88
|
%
|
0.97
|
%
|
1.08
|
%
|
0.84
|
%
|
0.94
|
%
|
1.06
|
%
|
||||||||
North America—Citi retail services
|
46.5
|
|
678
|
|
771
|
|
721
|
|
748
|
|
830
|
|
789
|
|
|||||||
Ratio
|
|
1.46
|
%
|
1.67
|
%
|
1.87
|
%
|
1.61
|
%
|
1.79
|
%
|
2.04
|
%
|
||||||||
EMEA
|
2.2
|
|
30
|
|
32
|
|
48
|
|
34
|
|
42
|
|
63
|
|
|||||||
Ratio
|
|
1.36
|
%
|
1.33
|
%
|
1.66
|
%
|
1.55
|
%
|
1.75
|
%
|
2.17
|
%
|
||||||||
Latin America
|
10.9
|
|
345
|
|
349
|
|
413
|
|
329
|
|
364
|
|
432
|
|
|||||||
Ratio
|
|
3.17
|
%
|
2.88
|
%
|
2.79
|
%
|
3.02
|
%
|
3.01
|
%
|
2.92
|
%
|
||||||||
Asia
|
18.4
|
|
178
|
|
188
|
|
234
|
|
239
|
|
274
|
|
342
|
|
|||||||
Ratio
|
|
0.97
|
%
|
0.98
|
%
|
1.15
|
%
|
1.30
|
%
|
1.43
|
%
|
1.68
|
%
|
||||||||
Citi Holdings
(5)(6)
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
$
|
72.6
|
|
$
|
1,975
|
|
$
|
2,756
|
|
$
|
4,611
|
|
$
|
1,699
|
|
$
|
2,724
|
|
$
|
4,228
|
|
Ratio
|
|
2.88
|
%
|
3.28
|
%
|
4.42
|
%
|
2.48
|
%
|
3.24
|
%
|
4.05
|
%
|
||||||||
International
|
1.8
|
|
12
|
|
162
|
|
345
|
|
36
|
|
200
|
|
393
|
|
|||||||
Ratio
|
|
0.67
|
%
|
2.75
|
%
|
4.54
|
%
|
2.00
|
%
|
3.39
|
%
|
5.17
|
%
|
||||||||
North America
|
70.8
|
|
1,963
|
|
2,594
|
|
4,266
|
|
1,663
|
|
2,524
|
|
3,835
|
|
|||||||
Ratio
|
|
2.94
|
%
|
3.33
|
%
|
4.41
|
%
|
2.49
|
%
|
3.24
|
%
|
3.96
|
%
|
||||||||
Other
(7)
|
0.2
|
|
|
|
|
|
|
|
|||||||||||||
Total Citigroup
|
$
|
370.0
|
|
$
|
4,639
|
|
$
|
5,729
|
|
$
|
7,692
|
|
$
|
4,519
|
|
$
|
5,944
|
|
$
|
7,737
|
|
Ratio
|
|
1.27
|
%
|
1.49
|
%
|
1.93
|
%
|
1.24
|
%
|
1.54
|
%
|
1.94
|
%
|
(1)
|
Total loans include interest and fees on credit cards.
|
(2)
|
The ratios of 90+ days past due and 30–89 days past due are calculated based on end-of-period (EOP) loans, net of unearned income.
|
(3)
|
The 90+ days past due balances for
North America—Citi-branded
and
North America—Citi retail services
are generally still accruing interest. Citigroup’s policy is generally to accrue interest on credit card loans until 180 days past due, unless notification of bankruptcy filing has been received earlier.
|
(4)
|
The 90+ days and 30–89 days past due and related ratios for
Citicorp
North America
exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored entities since the potential loss predominantly resides within the U.S. government-sponsored entities. The amounts excluded for loans 90+ days past due and (EOP loans) were $562 million ($1.1 billion), $690 million ($1.2 billion) and $742 million ($1.4 billion) at
December 31, 2014
, 2013 and 2012,
|
(5)
|
The 90+ days and 30–89 days past due and related ratios for Citi Holdings
North America
exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored entities since the potential loss predominantly resides within the U.S. government-sponsored entities. The amounts excluded for loans 90+ days past due (and EOP loans) for each period were $2.2 billion ($4.0 billion), $3.3 billion ($6.4 billion) and $4.0 billion ($7.1 billion) at
December 31, 2014
, 2013 and 2012, respectively. The amounts excluded for loans 30–89 days past due (EOP loans have the same adjustment as above) for each period were $0.5 billion, $1.1 billion and $1.2 billion at
December 31, 2014
, 2013 and 2012, respectively.
|
(6)
|
The
December 31, 2014
, 2013 and 2012 loans 90+ days past due and 30–89 days past due and related ratios for
North America
exclude $14 million, $0.9 billion and $1.2 billion, respectively, of loans that are carried at fair value.
|
(7)
|
Represents loans classified as
Consumer loans
on the Consolidated Balance Sheet that are not included in the Citi Holdings consumer credit metrics.
|
(1)
|
Average loans include interest and fees on credit cards.
|
(2)
|
The ratios of net credit losses are calculated based on average loans, net of unearned income.
|
(3)
|
Represents NCLs on loans classified as
Consumer loans
on the Consolidated Balance Sheet that are not included in the Citi Holdings consumer credit metrics.
|
In millions of dollars at year end 2014
|
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
|
$
|
116
|
|
$
|
1,260
|
|
$
|
68,199
|
|
$
|
69,575
|
|
Home equity loans
|
5,262
|
|
12,708
|
|
8,988
|
|
26,958
|
|
||||
Total
|
$
|
5,378
|
|
$
|
13,968
|
|
$
|
77,187
|
|
$
|
96,533
|
|
Fixed/variable pricing of U.S. Consumer mortgage loans with maturities due after one year
|
|
|
|
|
||||||||
Loans at fixed interest rates
|
|
$
|
1,463
|
|
$
|
56,023
|
|
|
||||
Loans at floating or adjustable interest rates
|
|
12,505
|
|
21,164
|
|
|
||||||
Total
|
|
$
|
13,968
|
|
$
|
77,187
|
|
|
|
At December 31, 2014
|
At December 31, 2013
|
||||||||||||||||||||||
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
|
||||||||||||||||
Direct outstandings (on-balance sheet)
(1)
|
$
|
95
|
|
$
|
85
|
|
$
|
33
|
|
$
|
213
|
|
$
|
108
|
|
$
|
80
|
|
$
|
29
|
|
$
|
217
|
|
Unfunded lending commitments (off-balance sheet)
(2)
|
92
|
|
207
|
|
33
|
|
332
|
|
87
|
|
204
|
|
21
|
|
312
|
|
||||||||
Total exposure
|
$
|
187
|
|
$
|
292
|
|
$
|
66
|
|
$
|
545
|
|
$
|
195
|
|
$
|
284
|
|
$
|
50
|
|
$
|
529
|
|
(1)
|
Includes drawn loans, overdrafts, bankers’ acceptances and leases.
|
(2)
|
Includes unused commitments to lend, letters of credit and financial guarantees.
|
|
December 31,
2014 |
December 31,
2013 |
||
North America
|
55
|
%
|
51
|
%
|
EMEA
|
25
|
|
27
|
|
Asia
|
13
|
|
14
|
|
Latin America
|
7
|
|
8
|
|
Total
|
100
|
%
|
100
|
%
|
|
Total Exposure
|
|||
|
December 31,
2014 |
December 31,
2013 |
||
Transportation and industrial
|
21
|
%
|
22
|
%
|
Consumer retail and health
|
17
|
|
15
|
|
Power, chemicals, commodities and metals and mining
|
10
|
|
10
|
|
Energy
(1)
|
10
|
|
10
|
|
Technology, media and telecom
|
9
|
|
10
|
|
Banks/broker-dealers
|
8
|
|
10
|
|
Real estate
|
6
|
|
5
|
|
Public sector
|
5
|
|
6
|
|
Insurance and special purpose entities
|
5
|
|
5
|
|
Hedge funds
|
5
|
|
4
|
|
Other industries
|
4
|
|
3
|
|
Total
|
100
|
%
|
100
|
%
|
|
December 31,
2014 |
December 31,
2013 |
||
AAA/AA/A
|
24
|
%
|
26
|
%
|
BBB
|
42
|
|
36
|
|
BB/B
|
28
|
|
29
|
|
CCC or below
|
6
|
|
9
|
|
Total
|
100
|
%
|
100
|
%
|
|
December 31,
2014 |
December 31,
2013 |
||
Transportation and industrial
|
30
|
%
|
31
|
%
|
Power, chemicals, commodities and metals and mining
|
15
|
|
15
|
|
Technology, media and telecom
|
15
|
|
14
|
|
Consumer retail and health
|
11
|
|
9
|
|
Energy
|
10
|
|
8
|
|
Banks/broker-dealers
|
7
|
|
8
|
|
Public Sector
|
6
|
|
6
|
|
Insurance and special purpose entities
|
4
|
|
7
|
|
Other industries
|
2
|
|
2
|
|
Total
|
100
|
%
|
100
|
%
|
In millions of dollars at December 31, 2014
|
Due
within
1 year
|
Over 1 year
but within
5 years
|
Over 5
years
|
Total
|
||||||||
Corporate loan portfolio maturities
|
|
|
|
|
||||||||
In U.S. offices
|
|
|
|
|
||||||||
Commercial and industrial loans
|
$
|
17,348
|
|
$
|
11,403
|
|
$
|
6,304
|
|
$
|
35,055
|
|
Financial institutions
|
17,950
|
|
11,799
|
|
6,523
|
|
36,272
|
|
||||
Mortgage and real estate
|
16,102
|
|
10,584
|
|
5,851
|
|
32,537
|
|
||||
Lease financing
|
870
|
|
572
|
|
316
|
|
1,758
|
|
||||
Installment, revolving
credit, other
|
14,455
|
|
9,500
|
|
5,252
|
|
29,207
|
|
||||
In offices outside the U.S.
|
93,124
|
|
36,387
|
|
10,879
|
|
140,390
|
|
||||
Total corporate loans
|
$
|
159,849
|
|
$
|
80,245
|
|
$
|
35,125
|
|
$
|
275,219
|
|
Fixed/variable pricing of Corporate loans with maturities due after one year
(1)
|
|
|
|
|
||||||||
Loans at fixed interest rates
|
|
$
|
9,960
|
|
$
|
11,453
|
|
|
||||
Loans at floating or adjustable interest rates
|
|
70,283
|
|
23,673
|
|
|
||||||
Total
|
|
$
|
80,243
|
|
$
|
35,126
|
|
|
(1)
|
Based on contractual terms. Repricing characteristics may effectively be modified from time to time using derivative contracts. See Note 23 to the Consolidated Financial Statements.
|
•
|
the parent entity, which includes the parent holding company (Citigroup) and Citi’s broker-dealer subsidiaries that are consolidated into Citigroup (collectively referred to in this section as “parent”);
|
•
|
Citi’s significant Citibank entities, which consist of Citibank, N.A. units domiciled in the U.S., Western Europe, Hong Kong, Japan and Singapore (collectively referred to in this section as “significant Citibank entities”); and
|
•
|
other Citibank and Banamex entities.
|
|
Parent
|
Significant Citibank Entities
|
Other Citibank and Banamex Entities
|
Total
|
||||||||||||||||||||
In billions of dollars
|
Dec. 31, 2014
|
Sept. 30, 2014
|
Dec. 31, 2014
|
Sept. 30, 2014
|
Dec. 31, 2014
|
Sept. 30, 2014
|
Dec. 31, 2014
|
Sept. 30, 2014
|
||||||||||||||||
Available cash
|
$
|
37.5
|
|
$
|
27.3
|
|
$
|
54.6
|
|
$
|
77.8
|
|
$
|
10.6
|
|
$
|
8.5
|
|
$
|
102.7
|
|
$
|
113.6
|
|
Unencumbered liquid securities
|
35.0
|
|
31.8
|
|
203.1
|
|
197.5
|
|
71.8
|
|
73.6
|
|
$
|
309.9
|
|
$
|
302.9
|
|
||||||
Total
|
$
|
72.5
|
|
$
|
59.1
|
|
$
|
257.7
|
|
$
|
275.3
|
|
$
|
82.4
|
|
$
|
82.1
|
|
$
|
412.6
|
|
$
|
416.4
|
|
In billions of dollars
|
Dec. 31, 2014
|
Sept. 30, 2014
|
||||
Available cash
|
$
|
102.7
|
|
$
|
113.6
|
|
U.S. Treasuries
|
139.5
|
|
117.1
|
|
||
U.S. Agencies/Agency MBS
|
57.1
|
|
60.7
|
|
||
Foreign government
(1)
|
110.2
|
|
121.6
|
|
||
Other investment grade
|
3.1
|
|
3.4
|
|
||
Total
|
$
|
412.6
|
|
$
|
416.4
|
|
(1)
|
Foreign government includes securities issued or guaranteed by foreign sovereigns, agencies and multilateral development banks. Foreign government securities are held largely to support local liquidity requirements and Citi’s local franchises and principally included government bonds from Brazil, Hong Kong, India, Japan, Korea, Mexico, Poland, Singapore and Taiwan.
|
In billions of dollars
|
Dec. 31, 2014
|
Sept. 30, 2014
|
Dec. 31, 2013
|
||||||
Global Consumer Banking
|
|
|
|
||||||
North America
|
$
|
171.4
|
|
$
|
171.7
|
|
$
|
170.2
|
|
EMEA
|
12.8
|
|
13.0
|
|
13.1
|
|
|||
Latin America
|
45.5
|
|
45.9
|
|
47.4
|
|
|||
Asia
(1)
|
77.9
|
|
101.3
|
|
101.4
|
|
|||
Total
|
$
|
307.6
|
|
$
|
331.9
|
|
$
|
332.1
|
|
ICG
|
|
|
|
||||||
Treasury and trade solutions (TTS)
|
$
|
378.6
|
|
$
|
381.1
|
|
$
|
379.8
|
|
Banking ex-TTS
|
85.9
|
|
91.0
|
|
97.4
|
|
|||
Markets and securities services
|
94.4
|
|
95.3
|
|
96.9
|
|
|||
Total
|
$
|
558.9
|
|
$
|
567.4
|
|
$
|
574.1
|
|
Corporate/Other
|
22.8
|
|
29.0
|
|
26.1
|
|
|||
Total Citicorp
|
$
|
889.3
|
|
$
|
928.3
|
|
$
|
932.3
|
|
Total Citi Holdings
(2)
|
10.0
|
|
14.4
|
|
36.0
|
|
|||
Total Citigroup deposits (EOP)
|
$
|
899.3
|
|
$
|
942.7
|
|
$
|
968.3
|
|
Total Citigroup deposits (AVG)
|
$
|
938.7
|
|
$
|
954.2
|
|
$
|
956.4
|
|
(1)
|
December 31, 2014 deposit balance reflects the reclassification to held-for-sale of approximately $21 billion of deposits as a result of Citigroup's entry into an agreement in December 2014 to sell its Japan retail banking business.
|
(2)
|
Included within Citi Holding’s end-of-period deposit balance as of
December 31, 2014
was approximately $9 billion of deposits related to Morgan Stanley Smith Barney (MSSB) customers that, as previously disclosed, will be transferred to Morgan Stanley by MSSB, with remaining balances transferred in the amount of approximately $5 billion per quarter through the end of the second quarter of 2015.
|
In billions of dollars
|
Dec. 31, 2014
|
Sept. 30, 2014
|
Dec. 31, 2013
|
||||||
Parent
|
$
|
158.0
|
|
$
|
155.9
|
|
$
|
164.7
|
|
Benchmark debt:
|
|
|
|
||||||
Senior debt
|
96.7
|
|
96.3
|
|
98.5
|
|
|||
Subordinated debt
|
25.5
|
|
24.2
|
|
28.1
|
|
|||
Trust preferred
|
1.7
|
|
1.7
|
|
3.9
|
|
|||
Customer-Related debt:
|
|
|
|
||||||
Structured debt
|
22.3
|
|
22.3
|
|
22.2
|
|
|||
Non-structured debt
|
5.9
|
|
6.4
|
|
7.8
|
|
|||
Local Country and Other
(1)(2)
|
5.9
|
|
5.0
|
|
4.2
|
|
|||
Bank
|
$
|
65.1
|
|
$
|
67.9
|
|
$
|
56.4
|
|
FHLB Borrowings
|
19.8
|
|
23.3
|
|
14.0
|
|
|||
Securitizations
(3)
|
38.1
|
|
38.2
|
|
33.6
|
|
|||
Local Country and Other
(2)
|
7.2
|
|
6.4
|
|
8.8
|
|
|||
Total long-term debt
|
$
|
223.1
|
|
$
|
223.8
|
|
$
|
221.1
|
|
(1)
|
Includes securitizations of $2.0 billion for the third and
fourth
quarter of
2014
and $0.2 billion for the
fourth
quarter of
2013
.
|
(2)
|
Local country debt includes debt issued by Citi’s affiliates in support of their local operations.
|
(3)
|
Predominantly credit card securitizations, primarily backed by Citi-branded credit cards.
|
|
2014
|
2013
|
2012
|
|||||||||||||||
In billions of dollars
|
Maturities
|
Issuances
|
Maturities
|
Issuances
|
Maturities
|
Issuances
|
||||||||||||
Parent
|
$
|
38.3
|
|
$
|
36.0
|
|
$
|
46.0
|
|
$
|
30.7
|
|
$
|
75.3
|
|
$
|
17.3
|
|
Benchmark debt:
|
|
|
|
|
|
|
||||||||||||
Senior debt
|
18.9
|
|
18.6
|
|
25.6
|
|
17.8
|
|
34.9
|
|
9.1
|
|
||||||
Subordinated debt
|
5.0
|
|
2.8
|
|
1.0
|
|
4.6
|
|
1.8
|
|
—
|
|
||||||
Trust preferred
|
2.1
|
|
—
|
|
6.4
|
|
—
|
|
5.9
|
|
—
|
|
||||||
Customer-related debt:
|
|
|
|
|
|
|
||||||||||||
Structured debt
|
7.5
|
|
9.5
|
|
8.5
|
|
7.3
|
|
8.2
|
|
8.0
|
|
||||||
Non-structured debt
|
2.4
|
|
1.4
|
|
3.7
|
|
1.0
|
|
22.1
|
|
—
|
|
||||||
Local Country and Other
|
2.4
|
|
3.7
|
|
0.8
|
|
—
|
|
2.4
|
|
0.2
|
|
||||||
Bank
|
$
|
20.6
|
|
$
|
30.8
|
|
$
|
17.8
|
|
$
|
23.7
|
|
$
|
42.3
|
|
$
|
10.4
|
|
TLGP
|
—
|
|
—
|
|
—
|
|
—
|
|
10.5
|
|
—
|
|
||||||
FHLB borrowings
|
8.0
|
|
13.9
|
|
11.8
|
|
9.5
|
|
2.7
|
|
8.0
|
|
||||||
Securitizations
|
8.9
|
|
13.6
|
|
2.4
|
|
11.5
|
|
25.2
|
|
0.5
|
|
||||||
Local Country and Other
|
3.7
|
|
3.3
|
|
3.6
|
|
2.7
|
|
3.9
|
|
1.9
|
|
||||||
Total
|
$
|
58.9
|
|
$
|
66.8
|
|
$
|
63.8
|
|
$
|
54.4
|
|
$
|
117.6
|
|
$
|
27.7
|
|
|
Maturities
2014
|
|
||||||||||||||||||||||
In billions of dollars
|
2015
|
2016
|
2017
|
2018
|
2019
|
Thereafter
|
Total
|
|||||||||||||||||
Parent
|
$
|
38.3
|
|
$
|
16.6
|
|
$
|
20.9
|
|
$
|
26.1
|
|
$
|
12.9
|
|
$
|
20.0
|
|
$
|
61.5
|
|
$
|
158.0
|
|
Benchmark debt:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Senior debt
|
18.9
|
|
10.0
|
|
14.4
|
|
19.7
|
|
9.5
|
|
14.9
|
|
28.2
|
|
96.7
|
|
||||||||
Subordinated debt
|
5.0
|
|
0.7
|
|
1.5
|
|
3.1
|
|
1.2
|
|
1.5
|
|
17.5
|
|
25.5
|
|
||||||||
Trust preferred
|
2.1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1.7
|
|
1.7
|
|
||||||||
Customer-related debt:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Structured debt
|
7.5
|
|
4.0
|
|
4.0
|
|
2.7
|
|
1.7
|
|
1.8
|
|
8.1
|
|
22.3
|
|
||||||||
Non-structured debt
|
2.4
|
|
1.8
|
|
1.0
|
|
0.6
|
|
0.5
|
|
0.2
|
|
1.8
|
|
5.9
|
|
||||||||
Local Country and Other
|
2.4
|
|
0.1
|
|
—
|
|
—
|
|
—
|
|
1.6
|
|
4.2
|
|
5.9
|
|
||||||||
Bank
|
$
|
20.6
|
|
$
|
14.5
|
|
$
|
21.2
|
|
$
|
14.2
|
|
$
|
9.1
|
|
$
|
2.1
|
|
$
|
4.0
|
|
65.1
|
|
|
FHLB borrowings
|
8.0
|
|
3.8
|
|
9.2
|
|
6.3
|
|
0.5
|
|
—
|
|
—
|
|
19.8
|
|
||||||||
Securitizations
|
8.9
|
|
7.7
|
|
10.2
|
|
6.4
|
|
8.3
|
|
1.9
|
|
3.6
|
|
38.1
|
|
||||||||
Local Country and Other
|
3.7
|
|
3.0
|
|
1.8
|
|
1.5
|
|
0.3
|
|
0.2
|
|
0.4
|
|
7.2
|
|
||||||||
Total long-term debt
|
$
|
58.9
|
|
$
|
31.1
|
|
$
|
42.1
|
|
$
|
40.3
|
|
$
|
22.0
|
|
$
|
22.1
|
|
$
|
65.5
|
|
$
|
223.1
|
|
(1)
|
Original maturities of less than one year.
|
(3)
|
Other short-term borrowings include borrowings from the FHLB and other market participants.
|
(4)
|
Interest rates and amounts include the effects of risk management activities associated with the respective liability categories.
|
(5)
|
Average volumes of securities loaned or sold under agreements to repurchase are reported net pursuant to FIN 41 (ASC 210-20-45); average rates exclude the impact of FIN 41 (ASC 210-20-45).
|
(6)
|
Average rates reflect prevailing local interest rates, including inflationary effects and monetary correction in certain countries.
|
(7)
|
Based on contractual rates at respective year ends; non-interest-bearing accounts are excluded from the weighted average interest rate calculated at year end.
|
in billions of dollars
|
Dec. 31, 2014
|
Sept. 30, 2014
|
||||
High quality liquid assets
|
$
|
412.6
|
|
$
|
416.4
|
|
Estimated net outflows
|
$
|
368.6
|
|
$
|
374.5
|
|
Liquidity coverage ratio
|
112
|
%
|
111
|
%
|
||
HQLA in excess of estimated net outflows
|
$
|
44.0
|
|
$
|
42.0
|
|
|
Citigroup Inc.
|
Citibank, N.A.
|
||||
|
Senior
debt
|
Commercial
paper
|
Outlook
|
Long-
term
|
Short-
term
|
Outlook
|
Fitch Ratings (Fitch)
|
A
|
F1
|
Stable
|
A
|
F1
|
Stable
|
Moody’s Investors Service (Moody’s)
|
Baa2
|
P-2
|
Stable
|
A2
|
P-1
|
Stable
|
Standard & Poor’s (S&P)
|
A-
|
A-2
|
Negative
|
A
|
A-1
|
Stable
|
In millions of dollars (unless otherwise noted)
|
Dec. 31, 2014
|
Sept. 30, 2014
|
Dec. 31, 2013
|
||||||
Estimated annualized impact to net interest revenue
|
|
|
|
||||||
U.S. dollar
(1)
|
$
|
1,123
|
|
$
|
1,159
|
|
$
|
1,229
|
|
All other currencies
|
629
|
|
713
|
|
609
|
|
|||
Total
|
$
|
1,752
|
|
$
|
1,872
|
|
$
|
1,838
|
|
As a % of average interest-earning assets
|
0.11
|
%
|
0.11
|
%
|
0.11
|
%
|
|||
Estimated initial impact to OCI (after-tax)
(2)
|
$
|
(3,961
|
)
|
$
|
(3,621
|
)
|
$
|
(3,070
|
)
|
Estimated initial impact on Common Equity Tier 1 Capital ratio (bps)
(3)
|
(44
|
)
|
(41
|
)
|
(37
|
)
|
(1)
|
Certain trading-oriented businesses within Citi have accrual-accounted positions that are excluded from the estimated impact to net interest revenue in the table since these exposures are managed economically in combination with mark-to-market positions. The U.S. dollar interest rate exposure associated with these businesses was $(148) million for a 100 basis point instantaneous increase in interest rates as of
December 31, 2014
.
|
(2)
|
Includes the effect of changes in interest rates on OCI related to investment securities, cash flow hedges and pension liability adjustments.
|
(3)
|
The estimated initial impact to the Common Equity Tier 1 Capital ratio considers the effect of Citi’s deferred tax asset position and is based on only the estimated initial OCI impact above.
|
In millions of dollars (unless otherwise noted)
|
Scenario 1
|
Scenario 2
|
Scenario 3
|
Scenario 4
|
||||||||
Overnight rate change (bps)
|
100
|
|
100
|
|
—
|
|
—
|
|
||||
10-year rate change (bps)
|
100
|
|
—
|
|
100
|
|
(100
|
)
|
||||
Estimated annualized impact to net interest revenue
|
|
|
|
|
||||||||
U.S. dollar
|
$
|
1,123
|
|
$
|
1,082
|
|
$
|
95
|
|
$
|
(161
|
)
|
All other currencies
|
629
|
|
586
|
|
36
|
|
(36
|
)
|
||||
Total
|
$
|
1,752
|
|
$
|
1,668
|
|
$
|
131
|
|
$
|
(197
|
)
|
Estimated initial impact to OCI (after-tax)
(1)
|
$
|
(3,961
|
)
|
$
|
(2,543
|
)
|
$
|
(1,597
|
)
|
$
|
1,372
|
|
Estimated initial impact to Common Equity Tier 1 Capital ratio (bps)
(2)
|
(44
|
)
|
(28
|
)
|
(18
|
)
|
15
|
|
(1)
|
Includes the effect of changes in interest rates on OCI related to investment securities, cash flow hedges and pension liability adjustments.
|
(2)
|
The estimated initial impact to the Common Equity Tier 1 Capital ratio considers the effect of Citi’s deferred tax asset position and is based on only the estimated OCI impact above.
|
|
For the quarter ended
|
||||||||
In millions of dollars (unless otherwise noted)
|
Dec. 31, 2014
|
Sept. 30, 2014
|
Dec. 31, 2013
|
||||||
Change in FX spot rate
(1)
|
4.9
|
%
|
(4.4
|
)%
|
(0.4
|
)%
|
|||
Change in TCE due to foreign currency translation, net of hedges
|
$
|
(1,932
|
)
|
$
|
(1,182
|
)
|
$
|
(241
|
)
|
As a % of Tangible Common Equity
|
(1.1
|
)%
|
(0.7
|
)%
|
(0.1
|
)%
|
|||
Estimated impact to Common Equity Tier 1 Capital ratio (on a fully implemented basis) due to changes in foreign currency translation, net of hedges (bps)
|
(1
|
)
|
3
|
|
(2
|
)
|
(1)
|
FX spot rate change is a weighted average based upon Citi’s quarterly average GAAP capital exposure to foreign countries.
|
|
In millions of dollars, except as otherwise noted
|
2014
|
|
2013
|
|
2012
|
|
Change
2014 vs. 2013 |
|
Change
2013 vs. 2012 |
|
||||||||
Interest revenue
(1)
|
$
|
62,180
|
|
|
$
|
63,491
|
|
|
$
|
67,840
|
|
|
(2
|
)%
|
|
(6
|
)%
|
|
Interest expense
|
13,690
|
|
|
16,177
|
|
|
20,612
|
|
|
(15
|
)
|
|
(22
|
)
|
|
|||
Net interest revenue
(1)(2)(3)
|
$
|
48,490
|
|
|
$
|
47,314
|
|
|
$
|
47,228
|
|
|
2
|
%
|
|
—
|
%
|
|
Interest revenue—average rate
|
3.72
|
%
|
|
3.83
|
%
|
|
4.06
|
%
|
|
(11
|
)
|
bps
|
(23
|
)
|
bps
|
|||
Interest expense—average rate
|
1.02
|
|
|
1.19
|
|
|
1.47
|
|
|
(17
|
)
|
bps
|
(28
|
)
|
bps
|
|||
Net interest margin
|
2.90
|
%
|
|
2.85
|
%
|
|
2.82
|
%
|
|
5
|
|
bps
|
3
|
|
bps
|
|||
Interest-rate benchmarks
|
|
|
|
|
|
|
|
|
|
|
||||||||
Two-year U.S. Treasury note—average rate
|
0.46
|
%
|
|
0.31
|
%
|
|
0.28
|
%
|
|
15
|
|
bps
|
3
|
|
bps
|
|||
10-year U.S. Treasury note—average rate
|
2.54
|
|
|
2.35
|
|
|
1.80
|
|
|
19
|
|
bps
|
55
|
|
bps
|
|||
10-year vs. two-year spread
|
208
|
|
bps
|
204
|
|
bps
|
152
|
|
bps
|
|
|
|
|
|
(1)
|
Net interest revenue
includes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 35%) of $498 million, $521 million and $542 million for 2014, 2013 and 2012, respectively.
|
(2)
|
Excludes expenses associated with certain hybrid financial instruments, which are classified as
Long-term debt
and accounted for at fair value with changes recorded in
Principal transactions
.
|
(3)
|
Interest revenue, expense, rates and volumes exclude Credicard (
Discontinued operations
) for all periods presented. See Note
2
to the Consolidated Financial Statements.
|
|
Average volume
|
Interest revenue
|
% Average rate
|
|||||||||||||||||||||
In millions of dollars, except rates
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits with banks
(5)
|
$
|
161,359
|
|
$
|
144,904
|
|
$
|
157,911
|
|
$
|
959
|
|
$
|
1,026
|
|
$
|
1,261
|
|
0.59
|
%
|
0.71
|
%
|
0.80
|
%
|
Federal funds sold and securities borrowed or purchased under agreements to resell
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
In U.S. offices
|
$
|
153,688
|
|
$
|
158,237
|
|
$
|
156,837
|
|
$
|
1,034
|
|
$
|
1,133
|
|
$
|
1,471
|
|
0.67
|
%
|
0.72
|
%
|
0.94
|
%
|
In offices outside the U.S.
(5)
|
101,177
|
|
109,233
|
|
120,400
|
|
1,332
|
|
1,433
|
|
1,947
|
|
1.32
|
|
1.31
|
|
1.62
|
|
||||||
Total
|
$
|
254,865
|
|
$
|
267,470
|
|
$
|
277,237
|
|
$
|
2,366
|
|
$
|
2,566
|
|
$
|
3,418
|
|
0.93
|
%
|
0.96
|
%
|
1.23
|
%
|
Trading account assets
(7)(8)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
In U.S. offices
|
$
|
114,910
|
|
$
|
126,123
|
|
$
|
124,633
|
|
$
|
3,472
|
|
$
|
3,728
|
|
$
|
3,899
|
|
3.02
|
%
|
2.96
|
%
|
3.13
|
%
|
In offices outside the U.S.
(5)
|
119,801
|
|
127,291
|
|
126,203
|
|
2,538
|
|
2,683
|
|
3,077
|
|
2.12
|
|
2.11
|
|
2.44
|
|
||||||
Total
|
$
|
234,711
|
|
$
|
253,414
|
|
$
|
250,836
|
|
$
|
6,010
|
|
$
|
6,411
|
|
$
|
6,976
|
|
2.56
|
%
|
2.53
|
%
|
2.78
|
%
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
In U.S. offices
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Taxable
|
$
|
193,816
|
|
$
|
174,084
|
|
$
|
169,307
|
|
$
|
3,286
|
|
$
|
2,713
|
|
$
|
2,880
|
|
1.70
|
%
|
1.56
|
%
|
1.70
|
%
|
Exempt from U.S. income tax
|
15,480
|
|
18,075
|
|
16,405
|
|
626
|
|
811
|
|
816
|
|
4.04
|
|
4.49
|
|
4.97
|
|
||||||
In offices outside the U.S.
(5)
|
113,163
|
|
114,122
|
|
114,549
|
|
3,627
|
|
3,761
|
|
4,156
|
|
3.21
|
|
3.30
|
|
3.63
|
|
||||||
Total
|
$
|
322,459
|
|
$
|
306,281
|
|
$
|
300,261
|
|
$
|
7,539
|
|
$
|
7,285
|
|
$
|
7,852
|
|
2.34
|
%
|
2.38
|
%
|
2.62
|
%
|
Loans (net of unearned income)
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
In U.S. offices
|
$
|
361,769
|
|
$
|
354,707
|
|
$
|
359,794
|
|
$
|
26,076
|
|
$
|
25,941
|
|
$
|
27,077
|
|
7.21
|
%
|
7.31
|
%
|
7.53
|
%
|
In offices outside the U.S.
(5)
|
296,656
|
|
292,852
|
|
286,025
|
|
18,723
|
|
19,660
|
|
20,676
|
|
6.31
|
|
6.71
|
|
7.23
|
|
||||||
Total
|
$
|
658,425
|
|
$
|
647,559
|
|
$
|
645,819
|
|
$
|
44,799
|
|
$
|
45,601
|
|
$
|
47,753
|
|
6.80
|
%
|
7.04
|
%
|
7.39
|
%
|
Other interest-earning assets
(10)
|
$
|
40,375
|
|
$
|
38,233
|
|
$
|
40,766
|
|
$
|
507
|
|
$
|
602
|
|
$
|
580
|
|
1.26
|
%
|
1.57
|
%
|
1.42
|
%
|
Total interest-earning assets
|
$
|
1,672,194
|
|
$
|
1,657,861
|
|
$
|
1,672,830
|
|
$
|
62,180
|
|
$
|
63,491
|
|
$
|
67,840
|
|
3.72
|
%
|
3.83
|
%
|
4.06
|
%
|
Non-interest-earning assets
(7)
|
$
|
224,721
|
|
$
|
222,526
|
|
$
|
234,437
|
|
|
|
|
|
|
|
|||||||||
Total assets from discontinued operations
|
—
|
|
2,909
|
|
3,432
|
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
1,896,915
|
|
$
|
1,883,296
|
|
$
|
1,910,699
|
|
|
|
|
|
|
|
(1)
|
Net interest revenue
includes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 35%) of $498 million, $521 million and $542 million for 2014, 2013, and 2012, respectively.
|
(2)
|
Interest rates and amounts include the effects of risk management activities associated with the respective asset and liability categories.
|
(3)
|
Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
|
(4)
|
Detailed average volume,
Interest revenue
and
Interest expense
exclude
Discontinued operations
. See Note
2
to the Consolidated Financial Statements.
|
(5)
|
Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
|
(6)
|
Average volumes of securities borrowed or purchased under agreements to resell are reported net pursuant to FIN 41 (ASC 210-20-45). However,
Interest revenue
excludes the impact of FIN 41 (ASC 210-20-45).
|
(7)
|
The fair value carrying amounts of derivative contracts are reported net, pursuant to FIN 39 (ASC 815-10-45), in
Non-interest-earning assets
and
Other non-interest-bearing liabilities
.
|
(8)
|
Interest expense
on
Trading account liabilities
of
ICG
is reported as a reduction of
Interest revenue
.
Interest revenue
and
Interest expense
on cash collateral positions are reported in interest on
Trading account assets
and
Trading account liabilities
, respectively.
|
(9)
|
Includes cash-basis loans.
|
(10)
|
Includes brokerage receivables.
|
|
Average volume
|
Interest expense
|
% Average rate
|
|||||||||||||||||||||
In millions of dollars, except rates
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
|||||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
In U.S. offices
(5)
|
$
|
289,669
|
|
$
|
262,544
|
|
$
|
233,100
|
|
$
|
1,432
|
|
$
|
1,754
|
|
$
|
2,137
|
|
0.49
|
%
|
0.67
|
%
|
0.92
|
%
|
In offices outside the U.S.
(6)
|
465,144
|
|
481,134
|
|
487,437
|
|
4,260
|
|
4,482
|
|
5,553
|
|
0.92
|
|
0.93
|
|
1.14
|
|
||||||
Total
|
$
|
754,813
|
|
$
|
743,678
|
|
$
|
720,537
|
|
$
|
5,692
|
|
$
|
6,236
|
|
$
|
7,690
|
|
0.75
|
%
|
0.84
|
%
|
1.07
|
%
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
102,246
|
|
$
|
126,742
|
|
$
|
121,843
|
|
$
|
656
|
|
$
|
677
|
|
$
|
852
|
|
0.64
|
%
|
0.53
|
%
|
0.70
|
%
|
In offices outside the U.S.
(6)
|
87,777
|
|
102,623
|
|
101,928
|
|
1,239
|
|
1,662
|
|
1,965
|
|
1.41
|
|
1.62
|
|
1.93
|
|
||||||
Total
|
$
|
190,023
|
|
$
|
229,365
|
|
$
|
223,771
|
|
$
|
1,895
|
|
$
|
2,339
|
|
$
|
2,817
|
|
1.00
|
%
|
1.02
|
%
|
1.26
|
%
|
Trading account liabilities
(8)(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
30,451
|
|
$
|
24,834
|
|
$
|
29,486
|
|
$
|
75
|
|
$
|
93
|
|
$
|
116
|
|
0.25
|
%
|
0.37
|
%
|
0.39
|
%
|
In offices outside the U.S.
(6)
|
45,205
|
|
47,908
|
|
44,639
|
|
93
|
|
76
|
|
74
|
|
0.21
|
|
0.16
|
|
0.17
|
|
||||||
Total
|
$
|
75,656
|
|
$
|
72,742
|
|
$
|
74,125
|
|
$
|
168
|
|
$
|
169
|
|
$
|
190
|
|
0.22
|
%
|
0.23
|
%
|
0.26
|
%
|
Short-term borrowings
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
79,028
|
|
$
|
77,439
|
|
$
|
78,747
|
|
$
|
161
|
|
$
|
176
|
|
$
|
203
|
|
0.20
|
%
|
0.23
|
%
|
0.26
|
%
|
In offices outside the U.S.
(6)
|
39,220
|
|
35,551
|
|
31,897
|
|
419
|
|
421
|
|
524
|
|
1.07
|
|
1.18
|
|
1.64
|
|
||||||
Total
|
$
|
118,248
|
|
$
|
112,990
|
|
$
|
110,644
|
|
$
|
580
|
|
$
|
597
|
|
$
|
727
|
|
0.49
|
%
|
0.53
|
%
|
0.66
|
%
|
Long-term debt
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
194,295
|
|
$
|
194,140
|
|
$
|
255,093
|
|
$
|
5,093
|
|
$
|
6,602
|
|
$
|
8,896
|
|
2.62
|
%
|
3.40
|
%
|
3.49
|
%
|
In offices outside the U.S.
(6)
|
7,761
|
|
10,194
|
|
14,603
|
|
262
|
|
234
|
|
292
|
|
3.38
|
|
2.30
|
|
2.00
|
|
||||||
Total
|
$
|
202,056
|
|
$
|
204,334
|
|
$
|
269,696
|
|
$
|
5,355
|
|
$
|
6,836
|
|
$
|
9,188
|
|
2.65
|
%
|
3.35
|
%
|
3.41
|
%
|
Total interest-bearing liabilities
|
$
|
1,340,796
|
|
$
|
1,363,109
|
|
$
|
1,398,773
|
|
$
|
13,690
|
|
$
|
16,177
|
|
$
|
20,612
|
|
1.02
|
%
|
1.19
|
%
|
1.47
|
%
|
Demand deposits in U.S. offices
|
$
|
26,216
|
|
$
|
21,948
|
|
$
|
13,170
|
|
|
|
|
|
|
|
|||||||||
Other non-interest-bearing liabilities
(8)
|
317,351
|
|
299,052
|
|
311,529
|
|
|
|
|
|
|
|
||||||||||||
Total liabilities from discontinued operations
|
—
|
|
362
|
|
729
|
|
|
|
|
|
|
|
||||||||||||
Total liabilities
|
$
|
1,684,363
|
|
$
|
1,684,471
|
|
$
|
1,724,201
|
|
|
|
|
|
|
|
|||||||||
Citigroup stockholders’ equity
(12)
|
$
|
210,863
|
|
$
|
196,884
|
|
$
|
184,592
|
|
|
|
|
|
|
|
|||||||||
Noncontrolling interest
|
1,689
|
|
1,941
|
|
1,906
|
|
|
|
|
|
|
|
||||||||||||
Total equity
(12)
|
$
|
212,552
|
|
$
|
198,825
|
|
$
|
186,498
|
|
|
|
|
|
|
|
|||||||||
Total liabilities and stockholders’ equity
|
$
|
1,896,915
|
|
$
|
1,883,296
|
|
$
|
1,910,699
|
|
|
|
|
|
|
|
|||||||||
Net interest revenue as a percentage of average interest-earning assets
(13)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
In U.S. offices
|
$
|
953,394
|
|
$
|
926,291
|
|
$
|
941,367
|
|
$
|
27,497
|
|
$
|
25,591
|
|
$
|
24,586
|
|
2.88
|
%
|
2.76
|
%
|
2.61
|
%
|
In offices outside the U.S.
(6)
|
718,800
|
|
731,570
|
|
731,463
|
|
20,993
|
|
21,723
|
|
22,642
|
|
2.92
|
|
2.97
|
|
3.10
|
|
||||||
Total
|
$
|
1,672,194
|
|
$
|
1,657,861
|
|
$
|
1,672,830
|
|
$
|
48,490
|
|
$
|
47,314
|
|
$
|
47,228
|
|
2.90
|
%
|
2.85
|
%
|
2.82
|
%
|
(1)
|
Net interest revenue
includes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 35%) of $498 million, $521 million and $542 million for 2014, 2013 and 2012, respectively.
|
(2)
|
Interest rates and amounts include the effects of risk management activities associated with the respective asset and liability categories.
|
(3)
|
Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
|
(4)
|
Detailed average volume,
Interest revenue
and
Interest expense
exclude
Discontinued operations
. See Note
2
to the Consolidated Financial Statements.
|
(5)
|
Consists of other time deposits and savings deposits. Savings deposits are made up of insured money market accounts, NOW accounts, and other savings deposits. The interest expense on savings deposits includes FDIC deposit insurance fees and charges.
|
(6)
|
Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
|
(7)
|
Average volumes of securities sold under agreements to repurchase are reported net pursuant to FIN 41 (ASC 210-20-45). However,
Interest expense
excludes the impact of FIN 41 (ASC 210-20-45).
|
(8)
|
The fair value carrying amounts of derivative contracts are reported net, pursuant to FIN 39 (ASC 815-10-45), in
Non-interest-earning assets
and
Other non-interest-bearing liabilities
.
|
(9)
|
Interest expense
on
Trading account liabilities
of
ICG
is reported as a reduction of
Interest revenue
.
Interest revenue
and
Interest expense
on cash collateral positions are reported in interest on
Trading account assets
and
Trading account liabilities
, respectively.
|
(10)
|
Includes brokerage payables.
|
(11)
|
Excludes hybrid financial instruments and beneficial interests in consolidated VIEs that are classified as
Long-term debt
, as these obligations are accounted for in changes in fair value recorded in
Principal transactions
.
|
(12)
|
Includes stockholders’ equity from discontinued operations.
|
(13)
|
Includes allocations for capital and funding costs based on the location of the asset.
|
|
2014 vs. 2013
|
2013 vs. 2012
|
||||||||||||||||
|
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
(4)
|
$
|
109
|
|
$
|
(176
|
)
|
$
|
(67
|
)
|
$
|
(99
|
)
|
$
|
(136
|
)
|
$
|
(235
|
)
|
Federal funds sold and securities borrowed or
purchased under agreements to resell
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
(32
|
)
|
$
|
(67
|
)
|
$
|
(99
|
)
|
$
|
13
|
|
$
|
(351
|
)
|
$
|
(338
|
)
|
In offices outside the U.S.
(4)
|
(106
|
)
|
5
|
|
(101
|
)
|
(169
|
)
|
(345
|
)
|
(514
|
)
|
||||||
Total
|
$
|
(138
|
)
|
$
|
(62
|
)
|
$
|
(200
|
)
|
$
|
(156
|
)
|
$
|
(696
|
)
|
$
|
(852
|
)
|
Trading account assets
(5)
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
(337
|
)
|
$
|
81
|
|
$
|
(256
|
)
|
$
|
46
|
|
$
|
(217
|
)
|
$
|
(171
|
)
|
In offices outside the U.S.
(4)
|
(159
|
)
|
14
|
|
(145
|
)
|
26
|
|
(420
|
)
|
(394
|
)
|
||||||
Total
|
$
|
(496
|
)
|
$
|
95
|
|
$
|
(401
|
)
|
$
|
72
|
|
$
|
(637
|
)
|
$
|
(565
|
)
|
Investments
(1)
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
319
|
|
$
|
69
|
|
$
|
388
|
|
$
|
125
|
|
$
|
(297
|
)
|
$
|
(172
|
)
|
In offices outside the U.S.
(4)
|
(31
|
)
|
(103
|
)
|
(134
|
)
|
(15
|
)
|
(380
|
)
|
(395
|
)
|
||||||
Total
|
$
|
288
|
|
$
|
(34
|
)
|
$
|
254
|
|
$
|
110
|
|
$
|
(677
|
)
|
$
|
(567
|
)
|
Loans (net of unearned income)
(6)
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
512
|
|
$
|
(377
|
)
|
$
|
135
|
|
$
|
(379
|
)
|
$
|
(757
|
)
|
$
|
(1,136
|
)
|
In offices outside the U.S.
(4)
|
253
|
|
(1,190
|
)
|
(937
|
)
|
485
|
|
(1,501
|
)
|
(1,016
|
)
|
||||||
Total
|
$
|
765
|
|
$
|
(1,567
|
)
|
$
|
(802
|
)
|
$
|
106
|
|
$
|
(2,258
|
)
|
$
|
(2,152
|
)
|
Other interest-earning assets
(7)
|
$
|
32
|
|
$
|
(127
|
)
|
$
|
(95
|
)
|
$
|
(37
|
)
|
$
|
59
|
|
$
|
22
|
|
Total interest revenue
|
$
|
560
|
|
$
|
(1,871
|
)
|
$
|
(1,311
|
)
|
$
|
(4
|
)
|
$
|
(4,345
|
)
|
$
|
(4,349
|
)
|
(1)
|
The taxable equivalent adjustment is based on the U.S. federal statutory tax rate of 35% and is included in this presentation.
|
(2)
|
Rate/volume variance is allocated based on the percentage relationship of changes in volume and changes in rate to the total net change.
|
(3)
|
Detailed average volume,
Interest revenue
and
Interest expense
exclude
Discontinued operations
. See Note
2
to the Consolidated Financial Statements.
|
(4)
|
Changes in average rates reflect changes in prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
|
(5)
|
Interest expense
on
Trading account liabilities
of
ICG
is reported as a reduction of
Interest revenue
.
Interest revenue
and
Interest expense
on cash collateral positions are reported in interest on
Trading account assets
and
Trading account liabilities
, respectively.
|
(6)
|
Includes cash-basis loans.
|
(7)
|
Includes brokerage receivables.
|
|
2014 vs. 2013
|
2013 vs. 2012
|
||||||||||||||||
|
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
|
$
|
168
|
|
$
|
(490
|
)
|
$
|
(322
|
)
|
$
|
247
|
|
$
|
(630
|
)
|
$
|
(383
|
)
|
In offices outside the U.S.
(4)
|
(147
|
)
|
(75
|
)
|
(222
|
)
|
(71
|
)
|
(1,000
|
)
|
(1,071
|
)
|
||||||
Total
|
$
|
21
|
|
$
|
(565
|
)
|
$
|
(544
|
)
|
$
|
176
|
|
$
|
(1,630
|
)
|
$
|
(1,454
|
)
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
(144
|
)
|
$
|
123
|
|
$
|
(21
|
)
|
$
|
33
|
|
$
|
(208
|
)
|
$
|
(175
|
)
|
In offices outside the U.S.
(4)
|
(224
|
)
|
(199
|
)
|
(423
|
)
|
13
|
|
(316
|
)
|
(303
|
)
|
||||||
Total
|
$
|
(368
|
)
|
$
|
(76
|
)
|
$
|
(444
|
)
|
$
|
46
|
|
$
|
(524
|
)
|
$
|
(478
|
)
|
Trading account liabilities
(5)
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
18
|
|
$
|
(36
|
)
|
$
|
(18
|
)
|
$
|
(18
|
)
|
$
|
(5
|
)
|
$
|
(23
|
)
|
In offices outside the U.S.
(4)
|
(4
|
)
|
21
|
|
17
|
|
5
|
|
(3
|
)
|
2
|
|
||||||
Total
|
$
|
14
|
|
$
|
(15
|
)
|
$
|
(1
|
)
|
$
|
(13
|
)
|
$
|
(8
|
)
|
$
|
(21
|
)
|
Short-term borrowings
(6)
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
4
|
|
$
|
(19
|
)
|
$
|
(15
|
)
|
$
|
(3
|
)
|
$
|
(24
|
)
|
$
|
(27
|
)
|
In offices outside the U.S.
(4)
|
41
|
|
(43
|
)
|
(2
|
)
|
55
|
|
(158
|
)
|
(103
|
)
|
||||||
Total
|
$
|
45
|
|
$
|
(62
|
)
|
$
|
(17
|
)
|
$
|
52
|
|
$
|
(182
|
)
|
$
|
(130
|
)
|
Long-term debt
|
|
|
|
|
|
|
||||||||||||
In U.S. offices
|
$
|
5
|
|
$
|
(1,514
|
)
|
$
|
(1,509
|
)
|
$
|
(2,078
|
)
|
$
|
(216
|
)
|
$
|
(2,294
|
)
|
In offices outside the U.S.
(4)
|
(65
|
)
|
93
|
|
28
|
|
(97
|
)
|
39
|
|
(58
|
)
|
||||||
Total
|
$
|
(60
|
)
|
$
|
(1,421
|
)
|
$
|
(1,481
|
)
|
$
|
(2,175
|
)
|
$
|
(177
|
)
|
$
|
(2,352
|
)
|
Total interest expense
|
$
|
(348
|
)
|
$
|
(2,139
|
)
|
$
|
(2,487
|
)
|
$
|
(1,914
|
)
|
$
|
(2,521
|
)
|
$
|
(4,435
|
)
|
Net interest revenue
|
$
|
908
|
|
$
|
268
|
|
$
|
1,176
|
|
$
|
1,910
|
|
$
|
(1,824
|
)
|
$
|
86
|
|
(1)
|
The taxable equivalent adjustment is based on the U.S. federal statutory tax rate of 35% and is included in this presentation.
|
(2)
|
Rate/volume variance is allocated based on the percentage relationship of changes in volume and changes in rate to the total net change.
|
(3)
|
Detailed average volume,
Interest revenue
and
Interest expense
exclude
Discontinued operations
. See Note
2
to the Consolidated Financial Statements.
|
(4)
|
Changes in average rates reflect changes in prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
|
(5)
|
Interest expense
on
Trading account liabilities
of
ICG
is reported as a reduction of
Interest revenue
.
Interest revenue
and
Interest expense
on cash collateral positions are reported in interest on
Trading account assets
and
Trading account liabilities
, respectively.
|
(6)
|
Includes brokerage payables.
|
•
|
Value at risk (VAR)
|
•
|
Stress testing
|
•
|
Factor sensitivity
|
Histogram of Daily Trading Related Revenue
(1)(2)
—12 Months ended December 31, 2014
In millions of dollars
|
(1)
|
Daily trading-related revenue includes trading, net interest and other revenue associated with Citi’s trading businesses. It excludes DVA, FVA and CVA adjustments incurred due to changes in the credit quality of counterparties as well as any associated hedges to that CVA. In addition, it excludes fees and other revenue associated with capital markets origination activities.
|
(2)
|
Reflects the effects of asymmetrical accounting for economic hedges of certain available-for-sale (AFS) debt securities. Specifically, the change in the fair value of hedging derivatives is included in
Trading related revenue
, while the offsetting change in the fair value of hedged AFS debt securities is included in
Accumulated other comprehensive income (loss)
and not reflected above.
|
(3)
|
Principally related to the impact of significant market movements and volatility on the trading revenue for
ICG
on October 15, 2014.
|
In millions of dollars
|
December 31, 2014
|
2014 Average
|
December 31, 2013
|
2013 Average
|
||||||||
Interest rate
|
$
|
68
|
|
N/A
|
N/A
|
N/A
|
||||||
Credit spread
|
87
|
|
N/A
|
N/A
|
N/A
|
|||||||
Covariance adjustment
(1)
|
(36
|
)
|
N/A
|
N/A
|
N/A
|
|||||||
Fully diversified interest rate and credit spread
|
$
|
119
|
|
$
|
114
|
|
$
|
115
|
|
$
|
114
|
|
Foreign exchange
|
27
|
|
31
|
|
34
|
|
35
|
|
||||
Equity
|
17
|
|
24
|
|
26
|
|
27
|
|
||||
Commodity
|
23
|
|
16
|
|
13
|
|
12
|
|
||||
Covariance adjustment
(1)
|
(56
|
)
|
(73
|
)
|
(63
|
)
|
(75
|
)
|
||||
Total Trading VAR—all market risk factors, including general and specific risk (excluding credit portfolios)
(2)
|
$
|
130
|
|
$
|
112
|
|
$
|
125
|
|
$
|
113
|
|
Specific risk-only component
(3)
|
$
|
10
|
|
$
|
12
|
|
$
|
15
|
|
$
|
14
|
|
Total Trading VAR—general market risk factors only (excluding credit portfolios)
(2)
|
$
|
120
|
|
$
|
100
|
|
$
|
110
|
|
$
|
99
|
|
Incremental Impact of the Credit Portfolio
(4)
|
$
|
18
|
|
$
|
21
|
|
$
|
19
|
|
$
|
8
|
|
Total Trading and Credit Portfolios VAR
|
$
|
148
|
|
$
|
133
|
|
$
|
144
|
|
$
|
121
|
|
(1)
|
Covariance adjustment (also known as diversification benefit) equals the difference between the total VAR and the sum of the VARs tied to each individual risk type. The benefit reflects the fact that the risks within each and across risk types are not perfectly correlated and, consequently, the total VAR on a given day will be lower than the sum of the VARs relating to each individual risk type. The determination of the primary drivers of changes to the covariance adjustment is made by an examination of the impact of both model parameter and position changes.
|
(3)
|
The specific risk-only component represents the level of equity and fixed income issuer-specific risk embedded in VAR.
|
(4)
|
The credit portfolio is composed of mark-to-market positions associated with non-trading business units including Citi Treasury, the CVA relating to derivative counterparties and all associated CVA hedges. FVA and DVA are not included. The credit portfolio also includes hedges to the loan portfolio, fair value option loans and hedges to the leveraged finance pipeline within capital markets origination within
ICG
.
|
N/A
|
Not applicable
|
|
2014
|
2013
|
||||||||||
In millions of dollars
|
Low
|
High
|
Low
|
High
|
||||||||
Interest rate
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||
Credit spread
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||
Fully diversified interest rate and credit spread
|
$
|
84
|
|
$
|
158
|
|
$
|
92
|
|
$
|
142
|
|
Foreign exchange
|
20
|
|
59
|
|
21
|
|
66
|
|
||||
Equity
|
14
|
|
48
|
|
18
|
|
60
|
|
||||
Commodity
|
11
|
|
27
|
|
8
|
|
24
|
|
||||
Covariance adjustment
(1)
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
||||
Total Trading
|
84
|
|
163
|
|
85
|
|
151
|
|
||||
Total Trading and Credit Portfolio
|
96
|
|
188
|
|
93
|
|
175
|
|
(1)
|
No covariance adjustment can be inferred from the above table as the high and low for each market factor will be from different close of business dates.
|
N/A
|
Not applicable
|
In millions of dollars
|
Dec. 31, 2014
|
||
Total—all market risk factors, including general and specific risk
|
$
|
122
|
|
Average—during year
|
$
|
109
|
|
High—during year
|
159
|
|
|
Low—during year
|
82
|
|
Regulatory Trading VAR and Associated Buy-and-Hold Profit and Loss
(1)
—12 Months ended December 31, 2014
In millions of dollars
|
(1)
|
Buy-and-hold profit and loss, as defined by the banking regulators under Basel III, represents the daily mark-to-market revenue movement attributable to the trading position from the close of the previous business day. Buy-and-hold profit and loss excludes realized trading revenue, net interest, intra-day trading profit and loss on new and terminated trades, as well as changes in reserves. Therefore it is not comparable to the trading-related revenue presented in the previous histogram of Daily Trading-Related Revenue.
|
•
|
fraud, theft and unauthorized activities;
|
•
|
employment practices and workplace environment;
|
•
|
clients, products and business practices;
|
•
|
physical assets and infrastructure; and
|
•
|
execution, delivery and process management.
|
•
|
identify and assess key operational risks;
|
•
|
design controls to mitigate identified risks;
|
•
|
establish key risk and control indicators;
|
•
|
implement a process for early problem recognition and timely escalation;
|
•
|
produce a comprehensive operational risk report; and
|
•
|
ensure that sufficient resources are available to actively improve the operational risk environment and mitigate emerging risks.
|
|
As of December 31, 2014
|
As of Sept. 30, 2014
|
As of Dec. 31, 2013
|
GCB
NCL Rate
|
|||||||||||||||||||||||
In billions of dollars
|
Trading Account Assets
(1)
|
Investment Securities
(2)
|
ICG
Loans
(3)(4)
|
GCB
Loans
(3)
|
Aggregate
(5)
|
Aggregate
(5)
|
Aggregate
(5)
|
4Q’14
|
3Q’14
|
4Q’13
|
|||||||||||||||||
Mexico
(6)
|
$
|
2.8
|
|
$
|
20.3
|
|
$
|
9.0
|
|
$
|
28.0
|
|
$
|
60.0
|
|
$
|
67.6
|
|
$
|
74.2
|
|
5.7
|
%
|
4.9
|
%
|
4.2
|
%
|
Korea
|
(0.9
|
)
|
9.9
|
|
3.2
|
|
23.5
|
|
35.7
|
|
39.0
|
|
39.9
|
|
0.8
|
|
0.9
|
|
1.2
|
|
|||||||
Singapore
|
0.4
|
|
5.9
|
|
8.0
|
|
14.4
|
|
28.8
|
|
31.4
|
|
29.1
|
|
0.2
|
|
0.2
|
|
0.3
|
|
|||||||
Hong Kong
|
1.3
|
|
4.2
|
|
10.2
|
|
10.7
|
|
26.3
|
|
27.1
|
|
25.7
|
|
0.5
|
|
0.6
|
|
0.4
|
|
|||||||
Brazil
|
3.8
|
|
3.4
|
|
15.1
|
|
3.9
|
|
26.2
|
|
27.4
|
|
25.6
|
|
6.8
|
|
5.5
|
|
5.7
|
|
|||||||
India
|
2.2
|
|
7.7
|
|
9.7
|
|
6.1
|
|
25.6
|
|
25.2
|
|
25.7
|
|
0.9
|
|
0.8
|
|
1.0
|
|
|||||||
China
|
2.5
|
|
3.5
|
|
11.2
|
|
4.9
|
|
22.0
|
|
22.3
|
|
20.8
|
|
0.9
|
|
0.3
|
|
0.6
|
|
|||||||
Taiwan
|
1.4
|
|
0.9
|
|
4.4
|
|
7.2
|
|
13.9
|
|
14.1
|
|
14.4
|
|
0.2
|
|
0.1
|
|
0.2
|
|
|||||||
Poland
|
1.1
|
|
4.5
|
|
1.5
|
|
2.9
|
|
10.0
|
|
11.2
|
|
11.2
|
|
(1.7
|
)
|
0.2
|
|
0.2
|
|
|||||||
Malaysia
|
0.8
|
|
0.6
|
|
1.6
|
|
5.5
|
|
8.5
|
|
9.4
|
|
8.9
|
|
0.7
|
|
0.6
|
|
0.6
|
|
|||||||
Russia
(7)
|
0.3
|
|
0.5
|
|
4.6
|
|
1.2
|
|
6.5
|
|
8.8
|
|
10.3
|
|
2.8
|
|
2.8
|
|
1.8
|
|
|||||||
Indonesia
|
0.2
|
|
0.8
|
|
4.1
|
|
1.3
|
|
6.5
|
|
7.1
|
|
6.4
|
|
3.3
|
|
2.2
|
|
2.0
|
|
|||||||
Turkey
(8)
|
0.4
|
|
1.8
|
|
2.8
|
|
0.8
|
|
5.7
|
|
5.4
|
|
4.9
|
|
(0.1
|
)
|
(0.1
|
)
|
0.1
|
|
|||||||
Colombia
|
—
|
|
0.4
|
|
2.5
|
|
2.0
|
|
4.9
|
|
5.2
|
|
5.4
|
|
3.4
|
|
3.5
|
|
4.9
|
|
|||||||
Thailand
|
0.3
|
|
1.2
|
|
1.1
|
|
2.1
|
|
4.6
|
|
4.9
|
|
4.8
|
|
2.8
|
|
2.6
|
|
2.0
|
|
|||||||
UAE
|
(0.1
|
)
|
—
|
|
3.0
|
|
1.5
|
|
4.4
|
|
4.3
|
|
4.1
|
|
1.9
|
|
2.6
|
|
2.4
|
|
|||||||
South Africa
|
0.6
|
|
0.7
|
|
2.0
|
|
—
|
|
3.3
|
|
3.0
|
|
2.0
|
|
—
|
|
—
|
|
—
|
|
|||||||
Philippines
|
0.4
|
|
0.4
|
|
1.3
|
|
1.0
|
|
3.1
|
|
3.2
|
|
3.1
|
|
3.8
|
|
4.2
|
|
3.3
|
|
|||||||
Argentina
(7)
|
0.1
|
|
0.3
|
|
1.5
|
|
1.1
|
|
3.0
|
|
2.7
|
|
2.8
|
|
1.0
|
|
1.0
|
|
1.1
|
|
|||||||
Peru
|
(0.1
|
)
|
0.2
|
|
1.7
|
|
0.5
|
|
2.2
|
|
2.2
|
|
2.1
|
|
3.6
|
|
3.5
|
|
3.3
|
|
(1)
|
Trading account assets are shown on a net basis. Citi’s trading account assets will vary as it maintains inventory consistent with customer needs.
|
(2)
|
Investment securities include securities available-for-sale, recorded at fair market value, and securities held-to-maturity, recorded at historical cost.
|
(3)
|
Reflects funded loans, net of unearned income. In addition to the funded loans disclosed in the table above, through its
ICG
businesses, Citi had unfunded commitments to corporate customers in the emerging markets of approximately $34 billion as of December 31, 2014 (approximately unchanged from September 30, 2014 and down from approximately $37 billion as of December 31, 2013); no single country accounted for more than $4 billion of this amount.
|
(4)
|
As of December 31, 2014, non-accrual loans represented 0.6% of total
ICG
loans in the emerging markets. For the countries in the table above, non-accrual loan ratios as of December 31, 2014 ranged from 0.0% to 0.4%, other than in Hong Kong and Brazil. In Hong Kong, the non-accrual loan ratio was 1.6% as of December 31, 2014 (compared to 1.5% and 2.5% as of September 30, 2014 and December 31, 2013, respectively), primarily reflecting the impact of one counterparty. In Brazil, the non-accrual loan ratio was 1.0% as of December 31, 2014 (compared to 1.6% and 0.3% as of September 30, 2014 and December 31, 2013, respectively), primarily reflecting the impact of one counterparty.
|
(7)
|
For additional information on certain risks relating to Russia and Argentina, see “Cross-Border Risk” below.
|
(8)
|
Investment securities in Turkey include Citi’s remaining $1.6 billion investment in Akbank T.A.S. For additional information, see Note 14 to the Consolidated Financial Statements.
|
•
|
Amounts are based on the domicile of the ultimate obligor, counterparty, collateral, issuer or guarantor, as applicable.
|
•
|
Amounts do not consider the benefit of collateral received for securities financing transactions (i.e., repurchase agreements, reverse repurchase agreements and securities loaned and borrowed) and are reported based on notional amounts.
|
•
|
Netting of derivatives receivables and payables, reported at fair value, is permitted, but only under a legally binding netting agreement with the same specific counterparty, and does not include the benefit of margin received or hedges.
|
•
|
The netting of long and short positions for AFS securities and trading portfolios is not permitted.
|
•
|
Credit default swaps (CDS) are included based on the gross notional amount sold and purchased and do not include any offsetting CDS on the same underlying entity.
|
•
|
Loans are reported without the benefit of hedges.
|
|
December 31, 2014
|
|||||||||||||||||||||||||||||
|
Cross-Border Claims on Third Parties and Local Country Assets
|
|||||||||||||||||||||||||||||
In billions of U.S. dollars
|
Banks
|
Public
|
NBFIs
(1)
|
Other (Corporate
and Households)
|
Trading
Assets
(2)
|
Short Term Claims
(2)
|
Total Outstanding
(3)
|
Commitments
and
Guarantees
(4)
|
Credit Derivatives Purchased
(5)
|
Credit Derivatives
Sold
(5)
|
||||||||||||||||||||
United Kingdom
|
$
|
23.9
|
|
$
|
18.0
|
|
$
|
47.0
|
|
$
|
27.7
|
|
$
|
12.8
|
|
$
|
62.4
|
|
$
|
116.6
|
|
$
|
19.0
|
|
$
|
104.0
|
|
$
|
105.5
|
|
Mexico
|
7.9
|
|
29.7
|
|
6.5
|
|
37.3
|
|
8.9
|
|
41.4
|
|
81.4
|
|
4.6
|
|
6.8
|
|
6.4
|
|
||||||||||
Japan
|
12.8
|
|
32.0
|
|
9.6
|
|
4.6
|
|
7.0
|
|
42.3
|
|
59.0
|
|
4.3
|
|
22.6
|
|
21.7
|
|
||||||||||
Cayman Islands
|
0.1
|
|
—
|
|
47.5
|
|
3.3
|
|
2.0
|
|
35.8
|
|
50.9
|
|
2.1
|
|
—
|
|
—
|
|
||||||||||
France
|
23.2
|
|
3.5
|
|
16.2
|
|
6.1
|
|
7.0
|
|
29.7
|
|
49.0
|
|
12.5
|
|
87.0
|
|
88.0
|
|
||||||||||
Korea
|
1.1
|
|
18.5
|
|
1.0
|
|
27.5
|
|
2.2
|
|
39.3
|
|
48.1
|
|
14.6
|
|
11.4
|
|
9.3
|
|
||||||||||
Germany
|
12.4
|
|
17.3
|
|
3.1
|
|
6.1
|
|
6.6
|
|
16.1
|
|
38.9
|
|
10.7
|
|
80.0
|
|
81.0
|
|
||||||||||
China
|
8.9
|
|
10.5
|
|
2.2
|
|
13.7
|
|
5.2
|
|
24.5
|
|
35.3
|
|
1.6
|
|
11.5
|
|
12.0
|
|
||||||||||
India
|
5.8
|
|
11.4
|
|
2.7
|
|
15.1
|
|
5.9
|
|
23.2
|
|
35.0
|
|
4.2
|
|
1.8
|
|
1.5
|
|
||||||||||
Australia
|
8.0
|
|
5.3
|
|
3.6
|
|
17.0
|
|
6.6
|
|
12.5
|
|
33.9
|
|
10.7
|
|
12.1
|
|
11.7
|
|
||||||||||
Singapore
|
2.5
|
|
7.9
|
|
6.4
|
|
17.0
|
|
0.6
|
|
20.2
|
|
33.8
|
|
1.8
|
|
1.4
|
|
1.3
|
|
||||||||||
Brazil
|
5.1
|
|
11.5
|
|
1.1
|
|
14.7
|
|
4.6
|
|
20.5
|
|
32.4
|
|
5.7
|
|
11.9
|
|
10.2
|
|
||||||||||
Netherlands
|
8.7
|
|
7.6
|
|
8.4
|
|
7.2
|
|
2.3
|
|
11.3
|
|
31.9
|
|
7.0
|
|
30.4
|
|
30.6
|
|
||||||||||
Hong Kong
|
1.1
|
|
8.0
|
|
2.6
|
|
15.2
|
|
3.4
|
|
15.9
|
|
26.9
|
|
2.4
|
|
2.6
|
|
1.9
|
|
||||||||||
Canada
|
6.6
|
|
4.5
|
|
6.0
|
|
7.3
|
|
4.7
|
|
11.1
|
|
24.4
|
|
7.6
|
|
6.7
|
|
7.1
|
|
||||||||||
Switzerland
|
5.0
|
|
13.7
|
|
0.7
|
|
4.0
|
|
0.4
|
|
16.2
|
|
23.4
|
|
4.6
|
|
25.9
|
|
26.4
|
|
||||||||||
Taiwan
|
1.9
|
|
6.9
|
|
1.1
|
|
9.8
|
|
1.7
|
|
13.3
|
|
19.7
|
|
13.3
|
|
0.1
|
|
—
|
|
||||||||||
Italy
|
2.0
|
|
12.1
|
|
0.8
|
|
0.9
|
|
4.6
|
|
5.9
|
|
15.8
|
|
3.5
|
|
71.3
|
|
68.3
|
|
||||||||||
Ireland
|
4.6
|
|
0.4
|
|
8.0
|
|
1.8
|
|
1.3
|
|
8.9
|
|
14.8
|
|
2.9
|
|
4.3
|
|
4.2
|
|
|
December 31, 2013
|
|||||||||||||||||||||||||||||
|
Cross-Border Claims on Third Parties and Local Country Assets
|
|||||||||||||||||||||||||||||
In billions of U.S. dollars
|
Banks
|
Public
|
NBFIs
(1)
|
Other (Corporate
and Households)
|
Trading
Assets
(2)
|
Short Term Claims
(2)
|
Total Outstanding
(3)
|
Commitments
and
Guarantees
(4)
|
Credit Derivatives Purchased
(5)
|
Credit Derivatives
Sold
(5)
|
||||||||||||||||||||
United Kingdom
|
$
|
29.4
|
|
$
|
12.3
|
|
$
|
37.8
|
|
$
|
31.6
|
|
$
|
14.5
|
|
$
|
62.9
|
|
$
|
111.1
|
|
$
|
17.7
|
|
$
|
119.2
|
|
$
|
119.4
|
|
Mexico
|
6.8
|
|
37.1
|
|
5.9
|
|
40.8
|
|
8.2
|
|
42.5
|
|
90.6
|
|
5.4
|
|
6.2
|
|
6.3
|
|
||||||||||
Japan
|
14.9
|
|
29.0
|
|
12.8
|
|
6.4
|
|
11.4
|
|
45.0
|
|
63.1
|
|
3.5
|
|
23.8
|
|
22.7
|
|
||||||||||
Cayman Islands
|
0.2
|
|
—
|
|
46.5
|
|
6.6
|
|
2.9
|
|
41.8
|
|
53.3
|
|
1.3
|
|
0.1
|
|
—
|
|
||||||||||
France
|
19.7
|
|
2.8
|
|
13.9
|
|
5.9
|
|
5.3
|
|
28.8
|
|
42.3
|
|
12.3
|
|
100.6
|
|
98.8
|
|
||||||||||
Korea
|
1.5
|
|
16.3
|
|
0.5
|
|
28.9
|
|
2.8
|
|
35.8
|
|
47.2
|
|
19.1
|
|
11.7
|
|
9.5
|
|
||||||||||
Germany
|
11.7
|
|
18.5
|
|
1.9
|
|
4.8
|
|
6.5
|
|
20.3
|
|
36.9
|
|
9.4
|
|
98.6
|
|
97.6
|
|
||||||||||
China
|
9.3
|
|
8.7
|
|
1.9
|
|
12.7
|
|
3.1
|
|
23.0
|
|
32.6
|
|
1.6
|
|
7.3
|
|
7.6
|
|
||||||||||
India
|
6.7
|
|
10.9
|
|
1.3
|
|
15.0
|
|
4.8
|
|
23.1
|
|
33.9
|
|
3.8
|
|
2.2
|
|
2.0
|
|
||||||||||
Australia
|
7.2
|
|
4.0
|
|
5.1
|
|
18.1
|
|
7.5
|
|
13.6
|
|
34.4
|
|
11.9
|
|
15.5
|
|
14.6
|
|
||||||||||
Singapore
|
2.3
|
|
9.4
|
|
1.4
|
|
16.1
|
|
0.8
|
|
14.0
|
|
29.2
|
|
2.1
|
|
1.4
|
|
1.3
|
|
||||||||||
Brazil
|
3.8
|
|
11.0
|
|
0.3
|
|
17.1
|
|
5.1
|
|
23.6
|
|
32.2
|
|
7.3
|
|
7.7
|
|
7.3
|
|
||||||||||
Netherlands
|
7.6
|
|
8.6
|
|
3.3
|
|
6.5
|
|
2.8
|
|
14.2
|
|
26.0
|
|
8.0
|
|
35.8
|
|
35.1
|
|
||||||||||
Hong Kong
|
1.7
|
|
7.5
|
|
2.6
|
|
15.2
|
|
3.7
|
|
16.4
|
|
27.0
|
|
2.1
|
|
2.6
|
|
2.4
|
|
||||||||||
Canada
|
4.5
|
|
4.1
|
|
3.6
|
|
8.2
|
|
4.9
|
|
10.8
|
|
20.4
|
|
7.3
|
|
6.6
|
|
6.3
|
|
||||||||||
Switzerland
|
4.2
|
|
9.6
|
|
0.8
|
|
4.6
|
|
0.6
|
|
14.5
|
|
19.2
|
|
5.7
|
|
32.2
|
|
31.9
|
|
||||||||||
Taiwan
|
1.6
|
|
7.0
|
|
0.3
|
|
9.9
|
|
1.6
|
|
11.7
|
|
18.8
|
|
14.0
|
|
0.2
|
|
0.1
|
|
||||||||||
Italy
|
2.8
|
|
15.0
|
|
0.4
|
|
1.3
|
|
6.3
|
|
7.0
|
|
19.5
|
|
3.2
|
|
78.9
|
|
72.4
|
|
||||||||||
Ireland
|
5.0
|
|
0.7
|
|
4.0
|
|
1.5
|
|
1.5
|
|
8.1
|
|
11.2
|
|
2.6
|
|
4.1
|
|
4.1
|
|
(1)
|
Non-bank financial institutions.
|
(2)
|
Included in total outstanding.
|
(3)
|
Total outstanding includes cross-border claims on third parties, as well as local country assets. Cross-border claims on third parties includes cross-border loans, securities, deposits with banks and other monetary assets, as well as net revaluation gains on foreign exchange and derivative products.
|
(4)
|
Commitments (not included in total outstanding) include legally binding cross-border letters of credit and other commitments and contingencies as defined by the FFIEC guidelines. The FFIEC definition of commitments includes commitments to local residents to be funded with local currency liabilities originated within the country.
|
(5)
|
CDS are not included in total outstanding.
|
•
|
gains or losses recorded in stockholders’ equity on net investment hedges that have been designated as, and qualify for, hedge accounting under ASC 815
Derivatives and Hedging
; and
|
•
|
gains or losses recorded in earnings for its U.S. dollar-denominated monetary assets or currency futures held in Argentina that do not qualify as net investment hedges under ASC 815.
|
•
|
the preferential foreign exchange rate offered by the National Center for Foreign Trade (CENCOEX), fixed at 6.3 bolivars to one U.S. dollar;
|
•
|
the SICAD I rate, which was 12 bolivars to one U.S. dollar; and
|
•
|
beginning in the second quarter of 2014, the SICAD II rate, which was 50 bolivars to one U.S. dollar.
|
CONSOLIDATED FINANCIAL STATEMENTS
|
|
Consolidated Statement of Income—
For the Years Ended December 31, 2014, 2013 and 2012
|
|
Consolidated Statement of Comprehensive Income—
For the Years Ended December 31, 2014, 2013 and 2012
|
|
Consolidated Balance Sheet—December 31, 2014 and 2013
|
|
Consolidated Statement of Changes in Stockholders’ Equity—For the Years Ended December 31, 2014, 2013 and 2012
|
|
Consolidated Statement of Cash Flows—
For the Years Ended December 31, 2014, 2013 and 2012
|
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
|
|
Note 6—Principal Transactions
|
|
Note 7—Incentive Plans
|
|
Note 8—Retirement Benefits
|
|
Note 9—Income Taxes
|
|
Note 10—Earnings per Share
|
|
Note 11—Federal Funds, Securities Borrowed, Loaned and
Subject to Repurchase Agreements |
|
Note 12—Brokerage Receivables and Brokerage Payables
|
|
Note 13—Trading Account Assets and Liabilities
|
|
Note 14—Investments
|
|
Note 15—Loans
|
|
Years ended December 31,
|
||||||||
In millions of dollars, except per share amounts
|
2014
|
2013
|
2012
|
||||||
Revenues
(1)
|
|
|
|
|
|
|
|||
Interest revenue
|
$
|
61,683
|
|
$
|
62,970
|
|
$
|
67,298
|
|
Interest expense
|
13,690
|
|
16,177
|
|
20,612
|
|
|||
Net interest revenue
|
$
|
47,993
|
|
$
|
46,793
|
|
$
|
46,686
|
|
Commissions and fees
|
$
|
13,032
|
|
$
|
12,941
|
|
$
|
12,584
|
|
Principal transactions
|
6,698
|
|
7,302
|
|
4,980
|
|
|||
Administration and other fiduciary fees
|
4,013
|
|
4,089
|
|
4,012
|
|
|||
Realized gains on sales of investments, net
|
570
|
|
748
|
|
3,251
|
|
|||
Other-than-temporary impairment losses on investments
|
|
|
|
|
|
|
|||
Gross impairment losses
|
(432
|
)
|
(633
|
)
|
(5,037
|
)
|
|||
Less: Impairments recognized in AOCI
|
8
|
|
98
|
|
66
|
|
|||
Net impairment losses recognized in earnings
|
$
|
(424
|
)
|
$
|
(535
|
)
|
$
|
(4,971
|
)
|
Insurance premiums
|
$
|
2,110
|
|
$
|
2,280
|
|
$
|
2,395
|
|
Other revenue
|
2,890
|
|
2,801
|
|
253
|
|
|||
Total non-interest revenues
|
$
|
28,889
|
|
$
|
29,626
|
|
$
|
22,504
|
|
Total revenues, net of interest expense
|
$
|
76,882
|
|
$
|
76,419
|
|
$
|
69,190
|
|
Provisions for credit losses and for benefits and claims
|
|
|
|
|
|
|
|||
Provision for loan losses
|
$
|
6,828
|
|
$
|
7,604
|
|
$
|
10,458
|
|
Policyholder benefits and claims
|
801
|
|
830
|
|
887
|
|
|||
Provision (release) for unfunded lending commitments
|
(162
|
)
|
80
|
|
(16
|
)
|
|||
Total provisions for credit losses and for benefits and claims
|
$
|
7,467
|
|
$
|
8,514
|
|
$
|
11,329
|
|
Operating expenses
(1)
|
|
|
|
|
|
|
|||
Compensation and benefits
|
$
|
23,959
|
|
$
|
23,967
|
|
$
|
25,119
|
|
Premises and equipment
|
3,178
|
|
3,165
|
|
3,266
|
|
|||
Technology/communication
|
6,436
|
|
6,136
|
|
5,829
|
|
|||
Advertising and marketing
|
1,844
|
|
1,888
|
|
2,164
|
|
|||
Other operating
|
19,634
|
|
13,252
|
|
13,658
|
|
|||
Total operating expenses
|
$
|
55,051
|
|
$
|
48,408
|
|
$
|
50,036
|
|
Income from continuing operations before income taxes
|
$
|
14,364
|
|
$
|
19,497
|
|
$
|
7,825
|
|
Provision for income taxes
|
6,864
|
|
5,867
|
|
7
|
|
|||
Income from continuing operations
|
$
|
7,500
|
|
$
|
13,630
|
|
$
|
7,818
|
|
Discontinued operations
|
|
|
|
|
|
|
|||
Income (loss) from discontinued operations
|
$
|
10
|
|
$
|
(242
|
)
|
$
|
(109
|
)
|
Gain on sale
|
—
|
|
268
|
|
(1
|
)
|
|||
Provision (benefit) for income taxes
|
12
|
|
(244
|
)
|
(52
|
)
|
|||
Income (loss) from discontinued operations, net of taxes
|
$
|
(2
|
)
|
$
|
270
|
|
$
|
(58
|
)
|
Net income before attribution of noncontrolling interests
|
$
|
7,498
|
|
$
|
13,900
|
|
$
|
7,760
|
|
Noncontrolling interests
|
185
|
|
227
|
|
219
|
|
|||
Citigroup’s net income
|
$
|
7,313
|
|
$
|
13,673
|
|
$
|
7,541
|
|
Basic earnings per share
(2)
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
2.21
|
|
$
|
4.27
|
|
$
|
2.53
|
|
Income (loss) from discontinued operations, net of taxes
|
—
|
|
0.09
|
|
(0.02
|
)
|
|||
Net income
|
$
|
2.21
|
|
$
|
4.35
|
|
$
|
2.51
|
|
Weighted average common shares outstanding
|
3,031.6
|
|
3,035.8
|
|
2,930.6
|
|
|||
Diluted earnings per share
(2)
|
|
|
|
|
|
|
Income from continuing operations
|
$
|
2.20
|
|
$
|
4.26
|
|
$
|
2.46
|
|
Income (loss) from discontinued operations, net of taxes
|
—
|
|
0.09
|
|
(0.02
|
)
|
|||
Net income
|
$
|
2.20
|
|
$
|
4.35
|
|
$
|
2.44
|
|
Adjusted weighted average common shares outstanding
|
3,037.0
|
|
3,041.6
|
|
3,015.5
|
|
(1)
|
Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note
3
to the Consolidated Financial Statements.
|
(2)
|
Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
|
|
Years ended December 31,
|
||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Net income before attribution of noncontrolling interests
|
$
|
7,498
|
|
$
|
13,900
|
|
$
|
7,760
|
|
Citigroup’s other comprehensive income (loss)
|
|
|
|
|
|
|
|||
Net change in unrealized gains and losses on investment securities, net of taxes
|
$
|
1,697
|
|
$
|
(2,237
|
)
|
$
|
632
|
|
Net change in cash flow hedges, net of taxes
|
336
|
|
1,048
|
|
527
|
|
|||
Benefit plans liability adjustment, net of taxes
(1)
|
(1,170
|
)
|
1,281
|
|
(988
|
)
|
|||
Net change in foreign currency translation adjustment, net of taxes and hedges
|
(4,946
|
)
|
(2,329
|
)
|
721
|
|
|||
Citigroup’s total other comprehensive income (loss)
|
$
|
(4,083
|
)
|
$
|
(2,237
|
)
|
$
|
892
|
|
Other comprehensive income (loss) attributable to noncontrolling interests
|
|
|
|
|
|
||||
Net change in unrealized gains and losses on investment securities, net of taxes
|
$
|
6
|
|
$
|
(27
|
)
|
$
|
32
|
|
Net change in foreign currency translation adjustment, net of taxes
|
(112
|
)
|
10
|
|
58
|
|
|||
Total other comprehensive income (loss) attributable to noncontrolling interests
|
$
|
(106
|
)
|
$
|
(17
|
)
|
$
|
90
|
|
Total comprehensive income before attribution of noncontrolling interests
|
$
|
3,309
|
|
$
|
11,646
|
|
$
|
8,742
|
|
Total net income attributable to noncontrolling interests
|
185
|
|
227
|
|
219
|
|
|||
Citigroup’s comprehensive income
|
$
|
3,124
|
|
$
|
11,419
|
|
$
|
8,523
|
|
|
December 31,
|
|||||
In millions of dollars
|
2014
|
2013
|
||||
Assets
|
|
|
|
|
||
Cash and due from banks (including segregated cash and other deposits)
|
$
|
32,108
|
|
$
|
29,885
|
|
Deposits with banks
|
128,089
|
|
169,005
|
|
||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $144,191 and $144,083 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
242,570
|
|
257,037
|
|
||
Brokerage receivables
|
28,419
|
|
25,674
|
|
||
Trading account assets (including $106,217 and $106,695 pledged to creditors at December 31, 2014 and December 31, 2013, respectively)
|
296,786
|
|
285,928
|
|
||
Investments:
|
|
|
||||
Available for Sale (including $13,808 and $22,258 pledged to creditors as of December 31, 2014 and December 31, 2013, respectively)
|
300,143
|
|
286,511
|
|
||
Held to Maturity (including $2,974 and $4,730 pledged to creditors as of December 31, 2014 and December 31, 2013, respectively)
|
23,921
|
|
10,599
|
|
||
Non-Marketable Equity Securities (including $2,758 and $4,705 at fair value as of December 31, 2014 and December 31, 2013 respectively)
|
9,379
|
|
11,870
|
|
||
Total investments
|
$
|
333,443
|
|
$
|
308,980
|
|
Loans:
|
|
|
|
|
||
Consumer (including $43 and $957 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
369,970
|
|
393,831
|
|
||
Corporate (including $5,858 and $4,072 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
274,665
|
|
271,641
|
|
||
Loans, net of unearned income
|
$
|
644,635
|
|
$
|
665,472
|
|
Allowance for loan losses
|
(15,994
|
)
|
(19,648
|
)
|
||
Total loans, net
|
$
|
628,641
|
|
$
|
645,824
|
|
Goodwill
|
23,592
|
|
25,009
|
|
||
Intangible assets (other than MSRs)
|
4,566
|
|
5,056
|
|
||
Mortgage servicing rights (MSRs)
|
1,845
|
|
2,718
|
|
||
Other assets (including $7,762 and $7,123 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
122,471
|
|
125,266
|
|
||
Total assets
|
$
|
1,842,530
|
|
$
|
1,880,382
|
|
|
December 31,
|
|||||
In millions of dollars
|
2014
|
2013
|
||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs
|
|
|
|
|
||
Cash and due from banks
|
$
|
300
|
|
$
|
362
|
|
Trading account assets
|
671
|
|
977
|
|
||
Investments
|
8,014
|
|
10,950
|
|
||
Loans, net of unearned income
|
|
|
|
|
||
Consumer (including $0 and $910 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
66,383
|
|
63,493
|
|
||
Corporate (including $0 and $14 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
29,596
|
|
31,919
|
|
||
Loans, net of unearned income
|
$
|
95,979
|
|
$
|
95,412
|
|
Allowance for loan losses
|
(2,793
|
)
|
(3,502
|
)
|
||
Total loans, net
|
$
|
93,186
|
|
$
|
91,910
|
|
Other assets
|
619
|
|
1,234
|
|
||
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs
|
$
|
102,790
|
|
$
|
105,433
|
|
|
December 31,
|
|||||
In millions of dollars, except shares and per share amounts
|
2014
|
2013
|
||||
Liabilities
|
|
|
|
|
||
Non-interest-bearing deposits in U.S. offices
|
$
|
128,958
|
|
$
|
128,399
|
|
Interest-bearing deposits in U.S. offices (including $994 and $988 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
284,978
|
|
284,164
|
|
||
Non-interest-bearing deposits in offices outside the U.S.
|
70,925
|
|
69,406
|
|
||
Interest-bearing deposits in offices outside the U.S. (including $690 and $689 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
414,471
|
|
486,304
|
|
||
Total deposits
|
$
|
899,332
|
|
$
|
968,273
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $36,725 and $54,147 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
173,438
|
|
203,512
|
|
||
Brokerage payables
|
52,180
|
|
53,707
|
|
||
Trading account liabilities
|
139,036
|
|
108,762
|
|
||
Short-term borrowings (including $1,496 and $3,692 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
58,335
|
|
58,944
|
|
||
Long-term debt (including $26,180 and $26,877 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
223,080
|
|
221,116
|
|
||
Other liabilities (including $1,776 and $2,011 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
85,084
|
|
59,935
|
|
||
Total liabilities
|
$
|
1,630,485
|
|
$
|
1,674,249
|
|
Stockholders’ equity
|
|
|
|
|
||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares:
418,720 as of December 31, 2014
and 269,520 as of December 31, 2013, at aggregate liquidation value
|
$
|
10,468
|
|
$
|
6,738
|
|
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares:
3,082,037,568 as of December 31, 2014
and 3,062,098,976 as of December 31, 2013
|
31
|
|
31
|
|
||
Additional paid-in capital
|
107,979
|
|
107,193
|
|
||
Retained earnings
|
118,201
|
|
111,168
|
|
||
Treasury stock, at cost:
December 31, 2014—58,119,993
shares and December 31, 2013—32,856,062 shares
|
(2,929
|
)
|
(1,658
|
)
|
||
Accumulated other comprehensive income (loss)
|
(23,216
|
)
|
(19,133
|
)
|
||
Total Citigroup stockholders’ equity
|
$
|
210,534
|
|
$
|
204,339
|
|
Noncontrolling interest
|
1,511
|
|
1,794
|
|
||
Total equity
|
$
|
212,045
|
|
$
|
206,133
|
|
Total liabilities and equity
|
$
|
1,842,530
|
|
$
|
1,880,382
|
|
|
December 31,
|
|||||
In millions of dollars
|
2014
|
2013
|
||||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup
|
|
|
|
|
||
Short-term borrowings
|
$
|
20,254
|
|
$
|
21,793
|
|
Long-term debt (including $0 and $909 as of December 31, 2014 and December 31, 2013, respectively, at fair value)
|
40,078
|
|
34,743
|
|
||
Other liabilities
|
901
|
|
999
|
|
||
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup
|
$
|
61,233
|
|
$
|
57,535
|
|
|
Years ended December 31,
|
||||||||||||||
|
Amounts
|
Shares
|
|||||||||||||
In millions of dollars, except shares in thousands
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
|||||||||
Preferred stock at aggregate liquidation value
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, beginning of year
|
$
|
6,738
|
|
$
|
2,562
|
|
$
|
312
|
|
270
|
|
102
|
|
12
|
|
Issuance of new preferred stock
|
3,730
|
|
4,270
|
|
2,250
|
|
149
|
|
171
|
|
90
|
|
|||
Redemption of preferred stock
|
—
|
|
(94
|
)
|
—
|
|
—
|
|
(3
|
)
|
—
|
|
|||
Balance, end of period
|
$
|
10,468
|
|
$
|
6,738
|
|
$
|
2,562
|
|
419
|
|
270
|
|
102
|
|
Common stock and additional paid-in capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, beginning of year
|
$
|
107,224
|
|
$
|
106,421
|
|
$
|
105,833
|
|
3,062,099
|
|
3,043,153
|
|
2,937,756
|
|
Employee benefit plans
|
798
|
|
878
|
|
597
|
|
19,928
|
|
18,930
|
|
9,037
|
|
|||
Preferred stock issuance expense
|
(31
|
)
|
(78
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||
Issuance of shares and T-DEC for TARP repayment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
96,338
|
|
|||
Other
|
19
|
|
3
|
|
(9
|
)
|
11
|
|
16
|
|
22
|
|
|||
Balance, end of period
|
$
|
108,010
|
|
$
|
107,224
|
|
$
|
106,421
|
|
3,082,038
|
|
3,062,099
|
|
3,043,153
|
|
Retained earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted balance, beginning of period
|
$
|
111,168
|
|
$
|
97,809
|
|
$
|
90,413
|
|
|
|
|
|
|
|
Citigroup’s net income
|
7,313
|
|
13,673
|
|
7,541
|
|
|
|
|
|
|
|
|||
Common dividends
(1)
|
(122
|
)
|
(120
|
)
|
(120
|
)
|
|
|
|
|
|
|
|||
Preferred dividends
|
(511
|
)
|
(194
|
)
|
(26
|
)
|
|
|
|
|
|
|
|||
Tax benefit
|
353
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|||
Other
|
—
|
|
—
|
|
1
|
|
|
|
|
||||||
Balance, end of period
|
$
|
118,201
|
|
$
|
111,168
|
|
$
|
97,809
|
|
|
|
|
|
|
|
Treasury stock, at cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, beginning of year
|
$
|
(1,658
|
)
|
$
|
(847
|
)
|
$
|
(1,071
|
)
|
(32,856
|
)
|
(14,269
|
)
|
(13,878
|
)
|
Employee benefit plans
(2)
|
(39
|
)
|
26
|
|
229
|
|
(483
|
)
|
(1,629
|
)
|
(253
|
)
|
|||
Treasury stock acquired
(3)
|
(1,232
|
)
|
(837
|
)
|
(5
|
)
|
(24,780
|
)
|
(16,958
|
)
|
(138
|
)
|
|||
Balance, end of period
|
$
|
(2,929
|
)
|
$
|
(1,658
|
)
|
$
|
(847
|
)
|
(58,119
|
)
|
(32,856
|
)
|
(14,269
|
)
|
Citigroup’s accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, beginning of year
|
$
|
(19,133
|
)
|
$
|
(16,896
|
)
|
$
|
(17,788
|
)
|
|
|
|
|
|
|
Citigroup’s total
other comprehensive income (loss)
|
(4,083
|
)
|
(2,237
|
)
|
892
|
|
|
|
|
|
|
|
|||
Balance, end of period
|
$
|
(23,216
|
)
|
$
|
(19,133
|
)
|
$
|
(16,896
|
)
|
|
|
|
|
|
|
Total Citigroup common stockholders’ equity
|
$
|
200,066
|
|
$
|
197,601
|
|
$
|
186,487
|
|
3,023,919
|
|
3,029,243
|
|
3,028,884
|
|
Total Citigroup stockholders’ equity
|
$
|
210,534
|
|
$
|
204,339
|
|
$
|
189,049
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance, beginning of year
|
$
|
1,794
|
|
$
|
1,948
|
|
$
|
1,767
|
|
|
|
|
|
|
|
Initial origination of a noncontrolling interest
|
—
|
|
6
|
|
88
|
|
|
|
|
|
|
|
|||
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary
|
—
|
|
(2
|
)
|
—
|
|
|
|
|
||||||
Transactions between Citigroup and the noncontrolling-interest shareholders
|
(96
|
)
|
(118
|
)
|
41
|
|
|
|
|
|
|
|
|||
Net income attributable to noncontrolling-interest shareholders
|
185
|
|
227
|
|
219
|
|
|
|
|
|
|
|
|||
Dividends paid to noncontrolling-interest shareholders
|
(91
|
)
|
(63
|
)
|
(33
|
)
|
|
|
|
|
|
|
|||
Other comprehensive income (loss)
attributable to noncontrolling-interest shareholders
|
(106
|
)
|
(17
|
)
|
90
|
|
|
|
|
|
|
|
|||
Other
|
(175
|
)
|
(187
|
)
|
(224
|
)
|
|
|
|
|
|
|
|||
Net change in noncontrolling interests
|
$
|
(283
|
)
|
$
|
(154
|
)
|
$
|
181
|
|
|
|
|
|
|
|
Balance, end of period
|
$
|
1,511
|
|
$
|
1,794
|
|
$
|
1,948
|
|
|
|
|
|
|
|
Total equity
|
$
|
212,045
|
|
$
|
206,133
|
|
$
|
190,997
|
|
|
|
|
(1)
|
Common dividends declared were
$0.01
per share in the first, second, third and
fourth
quarters of
2014
,
2013
and
2012
.
|
(2)
|
Includes treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements.
|
(3)
|
For 2014 and 2013, primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program.
|
|
Years ended December 31,
|
||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Cash flows from operating activities of continuing operations
|
|
|
|
|
|
|
|||
Net income before attribution of noncontrolling interests
|
$
|
7,498
|
|
$
|
13,900
|
|
$
|
7,760
|
|
Net income attributable to noncontrolling interests
|
185
|
|
227
|
|
219
|
|
|||
Citigroup’s net income
|
$
|
7,313
|
|
$
|
13,673
|
|
$
|
7,541
|
|
Loss from discontinued operations, net of taxes
|
(2
|
)
|
(90
|
)
|
(57
|
)
|
|||
Gain (loss) on sale, net of taxes
|
—
|
|
360
|
|
(1
|
)
|
|||
Income from continuing operations—excluding noncontrolling interests
|
$
|
7,315
|
|
$
|
13,403
|
|
$
|
7,599
|
|
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations
|
|
|
|
|
|
|
|||
Amortization of deferred policy acquisition costs and present value of future profits
|
210
|
|
194
|
|
203
|
|
|||
(Additions) reductions to deferred policy acquisition costs
|
(64
|
)
|
(54
|
)
|
85
|
|
|||
Depreciation and amortization
|
3,589
|
|
3,303
|
|
2,507
|
|
|||
Deferred tax provision (benefit)
|
3,014
|
|
2,380
|
|
(4,091
|
)
|
|||
Provision for loan losses
|
6,828
|
|
7,604
|
|
10,458
|
|
|||
Realized gains from sales of investments
|
(570
|
)
|
(748
|
)
|
(3,251
|
)
|
|||
Net impairment losses recognized in earnings
|
426
|
|
535
|
|
4,971
|
|
|||
Change in trading account assets
|
(10,858
|
)
|
35,001
|
|
(29,195
|
)
|
|||
Change in trading account liabilities
|
30,274
|
|
(6,787
|
)
|
(10,533
|
)
|
|||
Change in brokerage receivables net of brokerage payables
|
(4,272
|
)
|
(6,490
|
)
|
945
|
|
|||
Change in loans held-for-sale
|
(1,144
|
)
|
4,321
|
|
(1,106
|
)
|
|||
Change in other assets
|
709
|
|
13,332
|
|
(530
|
)
|
|||
Change in other liabilities
|
4,544
|
|
(7,880
|
)
|
(1,457
|
)
|
|||
Other, net
|
5,433
|
|
5,130
|
|
13,033
|
|
|||
Total adjustments
|
$
|
38,119
|
|
$
|
49,841
|
|
$
|
(17,961
|
)
|
Net cash provided by (used in) operating activities of continuing operations
|
$
|
45,434
|
|
$
|
63,244
|
|
$
|
(10,362
|
)
|
Cash flows from investing activities of continuing operations
|
|
|
|
|
|
|
|||
Change in deposits with banks
|
$
|
40,916
|
|
$
|
(66,871
|
)
|
$
|
53,650
|
|
Change in federal funds sold and securities borrowed or purchased under agreements to resell
|
14,467
|
|
4,274
|
|
14,538
|
|
|||
Change in loans
|
1,170
|
|
(30,198
|
)
|
(31,591
|
)
|
|||
Proceeds from sales and securitizations of loans
|
4,752
|
|
9,123
|
|
7,287
|
|
|||
Purchases of investments
|
(258,992
|
)
|
(220,823
|
)
|
(256,907
|
)
|
|||
Proceeds from sales of investments
|
135,824
|
|
131,100
|
|
143,853
|
|
|||
Proceeds from maturities of investments
|
94,117
|
|
84,831
|
|
102,020
|
|
|||
Capital expenditures on premises and equipment and capitalized software
|
(3,386
|
)
|
(3,490
|
)
|
(3,604
|
)
|
|||
Proceeds from sales of premises and equipment, subsidiaries and affiliates, and repossessed assets
|
623
|
|
716
|
|
1,089
|
|
|||
Net cash provided by (used in) investing activities of continuing operations
|
$
|
29,491
|
|
$
|
(91,338
|
)
|
$
|
30,335
|
|
Cash flows from financing activities of continuing operations
|
|
|
|
|
|
|
|||
Dividends paid
|
$
|
(633
|
)
|
$
|
(314
|
)
|
$
|
(143
|
)
|
Issuance of preferred stock
|
3,699
|
|
4,192
|
|
2,250
|
|
|||
Redemption of preferred stock
|
—
|
|
(94
|
)
|
—
|
|
|||
Treasury stock acquired
|
(1,232
|
)
|
(837
|
)
|
(5
|
)
|
|||
Stock tendered for payment of withholding taxes
|
(508
|
)
|
(452
|
)
|
(194
|
)
|
|||
Change in federal funds purchased and securities loaned or sold under agreements to repurchase
|
(30,074
|
)
|
(7,724
|
)
|
12,863
|
|
|||
Issuance of long-term debt
|
66,836
|
|
54,405
|
|
27,843
|
|
|||
Payments and redemptions of long-term debt
|
(58,923
|
)
|
(63,994
|
)
|
(117,575
|
)
|
|||
Change in deposits
|
(48,336
|
)
|
37,713
|
|
64,624
|
|
Change in short-term borrowings
|
(1,099
|
)
|
199
|
|
(2,164
|
)
|
|||
Net cash provided by (used in) financing activities of continuing operations
|
$
|
(70,270
|
)
|
$
|
23,094
|
|
$
|
(12,501
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
$
|
(2,432
|
)
|
$
|
(1,558
|
)
|
$
|
274
|
|
Discontinued operations
|
|
|
|
|
|
|
|||
Net cash used in discontinued operations
|
$
|
—
|
|
$
|
(10
|
)
|
$
|
6
|
|
Change in cash and due from banks
|
$
|
2,223
|
|
$
|
(6,568
|
)
|
$
|
7,752
|
|
Cash and due from banks at beginning of period
|
29,885
|
|
36,453
|
|
28,701
|
|
|||
Cash and due from banks at end of period
|
$
|
32,108
|
|
$
|
29,885
|
|
$
|
36,453
|
|
Supplemental disclosure of cash flow information for continuing operations
|
|
|
|
|
|
|
|||
Cash paid during the year for income taxes
|
$
|
4,632
|
|
$
|
4,495
|
|
$
|
3,900
|
|
Cash paid during the year for interest
|
12,868
|
|
14,383
|
|
19,739
|
|
|||
Non-cash investing activities
|
|
|
|
|
|
|
|||
Change in loans due to consolidation/deconsolidation of VIEs
|
$
|
(374
|
)
|
$
|
6,718
|
|
$
|
—
|
|
Transfers to loans held-for-sale from loans
|
12,700
|
|
17,300
|
|
8,700
|
|
|||
Transfers to OREO and other repossessed assets
|
321
|
|
325
|
|
500
|
|
|||
Non-cash financing activities
|
|
|
|
||||||
Decrease in deposits associated with reclassification to HFS
|
$
|
(20,605
|
)
|
$
|
—
|
|
$
|
—
|
|
Increase in short-term borrowings due to consolidation of VIEs
|
500
|
|
6,718
|
|
—
|
|
|||
Decrease in long-term debt due to deconsolidation of VIEs
|
(864
|
)
|
—
|
|
—
|
|
•
|
purchases or sales of variable interests by Citigroup or an unrelated third party, which cause Citigroup’s overall variable interest ownership to change;
|
•
|
changes in contractual arrangements that reallocate expected losses and residual returns among the variable interest holders;
|
•
|
changes in the party that has power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and
|
•
|
providing financial support to an entity that results in an implicit variable interest.
|
•
|
Fixed income securities classified as “held-to-maturity” are securities that the Company has both the ability and the intent to hold until maturity and are carried at amortized cost. Interest income on such securities is included in
Interest revenue
.
|
•
|
Fixed income securities and marketable equity securities classified as “available-for-sale” are carried at fair value with changes in fair value reported in
Accumulated other comprehensive income (loss)
, a component of
Stockholders’ equity
, net of applicable income taxes and hedges. Realized gains and losses on sales are included in income primarily on a specific identification cost basis. Interest and dividend income on such securities is included in
Interest revenue
.
|
•
|
Certain investments in non-marketable equity securities and certain investments that would otherwise have been accounted for using the equity method are carried at fair value, since the Company has elected to apply fair value accounting. Changes in fair value of such investments are recorded in earnings.
|
•
|
Certain non-marketable equity securities are carried at cost and are periodically assessed for other-than-temporary impairment, as described in Note 14 to the Consolidated Financial Statements.
|
•
|
Unsecured installment loans are charged off at
120 days
contractually past due.
|
•
|
Unsecured revolving loans and credit card loans are charged off at
180 days
contractually past due.
|
•
|
Loans secured with non-real estate collateral are written down to the estimated value of the collateral, less costs to sell, at
120 days
contractually past due.
|
•
|
Real estate-secured loans are written down to the estimated value of the property, less costs to sell, at
180 days
contractually past due.
|
•
|
Real estate-secured loans are
charged off no later than
180 days
contractually past due if a decision has been made not to foreclose on the loans.
|
•
|
Non-bank real estate-secured loans are charged off at the earlier of
180 days
contractually past due, if there have been no payments within the last
six months
, or
360 days
contractually past due, if a decision has been made not to foreclose on the loans.
|
•
|
Non-bank loans secured by real estate are written down to the estimated value of the property, less costs to sell, at the earlier of the receipt of title, the initiation of foreclosure (a process that must commence when payments are
120 days
contractually past due), when the loan is
180 days
contractually past due if there have been no payments within the past
six months
or
360 days
contractually past due.
|
•
|
Non-bank unsecured personal loans are charged off at the earlier of
180 days
contractually past due if there have been no payments within the last
six months
, or
360 days
contractually past due.
|
•
|
Unsecured loans in bankruptcy are charged off within
60 days
of notification of filing by the bankruptcy court
|
•
|
Consistent with OCC guidance, real estate-secured loans that were discharged through Chapter 7 bankruptcy, other than FHA-insured loans, are written down to the estimated value of the property, less costs to sell. Other real estate-secured loans in bankruptcy are written down to the estimated value of the property, less costs to sell, at the later of
60 days
after notification or
60 days
contractually past due.
|
•
|
Non-bank loans secured by real estate that are discharged through Chapter 7 bankruptcy are written down to the estimated value of the property, less costs to sell, at
60 days
contractually past due.
|
•
|
Non-bank unsecured personal loans in bankruptcy are charged off when they are
30 days
contractually past due.
|
•
|
Commercial market loans are written down to the extent that principal is judged to be uncollectable.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Total revenues, net of interest expense
(1)
|
$
|
69
|
|
$
|
1,012
|
|
$
|
1,045
|
|
Income (loss) from discontinued operations
|
$
|
63
|
|
$
|
(48
|
)
|
$
|
110
|
|
Gain on sale
|
—
|
|
206
|
|
—
|
|
|||
Provision (benefit) for income taxes
|
11
|
|
(138
|
)
|
19
|
|
|||
Income (loss) from discontinued operations, net of taxes
|
$
|
52
|
|
$
|
296
|
|
$
|
91
|
|
(1)
|
Total revenues include gain or loss on sale, if applicable.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Cash flows from operating activities
|
$
|
—
|
|
$
|
197
|
|
$
|
(205
|
)
|
Cash flows from investing activities
|
—
|
|
(207
|
)
|
195
|
|
|||
Cash flows from financing activities
|
—
|
|
—
|
|
16
|
|
|||
Net cash provided by discontinued operations
|
$
|
—
|
|
$
|
(10
|
)
|
$
|
6
|
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Total revenues, net of interest expense
(1)
|
$
|
—
|
|
$
|
74
|
|
$
|
60
|
|
Income (loss) from discontinued operations
|
$
|
(7
|
)
|
$
|
(158
|
)
|
$
|
(123
|
)
|
Gain on sale
|
—
|
|
62
|
|
—
|
|
|||
Provision (benefit) for income taxes
|
(3
|
)
|
(30
|
)
|
(44
|
)
|
|||
Income (loss) from discontinued operations, net of taxes
|
$
|
(4
|
)
|
$
|
(66
|
)
|
$
|
(79
|
)
|
(1)
|
Total revenues include gain or loss on sale, if applicable.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Cash flows from operating activities
|
$
|
—
|
|
$
|
(43
|
)
|
$
|
(4
|
)
|
Cash flows from investing activities
|
—
|
|
—
|
|
4
|
|
|||
Cash flows from financing activities
|
—
|
|
43
|
|
—
|
|
|||
Net cash provided by discontinued operations
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Total revenues, net of interest expense
(1)
|
$
|
5
|
|
$
|
—
|
|
$
|
1
|
|
Income (loss) from discontinued operations
|
$
|
(46
|
)
|
$
|
(62
|
)
|
$
|
(96
|
)
|
Gain (loss) on sale
|
—
|
|
—
|
|
(1
|
)
|
|||
Provision (benefit) for income taxes
|
(16
|
)
|
(22
|
)
|
(34
|
)
|
|||
Income (loss) from discontinued operations, net of taxes
|
$
|
(30
|
)
|
$
|
(40
|
)
|
$
|
(63
|
)
|
(1)
|
Total revenues include gain or loss on sale, if applicable.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Total revenues, net of interest expense
(1)
|
$
|
74
|
|
$
|
1,086
|
|
$
|
1,106
|
|
Income (loss) from discontinued operations
|
$
|
10
|
|
$
|
(242
|
)
|
$
|
(109
|
)
|
Gain on sale
|
—
|
|
268
|
|
(1
|
)
|
|||
Provision (benefit) for income taxes
|
12
|
|
(244
|
)
|
(52
|
)
|
|||
Income (loss) from discontinued operations, net of taxes
|
$
|
(2
|
)
|
$
|
270
|
|
$
|
(58
|
)
|
(1)
|
Total revenues include gain or loss on sale, if applicable.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Cash flows used in operating activities
|
$
|
—
|
|
$
|
154
|
|
$
|
(209
|
)
|
Cash flows from investing activities
|
—
|
|
(207
|
)
|
199
|
|
|||
Cash flows from financing activities
|
—
|
|
43
|
|
16
|
|
|||
Net cash provided by discontinued operations
|
$
|
—
|
|
$
|
(10
|
)
|
$
|
6
|
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Income before taxes
|
$
|
(5
|
)
|
$
|
31
|
|
$
|
(4
|
)
|
In millions of dollars
|
December 31, 2014
|
|
|
Assets
|
|
||
Cash and deposits with banks
|
$
|
151
|
|
Loans (net of allowance of $2 million)
|
544
|
|
|
Goodwill
|
51
|
|
|
Other assets, advances to/from subs
|
19,854
|
|
|
Other assets
|
66
|
|
|
Total assets
|
$
|
20,666
|
|
Liabilities
|
|
||
Deposits
|
$
|
20,605
|
|
Other liabilities
|
61
|
|
|
Total liabilities
|
$
|
20,666
|
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Income before taxes
|
$
|
373
|
|
$
|
59
|
|
$
|
6
|
|
In millions of dollars
|
2014
|
2013
|
2012
|
||
Income before taxes
|
$133
|
$(113)
|
$
|
(258
|
)
|
|
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
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
2014
|
2013
|
||||||||||||||||||||||
Global Consumer Banking
|
$
|
37,753
|
|
$
|
38,165
|
|
$
|
39,105
|
|
$
|
3,473
|
|
$
|
3,424
|
|
$
|
3,468
|
|
$
|
6,938
|
|
$
|
6,763
|
|
$
|
7,597
|
|
$
|
396
|
|
$
|
405
|
|
Institutional Clients Group
|
33,267
|
|
33,567
|
|
30,762
|
|
3,729
|
|
3,857
|
|
2,021
|
|
9,521
|
|
9,414
|
|
7,834
|
|
1,020
|
|
1,045
|
|
|||||||||||
Corporate/Other
|
47
|
|
121
|
|
128
|
|
(459
|
)
|
(282
|
)
|
(1,093
|
)
|
(5,593
|
)
|
(630
|
)
|
(1,048
|
)
|
329
|
|
313
|
|
|||||||||||
Total Citicorp
|
$
|
71,067
|
|
$
|
71,853
|
|
$
|
69,995
|
|
$
|
6,743
|
|
$
|
6,999
|
|
$
|
4,396
|
|
$
|
10,866
|
|
$
|
15,547
|
|
$
|
14,383
|
|
$
|
1,745
|
|
$
|
1,763
|
|
Citi Holdings
|
5,815
|
|
4,566
|
|
(805
|
)
|
121
|
|
(1,132
|
)
|
(4,389
|
)
|
(3,366
|
)
|
(1,917
|
)
|
(6,565
|
)
|
98
|
|
117
|
|
|||||||||||
Total
|
$
|
76,882
|
|
$
|
76,419
|
|
$
|
69,190
|
|
$
|
6,864
|
|
$
|
5,867
|
|
$
|
7
|
|
$
|
7,500
|
|
$
|
13,630
|
|
$
|
7,818
|
|
$
|
1,843
|
|
$
|
1,880
|
|
(1)
|
Includes Citicorp (excluding
Corporate/Other
) total revenues, net of interest expense, in
North America
of
$32.0 billion
,
$31.2 billion
and $
29.9 billion
; in
EMEA
of
$10.9 billion
,
$11.5 billion
and $
11.5 billion
; in
Latin America
of
$13.4 billion
,
$14.0 billion
and
$13.5 billion
; and in
Asia
of
$14.7 billion
,
$15.0 billion
and $
15.0 billion
in
2014
, 2013, and 2012, respectively.
|
(2)
|
Includes pretax provisions (credits) for credit losses and for benefits and claims in
GCB
of
$6.1 billion
,
$6.8 billion
and $
6.2 billion
; in
ICG
of
$57 million
,
$78 million
and $
276 million
; and in Citi Holdings of
$1.3 billion
,
$1.6 billion
and $
4.9 billion
in
2014
, 2013, and 2012, respectively.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Interest revenue
|
|
|
|
||||||
Loan interest, including fees
|
$
|
44,776
|
|
$
|
45,580
|
|
$
|
47,712
|
|
Deposits with banks
|
959
|
|
1,026
|
|
1,261
|
|
|||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
2,366
|
|
2,566
|
|
3,418
|
|
|||
Investments, including dividends
|
7,195
|
|
6,919
|
|
7,525
|
|
|||
Trading account assets
(1)
|
5,880
|
|
6,277
|
|
6,802
|
|
|||
Other interest
|
507
|
|
602
|
|
580
|
|
|||
Total interest revenue
|
$
|
61,683
|
|
$
|
62,970
|
|
$
|
67,298
|
|
Interest expense
|
|
|
|
||||||
Deposits
(2)
|
$
|
5,692
|
|
$
|
6,236
|
|
$
|
7,690
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
1,895
|
|
2,339
|
|
2,817
|
|
|||
Trading account liabilities
(1)
|
168
|
|
169
|
|
190
|
|
|||
Short-term borrowings
|
580
|
|
597
|
|
727
|
|
|||
Long-term debt
|
5,355
|
|
6,836
|
|
9,188
|
|
|||
Total interest expense
|
$
|
13,690
|
|
$
|
16,177
|
|
$
|
20,612
|
|
Net interest revenue
|
$
|
47,993
|
|
$
|
46,793
|
|
$
|
46,686
|
|
Provision for loan losses
|
6,828
|
|
7,604
|
|
10,458
|
|
|||
Net interest revenue after provision for loan losses
|
$
|
41,165
|
|
$
|
39,189
|
|
$
|
36,228
|
|
(1)
|
Interest expense on
Trading account liabilities
of
ICG
is reported as a reduction of interest revenue from
Trading account assets
.
|
(2)
|
Includes deposit insurance fees and charges of
$1,038 million
,
$1,132 million
and
$1,262 million
for
2014
,
2013
and
2012
, respectively.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Investment banking
|
$
|
3,687
|
|
$
|
3,315
|
|
$
|
2,991
|
|
Trading-related
|
2,503
|
|
2,563
|
|
2,331
|
|
|||
Credit cards and bank cards
|
2,227
|
|
2,472
|
|
2,775
|
|
|||
Trade and securities services
|
1,871
|
|
1,847
|
|
1,733
|
|
|||
Other consumer
(1)
|
885
|
|
911
|
|
908
|
|
|||
Checking-related
|
531
|
|
551
|
|
615
|
|
|||
Corporate finance
(2)
|
531
|
|
516
|
|
516
|
|
|||
Loan servicing
|
380
|
|
500
|
|
313
|
|
|||
Other
|
417
|
|
266
|
|
402
|
|
|||
Total commissions and fees
|
$
|
13,032
|
|
$
|
12,941
|
|
$
|
12,584
|
|
(1)
|
Primarily consists of fees for investment fund administration and management, third-party collections, commercial demand deposit accounts and certain credit card services.
|
(2)
|
Consists primarily of fees earned from structuring and underwriting loan syndications.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Global Consumer Banking
|
$
|
787
|
|
$
|
863
|
|
$
|
808
|
|
Institutional Clients Group
|
5,908
|
|
6,494
|
|
4,330
|
|
|||
Corporate/Other
|
(383
|
)
|
(80
|
)
|
(189
|
)
|
|||
Subtotal Citicorp
|
$
|
6,312
|
|
$
|
7,277
|
|
$
|
4,949
|
|
Citi Holdings
|
386
|
|
25
|
|
31
|
|
|||
Total Citigroup
|
$
|
6,698
|
|
$
|
7,302
|
|
$
|
4,980
|
|
Interest rate contracts
(1)
|
$
|
3,657
|
|
$
|
4,055
|
|
$
|
2,380
|
|
Foreign exchange contracts
(2)
|
2,008
|
|
2,307
|
|
2,493
|
|
|||
Equity contracts
(3)
|
(260
|
)
|
319
|
|
158
|
|
|||
Commodity and other contracts
(4)
|
590
|
|
277
|
|
108
|
|
|||
Credit products and derivatives
(5)
|
703
|
|
344
|
|
(159
|
)
|
|||
Total
|
$
|
6,698
|
|
$
|
7,302
|
|
$
|
4,980
|
|
(1)
|
Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities.
|
(2)
|
Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as FX translation gains and losses.
|
(3)
|
Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.
|
(4)
|
Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades.
|
(5)
|
Includes revenues from structured credit products.
|
Unvested stock awards
|
Shares
|
Weighted-
average grant
date fair
value per share
|
|||
Unvested at January 1, 2014
|
61,136,782
|
|
$
|
39.71
|
|
New awards
|
17,729,497
|
|
49.65
|
|
|
Canceled awards
|
(2,194,893
|
)
|
41.31
|
|
|
Vested awards
(1)
|
(26,666,993
|
)
|
40.94
|
|
|
Unvested at December 31, 2014
|
50,004,393
|
|
$
|
42.52
|
|
(1)
|
The weighted-average fair value of the shares vesting during 2014 was approximately
$52.02
per share.
|
|
2014
|
2013
|
2012
|
|||||||||||||||||||||
|
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 period
|
31,508,106
|
|
$
|
50.72
|
|
$
|
1.39
|
|
35,020,397
|
|
$
|
51.20
|
|
$
|
—
|
|
37,596,029
|
|
$
|
69.60
|
|
$
|
—
|
|
Forfeited
|
(28,257
|
)
|
40.80
|
|
—
|
|
(50,914
|
)
|
212.35
|
|
—
|
|
(858,906
|
)
|
83.84
|
|
—
|
|
||||||
Expired
|
(602,093
|
)
|
242.43
|
|
—
|
|
(86,964
|
)
|
528.40
|
|
—
|
|
(1,716,726
|
)
|
438.14
|
|
—
|
|
||||||
Exercised
|
(4,363,637
|
)
|
40.82
|
|
11.37
|
|
(3,374,413
|
)
|
40.81
|
|
9.54
|
|
—
|
|
—
|
|
—
|
|
||||||
Outstanding, end of period
|
26,514,119
|
|
$
|
48.00
|
|
$
|
6.11
|
|
31,508,106
|
|
$
|
50.72
|
|
$
|
1.39
|
|
35,020,397
|
|
$
|
51.20
|
|
$
|
—
|
|
Exercisable, end of period
|
26,514,119
|
|
|
|
|
|
30,662,588
|
|
|
|
|
|
32,973,444
|
|
|
|
|
|
|
|
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
|
||||||
$29.70—$49.99
(1)
|
25,617,659
|
|
1.1 years
|
$
|
42.87
|
|
25,617,659
|
|
$
|
42.87
|
|
$50.00—$99.99
|
69,956
|
|
6.1 years
|
56.76
|
|
69,956
|
|
56.76
|
|
||
$100.00—$199.99
|
502,416
|
|
4.0 years
|
147.13
|
|
502,416
|
|
147.13
|
|
||
$200.00—$299.99
|
124,088
|
|
3.1 years
|
240.28
|
|
124,088
|
|
240.28
|
|
||
$300.00—$399.99
|
200,000
|
|
3.1 years
|
335.50
|
|
200,000
|
|
335.50
|
|
||
Total at December 31, 2014
|
26,514,119
|
|
1.2 years
|
$
|
48.02
|
|
26,514,119
|
|
$
|
48.02
|
|
(1)
|
A significant portion of the outstanding options are in the
$40
to
$45
range of exercise prices.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Charges for estimated awards to retirement-eligible employees
|
$
|
525
|
|
$
|
468
|
|
$
|
444
|
|
Amortization of deferred cash awards, deferred cash stock units and performance stock units
|
311
|
|
323
|
|
345
|
|
|||
Immediately vested stock award expense
(1)
|
51
|
|
54
|
|
60
|
|
|||
Amortization of restricted and deferred stock awards
(2)
|
668
|
|
862
|
|
864
|
|
|||
Option expense
|
1
|
|
10
|
|
99
|
|
|||
Other variable incentive compensation
|
803
|
|
1,076
|
|
670
|
|
|||
Profit sharing plan
|
1
|
|
78
|
|
246
|
|
|||
Total
|
$
|
2,360
|
|
$
|
2,871
|
|
$
|
2,728
|
|
(1)
|
Represents expense for immediately vested stock awards that generally were stock payments in lieu of cash compensation. The expense is generally accrued as cash incentive compensation in the year prior to grant.
|
(2)
|
All periods include amortization expense for all unvested awards to non-retirement-eligible employees. Amortization is recognized net of estimated forfeitures of awards.
|
(1)
|
Principally 2018.
|
(2)
|
$1.8 billion
of which is attributable to
ICG
.
|
(3)
|
Refers to awards granted on or about February 16, 2015, as part Citi's discretionary annual incentive awards for services performed in 2014, and 2015 compensation allowances.
|
|
Pension plans
|
|
Postretirement benefit plans
|
||||||||||||||||||||||||||||||||||||
|
U.S. plans
|
|
Non-U.S. plans
|
|
U.S. plans
|
|
Non-U.S. plans
|
||||||||||||||||||||||||||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
|
2014
|
2013
|
2012
|
|
2014
|
2013
|
2012
|
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||
Qualified plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefits earned during the year
|
$
|
6
|
|
$
|
8
|
|
$
|
12
|
|
|
$
|
178
|
|
$
|
210
|
|
$
|
199
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
15
|
|
$
|
43
|
|
$
|
29
|
|
Interest cost on benefit obligation
|
541
|
|
538
|
|
565
|
|
|
376
|
|
384
|
|
367
|
|
|
33
|
|
33
|
|
44
|
|
|
120
|
|
146
|
|
116
|
|
||||||||||||
Expected return on plan assets
|
(878
|
)
|
(863
|
)
|
(897
|
)
|
|
(384
|
)
|
(396
|
)
|
(399
|
)
|
|
(1
|
)
|
(2
|
)
|
(4
|
)
|
|
(121
|
)
|
(133
|
)
|
(108
|
)
|
||||||||||||
Amortization of unrecognized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service (benefit) cost
|
(3
|
)
|
(4
|
)
|
(1
|
)
|
|
1
|
|
4
|
|
4
|
|
|
—
|
|
(1
|
)
|
(1
|
)
|
|
(12
|
)
|
—
|
|
—
|
|
||||||||||||
Net actuarial loss
|
105
|
|
104
|
|
96
|
|
|
77
|
|
95
|
|
77
|
|
|
—
|
|
—
|
|
4
|
|
|
39
|
|
45
|
|
25
|
|
||||||||||||
Curtailment loss
(1)
|
—
|
|
21
|
|
—
|
|
|
14
|
|
4
|
|
10
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
||||||||||||
Settlement (gain) loss
(1)
|
—
|
|
—
|
|
—
|
|
|
53
|
|
13
|
|
35
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(1
|
)
|
—
|
|
||||||||||||
Special termination benefits
(1)
|
—
|
|
—
|
|
—
|
|
|
9
|
|
8
|
|
1
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
||||||||||||
Net qualified plans (benefit) expense
|
$
|
(229
|
)
|
$
|
(196
|
)
|
$
|
(225
|
)
|
|
$
|
324
|
|
$
|
322
|
|
$
|
294
|
|
|
$
|
32
|
|
$
|
30
|
|
$
|
43
|
|
|
$
|
41
|
|
$
|
100
|
|
$
|
62
|
|
Nonqualified plans expense
|
45
|
|
46
|
|
42
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
||||||||||||
Cumulative effect of change in accounting policy
(2)
|
—
|
|
(23
|
)
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
3
|
|
—
|
|
||||||||||||
Total adjusted net (benefit) expense
|
$
|
(184
|
)
|
$
|
(173
|
)
|
$
|
(183
|
)
|
|
$
|
324
|
|
$
|
322
|
|
$
|
294
|
|
|
$
|
32
|
|
$
|
30
|
|
$
|
43
|
|
|
$
|
41
|
|
$
|
103
|
|
$
|
62
|
|
(1)
|
Losses due to curtailment, settlement and special termination benefits relate to repositioning actions.
|
(2)
|
Cumulative effect of adopting quarterly remeasurement for Significant Plans.
|
|
Pension plans
(1)
|
|
Postretirement plans
(1)
|
||||||||||||||||||||||||||||||||||||
|
U.S. plans
(2)
|
|
Non-U.S. plans
|
|
U.S. plans
|
|
Non-U.S. plans
|
||||||||||||||||||||||||||||||||
In millions of dollars
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
||||||||||||||||||||||||
Cash contributions paid by the Company
|
$
|
—
|
|
$
|
100
|
|
$
|
—
|
|
|
$
|
86
|
|
$
|
130
|
|
$
|
308
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
77
|
|
$
|
6
|
|
$
|
251
|
|
Benefits paid directly by the Company
|
60
|
|
58
|
|
51
|
|
|
47
|
|
100
|
|
49
|
|
|
63
|
|
56
|
|
52
|
|
|
6
|
|
6
|
|
5
|
|
||||||||||||
Total Company contributions
|
$
|
60
|
|
$
|
158
|
|
$
|
51
|
|
|
$
|
133
|
|
$
|
230
|
|
$
|
357
|
|
|
$
|
63
|
|
$
|
56
|
|
$
|
52
|
|
|
$
|
83
|
|
$
|
12
|
|
$
|
256
|
|
(1)
|
Payments reported for 2015 are expected amounts.
|
(2)
|
The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans.
|
|
Pension plans
|
|
Postretirement benefit plans
|
||||||||||||||||||||||||
In millions of dollars
|
U.S. plans
|
|
Non-U.S. plans
|
|
U.S. plans
|
|
Non-U.S. plans
|
||||||||||||||||||||
|
2014
|
2013
|
|
2014
|
2013
|
|
2014
|
2013
|
|
2014
|
2013
|
||||||||||||||||
Change in projected benefit obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Qualified plans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Projected benefit obligation at beginning of year
|
$
|
12,137
|
|
$
|
13,268
|
|
|
$
|
7,194
|
|
$
|
7,399
|
|
|
$
|
780
|
|
$
|
1,072
|
|
|
$
|
1,411
|
|
$
|
2,002
|
|
Cumulative effect of change in accounting policy
(1)
|
—
|
|
(368
|
)
|
|
—
|
|
385
|
|
|
—
|
|
—
|
|
|
—
|
|
81
|
|
||||||||
Benefits earned during the year
|
6
|
|
8
|
|
|
178
|
|
210
|
|
|
—
|
|
—
|
|
|
15
|
|
43
|
|
||||||||
Interest cost on benefit obligation
|
541
|
|
538
|
|
|
376
|
|
384
|
|
|
33
|
|
33
|
|
|
120
|
|
146
|
|
||||||||
Plan amendments
|
—
|
|
—
|
|
|
2
|
|
(28
|
)
|
|
—
|
|
—
|
|
|
(14
|
)
|
(171
|
)
|
||||||||
Actuarial (gain) loss
(2)
|
2,077
|
|
(671
|
)
|
|
790
|
|
(733
|
)
|
|
184
|
|
(253
|
)
|
|
262
|
|
(617
|
)
|
||||||||
Benefits paid, net of participants’ contributions
|
(701
|
)
|
(661
|
)
|
|
(352
|
)
|
(296
|
)
|
|
(91
|
)
|
(85
|
)
|
|
(93
|
)
|
(64
|
)
|
||||||||
Expected government subsidy
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
11
|
|
13
|
|
|
—
|
|
—
|
|
||||||||
Divestitures
|
—
|
|
—
|
|
|
(18
|
)
|
—
|
|
|
—
|
|
—
|
|
|
(1
|
)
|
—
|
|
||||||||
Settlements
|
—
|
|
—
|
|
|
(184
|
)
|
(57
|
)
|
|
—
|
|
—
|
|
|
—
|
|
(2
|
)
|
||||||||
Curtailment (gain) loss
|
—
|
|
23
|
|
|
(58
|
)
|
(2
|
)
|
|
—
|
|
—
|
|
|
(3
|
)
|
(3
|
)
|
||||||||
Special/contractual termination benefits
|
—
|
|
—
|
|
|
9
|
|
8
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Foreign exchange impact and other
|
—
|
|
—
|
|
|
(685
|
)
|
(76
|
)
|
|
—
|
|
—
|
|
|
(170
|
)
|
(4
|
)
|
||||||||
Qualified plans
|
$
|
14,060
|
|
$
|
12,137
|
|
|
$
|
7,252
|
|
$
|
7,194
|
|
|
$
|
917
|
|
$
|
780
|
|
|
$
|
1,527
|
|
$
|
1,411
|
|
Nonqualified plans
(3)
|
779
|
|
692
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Projected benefit obligation at year end
|
$
|
14,839
|
|
$
|
12,829
|
|
|
$
|
7,252
|
|
$
|
7,194
|
|
|
$
|
917
|
|
$
|
780
|
|
|
$
|
1,527
|
|
$
|
1,411
|
|
(1)
|
Represents the cumulative effect of adopting quarterly remeasurement for Significant Plans.
|
(2)
|
2014 amounts for the U.S. plans include impact of the adoption of updated mortality tables (see “Mortality Tables” below).
|
(3)
|
These plans are unfunded.
|
|
Pension plans
|
|
Postretirement benefit plans
|
||||||||||||||||||||||||
|
U.S. plans
|
|
Non-U.S. plans
|
|
U.S. plans
|
|
Non-U.S. plans
|
||||||||||||||||||||
In millions of dollars
|
2014
|
2013
|
|
2014
|
2013
|
|
2014
|
2013
|
|
2014
|
2013
|
||||||||||||||||
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Qualified plans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Plan assets at fair value at beginning of year
|
$
|
12,731
|
|
$
|
12,656
|
|
|
$
|
6,918
|
|
$
|
7,154
|
|
|
$
|
32
|
|
$
|
50
|
|
|
$
|
1,472
|
|
$
|
1,497
|
|
Cumulative effect of change in accounting policy
(1)
|
—
|
|
(53
|
)
|
|
—
|
|
126
|
|
|
—
|
|
3
|
|
|
—
|
|
21
|
|
||||||||
Actual return on plan assets
|
941
|
|
789
|
|
|
1,108
|
|
(256
|
)
|
|
2
|
|
(1
|
)
|
|
166
|
|
(223
|
)
|
||||||||
Company contributions
|
100
|
|
—
|
|
|
230
|
|
357
|
|
|
56
|
|
52
|
|
|
12
|
|
256
|
|
||||||||
Plan participants’ contributions
|
—
|
|
—
|
|
|
5
|
|
6
|
|
|
51
|
|
50
|
|
|
—
|
|
—
|
|
||||||||
Divestitures
|
—
|
|
—
|
|
|
(11
|
)
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Settlements
|
—
|
|
—
|
|
|
(184
|
)
|
(61
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Benefits paid
|
(701
|
)
|
(661
|
)
|
|
(357
|
)
|
(302
|
)
|
|
(131
|
)
|
(122
|
)
|
|
(93
|
)
|
(64
|
)
|
||||||||
Foreign exchange impact and other
|
—
|
|
—
|
|
|
(652
|
)
|
(106
|
)
|
|
—
|
|
—
|
|
|
(173
|
)
|
(15
|
)
|
||||||||
Qualified plans
|
$
|
13,071
|
|
$
|
12,731
|
|
|
$
|
7,057
|
|
$
|
6,918
|
|
|
$
|
10
|
|
$
|
32
|
|
|
$
|
1,384
|
|
$
|
1,472
|
|
Nonqualified plans
(2)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Plan assets at fair value year end
|
$
|
13,071
|
|
$
|
12,731
|
|
|
$
|
7,057
|
|
$
|
6,918
|
|
|
$
|
10
|
|
$
|
32
|
|
|
$
|
1,384
|
|
$
|
1,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Funded status of the plans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Qualified plans
(3)
|
$
|
(989
|
)
|
$
|
593
|
|
|
$
|
(195
|
)
|
$
|
(276
|
)
|
|
$
|
(907
|
)
|
$
|
(748
|
)
|
|
$
|
(143
|
)
|
$
|
61
|
|
Nonqualified plans
(2)
|
(779
|
)
|
(692
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Funded status of the plans at year end
|
$
|
(1,768
|
)
|
$
|
(99
|
)
|
|
$
|
(195
|
)
|
$
|
(276
|
)
|
|
$
|
(907
|
)
|
$
|
(748
|
)
|
|
$
|
(143
|
)
|
$
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net amount recognized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Qualified plans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Benefit asset
|
$
|
—
|
|
$
|
593
|
|
|
$
|
921
|
|
$
|
709
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
196
|
|
$
|
407
|
|
Benefit liability
|
(989
|
)
|
—
|
|
|
(1,116
|
)
|
(985
|
)
|
|
(907
|
)
|
(748
|
)
|
|
(339
|
)
|
(346
|
)
|
||||||||
Qualified plans
|
$
|
(989
|
)
|
$
|
593
|
|
|
$
|
(195
|
)
|
$
|
(276
|
)
|
|
$
|
(907
|
)
|
$
|
(748
|
)
|
|
$
|
(143
|
)
|
$
|
61
|
|
Nonqualified plans
(2)
|
(779
|
)
|
(692
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Net amount recognized on the balance sheet
|
$
|
(1,768
|
)
|
$
|
(99
|
)
|
|
$
|
(195
|
)
|
$
|
(276
|
)
|
|
$
|
(907
|
)
|
$
|
(748
|
)
|
|
$
|
(143
|
)
|
$
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Amounts recognized in
Accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Qualified plans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net transition asset (obligation)
|
$
|
—
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
$
|
(1
|
)
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
(1
|
)
|
Prior service benefit (cost)
|
3
|
|
7
|
|
|
13
|
|
(2
|
)
|
|
—
|
|
1
|
|
|
157
|
|
173
|
|
||||||||
Net actuarial gain (loss)
|
(5,819
|
)
|
(3,911
|
)
|
|
(1,690
|
)
|
(2,007
|
)
|
|
(56
|
)
|
129
|
|
|
(658
|
)
|
(555
|
)
|
||||||||
Qualified plans
|
$
|
(5,816
|
)
|
$
|
(3,904
|
)
|
|
$
|
(1,678
|
)
|
$
|
(2,010
|
)
|
|
$
|
(56
|
)
|
$
|
130
|
|
|
$
|
(501
|
)
|
$
|
(383
|
)
|
Nonqualified plans
(2)
|
(325
|
)
|
(226
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Net amount recognized in equity - pretax
|
$
|
(6,141
|
)
|
$
|
(4,130
|
)
|
|
$
|
(1,678
|
)
|
$
|
(2,010
|
)
|
|
$
|
(56
|
)
|
$
|
130
|
|
|
$
|
(501
|
)
|
$
|
(383
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Accumulated benefit obligation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Qualified plans
|
$
|
14,050
|
|
$
|
12,122
|
|
|
$
|
6,699
|
|
$
|
6,652
|
|
|
$
|
917
|
|
$
|
780
|
|
|
$
|
1,527
|
|
$
|
1,411
|
|
Nonqualified plans
(2)
|
771
|
|
668
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Accumulated benefit obligation at year end
|
$
|
14,821
|
|
$
|
12,790
|
|
|
$
|
6,699
|
|
$
|
6,652
|
|
|
$
|
917
|
|
$
|
780
|
|
|
$
|
1,527
|
|
$
|
1,411
|
|
(1)
|
Represents the cumulative effect of adopting quarterly remeasurement for Significant Plans.
|
(2)
|
These plans are unfunded.
|
(3)
|
The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2015 and no minimum required funding is expected for 2015.
|
In millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
|
|
|
|
|
|
||||||
Beginning of period balance, net of tax
(1) (2)
|
|
$
|
(3,989
|
)
|
|
$
|
(5,270
|
)
|
|
$
|
(4,282
|
)
|
Cumulative effect of change in accounting policy
(3)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|||
Actuarial assumptions changes and plan experience
(4)
|
|
(3,404
|
)
|
|
2,380
|
|
|
(2,400
|
)
|
|||
Net asset gain (loss) due to difference between actual and expected returns
|
|
833
|
|
|
(1,084
|
)
|
|
963
|
|
|||
Net amortizations
|
|
202
|
|
|
271
|
|
|
214
|
|
|||
Prior service credit
|
|
13
|
|
|
360
|
|
|
—
|
|
|||
Curtailment/ settlement loss
(5)
|
|
67
|
|
|
—
|
|
|
—
|
|
|||
Foreign exchange impact and other
|
|
459
|
|
|
74
|
|
|
(155
|
)
|
|||
Change in deferred taxes, net
|
|
660
|
|
|
(698
|
)
|
|
390
|
|
|||
Change, net of tax
|
|
$
|
(1,170
|
)
|
|
$
|
1,281
|
|
|
$
|
(988
|
)
|
End of period balance, net of tax
(1) (2)
|
|
$
|
(5,159
|
)
|
|
$
|
(3,989
|
)
|
|
$
|
(5,270
|
)
|
(1)
|
See Note
20
to the Consolidated Financial Statements for further discussion of net
Accumulated other comprehensive income (loss)
balance.
|
(2)
|
Includes net-of-tax amounts for certain profit sharing plans outside the U.S.
|
(3)
|
Represents the cumulative effect of adopting quarterly remeasurement for Significant Plans.
|
(4)
|
Includes
$111 million
,
$(58) million
and
$62 million
of actuarial losses (gains) related to the U.S. nonqualified pension plans for 2014, 2013 and 2012, respectively.
|
(5)
|
Curtailment and settlement losses relate to repositioning actions.
|
|
PBO exceeds fair value of plan assets
|
|
ABO exceeds fair value plan assets
|
||||||||||||||||||||||||
|
U.S. plans
(1)
|
|
Non-U.S. plans
(2)
|
|
U.S. plans
(1)
|
|
Non-U.S. plans
(2)
|
||||||||||||||||||||
In millions of dollars
|
2014
|
2013
|
|
2014
|
2013
|
|
2014
|
2013
|
|
2014
|
2013
|
||||||||||||||||
Projected benefit obligation
|
$
|
14,839
|
|
$
|
692
|
|
|
$
|
2,756
|
|
$
|
2,765
|
|
|
$
|
14,839
|
|
$
|
692
|
|
|
$
|
2,570
|
|
$
|
2,408
|
|
Accumulated benefit obligation
|
14,821
|
|
668
|
|
|
2,353
|
|
2,375
|
|
|
14,821
|
|
668
|
|
|
2,233
|
|
2,090
|
|
||||||||
Fair value of plan assets
|
13,071
|
|
—
|
|
|
1,640
|
|
1,780
|
|
|
13,071
|
|
—
|
|
|
1,495
|
|
1,468
|
|
(1)
|
At December 31, 2014, for both the U.S. qualified and nonqualified plans, the aggregate PBO and the aggregate ABO exceeded plan assets. At December 31, 2013, assets for the U.S. qualified plan exceeded both the PBO and ABO. The U.S. nonqualified plans are not funded and thus the PBO and ABO exceeded plan assets as of this date.
|
(2)
|
At December 31, 2014, the aggregate PBO and the aggregate ABO exceeded the aggregate plan assets for non-U.S. plans. Assets for certain non-U.S. plans exceed both the PBO and ABO and, as such, only the aggregate PBO, ABO, and asset values for underfunded non-U.S. plans are presented in the table above.
|
At year end
|
2014
|
2013
|
Discount rate
|
|
|
U.S. plans
(1)
|
|
|
Qualified pension
|
4.00%
|
4.75%
|
Nonqualified pension
|
3.90
|
4.75
|
Postretirement
|
3.80
|
4.35
|
Non-U.S. pension plans
(2)
|
|
|
Range
|
1.00 to 32.50
|
1.60 to 29.25
|
Weighted average
|
4.74
|
5.60
|
Non-U.S. postretirement plans
(2)
|
|
|
Range
|
2.25 to 12.00
|
3.50 to 11.90
|
Weighted average
|
7.50
|
8.65
|
Future compensation increase rate
|
|
|
U.S. plans
(3)
|
N/A
|
N/A
|
Non-U.S. pension plans
|
|
|
Range
|
1.00 to 30.00
|
1.00 to 26.00
|
Weighted average
|
3.27
|
3.40
|
Expected return on assets
|
|
|
U.S. plans
|
7.00
|
7.00
|
Non-U.S. pension plans
|
|
|
Range
|
1.30 to 11.50
|
1.20 to 11.50
|
Weighted average
|
5.08
|
5.68
|
Non-U.S. postretirement plans
|
|
|
Range
|
8.50 to 10.40
|
8.50 to 8.90
|
Weighted average
|
8.51
|
8.50
|
(1)
|
Effective April 1, 2013, Citigroup changed to a quarterly remeasurement approach for its Significant Plans, including the U.S. qualified pension and postretirement plans.
|
(2)
|
Effective April 1, 2013, Citigroup changed to a quarterly remeasurement approach for its Significant non-U.S. pension and postretirement plans. For the Significant non-U.S. pension and postretirement plans, the 2014 rates shown above were utilized to calculate the December 31, 2014 benefit obligation and will be used to determine the 2015 first quarter expense. The 2013 rates shown above were utilized to calculate the
|
(3)
|
Since the U.S. qualified pension plan has been frozen, a compensation increase rate applies only to certain small groups of grandfathered employees accruing benefits under a final pay plan formula. Only the future compensation increases for these grandfathered employees will affect future pension expense and obligations. Compensation increase rates for these small groups of participants range from
3.00%
to
4.00%
.
|
During the year
|
2014
|
2013
|
Discount rate
|
|
|
U.S. plans
(1)
|
|
|
Qualified pension
|
4.75%/4.55%/ 4.25%/ 4.25%
|
3.90%/4.20%/ 4.75%/ 4.80%
|
Nonqualified pension
|
4.75
|
3.90
|
Postretirement
|
4.35/4.15/3.95/4.00
|
3.60/3.60/ 4.40/ 4.30
|
Non-U.S. pension plans
|
|
|
Range
|
1.60 to 29.25
|
1.50 to 28.00
|
Weighted average
(2)
|
5.60
|
5.24
|
Non-U.S. postretirement plans
|
|
|
Range
|
3.50 to 11.90
|
3.50 to 10.00
|
Weighted average
(2)
|
8.65
|
7.46
|
Future compensation increase rate
|
|
|
U.S. plans
(3)
|
N/A
|
N/A
|
Non-U.S. pension plans
|
|
|
Range
|
1.00 to 26.00
|
1.20 to 26.00
|
Weighted average
(2)
|
3.40
|
3.93
|
Expected return on assets
|
|
|
U.S. plans
|
7.00
|
7.00
|
Non-U.S. pension plans
|
|
|
Range
|
1.20 to 11.50
|
0.90 to 11.50
|
Weighted average
(2)
|
5.68
|
5.76
|
Non-U.S. postretirement plans
|
|
|
Range
|
8.50 to 8.90
|
8.50 to 9.60
|
Weighted average
(2)
|
8.50
|
8.50
|
(1)
|
For the U.S. qualified pension and postretirement plans, the 2014 and 2013 rates shown above were utilized to calculate the expense in each of the respective four quarters in 2014 and 2013, respectively. For the U.S. nonqualified pension plans, the 2014 and 2013 rates shown above were utilized to calculate expense for 2014 and 2013, respectively.
|
(2)
|
For the Significant non-U.S. plans, the 2014 and 2013 weighted averages shown above reflect the rates utilized to calculate expense in the first quarters of 2014 and 2013, respectively. For all other non-U.S. plans, the weighted averages shown above reflect the rates utilized to calculate expense for 2014 and 2013, respectively.
|
(3)
|
Since the U.S. qualified pension plan has been frozen, a compensation increase rate applies only to certain small groups of grandfathered employees accruing benefits under a final pay plan formula. Only the future compensation increases for these grandfathered employees will affect future pension expense and obligations. Compensation increase rates for these small groups of participants range from
3.00%
to
4.00%
.
|
|
2014
|
2013
|
2012
|
|||
Expected rate of return
(1)
|
7.00
|
%
|
7.00
|
%
|
7.50
|
%
|
Actual rate of return
(2)
|
7.80
|
%
|
6.00
|
%
|
11.00
|
%
|
(1)
|
Effective December 31, 2012, the expected rate of return was changed from
7.50%
to
7.00%
.
|
(2)
|
Actual rates of return are presented net of fees.
|
|
2014
|
2013
|
Mortality
|
|
|
U.S. plans
(1) (2)
|
|
|
Pension
|
RP-2014/MP-2014
|
IRS RP-2000(2014)
|
Postretirement
|
RP-2014/MP-2014
|
IRS RP-2000(2014)
|
(1)
|
The RP-2014 table is the white-collar RP-2014 table, with a
4%
increase in rates to reflect the Citigroup-specific mortality experience. The MP-2014 projection scale includes a phase-out of the assumed rates of improvements from 2015 to 2027.
|
(2)
|
The IRS mortality table (static version) includes a
7
-year projection (from the measurement date) after retirement and
15
-year projection (from the measurement date) prior to retirement using Projection Scale AA.
|
|
|
One-percentage-point increase
|
||||||||||
In millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
U.S. plans
|
|
$
|
28
|
|
|
$
|
16
|
|
|
$
|
18
|
|
Non-U.S. plans
|
|
(39
|
)
|
|
(52
|
)
|
|
(48
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
|
One-percentage-point decrease
|
||||||||||
In millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
U.S. plans
|
|
$
|
(45
|
)
|
|
$
|
(57
|
)
|
|
$
|
(36
|
)
|
Non-U.S. plans
|
|
56
|
|
|
79
|
|
|
64
|
|
|
|
One-percentage-point increase
|
||||||||||
In millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
U.S. plans
|
|
$
|
(129
|
)
|
|
$
|
(123
|
)
|
|
$
|
(120
|
)
|
Non-U.S. plans
|
|
(67
|
)
|
|
(68
|
)
|
|
(64
|
)
|
|
|
One-percentage-point decrease
|
||||||||||
In millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
U.S. plans
|
|
$
|
129
|
|
|
$
|
123
|
|
|
$
|
120
|
|
Non-U.S. plans
|
|
67
|
|
|
68
|
|
|
64
|
|
|
2014
|
2013
|
Health care cost increase rate for
U.S. plans
|
|
|
Following year
|
7.50%
|
8.00%
|
Ultimate rate to which cost increase is assumed to decline
|
5.00
|
5.00
|
Year in which the ultimate rate is reached
(1)
|
2020
|
2020
|
(1)
|
Weighted average for plans with different following year and ultimate rates.
|
|
2014
|
2013
|
Health care cost increase rate for
Non-U.S. plans (weighted average)
|
|
|
Following year
|
6.94%
|
6.95%
|
Ultimate rate to which cost increase is assumed to decline
|
6.93
|
6.94
|
Year in which the ultimate rate is reached
|
2027
|
2029
|
|
One-percentage-
point increase
|
|
One-
percentage-
point decrease
|
||||||||||
In millions of dollars
|
2014
|
2013
|
|
2014
|
2013
|
||||||||
Effect on benefits earned and interest cost for U.S. postretirement plans
|
$
|
2
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
$
|
(1
|
)
|
Effect on accumulated postretirement benefit obligation for U.S. postretirement plans
|
40
|
|
24
|
|
|
(34
|
)
|
(19
|
)
|
||||
|
|
|
|
|
|
||||||||
|
One-percentage-
point increase
|
|
One-
percentage-
point decrease
|
||||||||||
In millions of dollars
|
2014
|
2013
|
|
2014
|
2013
|
||||||||
Effect on benefits earned and interest cost for non-U.S. postretirement plans
|
$
|
17
|
|
$
|
37
|
|
|
$
|
(14
|
)
|
$
|
(29
|
)
|
Effect on accumulated postretirement benefit obligation for non-U.S. postretirement plans
|
197
|
|
181
|
|
|
(161
|
)
|
(137
|
)
|
|
Target asset
allocation
|
|
U.S. pension assets
at December 31,
|
|
U.S. postretirement assets
at December 31,
|
||||||
Asset category
(1)
|
2015
|
|
2014
|
2013
|
|
2014
|
2013
|
||||
Equity securities
(2)
|
0 - 30%
|
|
20
|
%
|
19
|
%
|
|
20
|
%
|
19
|
%
|
Debt securities
|
25 - 73
|
|
44
|
|
42
|
|
|
44
|
|
42
|
|
Real estate
|
0 - 7
|
|
4
|
|
5
|
|
|
4
|
|
5
|
|
Private equity
|
0 - 10
|
|
8
|
|
11
|
|
|
8
|
|
11
|
|
Other investments
|
0 - 22
|
|
24
|
|
23
|
|
|
24
|
|
23
|
|
Total
|
|
|
100
|
%
|
100
|
%
|
|
100
|
%
|
100
|
%
|
(1)
|
Asset allocations for the U.S. plans are set by investment strategy, not by investment product. For example, private equities with an underlying investment in real estate are classified in the real estate asset category, not private equity.
|
(2)
|
Equity securities in the U.S. pension and postretirement plans do not include any Citigroup common stock at the end of 2014 and 2013.
|
|
Non-U.S. pension plans
|
||||||||
|
Weighted-average
target asset allocation
|
|
Actual range
at December 31,
|
|
Weighted-average
at December 31,
|
||||
Asset category
(1)
|
2015
|
|
2014
|
2013
|
|
2014
|
2013
|
||
Equity securities
|
17%
|
|
0 - 67%
|
0 - 69%
|
|
17
|
%
|
20
|
%
|
Debt securities
|
78
|
|
0 - 100
|
0 - 99
|
|
77
|
|
72
|
|
Real estate
|
1
|
|
0 - 21
|
0 - 19
|
|
—
|
|
1
|
|
Other investments
|
4
|
|
0 - 100
|
0 - 100
|
|
6
|
|
7
|
|
Total
|
100%
|
|
|
|
|
100
|
%
|
100
|
%
|
|
Non-U.S. postretirement plans
|
||||||||
|
Weighted-average
target asset allocation
|
|
Actual range
at December 31,
|
|
Weighted-average
at December 31,
|
||||
Asset category
(1)
|
2015
|
|
2014
|
2013
|
|
2014
|
2013
|
||
Equity securities
|
41%
|
|
0 - 42%
|
0 - 41%
|
|
42
|
%
|
41
|
%
|
Debt securities
|
56
|
|
54 - 100
|
51 - 100
|
|
54
|
|
51
|
|
Other investments
|
3
|
|
0 - 4
|
0 - 8
|
|
4
|
|
8
|
|
Total
|
100%
|
|
|
|
|
100
|
%
|
100
|
%
|
(1)
|
Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product.
|
|
U.S. pension and postretirement benefit plans
(1)
|
|||||||||||
In millions of dollars
|
Fair value measurement at December 31, 2014
|
|||||||||||
Asset categories
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Equity securities
|
|
|
|
|
|
|
|
|
||||
U.S. equity
|
$
|
773
|
|
$
|
—
|
|
$
|
—
|
|
$
|
773
|
|
Non-U.S. equity
|
601
|
|
—
|
|
—
|
|
601
|
|
||||
Mutual funds
|
214
|
|
—
|
|
—
|
|
214
|
|
||||
Commingled funds
|
—
|
|
939
|
|
—
|
|
939
|
|
||||
Debt securities
|
|
|
|
|
|
|
|
|||||
U.S. Treasuries
|
1,178
|
|
—
|
|
—
|
|
1,178
|
|
||||
U.S. agency
|
—
|
|
113
|
|
—
|
|
113
|
|
||||
U.S. corporate bonds
|
—
|
|
1,533
|
|
—
|
|
1,533
|
|
||||
Non-U.S. government debt
|
—
|
|
357
|
|
—
|
|
357
|
|
||||
Non-U.S. corporate bonds
|
—
|
|
405
|
|
—
|
|
405
|
|
||||
State and municipal debt
|
—
|
|
132
|
|
—
|
|
132
|
|
||||
Hedge funds
|
—
|
|
2,462
|
|
731
|
|
3,193
|
|
||||
Asset-backed securities
|
—
|
|
41
|
|
—
|
|
41
|
|
||||
Mortgage-backed securities
|
—
|
|
76
|
|
—
|
|
76
|
|
||||
Annuity contracts
|
—
|
|
—
|
|
59
|
|
59
|
|
||||
Private equity
|
—
|
|
—
|
|
1,631
|
|
1,631
|
|
||||
Derivatives
|
12
|
|
637
|
|
—
|
|
649
|
|
||||
Other investments
|
—
|
|
101
|
|
260
|
|
361
|
|
||||
Total investments at fair value
|
$
|
2,778
|
|
$
|
6,796
|
|
$
|
2,681
|
|
$
|
12,255
|
|
Cash and short-term investments
|
$
|
111
|
|
$
|
1,287
|
|
$
|
—
|
|
$
|
1,398
|
|
Other investment receivables
|
—
|
|
28
|
|
35
|
|
63
|
|
||||
Total assets
|
$
|
2,889
|
|
$
|
8,111
|
|
$
|
2,716
|
|
$
|
13,716
|
|
Other investment liabilities
|
$
|
(17
|
)
|
$
|
(618
|
)
|
$
|
—
|
|
$
|
(635
|
)
|
Total net assets
|
$
|
2,872
|
|
$
|
7,493
|
|
$
|
2,716
|
|
$
|
13,081
|
|
(1)
|
The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2014, the allocable interests of the U.S. pension and postretirement benefit plans were
99.9%
and
0.1%
, respectively.
|
|
U.S. pension and postretirement benefit plans
(1)
|
|||||||||||
In millions of dollars
|
Fair value measurement at December 31, 2013
|
|||||||||||
Asset categories
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Equity securities
|
|
|
|
|
|
|
|
|
||||
U.S. equity
|
$
|
793
|
|
$
|
—
|
|
$
|
—
|
|
$
|
793
|
|
Non-U.S. equity
|
442
|
|
—
|
|
—
|
|
442
|
|
||||
Mutual funds
|
203
|
|
—
|
|
—
|
|
203
|
|
||||
Commingled funds
|
—
|
|
977
|
|
—
|
|
977
|
|
||||
Debt securities
|
|
|
|
|
|
|
|
|||||
U.S. Treasuries
|
1,112
|
|
—
|
|
—
|
|
1,112
|
|
||||
U.S. agency
|
—
|
|
91
|
|
—
|
|
91
|
|
||||
U.S. corporate bonds
|
—
|
|
1,387
|
|
—
|
|
1,387
|
|
||||
Non-U.S. government debt
|
—
|
|
349
|
|
—
|
|
349
|
|
||||
Non-U.S. corporate bonds
|
—
|
|
398
|
|
—
|
|
398
|
|
||||
State and municipal debt
|
—
|
|
137
|
|
—
|
|
137
|
|
||||
Hedge funds
|
—
|
|
2,132
|
|
1,126
|
|
3,258
|
|
||||
Asset-backed securities
|
—
|
|
61
|
|
—
|
|
61
|
|
||||
Mortgage-backed securities
|
—
|
|
64
|
|
—
|
|
64
|
|
||||
Annuity contracts
|
—
|
|
—
|
|
91
|
|
91
|
|
||||
Private equity
|
—
|
|
—
|
|
2,106
|
|
2,106
|
|
||||
Derivatives
|
8
|
|
601
|
|
—
|
|
609
|
|
||||
Other investments
|
—
|
|
29
|
|
150
|
|
179
|
|
||||
Total investments at fair value
|
$
|
2,558
|
|
$
|
6,226
|
|
$
|
3,473
|
|
$
|
12,257
|
|
Cash and short-term investments
|
$
|
107
|
|
$
|
957
|
|
$
|
—
|
|
$
|
1,064
|
|
Other investment receivables
|
—
|
|
49
|
|
52
|
|
101
|
|
||||
Total assets
|
$
|
2,665
|
|
$
|
7,232
|
|
$
|
3,525
|
|
$
|
13,422
|
|
Other investment liabilities
|
$
|
(9
|
)
|
$
|
(650
|
)
|
$
|
—
|
|
$
|
(659
|
)
|
Total net assets
|
$
|
2,656
|
|
$
|
6,582
|
|
$
|
3,525
|
|
$
|
12,763
|
|
(1)
|
The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2013, the allocable interests of the U.S. pension and postretirement benefit plans were
99.7%
and
0.3%
, respectively.
|
|
Non-U.S. pension and postretirement benefit plans
|
||||||||||||||
In millions of dollars
|
Fair value measurement at December 31, 2014
|
||||||||||||||
Asset categories
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equity
|
$
|
6
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
21
|
|
Non-U.S. equity
|
86
|
|
|
271
|
|
|
45
|
|
|
402
|
|
||||
Mutual funds
|
207
|
|
|
3,334
|
|
|
—
|
|
|
3,541
|
|
||||
Commingled funds
|
10
|
|
|
25
|
|
|
—
|
|
|
35
|
|
||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. corporate bonds
|
—
|
|
|
357
|
|
|
—
|
|
|
357
|
|
||||
Non-U.S. government debt
|
3,293
|
|
|
246
|
|
|
1
|
|
|
3,540
|
|
||||
Non-U.S. corporate bonds
|
103
|
|
|
811
|
|
|
5
|
|
|
919
|
|
||||
Hedge funds
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||
Mortgage-backed securities
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Annuity contracts
|
—
|
|
|
1
|
|
|
32
|
|
|
33
|
|
||||
Derivatives
|
11
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||
Other investments
|
7
|
|
|
13
|
|
|
163
|
|
|
183
|
|
||||
Total investments at fair value
|
$
|
3,723
|
|
|
$
|
5,074
|
|
|
$
|
256
|
|
|
$
|
9,053
|
|
Cash and short-term investments
|
$
|
112
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
114
|
|
Total assets
|
$
|
3,835
|
|
|
$
|
5,076
|
|
|
$
|
256
|
|
|
$
|
9,167
|
|
Other investment liabilities
|
$
|
(3
|
)
|
|
$
|
(723
|
)
|
|
$
|
—
|
|
|
$
|
(726
|
)
|
Total net assets
|
$
|
3,832
|
|
|
$
|
4,353
|
|
|
$
|
256
|
|
|
$
|
8,441
|
|
|
Non-U.S. pension and postretirement benefit plans
|
||||||||||||||
In millions of dollars
|
Fair value measurement at December 31, 2013
|
||||||||||||||
Asset categories
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. equity
|
$
|
6
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
19
|
|
Non-U.S. equity
|
117
|
|
|
292
|
|
|
49
|
|
|
458
|
|
||||
Mutual funds
|
257
|
|
|
3,593
|
|
|
—
|
|
|
3,850
|
|
||||
Commingled funds
|
7
|
|
|
22
|
|
|
—
|
|
|
29
|
|
||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. corporate bonds
|
—
|
|
|
392
|
|
|
—
|
|
|
392
|
|
||||
Non-U.S. government debt
|
2,547
|
|
|
232
|
|
|
—
|
|
|
2,779
|
|
||||
Non-U.S. corporate bonds
|
107
|
|
|
780
|
|
|
5
|
|
|
892
|
|
||||
Hedge funds
|
—
|
|
|
—
|
|
|
11
|
|
|
11
|
|
||||
Mortgage-backed securities
|
3
|
|
|
1
|
|
|
—
|
|
|
4
|
|
||||
Annuity contracts
|
—
|
|
|
1
|
|
|
32
|
|
|
33
|
|
||||
Derivatives
|
42
|
|
|
—
|
|
|
—
|
|
|
42
|
|
||||
Other investments
|
7
|
|
|
12
|
|
|
202
|
|
|
221
|
|
||||
Total investments at fair value
|
$
|
3,093
|
|
|
$
|
5,338
|
|
|
$
|
299
|
|
|
$
|
8,730
|
|
Cash and short-term investments
|
$
|
92
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
96
|
|
Total assets
|
$
|
3,185
|
|
|
$
|
5,342
|
|
|
$
|
299
|
|
|
$
|
8,826
|
|
Other investment liabilities
|
$
|
—
|
|
|
$
|
(436
|
)
|
|
$
|
—
|
|
|
$
|
(436
|
)
|
Total net assets
|
$
|
3,185
|
|
|
$
|
4,906
|
|
|
$
|
299
|
|
|
$
|
8,390
|
|
In millions of dollars
|
U.S. pension and postretirement benefit plans
|
||||||||||||||||||||||
Asset categories
|
Beginning Level 3 fair value at
Dec. 31, 2013
|
|
Realized gains (losses)
|
|
Unrealized gains (losses)
|
|
Purchases, sales, and issuances
|
|
Transfers in and/or out of Level 3
|
|
Ending Level 3 fair value at Dec. 31, 2014
|
||||||||||||
Hedge funds
|
$
|
1,126
|
|
|
$
|
63
|
|
|
$
|
(25
|
)
|
|
$
|
(264
|
)
|
|
$
|
(169
|
)
|
|
$
|
731
|
|
Annuity contracts
|
91
|
|
|
—
|
|
|
(1
|
)
|
|
(31
|
)
|
|
—
|
|
|
59
|
|
||||||
Private equity
|
2,106
|
|
|
241
|
|
|
(187
|
)
|
|
(529
|
)
|
|
—
|
|
|
1,631
|
|
||||||
Other investments
|
150
|
|
|
(1
|
)
|
|
(5
|
)
|
|
109
|
|
|
7
|
|
|
260
|
|
||||||
Total investments
|
$
|
3,473
|
|
|
$
|
303
|
|
|
$
|
(218
|
)
|
|
$
|
(715
|
)
|
|
$
|
(162
|
)
|
|
$
|
2,681
|
|
Other investment receivables
|
52
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
35
|
|
||||||
Total assets
|
$
|
3,525
|
|
|
$
|
303
|
|
|
$
|
(218
|
)
|
|
$
|
(732
|
)
|
|
$
|
(162
|
)
|
|
$
|
2,716
|
|
In millions of dollars
|
U.S. pension and postretirement benefit plans
|
||||||||||||||||||||||
Asset categories
|
Beginning Level 3 fair value at
Dec. 31, 2012
|
|
Realized gains (losses)
|
|
Unrealized gains (losses)
|
|
Purchases, sales, and issuances
|
|
Transfers in and/or out of Level 3
|
|
Ending Level 3 fair value at Dec. 31, 2013
|
||||||||||||
Hedge funds
|
$
|
1,524
|
|
|
$
|
45
|
|
|
$
|
69
|
|
|
$
|
19
|
|
|
$
|
(531
|
)
|
|
$
|
1,126
|
|
Annuity contracts
|
130
|
|
|
—
|
|
|
(9
|
)
|
|
(33
|
)
|
|
3
|
|
|
91
|
|
||||||
Private equity
|
2,419
|
|
|
264
|
|
|
(10
|
)
|
|
(564
|
)
|
|
(3
|
)
|
|
2,106
|
|
||||||
Other investments
|
142
|
|
|
—
|
|
|
7
|
|
|
8
|
|
|
(7
|
)
|
|
150
|
|
||||||
Total investments
|
$
|
4,215
|
|
|
$
|
309
|
|
|
$
|
57
|
|
|
$
|
(570
|
)
|
|
$
|
(538
|
)
|
|
$
|
3,473
|
|
Other investment receivables
|
24
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
52
|
|
||||||
Total assets
|
$
|
4,239
|
|
|
$
|
309
|
|
|
$
|
57
|
|
|
$
|
(542
|
)
|
|
$
|
(538
|
)
|
|
$
|
3,525
|
|
In millions of dollars
|
Non-U.S. pension and postretirement benefit plans
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset categories
|
Beginning Level 3 fair value at Dec. 31, 2013
|
|
Unrealized gains (losses)
|
|
Purchases, sales, and issuances
|
|
Transfers in and/or out of Level 3
|
|
Ending Level 3 fair value at Dec. 31, 2014
|
||||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-U.S. equity
|
$
|
49
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
45
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-U.S. government debt
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||
Non-U.S. corporate bonds
|
5
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
5
|
|
|||||
Hedge funds
|
11
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
Annuity contracts
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|||||
Other investments
|
202
|
|
|
(1
|
)
|
|
(33
|
)
|
|
(5
|
)
|
|
163
|
|
|||||
Total investments
|
$
|
299
|
|
|
$
|
(5
|
)
|
|
$
|
(32
|
)
|
|
$
|
(6
|
)
|
|
$
|
256
|
|
Cash and short-term investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total assets
|
$
|
299
|
|
|
$
|
(5
|
)
|
|
$
|
(32
|
)
|
|
$
|
(6
|
)
|
|
$
|
256
|
|
In millions of dollars
|
Non-U.S. pension and postretirement benefit plans
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset categories
|
Beginning Level 3 fair value at Dec. 31, 2012
|
|
Unrealized gains (losses)
|
|
Purchases, sales, and issuances
|
|
Transfers in and/or out of Level 3
|
|
Ending Level 3 fair value at Dec. 31, 2013
|
||||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-U.S. equity
|
$
|
48
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
$
|
49
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-U.S. government bonds
|
4
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|||||
Non-U.S. corporate bonds
|
4
|
|
|
(1
|
)
|
|
2
|
|
|
—
|
|
|
5
|
|
|||||
Hedge funds
|
16
|
|
|
1
|
|
|
(6
|
)
|
|
—
|
|
|
11
|
|
|||||
Annuity contracts
|
6
|
|
|
3
|
|
|
(1
|
)
|
|
24
|
|
|
32
|
|
|||||
Other investments
|
219
|
|
|
—
|
|
|
3
|
|
|
(20
|
)
|
|
202
|
|
|||||
Total investments
|
$
|
297
|
|
|
$
|
8
|
|
|
$
|
(2
|
)
|
|
$
|
(4
|
)
|
|
$
|
299
|
|
Cash and short-term investments
|
3
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|||||
Total assets
|
$
|
300
|
|
|
$
|
8
|
|
|
$
|
(2
|
)
|
|
$
|
(7
|
)
|
|
$
|
299
|
|
•
|
periodic asset/liability management studies and strategic asset allocation reviews;
|
•
|
periodic monitoring of funding levels and funding ratios;
|
•
|
periodic monitoring of compliance with asset allocation guidelines;
|
•
|
periodic monitoring of asset class and/or investment manager performance against benchmarks; and
|
•
|
periodic risk capital analysis and stress testing.
|
|
Pension plans
|
|
Postretirement benefit plans
|
||||||||||||
In millions of dollars
|
U.S. plans
|
|
Non-U.S. plans
|
|
U.S. plans
|
|
Non-U.S. plans
|
||||||||
2015
|
$
|
835
|
|
|
$
|
368
|
|
|
$
|
73
|
|
|
$
|
65
|
|
2016
|
860
|
|
|
339
|
|
|
72
|
|
|
70
|
|
||||
2017
|
868
|
|
|
366
|
|
|
71
|
|
|
75
|
|
||||
2018
|
882
|
|
|
383
|
|
|
70
|
|
|
81
|
|
||||
2019
|
900
|
|
|
413
|
|
|
68
|
|
|
88
|
|
||||
2020—2024
|
4,731
|
|
|
2,452
|
|
|
317
|
|
|
574
|
|
|
Net expense
|
||||||||||
In millions of dollars
|
2014
|
|
2013
|
|
2012
|
||||||
Service related expense
|
|
|
|
|
|
|
|
|
|||
Service cost
|
$
|
—
|
|
|
$
|
20
|
|
|
$
|
22
|
|
Interest cost
|
5
|
|
|
10
|
|
|
13
|
|
|||
Prior service cost (benefit)
|
(31
|
)
|
|
(3
|
)
|
|
7
|
|
|||
Net actuarial loss
|
14
|
|
|
17
|
|
|
13
|
|
|||
Total service related expense
|
$
|
(12
|
)
|
|
$
|
44
|
|
|
$
|
55
|
|
Non-service related expense (benefit)
|
$
|
37
|
|
|
$
|
(14
|
)
|
|
$
|
24
|
|
Total net expense
|
$
|
25
|
|
|
$
|
30
|
|
|
$
|
79
|
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Current
|
|
|
|
|
|
|
|||
Federal
|
$
|
181
|
|
$
|
(260
|
)
|
$
|
(71
|
)
|
Foreign
|
3,281
|
|
3,788
|
|
3,869
|
|
|||
State
|
388
|
|
(41
|
)
|
300
|
|
|||
Total current income taxes
|
$
|
3,850
|
|
$
|
3,487
|
|
$
|
4,098
|
|
Deferred
|
|
|
|
|
|
|
|||
Federal
|
$
|
2,184
|
|
$
|
2,550
|
|
$
|
(4,943
|
)
|
Foreign
|
361
|
|
(716
|
)
|
900
|
|
|||
State
|
469
|
|
546
|
|
(48
|
)
|
|||
Total deferred income taxes
|
$
|
3,014
|
|
$
|
2,380
|
|
$
|
(4,091
|
)
|
Provision (benefit) for income tax on continuing operations before non-controlling interests
(1)
|
$
|
6,864
|
|
$
|
5,867
|
|
$
|
7
|
|
Provision (benefit) for income taxes on discontinued operations
|
12
|
|
(244
|
)
|
(52
|
)
|
|||
Provision (benefit) for income taxes on cumulative effect of accounting changes
|
—
|
|
—
|
|
(58
|
)
|
|||
Income tax expense (benefit) reported in stockholders’ equity related to:
|
|
|
|
|
|
|
|||
Foreign currency translation
|
65
|
|
(48
|
)
|
(709
|
)
|
|||
Investment securities
|
1,007
|
|
(1,300
|
)
|
369
|
|
|||
Employee stock plans
|
(87
|
)
|
28
|
|
265
|
|
|||
Cash flow hedges
|
207
|
|
625
|
|
311
|
|
|||
Benefit plans
|
(660
|
)
|
698
|
|
(390
|
)
|
|||
Retained earnings
(2)
|
(353
|
)
|
—
|
|
—
|
|
|||
Income taxes before non-controlling interests
|
$
|
7,055
|
|
$
|
5,626
|
|
$
|
(257
|
)
|
(1)
|
Includes the effect of securities transactions and other-than-temporary-impairment losses resulting in a provision (benefit) of
$200 million
and
$(148) million
in 2014,
$262 million
and
$(187) million
in 2013 and
$1,138 million
and
$(1,740) million
in 2012, respectively.
|
(2)
|
See “Consolidated Statement of Changes in Stockholders’ Equity” above.
|
|
2014
|
2013
|
2012
|
|||
Federal statutory rate
|
35.0
|
%
|
35.0
|
%
|
35.0
|
%
|
State income taxes, net of federal benefit
|
3.5
|
|
1.7
|
|
3.0
|
|
Foreign income tax rate differential
|
(0.9
|
)
|
(2.2
|
)
|
(4.6
|
)
|
Audit settlements
(1)
|
(2.4
|
)
|
(0.6
|
)
|
(11.8
|
)
|
Effect of tax law changes
(2)
|
1.2
|
|
(0.3
|
)
|
(0.1
|
)
|
Nondeductible legal and related expenses
|
18.7
|
|
0.8
|
|
0.2
|
|
Basis difference in affiliates
|
(2.5
|
)
|
—
|
|
(9.2
|
)
|
Tax advantaged investments
|
(5.2
|
)
|
(4.2
|
)
|
(12.4
|
)
|
Other, net
|
0.4
|
|
(0.1
|
)
|
—
|
|
Effective income tax rate
|
47.8
|
%
|
30.1
|
%
|
0.1
|
%
|
(1)
|
For 2014, relates to the conclusion of the audit of various issues in the Company’s 2009-2011 U.S. federal tax audit and the conclusion of a New York State tax audit for 2006-2008. For 2013, relates to the settlement of U.S. federal issues for 2003-2005 at IRS appeals. For 2012, relates to the conclusion of the audit of various issues in the Company’s 2006-2008 U.S. federal tax audits and the conclusion of a New York City tax audit for 2006-2008.
|
(2)
|
For 2014, includes the results of corporate tax reforms enacted in New York and South Dakota which resulted in a DTA charge of approximately
$210 million
.
|
In millions of dollars
|
2014
|
2013
|
||||
Deferred tax assets
|
|
|
|
|
||
Credit loss deduction
|
$
|
7,010
|
|
$
|
8,356
|
|
Deferred compensation and employee benefits
|
4,676
|
|
4,067
|
|
||
Restructuring and settlement reserves
|
1,599
|
|
1,806
|
|
||
Unremitted foreign earnings
|
6,368
|
|
6,910
|
|
||
Investment and loan basis differences
|
4,979
|
|
4,409
|
|
||
Cash flow hedges
|
529
|
|
736
|
|
||
Tax credit and net operating loss carry-forwards
|
23,395
|
|
26,097
|
|
||
Fixed assets and leases
|
2,093
|
|
666
|
|
||
Other deferred tax assets
|
2,334
|
|
2,734
|
|
||
Gross deferred tax assets
|
$
|
52,983
|
|
$
|
55,781
|
|
Valuation allowance
|
—
|
|
—
|
|
||
Deferred tax assets after valuation allowance
|
$
|
52,983
|
|
$
|
55,781
|
|
Deferred tax liabilities
|
|
|
|
|
||
Deferred policy acquisition costs and value of insurance in force
|
$
|
(415
|
)
|
$
|
(455
|
)
|
Intangibles
|
(1,636
|
)
|
(1,076
|
)
|
||
Debt issuances
|
(866
|
)
|
(811
|
)
|
||
Other deferred tax liabilities
|
(559
|
)
|
(640
|
)
|
||
Gross deferred tax liabilities
|
$
|
(3,476
|
)
|
$
|
(2,982
|
)
|
Net deferred tax assets
|
$
|
49,507
|
|
$
|
52,799
|
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Total unrecognized tax benefits at January 1
|
$
|
1,574
|
|
$
|
3,109
|
|
$
|
3,923
|
|
Net amount of increases for current year’s tax positions
|
135
|
|
58
|
|
136
|
|
|||
Gross amount of increases for prior years’ tax positions
|
175
|
|
251
|
|
345
|
|
|||
Gross amount of decreases for prior years’ tax positions
|
(772
|
)
|
(716
|
)
|
(1,246
|
)
|
|||
Amounts of decreases relating to settlements
|
(28
|
)
|
(1,115
|
)
|
(44
|
)
|
|||
Reductions due to lapse of statutes of limitation
|
(30
|
)
|
(15
|
)
|
(3
|
)
|
|||
Foreign exchange, acquisitions and dispositions
|
6
|
|
2
|
|
(2
|
)
|
|||
Total unrecognized tax benefits at December 31
|
$
|
1,060
|
|
$
|
1,574
|
|
$
|
3,109
|
|
|
2014
|
2013
|
2012
|
|||||||||||||||
In millions of dollars
|
Pretax
|
Net of tax
|
Pretax
|
Net of tax
|
Pretax
|
Net of tax
|
||||||||||||
Total interest and penalties in the Consolidated Balance Sheet at January 1
|
$
|
277
|
|
$
|
173
|
|
$
|
492
|
|
$
|
315
|
|
$
|
404
|
|
$
|
261
|
|
Total interest and penalties in the Consolidated Statement of Income
|
(1
|
)
|
(1
|
)
|
(108
|
)
|
(72
|
)
|
114
|
|
71
|
|
||||||
Total interest and penalties in the Consolidated Balance Sheet at December 31
(1)
|
269
|
|
169
|
|
277
|
|
173
|
|
492
|
|
315
|
|
(1)
|
Includes
$2 million
,
$2 million
, and
$10 million
for foreign penalties in 2014, 2013 and 2012, respectively. Also includes
$3 million
for state penalties in 2014, and
$4 million
for 2013 and 2012.
|
Jurisdiction
|
Tax year
|
United States
|
2012
|
Mexico
|
2009
|
New York State and City
|
2006
|
United Kingdom
|
2013
|
India
|
2010
|
Brazil
|
2010
|
Singapore
|
2007
|
Hong Kong
|
2008
|
Ireland
|
2010
|
In billions of dollars
|
|
|
||||
Jurisdiction/component
|
DTAs balance December 31, 2014
|
DTAs balance December 31, 2013
|
||||
U.S. federal
(1)
|
|
|
|
|
||
Net operating losses (NOLs)
(2)
|
$
|
2.3
|
|
$
|
1.4
|
|
Foreign tax credits (FTCs)
(3)
|
17.6
|
|
19.6
|
|
||
General business credits (GBCs)
|
1.6
|
|
2.5
|
|
||
Future tax deductions and credits
|
21.3
|
|
21.5
|
|
||
Total U.S. federal
|
$
|
42.8
|
|
$
|
45.0
|
|
State and local
|
|
|
|
|
||
New York NOLs
|
$
|
1.5
|
|
$
|
1.4
|
|
Other state NOLs
|
0.4
|
|
0.5
|
|
||
Future tax deductions
|
2.0
|
|
2.4
|
|
||
Total state and local
|
$
|
3.9
|
|
$
|
4.3
|
|
Foreign
|
|
|
|
|
||
APB 23 subsidiary NOLs
|
$
|
0.2
|
|
$
|
0.2
|
|
Non-APB 23 subsidiary NOLs
|
0.5
|
|
1.2
|
|
||
Future tax deductions
|
2.1
|
|
2.1
|
|
||
Total foreign
|
$
|
2.8
|
|
$
|
3.5
|
|
Total
|
$
|
49.5
|
|
$
|
52.8
|
|
(1)
|
Included in the net U.S. federal DTAs of
$42.8 billion
as of December 31, 2014 were deferred tax liabilities of
$2 billion
that will reverse in the relevant carry-forward period and may be used to support the DTAs.
|
(2)
|
Includes
$0.6 billion
in both 2014 and 2013 of NOL carry-forwards related to non-consolidated tax return companies that are expected to be utilized separately from Citigroup’s consolidated tax return, and
$1.7 billion
and
$0.8 billion
of non-consolidated tax return NOL carry-forwards for 2014 and 2013, respectively, that are eventually expected to be utilized in Citigroup’s consolidated tax return.
|
(3)
|
Includes
$1.0 billion
and
$0.7 billion
for 2014 and 2013, respectively, of non-consolidated tax return FTC carry-forwards that are eventually expected to be utilized in Citigroup’s consolidated tax return.
|
In billions of dollars
|
|
|||||
Year of expiration
|
December 31, 2014
|
December 31, 2013
|
||||
U.S. tax return foreign tax credit carry-forwards
|
|
|
|
|
||
2017
|
$
|
1.9
|
|
$
|
4.7
|
|
2018
|
5.2
|
|
5.2
|
|
||
2019
|
1.2
|
|
1.2
|
|
||
2020
|
3.1
|
|
3.1
|
|
||
2021
|
1.8
|
|
1.4
|
|
||
2022
|
3.4
|
|
3.3
|
|
||
2023
(1)
|
1.0
|
|
0.7
|
|
||
Total U.S. tax return foreign tax credit carry-forwards
|
$
|
17.6
|
|
$
|
19.6
|
|
U.S. tax return general business credit carry-forwards
|
|
|
|
|
||
2028
|
$
|
—
|
|
$
|
0.4
|
|
2029
|
—
|
|
0.4
|
|
||
2030
|
0.4
|
|
0.4
|
|
||
2031
|
0.3
|
|
0.4
|
|
||
2032
|
0.4
|
|
0.5
|
|
||
2033
|
0.3
|
|
0.4
|
|
||
2034
|
0.2
|
|
—
|
|
||
Total U.S. tax return general business credit carry-forwards
|
$
|
1.6
|
|
$
|
2.5
|
|
U.S. subsidiary separate federal NOL carry-forwards
|
|
|
|
|
||
2027
|
$
|
0.2
|
|
$
|
0.2
|
|
2028
|
0.1
|
|
0.1
|
|
||
2030
|
0.3
|
|
0.3
|
|
||
2031
|
1.7
|
|
1.7
|
|
||
2033
|
1.9
|
|
1.7
|
|
||
2034
|
2.3
|
|
—
|
|
||
Total U.S. subsidiary separate federal NOL carry-forwards
(2)
|
$
|
6.5
|
|
$
|
4.0
|
|
New York State NOL carry-forwards
|
|
|
|
|
||
2027
|
$
|
—
|
|
$
|
0.1
|
|
2028
|
—
|
|
6.5
|
|
||
2030
|
—
|
|
2.0
|
|
||
2031
|
—
|
|
0.1
|
|
||
2032
|
—
|
|
0.9
|
|
||
2033
|
—
|
|
—
|
|
||
2034
|
12.3
|
|
—
|
|
||
Total New York State NOL carry-forwards
(2)
|
$
|
12.3
|
|
$
|
9.6
|
|
New York City NOL carry-forwards
|
|
|
|
|
||
2027
|
$
|
—
|
|
$
|
0.1
|
|
2028
|
3.8
|
|
3.9
|
|
||
2029
|
—
|
|
1.5
|
|
||
2031
|
0.1
|
|
—
|
|
||
2032
|
0.5
|
|
0.6
|
|
||
Total New York City NOL carry-forwards
(2)
|
$
|
4.4
|
|
$
|
6.1
|
|
APB 23 subsidiary NOL carry-forwards
|
|
|
|
|
||
Various
|
$
|
0.2
|
|
$
|
0.2
|
|
Total APB 23 subsidiary NOL carry-forwards
|
$
|
0.2
|
|
$
|
0.2
|
|
(1)
|
The
$1.0 billion
in FTC carry-forwards that expires in 2023 is in a non-consolidated tax return entity but is eventually expected to be utilized in Citigroup’s consolidated tax return.
|
(2)
|
Pretax.
|
In millions, except per-share amounts
|
2014
|
2013
|
2012
|
|
|||||
Income from continuing operations before attribution of noncontrolling interests
|
$
|
7,500
|
|
$
|
13,630
|
|
$
|
7,818
|
|
Less: Noncontrolling interests from continuing operations
|
185
|
|
227
|
|
219
|
|
|||
Net income from continuing operations (for EPS purposes)
|
$
|
7,315
|
|
$
|
13,403
|
|
$
|
7,599
|
|
Income (loss) from discontinued operations, net of taxes
|
(2
|
)
|
270
|
|
(58
|
)
|
|||
Citigroup's net income
|
$
|
7,313
|
|
$
|
13,673
|
|
$
|
7,541
|
|
Less: Preferred dividends
(1)
|
511
|
|
194
|
|
26
|
|
|||
Net income available to common shareholders
|
$
|
6,802
|
|
$
|
13,479
|
|
$
|
7,515
|
|
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS
|
111
|
|
263
|
|
166
|
|
|||
Net income allocated to common shareholders for basic EPS
|
$
|
6,691
|
|
$
|
13,216
|
|
$
|
7,349
|
|
Add: Interest expense, net of tax, and dividends on convertible securities and adjustment of undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to diluted EPS
|
—
|
|
1
|
|
11
|
|
|||
Net income allocated to common shareholders for diluted EPS
|
$
|
6,691
|
|
$
|
13,217
|
|
$
|
7,360
|
|
Weighted-average common shares outstanding applicable to basic EPS
|
3,031.6
|
|
3,035.8
|
|
2,930.6
|
|
|||
Effect of dilutive securities
|
|
|
|
|
|||||
T-DECs
(2)
|
—
|
|
—
|
|
84.2
|
|
|||
Options
(3)
|
5.1
|
|
5.3
|
|
—
|
|
|||
Other employee plans
|
0.3
|
|
0.5
|
|
0.6
|
|
|||
Convertible securities
(4)
|
—
|
|
—
|
|
0.1
|
|
|||
Adjusted weighted-average common shares outstanding applicable to diluted EPS
|
3,037.0
|
|
3,041.6
|
|
3,015.5
|
|
|||
Basic earnings per share
(5)
|
|
|
|
|
|||||
Income from continuing operations
|
$
|
2.21
|
|
$
|
4.27
|
|
$
|
2.53
|
|
Discontinued operations
|
—
|
|
0.09
|
|
(0.02
|
)
|
|||
Net income
|
$
|
2.21
|
|
$
|
4.35
|
|
$
|
2.51
|
|
Diluted earnings per share
(5)
|
|
|
|
||||||
Income from continuing operations
|
$
|
2.20
|
|
$
|
4.26
|
|
$
|
2.46
|
|
Discontinued operations
|
—
|
|
0.09
|
|
(0.02
|
)
|
|||
Net income
|
$
|
2.20
|
|
$
|
4.35
|
|
$
|
2.44
|
|
(1)
|
See Note
21
to the Consolidated Financial Statements for the potential future impact of preferred stock dividends.
|
(2)
|
Pursuant to the terms of Citi’s previously outstanding Tangible Dividend Enhanced Common Stock Securities (T-DECs), on December 17, 2012, the Company delivered
96,337,772
shares of Citigroup common stock for the final settlement of the prepaid stock purchase contract. The impact of the T-DECs is fully reflected in the basic shares for 2013 and diluted shares for 2012.
|
(3)
|
During 2014, 2013 and 2012, weighted-average options to purchase
2.8 million
,
4.8 million
and
35.8 million
shares of common stock, respectively, were outstanding but not included in the computation of earnings per share because the weighted-average exercise prices of
$153.91
,
$101.11
and
$54.23
respectively, were anti-dilutive.
|
(4)
|
Warrants issued to the U.S. Treasury as part of the Troubled Asset Relief Program (TARP) and the loss-sharing agreement (all of which were subsequently sold to the public in January 2011), with an exercise price of
$178.50
and
$106.10
for approximately
21.0 million
and
25.5 million
shares of Citigroup common stock, respectively. Both warrants were not included in the computation of earnings per share in
2014
,
2013
and
2012
because they were anti-dilutive.
|
(5)
|
Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
|
In millions of dollars
|
2014
|
2013
|
||||
Federal funds sold
|
$
|
—
|
|
$
|
20
|
|
Securities purchased under agreements to resell
|
123,979
|
|
136,649
|
|
||
Deposits paid for securities borrowed
|
118,591
|
|
120,368
|
|
||
Total
|
$
|
242,570
|
|
$
|
257,037
|
|
In millions of dollars
|
2014
|
2013
|
||||
Federal funds purchased
|
$
|
334
|
|
$
|
910
|
|
Securities sold under agreements to repurchase
|
147,204
|
|
175,691
|
|
||
Deposits received for securities loaned
|
25,900
|
|
26,911
|
|
||
Total
|
$
|
173,438
|
|
$
|
203,512
|
|
|
As of December 31, 2014
|
||||||||||||||
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 (2) |
Amounts
not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (3) |
Net
amounts (4) |
||||||||||
Securities purchased under agreements to resell
|
$
|
180,318
|
|
$
|
56,339
|
|
$
|
123,979
|
|
$
|
94,353
|
|
$
|
29,626
|
|
Deposits paid for securities borrowed
|
118,591
|
|
—
|
|
118,591
|
|
15,139
|
|
103,452
|
|
|||||
Total
|
$
|
298,909
|
|
$
|
56,339
|
|
$
|
242,570
|
|
$
|
109,492
|
|
$
|
133,078
|
|
In millions of dollars
|
Gross amounts
of recognized liabilities |
Gross amounts
offset on the Consolidated Balance Sheet (1) |
Net amounts of
liabilities included on the Consolidated Balance Sheet (2) |
Amounts
not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (3) |
Net
amounts (4) |
||||||||||
Securities sold under agreements to repurchase
|
$
|
203,543
|
|
$
|
56,339
|
|
$
|
147,204
|
|
$
|
72,928
|
|
$
|
74,276
|
|
Deposits received for securities loaned
|
25,900
|
|
—
|
|
25,900
|
|
5,190
|
|
20,710
|
|
|||||
Total
|
$
|
229,443
|
|
$
|
56,339
|
|
$
|
173,104
|
|
$
|
78,118
|
|
$
|
94,986
|
|
|
As of December 31, 2013
|
||||||||||||||
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 (2) |
Amounts
not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (3) |
Net
amounts (4) |
||||||||||
Securities purchased under agreements to resell
|
$
|
179,894
|
|
$
|
43,245
|
|
$
|
136,649
|
|
$
|
105,226
|
|
$
|
31,423
|
|
Deposits paid for securities borrowed
|
120,368
|
|
—
|
|
120,368
|
|
26,728
|
|
93,640
|
|
|||||
Total
|
$
|
300,262
|
|
$
|
43,245
|
|
$
|
257,017
|
|
$
|
131,954
|
|
$
|
125,063
|
|
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 (2) |
Amounts
not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default (3) |
Net
amounts (4) |
||||||||||
Securities sold under agreements to repurchase
|
$
|
218,936
|
|
$
|
43,245
|
|
$
|
175,691
|
|
$
|
80,082
|
|
$
|
95,609
|
|
Deposits received for securities loaned
|
26,911
|
|
—
|
|
26,911
|
|
3,833
|
|
23,078
|
|
|||||
Total
|
$
|
245,847
|
|
$
|
43,245
|
|
$
|
202,602
|
|
$
|
83,915
|
|
$
|
118,687
|
|
(1)
|
Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
|
(2)
|
The total of this column for each period excludes Federal funds sold/purchased. See table above.
|
(3)
|
Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.
|
(4)
|
Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.
|
In millions of dollars
|
2014
|
2013
|
||||
Receivables from customers
|
$
|
10,380
|
|
$
|
5,811
|
|
Receivables from brokers, dealers, and clearing organizations
|
18,039
|
|
19,863
|
|
||
Total brokerage receivables
(1)
|
$
|
28,419
|
|
$
|
25,674
|
|
Payables to customers
|
$
|
33,984
|
|
$
|
34,751
|
|
Payables to brokers, dealers, and clearing organizations
|
18,196
|
|
18,956
|
|
||
Total brokerage payables
(1)
|
$
|
52,180
|
|
$
|
53,707
|
|
(1)
|
Brokerage receivables and payables are accounted for in accordance with ASC 940-320.
|
In millions of dollars
|
2014
|
2013
|
||||
Trading account assets
|
|
|
||||
Mortgage-backed securities
(1)
|
|
|
||||
U.S. government-sponsored agency guaranteed
|
$
|
27,053
|
|
$
|
23,955
|
|
Prime
|
1,271
|
|
1,422
|
|
||
Alt-A
|
709
|
|
721
|
|
||
Subprime
|
1,382
|
|
1,211
|
|
||
Non-U.S. residential
|
1,476
|
|
723
|
|
||
Commercial
|
4,343
|
|
2,574
|
|
||
Total mortgage-backed securities
|
$
|
36,234
|
|
$
|
30,606
|
|
U.S. Treasury and federal agency securities
|
|
|
||||
U.S. Treasury
|
$
|
18,906
|
|
$
|
13,537
|
|
Agency obligations
|
1,568
|
|
1,300
|
|
||
Total U.S. Treasury and federal agency securities
|
$
|
20,474
|
|
$
|
14,837
|
|
State and municipal securities
|
$
|
3,402
|
|
$
|
3,207
|
|
Foreign government securities
|
66,274
|
|
74,856
|
|
||
Corporate
|
26,460
|
|
30,534
|
|
||
Derivatives
(2)
|
67,957
|
|
52,821
|
|
||
Equity securities
|
57,846
|
|
61,776
|
|
||
Asset-backed securities
(1)
|
4,546
|
|
5,616
|
|
||
Other trading assets
(3)
|
13,593
|
|
11,675
|
|
||
Total trading account assets
|
$
|
296,786
|
|
$
|
285,928
|
|
Trading account liabilities
|
|
|
||||
Securities sold, not yet purchased
|
$
|
70,944
|
|
$
|
61,508
|
|
Derivatives
(2)
|
68,092
|
|
47,254
|
|
||
Total trading account liabilities
|
$
|
139,036
|
|
$
|
108,762
|
|
(1)
|
The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note
22
to the Consolidated Financial Statements.
|
(2)
|
Presented net, pursuant to enforceable master netting agreements. See Note
23
to the Consolidated Financial Statements for a discussion regarding the accounting and reporting for derivatives.
|
(3)
|
Includes investments in unallocated precious metals, as discussed in Note
26
to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value.
|
|
December 31,
|
|||||
In millions of dollars
|
2014
|
2013
|
||||
Securities available-for-sale (AFS)
|
$
|
300,143
|
|
$
|
286,511
|
|
Debt securities held-to-maturity (HTM)
(1)
|
23,921
|
|
10,599
|
|
||
Non-marketable equity securities carried at fair value
(2)
|
2,758
|
|
4,705
|
|
||
Non-marketable equity securities carried at cost
(3)
|
6,621
|
|
7,165
|
|
||
Total investments
|
$
|
333,443
|
|
$
|
308,980
|
|
(1)
|
Carried at amortized cost basis, including any impairment for securities that have credit-related impairment.
|
(2)
|
Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings.
|
(3)
|
Primarily consists of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Taxable interest
|
$
|
6,311
|
|
$
|
5,750
|
|
$
|
6,509
|
|
Interest exempt from U.S. federal income tax
|
439
|
|
732
|
|
683
|
|
|||
Dividends
|
445
|
|
437
|
|
333
|
|
|||
Total interest and dividends
|
$
|
7,195
|
|
$
|
6,919
|
|
$
|
7,525
|
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Gross realized investment gains
|
$
|
1,020
|
|
$
|
1,606
|
|
$
|
3,663
|
|
Gross realized investment losses
|
(450
|
)
|
(858
|
)
|
(412
|
)
|
|||
Net realized gains on sale of investments
|
$
|
570
|
|
$
|
748
|
|
$
|
3,251
|
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Carrying value of HTM securities sold
|
$
|
8
|
|
$
|
935
|
|
$
|
2,110
|
|
Net realized gain (loss) on sale of HTM securities
|
—
|
|
(128
|
)
|
(187
|
)
|
|||
Carrying value of securities reclassified to AFS
|
889
|
|
989
|
|
244
|
|
|||
OTTI losses on securities reclassified to AFS
|
(25
|
)
|
(156
|
)
|
(59
|
)
|
|
2014
|
2013
|
||||||||||||||||||||||
In millions of dollars
|
Amortized
cost
|
Gross
unrealized
gains
(1)
|
Gross
unrealized
losses
(1)
|
Fair
value
|
Amortized
cost
|
Gross
unrealized
gains
(1)
|
Gross
unrealized
losses
(1)
|
Fair
value
|
||||||||||||||||
Debt securities AFS
|
|
|
|
|
|
|
|
|
||||||||||||||||
Mortgage-backed securities
(2)
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. government-sponsored agency guaranteed
|
$
|
35,647
|
|
$
|
603
|
|
$
|
159
|
|
$
|
36,091
|
|
$
|
42,494
|
|
$
|
391
|
|
$
|
888
|
|
$
|
41,997
|
|
Prime
|
12
|
|
—
|
|
—
|
|
12
|
|
33
|
|
2
|
|
3
|
|
32
|
|
||||||||
Alt-A
|
43
|
|
1
|
|
—
|
|
44
|
|
84
|
|
10
|
|
—
|
|
94
|
|
||||||||
Subprime
|
—
|
|
—
|
|
—
|
|
—
|
|
12
|
|
—
|
|
—
|
|
12
|
|
||||||||
Non-U.S. residential
|
8,247
|
|
67
|
|
7
|
|
8,307
|
|
9,976
|
|
95
|
|
4
|
|
10,067
|
|
||||||||
Commercial
|
551
|
|
6
|
|
3
|
|
554
|
|
455
|
|
6
|
|
8
|
|
453
|
|
||||||||
Total mortgage-backed securities
|
$
|
44,500
|
|
$
|
677
|
|
$
|
169
|
|
$
|
45,008
|
|
$
|
53,054
|
|
$
|
504
|
|
$
|
903
|
|
$
|
52,655
|
|
U.S. Treasury and federal agency securities
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Treasury
|
$
|
110,492
|
|
$
|
353
|
|
$
|
127
|
|
$
|
110,718
|
|
$
|
68,891
|
|
$
|
476
|
|
$
|
147
|
|
$
|
69,220
|
|
Agency obligations
|
12,925
|
|
60
|
|
13
|
|
12,972
|
|
18,320
|
|
123
|
|
67
|
|
18,376
|
|
||||||||
Total U.S. Treasury and federal agency securities
|
$
|
123,417
|
|
$
|
413
|
|
$
|
140
|
|
$
|
123,690
|
|
$
|
87,211
|
|
$
|
599
|
|
$
|
214
|
|
$
|
87,596
|
|
State and municipal
(3)
|
$
|
13,526
|
|
$
|
150
|
|
$
|
977
|
|
$
|
12,699
|
|
$
|
20,761
|
|
$
|
184
|
|
$
|
2,005
|
|
$
|
18,940
|
|
Foreign government
|
90,249
|
|
734
|
|
286
|
|
90,697
|
|
96,608
|
|
403
|
|
540
|
|
96,471
|
|
||||||||
Corporate
|
12,033
|
|
215
|
|
91
|
|
12,157
|
|
11,039
|
|
210
|
|
119
|
|
11,130
|
|
||||||||
Asset-backed securities
(2)
|
12,534
|
|
30
|
|
58
|
|
12,506
|
|
15,352
|
|
42
|
|
120
|
|
15,274
|
|
||||||||
Other debt securities
|
661
|
|
—
|
|
—
|
|
661
|
|
710
|
|
1
|
|
—
|
|
711
|
|
||||||||
Total debt securities AFS
|
$
|
296,920
|
|
$
|
2,219
|
|
$
|
1,721
|
|
$
|
297,418
|
|
$
|
284,735
|
|
$
|
1,943
|
|
$
|
3,901
|
|
$
|
282,777
|
|
Marketable equity securities AFS
|
$
|
2,461
|
|
$
|
308
|
|
$
|
44
|
|
$
|
2,725
|
|
$
|
3,832
|
|
$
|
85
|
|
$
|
183
|
|
$
|
3,734
|
|
Total securities AFS
|
$
|
299,381
|
|
$
|
2,527
|
|
$
|
1,765
|
|
$
|
300,143
|
|
$
|
288,567
|
|
$
|
2,028
|
|
$
|
4,084
|
|
$
|
286,511
|
|
(1)
|
Gross unrealized gains and losses, as presented, do not include the impact of minority investments and the related allocations and pick-up of unrealized gains and losses of AFS securities. These amounts totaled unrealized gains of $
27 million
and $
36 million
as of
December 31, 2014
and
2013
, respectively.
|
(2)
|
The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note
22
to the Consolidated Financial Statements.
|
(3)
|
The gross unrealized losses on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting. Specifically, Citi hedges the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from
Accumulated other comprehensive income (loss)
(AOCI) to earnings, attributable solely to changes in the LIBOR swap rate, resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities.
|
|
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, 2014
|
|
|
|
|
|
|
||||||||||||
Securities AFS
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
|
|
|
|
|
||||||||||||
U.S. government-sponsored agency guaranteed
|
$
|
4,198
|
|
$
|
30
|
|
$
|
5,547
|
|
$
|
129
|
|
$
|
9,745
|
|
$
|
159
|
|
Prime
|
5
|
|
—
|
|
2
|
|
—
|
|
7
|
|
—
|
|
||||||
Non-U.S. residential
|
1,276
|
|
3
|
|
199
|
|
4
|
|
1,475
|
|
7
|
|
||||||
Commercial
|
124
|
|
1
|
|
136
|
|
2
|
|
260
|
|
3
|
|
||||||
Total mortgage-backed securities
|
$
|
5,603
|
|
$
|
34
|
|
$
|
5,884
|
|
$
|
135
|
|
$
|
11,487
|
|
$
|
169
|
|
U.S. Treasury and federal agency securities
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
36,581
|
|
$
|
119
|
|
$
|
1,013
|
|
$
|
8
|
|
$
|
37,594
|
|
$
|
127
|
|
Agency obligations
|
5,698
|
|
9
|
|
754
|
|
4
|
|
6,452
|
|
13
|
|
||||||
Total U.S. Treasury and federal agency securities
|
$
|
42,279
|
|
$
|
128
|
|
$
|
1,767
|
|
$
|
12
|
|
$
|
44,046
|
|
$
|
140
|
|
State and municipal
|
$
|
386
|
|
$
|
15
|
|
$
|
5,802
|
|
$
|
962
|
|
$
|
6,188
|
|
$
|
977
|
|
Foreign government
|
18,495
|
|
147
|
|
5,984
|
|
139
|
|
24,479
|
|
286
|
|
||||||
Corporate
|
3,511
|
|
63
|
|
1,350
|
|
28
|
|
4,861
|
|
91
|
|
||||||
Asset-backed securities
|
3,701
|
|
13
|
|
3,816
|
|
45
|
|
7,517
|
|
58
|
|
||||||
Marketable equity securities AFS
|
51
|
|
4
|
|
218
|
|
40
|
|
269
|
|
44
|
|
||||||
Total securities AFS
|
$
|
74,026
|
|
$
|
404
|
|
$
|
24,821
|
|
$
|
1,361
|
|
$
|
98,847
|
|
$
|
1,765
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Securities AFS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. government-sponsored agency guaranteed
|
$
|
19,377
|
|
$
|
533
|
|
$
|
5,643
|
|
$
|
355
|
|
$
|
25,020
|
|
$
|
888
|
|
Prime
|
85
|
|
3
|
|
3
|
|
—
|
|
88
|
|
3
|
|
||||||
Non-U.S. residential
|
2,103
|
|
4
|
|
5
|
|
—
|
|
2,108
|
|
4
|
|
||||||
Commercial
|
206
|
|
6
|
|
28
|
|
2
|
|
234
|
|
8
|
|
||||||
Total mortgage-backed securities
|
$
|
21,771
|
|
$
|
546
|
|
$
|
5,679
|
|
$
|
357
|
|
$
|
27,450
|
|
$
|
903
|
|
U.S. Treasury and federal agency securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury
|
$
|
34,780
|
|
$
|
133
|
|
$
|
268
|
|
$
|
14
|
|
$
|
35,048
|
|
$
|
147
|
|
Agency obligations
|
6,692
|
|
66
|
|
101
|
|
1
|
|
6,793
|
|
67
|
|
||||||
Total U.S. Treasury and federal agency securities
|
$
|
41,472
|
|
$
|
199
|
|
$
|
369
|
|
$
|
15
|
|
$
|
41,841
|
|
$
|
214
|
|
State and municipal
|
$
|
595
|
|
$
|
29
|
|
$
|
11,447
|
|
$
|
1,976
|
|
$
|
12,042
|
|
$
|
2,005
|
|
Foreign government
|
35,783
|
|
477
|
|
5,778
|
|
63
|
|
41,561
|
|
540
|
|
||||||
Corporate
|
4,565
|
|
108
|
|
387
|
|
11
|
|
4,952
|
|
119
|
|
||||||
Asset-backed securities
|
11,207
|
|
57
|
|
1,931
|
|
63
|
|
13,138
|
|
120
|
|
||||||
Marketable equity securities AFS
|
1,271
|
|
92
|
|
806
|
|
91
|
|
2,077
|
|
183
|
|
||||||
Total securities AFS
|
$
|
116,664
|
|
$
|
1,508
|
|
$
|
26,397
|
|
$
|
2,576
|
|
$
|
143,061
|
|
$
|
4,084
|
|
|
2014
|
2013
|
||||||||||
In millions of dollars
|
Amortized
cost
|
Fair
value
|
Amortized
cost
|
Fair
value
|
||||||||
Mortgage-backed securities
(1)
|
|
|
|
|
||||||||
Due within 1 year
|
$
|
44
|
|
$
|
44
|
|
$
|
87
|
|
$
|
87
|
|
After 1 but within 5 years
|
931
|
|
935
|
|
346
|
|
354
|
|
||||
After 5 but within 10 years
|
1,362
|
|
1,387
|
|
2,898
|
|
2,932
|
|
||||
After 10 years
(2)
|
42,163
|
|
42,642
|
|
49,723
|
|
49,282
|
|
||||
Total
|
$
|
44,500
|
|
$
|
45,008
|
|
$
|
53,054
|
|
$
|
52,655
|
|
U.S. Treasury and federal agency securities
|
|
|
|
|
||||||||
Due within 1 year
|
$
|
13,070
|
|
$
|
13,084
|
|
$
|
15,789
|
|
$
|
15,853
|
|
After 1 but within 5 years
|
104,982
|
|
105,131
|
|
66,232
|
|
66,457
|
|
||||
After 5 but within 10 years
|
2,286
|
|
2,325
|
|
2,129
|
|
2,185
|
|
||||
After 10 years
(2)
|
3,079
|
|
3,150
|
|
3,061
|
|
3,101
|
|
||||
Total
|
$
|
123,417
|
|
$
|
123,690
|
|
$
|
87,211
|
|
$
|
87,596
|
|
State and municipal
|
|
|
|
|
||||||||
Due within 1 year
|
$
|
590
|
|
$
|
590
|
|
$
|
576
|
|
$
|
581
|
|
After 1 but within 5 years
|
3,672
|
|
3,677
|
|
3,731
|
|
3,735
|
|
||||
After 5 but within 10 years
|
532
|
|
546
|
|
439
|
|
482
|
|
||||
After 10 years
(2)
|
8,732
|
|
7,886
|
|
16,015
|
|
14,142
|
|
||||
Total
|
$
|
13,526
|
|
$
|
12,699
|
|
$
|
20,761
|
|
$
|
18,940
|
|
Foreign government
|
|
|
|
|
||||||||
Due within 1 year
|
$
|
31,355
|
|
$
|
31,382
|
|
$
|
37,005
|
|
$
|
36,959
|
|
After 1 but within 5 years
|
41,913
|
|
42,467
|
|
51,344
|
|
51,304
|
|
||||
After 5 but within 10 years
|
16,008
|
|
15,779
|
|
7,314
|
|
7,216
|
|
||||
After 10 years
(2)
|
973
|
|
1,069
|
|
945
|
|
992
|
|
||||
Total
|
$
|
90,249
|
|
$
|
90,697
|
|
$
|
96,608
|
|
$
|
96,471
|
|
All other
(3)
|
|
|
|
|
||||||||
Due within 1 year
|
$
|
1,248
|
|
$
|
1,251
|
|
$
|
2,786
|
|
$
|
2,733
|
|
After 1 but within 5 years
|
10,442
|
|
10,535
|
|
10,934
|
|
11,020
|
|
||||
After 5 but within 10 years
|
7,282
|
|
7,318
|
|
5,632
|
|
5,641
|
|
||||
After 10 years
(2)
|
6,256
|
|
6,220
|
|
7,749
|
|
7,721
|
|
||||
Total
|
$
|
25,228
|
|
$
|
25,324
|
|
$
|
27,101
|
|
$
|
27,115
|
|
Total debt securities AFS
|
$
|
296,920
|
|
$
|
297,418
|
|
$
|
284,735
|
|
$
|
282,777
|
|
(1)
|
Includes mortgage-backed securities of U.S. government-sponsored agencies.
|
(2)
|
Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights.
|
(3)
|
Includes corporate, asset-backed and other debt securities.
|
In millions of dollars
|
Amortized
cost basis
(1)
|
Net unrealized gains
(losses)
recognized in
AOCI
|
Carrying
value
(2)
|
Gross
unrealized
gains
|
Gross
unrealized
(losses)
|
Fair
value
|
||||||||||||
December 31, 2014
|
|
|
|
|
|
|||||||||||||
Debt securities held-to-maturity
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
(3)
|
|
|
|
|
|
|
||||||||||||
U.S. government agency guaranteed
|
$
|
8,795
|
|
$
|
95
|
|
$
|
8,890
|
|
$
|
106
|
|
$
|
(6
|
)
|
$
|
8,990
|
|
Prime
|
60
|
|
(12
|
)
|
48
|
|
6
|
|
(1
|
)
|
53
|
|
||||||
Alt-A
|
1,125
|
|
(213
|
)
|
912
|
|
537
|
|
(287
|
)
|
1,162
|
|
||||||
Subprime
|
6
|
|
(1
|
)
|
5
|
|
15
|
|
—
|
|
20
|
|
||||||
Non-U.S. residential
|
983
|
|
(137
|
)
|
846
|
|
92
|
|
—
|
|
938
|
|
||||||
Commercial
|
8
|
|
—
|
|
8
|
|
1
|
|
—
|
|
9
|
|
||||||
Total mortgage-backed securities
|
$
|
10,977
|
|
$
|
(268
|
)
|
$
|
10,709
|
|
$
|
757
|
|
$
|
(294
|
)
|
$
|
11,172
|
|
State and municipal
(4)
|
$
|
8,443
|
|
$
|
(494
|
)
|
$
|
7,949
|
|
$
|
227
|
|
$
|
(57
|
)
|
$
|
8,119
|
|
Foreign government
|
4,725
|
|
—
|
|
4,725
|
|
77
|
|
—
|
|
4,802
|
|
||||||
Corporate
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
Asset-backed securities
(3)
|
556
|
|
(18
|
)
|
538
|
|
50
|
|
(10
|
)
|
578
|
|
||||||
Total debt securities held-to-maturity
(5)
|
$
|
24,701
|
|
$
|
(780
|
)
|
$
|
23,921
|
|
$
|
1,111
|
|
$
|
(361
|
)
|
$
|
24,671
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Debt securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Prime
|
$
|
72
|
|
$
|
(16
|
)
|
$
|
56
|
|
$
|
5
|
|
$
|
(2
|
)
|
$
|
59
|
|
Alt-A
|
1,379
|
|
(287
|
)
|
1,092
|
|
449
|
|
(263
|
)
|
1,278
|
|
||||||
Subprime
|
2
|
|
—
|
|
2
|
|
1
|
|
—
|
|
3
|
|
||||||
Non-U.S. residential
|
1,372
|
|
(206
|
)
|
1,166
|
|
60
|
|
(20
|
)
|
1,206
|
|
||||||
Commercial
|
10
|
|
—
|
|
10
|
|
1
|
|
—
|
|
11
|
|
||||||
Total mortgage-backed securities
|
$
|
2,835
|
|
$
|
(509
|
)
|
$
|
2,326
|
|
$
|
516
|
|
$
|
(285
|
)
|
$
|
2,557
|
|
State and municipal
|
$
|
1,394
|
|
$
|
(62
|
)
|
$
|
1,332
|
|
$
|
50
|
|
$
|
(70
|
)
|
$
|
1,312
|
|
Foreign government
|
5,628
|
|
—
|
|
5,628
|
|
70
|
|
(10
|
)
|
5,688
|
|
||||||
Corporate
|
818
|
|
(78
|
)
|
740
|
|
111
|
|
—
|
|
851
|
|
||||||
Asset-backed securities
(3)
|
599
|
|
(26
|
)
|
573
|
|
22
|
|
(10
|
)
|
585
|
|
||||||
Total debt securities held-to-maturity
|
$
|
11,274
|
|
$
|
(675
|
)
|
$
|
10,599
|
|
$
|
769
|
|
$
|
(375
|
)
|
$
|
10,993
|
|
(1)
|
For securities transferred to HTM from
Trading account assets
, amortized cost basis is defined as the fair value of the securities at the date of transfer plus any accretion income and less any impairments recognized in earnings subsequent to transfer. For securities transferred to HTM from AFS, amortized cost is defined as the original purchase cost, adjusted for the cumulative accretion or amortization of any purchase discount or premium, plus or minus any cumulative fair value hedge adjustments, net of accretion or amortization, and less any other-than-temporary impairment recognized in earnings.
|
(2)
|
HTM securities are carried on the Consolidated Balance Sheet at amortized cost basis, plus or minus any unamortized unrealized gains and losses and fair value hedge adjustments recognized in AOCI prior to reclassifying the securities from AFS to HTM. Changes in the values of these securities are not reported in the financial statements, except for the amortization of any difference between the carrying value at the transfer date and par value of the securities, and the recognition of any non-credit fair value adjustments in AOCI in connection with the recognition of any credit impairment in earnings related to securities the Company continues to intend to hold until maturity.
|
(3)
|
The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note
22
to the Consolidated Financial Statements.
|
(4)
|
The net unrealized losses recognized in AOCI on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting applied when these debt securities were classified as AFS. Specifically, Citi hedged the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR swap rate being hedged. However, because the LIBOR swap rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from AOCI to earnings attributable solely to changes in the LIBOR swap rate resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities. Upon transfer of these debt securities to HTM, all hedges have been de-designated and hedge accounting has ceased.
|
(5)
|
During the second quarter of 2014, securities with a total fair value of approximately
$11.8 billion
were transferred from AFS to HTM and comprised
$5.4 billion
of U.S. government agency mortgage-backed securities and
$6.4 billion
of obligations of U.S. states and municipalities. The transfer reflects the Company’s intent to hold these securities to maturity or to issuer call in order to reduce the impact of price volatility on AOCI
and certain capital measures under Basel III. While these securities were transferred to HTM at fair value as of the transfer date, no subsequent changes in value may be recorded, other than in connection with the recognition of any subsequent other-than-temporary impairment and the amortization of differences between the carrying values at the transfer date and the par values of each security as an adjustment of yield over the remaining contractual life of each security. Any net unrealized holding losses within AOCI
related to the respective securities at the date of transfer, inclusive of any cumulative fair value hedge adjustments, will be amortized over the remaining contractual life of each security as an adjustment of yield in a manner consistent with the amortization of any premium or discount.
|
|
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, 2014
|
|
|
|
|
|
|
||||||||||||
Debt securities held-to-maturity
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
$
|
4
|
|
$
|
—
|
|
$
|
1,134
|
|
$
|
294
|
|
$
|
1,138
|
|
$
|
294
|
|
State and municipal
|
2,528
|
|
34
|
|
314
|
|
23
|
|
2,842
|
|
57
|
|
||||||
Foreign government
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
Asset-backed securities
|
9
|
|
1
|
|
174
|
|
9
|
|
183
|
|
10
|
|
||||||
Total debt securities held-to-maturity
|
$
|
2,541
|
|
$
|
35
|
|
$
|
1,622
|
|
$
|
326
|
|
$
|
4,163
|
|
$
|
361
|
|
December 31, 2013
|
|
|
|
|
|
|
||||||||||||
Debt securities held-to-maturity
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
$
|
—
|
|
$
|
—
|
|
$
|
358
|
|
$
|
285
|
|
$
|
358
|
|
$
|
285
|
|
State and municipal
|
235
|
|
20
|
|
302
|
|
50
|
|
537
|
|
70
|
|
||||||
Foreign government
|
920
|
|
10
|
|
—
|
|
—
|
|
920
|
|
10
|
|
||||||
Asset-backed securities
|
98
|
|
6
|
|
198
|
|
4
|
|
296
|
|
10
|
|
||||||
Total debt securities held-to-maturity
|
$
|
1,253
|
|
$
|
36
|
|
$
|
858
|
|
$
|
339
|
|
$
|
2,111
|
|
$
|
375
|
|
|
2014
|
2013
|
||||||||||
In millions of dollars
|
Carrying value
|
Fair value
|
Carrying value
|
Fair value
|
||||||||
Mortgage-backed securities
|
|
|
|
|
||||||||
Due within 1 year
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
After 1 but within 5 years
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
After 5 but within 10 years
|
863
|
|
869
|
|
10
|
|
11
|
|
||||
After 10 years
(1)
|
9,846
|
|
10,303
|
|
2,316
|
|
2,546
|
|
||||
Total
|
$
|
10,709
|
|
$
|
11,172
|
|
$
|
2,326
|
|
$
|
2,557
|
|
State and municipal
|
|
|
|
|
||||||||
Due within 1 year
|
$
|
36
|
|
$
|
38
|
|
$
|
8
|
|
$
|
9
|
|
After 1 but within 5 years
|
24
|
|
24
|
|
17
|
|
17
|
|
||||
After 5 but within 10 years
|
144
|
|
148
|
|
69
|
|
72
|
|
||||
After 10 years
(1)
|
7,745
|
|
7,909
|
|
1,238
|
|
1,214
|
|
||||
Total
|
$
|
7,949
|
|
$
|
8,119
|
|
$
|
1,332
|
|
$
|
1,312
|
|
Foreign government
|
|
|
|
|
||||||||
Due within 1 year
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
After 1 but within 5 years
|
4,725
|
|
4,802
|
|
5,628
|
|
5,688
|
|
||||
After 5 but within 10 years
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
After 10 years
(1)
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Total
|
$
|
4,725
|
|
$
|
4,802
|
|
$
|
5,628
|
|
$
|
5,688
|
|
All other
(2)
|
|
|
|
|
||||||||
Due within 1 year
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
After 1 but within 5 years
|
—
|
|
—
|
|
740
|
|
851
|
|
||||
After 5 but within 10 years
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
After 10 years
(1)
|
538
|
|
578
|
|
573
|
|
585
|
|
||||
Total
|
$
|
538
|
|
$
|
578
|
|
$
|
1,313
|
|
$
|
1,436
|
|
Total debt securities held-to-maturity
|
$
|
23,921
|
|
$
|
24,671
|
|
$
|
10,599
|
|
$
|
10,993
|
|
(1)
|
Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights.
|
(2)
|
Includes corporate and asset-backed securities.
|
•
|
the length of time and the extent to which fair value has been below cost;
|
•
|
the severity of the impairment;
|
•
|
the cause of the impairment and the financial condition and near-term prospects of the issuer;
|
•
|
activity in the market of the issuer that may indicate adverse credit conditions; and
|
•
|
the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery.
|
•
|
identification and evaluation of impaired investments;
|
•
|
analysis of individual investments that have fair values less than amortized cost, including consideration of the length of time the investment has been in an unrealized loss position and the expected recovery period;
|
•
|
consideration of evidential matter, including an evaluation of factors or triggers that could cause individual investments to qualify as having other-than-temporary impairment and those that would not support other-than-temporary impairment; and
|
•
|
documentation of the results of these analyses, as required under business policies.
|
•
|
the cause of the impairment and the financial condition and near-term prospects of the issuer, including any specific events that may influence the operations of the issuer;
|
•
|
the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value; and
|
•
|
the length of time and extent to which fair value has been less than the carrying value.
|
OTTI on Investments and Other Assets
|
Year ended December 31, 2014
|
|||||||||||
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 OTTI losses recognized during the period
|
$
|
21
|
|
$
|
5
|
|
$
|
—
|
|
$
|
26
|
|
Less: portion of impairment loss recognized in AOCI (before taxes)
|
8
|
|
—
|
|
—
|
|
8
|
|
||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell
|
$
|
13
|
|
$
|
5
|
|
$
|
—
|
|
$
|
18
|
|
Impairment losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery
|
380
|
|
26
|
|
—
|
|
406
|
|
||||
Total impairment losses recognized in earnings
|
$
|
393
|
|
$
|
31
|
|
$
|
—
|
|
$
|
424
|
|
(1)
|
Includes OTTI on non-marketable equity securities.
|
OTTI on Investments and Other Assets
|
Year ended December 31, 2013
|
|||||||||||
In millions of dollars
|
AFS
(1)
|
HTM
|
Other
Assets (2) |
Total
|
||||||||
Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell:
|
|
|
|
|
||||||||
Total OTTI losses recognized during the period
|
$
|
9
|
|
$
|
154
|
|
$
|
—
|
|
$
|
163
|
|
Less: portion of impairment loss recognized in AOCI (before taxes)
|
—
|
|
98
|
|
—
|
|
98
|
|
||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell
|
$
|
9
|
|
$
|
56
|
|
$
|
—
|
|
$
|
65
|
|
Impairment losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery
(2)
|
269
|
|
—
|
|
201
|
|
470
|
|
||||
Total impairment losses recognized in earnings
|
$
|
278
|
|
$
|
56
|
|
$
|
201
|
|
$
|
535
|
|
(1)
|
Includes OTTI on non-marketable equity securities.
|
(2)
|
The impairment charge relates to the carrying value of Citi’s then-remaining
35%
interest in the Morgan Stanley Smith Barney joint venture (MSSB), offset by the equity pickup from MSSB during the respective periods that was recorded in
Other revenue
.
|
|
Cumulative OTTI credit losses recognized in earnings on securities still held
|
||||||||||||||
In millions of dollars
|
Dec. 31, 2013 balance
|
Credit
impairments recognized in earnings on securities not previously impaired |
Credit
impairments recognized in earnings on securities that have been previously impaired |
Reductions due to
credit-impaired securities sold, transferred or matured |
Dec. 31, 2014 balance
|
||||||||||
AFS debt securities
|
|
|
|
|
|
||||||||||
Mortgage-backed securities
|
$
|
295
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
295
|
|
Foreign government securities
|
171
|
|
—
|
|
—
|
|
—
|
|
171
|
|
|||||
Corporate
|
113
|
|
8
|
|
—
|
|
(3
|
)
|
118
|
|
|||||
All other debt securities
|
144
|
|
5
|
|
—
|
|
—
|
|
149
|
|
|||||
Total OTTI credit losses recognized for AFS debt securities
|
$
|
723
|
|
$
|
13
|
|
$
|
—
|
|
$
|
(3
|
)
|
$
|
733
|
|
HTM debt securities
|
|
|
|
|
|
||||||||||
Mortgage-backed securities
(1)
|
$
|
678
|
|
$
|
5
|
|
$
|
—
|
|
$
|
(13
|
)
|
$
|
670
|
|
Corporate
|
56
|
|
—
|
|
—
|
|
(56
|
)
|
—
|
|
|||||
All other debt securities
|
133
|
|
—
|
|
—
|
|
—
|
|
133
|
|
|||||
Total OTTI credit losses recognized for HTM debt securities
|
$
|
867
|
|
$
|
5
|
|
$
|
—
|
|
$
|
(69
|
)
|
$
|
803
|
|
(1)
|
Primarily consists of Alt-A securities.
|
|
Fair value
|
Unfunded
commitments |
Redemption frequency
(if currently eligible)
monthly, quarterly, annually
|
Redemption notice
period
|
||||||||||
In millions of dollars
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
||||
Hedge funds
|
$
|
8
|
|
$
|
751
|
|
$
|
—
|
|
$
|
—
|
|
Generally quarterly
|
10-95 days
|
Private equity funds
(1)(2)
|
796
|
|
794
|
|
205
|
|
170
|
|
—
|
—
|
||||
Real estate funds
(2)(3)
|
166
|
|
294
|
|
24
|
|
36
|
|
—
|
—
|
||||
Total
(4)
|
$
|
970
|
|
$
|
1,839
|
|
$
|
229
|
|
$
|
206
|
|
—
|
—
|
(1)
|
Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, emerging markets and venture capital.
|
(2)
|
With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld.
|
(3)
|
Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia.
|
(4)
|
Included in the total fair value of investments above are
$0.8 billion
and
$1.6 billion
of fund assets that are valued using NAVs provided by third-party asset managers as of
December 31, 2014
and
December 31, 2013
, respectively.
|
In millions of dollars
|
2014
|
2013
|
||||
Consumer loans
|
|
|
||||
In U.S. offices
|
|
|
||||
Mortgage and real estate
(1)
|
$
|
96,533
|
|
$
|
108,453
|
|
Installment, revolving credit, and other
|
14,450
|
|
13,398
|
|
||
Cards
|
112,982
|
|
115,651
|
|
||
Commercial and industrial
|
5,895
|
|
6,592
|
|
||
|
$
|
229,860
|
|
$
|
244,094
|
|
In offices outside the U.S.
|
|
|
||||
Mortgage and real estate
(1)
|
$
|
54,462
|
|
$
|
55,511
|
|
Installment, revolving credit, and other
|
31,128
|
|
33,182
|
|
||
Cards
|
32,032
|
|
36,740
|
|
||
Commercial and industrial
|
22,561
|
|
24,107
|
|
||
Lease financing
|
609
|
|
769
|
|
||
|
$
|
140,792
|
|
$
|
150,309
|
|
Total Consumer loans
|
$
|
370,652
|
|
$
|
394,403
|
|
Net unearned income
|
(682
|
)
|
(572
|
)
|
||
Consumer loans, net of unearned income
|
$
|
369,970
|
|
$
|
393,831
|
|
(1)
|
Loans secured primarily by real estate.
|
In millions of dollars
|
Total
current
(1)(2)
|
30-89 days
past due
(3)
|
≥ 90 days
past due
(3)
|
Past due
government
guaranteed
(4)
|
Total
loans
(2)
|
Total
non-accrual
|
90 days past due
and accruing
|
||||||||||||||
In North America offices
|
|
|
|
|
|
|
|
||||||||||||||
Residential first mortgages
|
$
|
61,730
|
|
$
|
1,280
|
|
$
|
1,371
|
|
$
|
3,443
|
|
$
|
67,824
|
|
$
|
2,746
|
|
$
|
2,759
|
|
Home equity loans
(5)
|
27,262
|
|
335
|
|
520
|
|
—
|
|
28,117
|
|
1,271
|
|
—
|
|
|||||||
Credit cards
|
111,441
|
|
1,316
|
|
1,271
|
|
—
|
|
114,028
|
|
—
|
|
1,273
|
|
|||||||
Installment and other
|
12,361
|
|
229
|
|
284
|
|
—
|
|
12,874
|
|
254
|
|
3
|
|
|||||||
Commercial market loans
|
8,630
|
|
31
|
|
13
|
|
—
|
|
8,674
|
|
135
|
|
15
|
|
|||||||
Total
|
$
|
221,424
|
|
$
|
3,191
|
|
$
|
3,459
|
|
$
|
3,443
|
|
$
|
231,517
|
|
$
|
4,406
|
|
$
|
4,050
|
|
In offices outside North America
|
|
|
|
|
|
|
|
||||||||||||||
Residential first mortgages
|
$
|
44,782
|
|
$
|
312
|
|
$
|
223
|
|
$
|
—
|
|
$
|
45,317
|
|
$
|
454
|
|
$
|
—
|
|
Home equity loans
(5)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Credit cards
|
30,327
|
|
602
|
|
553
|
|
—
|
|
31,482
|
|
413
|
|
322
|
|
|||||||
Installment and other
|
29,297
|
|
328
|
|
149
|
|
—
|
|
29,774
|
|
216
|
|
—
|
|
|||||||
Commercial market loans
|
31,280
|
|
86
|
|
255
|
|
—
|
|
31,621
|
|
405
|
|
—
|
|
|||||||
Total
|
$
|
135,686
|
|
$
|
1,328
|
|
$
|
1,180
|
|
$
|
—
|
|
$
|
138,194
|
|
$
|
1,488
|
|
$
|
322
|
|
Total
GCB
and Citi Holdings
|
$
|
357,110
|
|
$
|
4,519
|
|
$
|
4,639
|
|
$
|
3,443
|
|
$
|
369,711
|
|
$
|
5,894
|
|
$
|
4,372
|
|
Other
|
238
|
|
10
|
|
11
|
|
—
|
|
259
|
|
30
|
|
—
|
|
|||||||
Total Citigroup
|
$
|
357,348
|
|
$
|
4,529
|
|
$
|
4,650
|
|
$
|
3,443
|
|
$
|
369,970
|
|
$
|
5,924
|
|
$
|
4,372
|
|
(1)
|
Loans less than
30
days past due are presented as current.
|
(2)
|
Includes
$43 million
of residential first mortgages recorded at fair value.
|
(3)
|
Excludes loans guaranteed by U.S. government-sponsored entities.
|
(4)
|
Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of
$0.6 billion
and
90
days past due of
$2.8 billion
.
|
(5)
|
Fixed rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.
|
In millions of dollars
|
Total
current
(1)(2)
|
30-89 days
past due
(3)
|
≥ 90 days
past due
(3)
|
Past due
government
guaranteed
(4)
|
Total
loans
(2)
|
Total
non-accrual
|
90 days past due
and accruing
|
||||||||||||||
In North America offices
|
|
|
|
|
|
|
|
||||||||||||||
Residential first mortgages
|
$
|
66,612
|
|
$
|
2,044
|
|
$
|
1,975
|
|
$
|
5,271
|
|
$
|
75,902
|
|
$
|
3,415
|
|
$
|
3,997
|
|
Home equity loans
(5)
|
30,603
|
|
434
|
|
605
|
|
—
|
|
31,642
|
|
1,452
|
|
—
|
|
|||||||
Credit cards
|
113,886
|
|
1,491
|
|
1,452
|
|
—
|
|
116,829
|
|
—
|
|
1,452
|
|
|||||||
Installment and other
|
12,609
|
|
225
|
|
243
|
|
—
|
|
13,077
|
|
247
|
|
7
|
|
|||||||
Commercial market loans
|
8,630
|
|
26
|
|
28
|
|
—
|
|
8,684
|
|
112
|
|
7
|
|
|||||||
Total
|
$
|
232,340
|
|
$
|
4,220
|
|
$
|
4,303
|
|
$
|
5,271
|
|
$
|
246,134
|
|
$
|
5,226
|
|
$
|
5,463
|
|
In offices outside North America
|
|
|
|
|
|
|
|
||||||||||||||
Residential first mortgages
|
$
|
46,067
|
|
$
|
435
|
|
$
|
332
|
|
$
|
—
|
|
$
|
46,834
|
|
$
|
584
|
|
$
|
—
|
|
Home equity loans
(5)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Credit cards
|
34,733
|
|
780
|
|
641
|
|
—
|
|
36,154
|
|
402
|
|
413
|
|
|||||||
Installment and other
|
30,138
|
|
398
|
|
158
|
|
—
|
|
30,694
|
|
230
|
|
—
|
|
|||||||
Commercial market loans
|
33,242
|
|
111
|
|
295
|
|
—
|
|
33,648
|
|
610
|
|
—
|
|
|||||||
Total
|
$
|
144,180
|
|
$
|
1,724
|
|
$
|
1,426
|
|
$
|
—
|
|
$
|
147,330
|
|
$
|
1,826
|
|
$
|
413
|
|
Total
GCB
and Citi Holdings
|
$
|
376,520
|
|
$
|
5,944
|
|
$
|
5,729
|
|
$
|
5,271
|
|
$
|
393,464
|
|
$
|
7,052
|
|
$
|
5,876
|
|
Other
|
338
|
|
13
|
|
16
|
|
—
|
|
367
|
|
43
|
|
—
|
|
|||||||
Total Citigroup
|
$
|
376,858
|
|
$
|
5,957
|
|
$
|
5,745
|
|
$
|
5,271
|
|
$
|
393,831
|
|
$
|
7,095
|
|
$
|
5,876
|
|
(1)
|
Loans less than
30
days past due are presented as current.
|
(2)
|
Includes
$0.9 billion
of residential first mortgages recorded at fair value.
|
(3)
|
Excludes loans guaranteed by U.S. government-sponsored entities.
|
(4)
|
Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of
$1.2 billion
and
90
days past due of
$4.1 billion
.
|
(5)
|
Fixed rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.
|
FICO score distribution in U.S. portfolio
(1)(2)
|
December 31, 2014
|
||||||||
In millions of dollars
|
Less than
620
|
≥ 620 but less
than 660
|
Equal to or
greater
than 660
|
||||||
Residential first mortgages
|
$
|
8,911
|
|
$
|
5,463
|
|
$
|
45,783
|
|
Home equity loans
|
3,257
|
|
2,456
|
|
20,957
|
|
|||
Credit cards
|
7,647
|
|
10,296
|
|
92,877
|
|
|||
Installment and other
|
4,015
|
|
2,520
|
|
5,150
|
|
|||
Total
|
$
|
23,830
|
|
$
|
20,735
|
|
$
|
164,767
|
|
(1)
|
Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) with U.S. government-sponsored entities and loans recorded at fair value.
|
(2)
|
Excludes balances where FICO was not available. Such amounts are not material.
|
FICO score distribution in U.S. portfolio
(1)(2)
|
December 31, 2013
|
||||||||
In millions of dollars
|
Less than
620
|
≥ 620 but less
than 660
|
Equal to or
greater
than 660
|
||||||
Residential first mortgages
|
$
|
11,860
|
|
$
|
6,426
|
|
$
|
46,207
|
|
Home equity loans
|
4,093
|
|
2,779
|
|
23,152
|
|
|||
Credit cards
|
8,125
|
|
10,693
|
|
94,437
|
|
|||
Installment and other
|
3,900
|
|
2,399
|
|
5,186
|
|
|||
Total
|
$
|
27,978
|
|
$
|
22,297
|
|
$
|
168,982
|
|
(1)
|
Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value.
|
(2)
|
Excludes balances where FICO was not available. Such amounts are not material.
|
LTV distribution in U.S. portfolio
(1)(2)
|
December 31, 2014
|
||||||||
In millions of dollars
|
Less than or
equal to 80%
|
> 80% but less
than or equal to
100%
|
Greater
than
100%
|
||||||
Residential first mortgages
|
$
|
48,163
|
|
$
|
9,480
|
|
$
|
2,670
|
|
Home equity loans
|
14,638
|
|
7,267
|
|
4,641
|
|
|||
Total
|
$
|
62,801
|
|
$
|
16,747
|
|
$
|
7,311
|
|
(1)
|
Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value.
|
(2)
|
Excludes balances where LTV was not available. Such amounts are not material.
|
LTV distribution in U.S. portfolio
(1)(2)
|
December 31, 2013
|
||||||||
In millions of dollars
|
Less than or
equal to 80%
|
> 80% but less
than or equal to
100%
|
Greater
than
100%
|
||||||
Residential first mortgages
|
$
|
45,809
|
|
$
|
13,458
|
|
$
|
5,269
|
|
Home equity loans
|
14,216
|
|
8,685
|
|
6,935
|
|
|||
Total
|
$
|
60,025
|
|
$
|
22,143
|
|
$
|
12,204
|
|
(1)
|
Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value.
|
(2)
|
Excludes balances where LTV was not available. Such amounts are not material.
|
|
At and for the year ended December 31, 2014
|
||||||||||||||
In millions of dollars
|
Recorded
investment
(1)(2)
|
Unpaid
principal balance
|
Related
specific allowance
(3)
|
Average
carrying value
(4)
|
Interest income
recognized
(5)(6)
|
||||||||||
Mortgage and real estate
|
|
|
|
|
|
||||||||||
Residential first mortgages
|
$
|
13,551
|
|
$
|
14,387
|
|
$
|
1,909
|
|
$
|
15,389
|
|
$
|
690
|
|
Home equity loans
|
2,029
|
|
2,674
|
|
599
|
|
2,075
|
|
74
|
|
|||||
Credit cards
|
2,407
|
|
2,447
|
|
849
|
|
2,732
|
|
196
|
|
|||||
Installment and other
|
|
|
|
|
|
||||||||||
Individual installment and other
|
948
|
|
963
|
|
450
|
|
975
|
|
124
|
|
|||||
Commercial market loans
|
423
|
|
599
|
|
110
|
|
381
|
|
22
|
|
|||||
Total
|
$
|
19,358
|
|
$
|
21,070
|
|
$
|
3,917
|
|
$
|
21,552
|
|
$
|
1,106
|
|
(1)
|
Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans.
|
(2)
|
$1,896 million
of residential first mortgages,
$554 million
of home equity loans and
$158 million
of commercial market loans do not have a specific allowance.
|
|
At and for the year ended December 31, 2013
|
||||||||||||||
In millions of dollars
|
Recorded
investment
(1)(2)
|
Unpaid
principal balance
|
Related
specific allowance
(3)
|
Average
carrying value
(4)
|
Interest income
recognized
(5)(6)(7)
|
||||||||||
Mortgage and real estate
|
|
|
|
|
|
||||||||||
Residential first mortgages
|
$
|
16,801
|
|
$
|
17,788
|
|
$
|
2,309
|
|
$
|
17,616
|
|
$
|
790
|
|
Home equity loans
|
2,141
|
|
2,806
|
|
427
|
|
2,116
|
|
81
|
|
|||||
Credit cards
|
3,339
|
|
3,385
|
|
1,178
|
|
3,720
|
|
234
|
|
|||||
Installment and other
|
|
|
|
|
|
||||||||||
Individual installment and other
|
1,114
|
|
1,143
|
|
536
|
|
1,094
|
|
153
|
|
|||||
Commercial market loans
|
398
|
|
605
|
|
183
|
|
404
|
|
22
|
|
|||||
Total
|
$
|
23,793
|
|
$
|
25,727
|
|
$
|
4,633
|
|
$
|
24,950
|
|
$
|
1,280
|
|
(1)
|
Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans.
|
(2)
|
$2,169 million
of residential first mortgages,
$568 million
of home equity loans and
$111 million
of commercial market loans do not have a specific allowance.
|
(3)
|
Included in the
Allowance for loan losses
.
|
(4)
|
Average carrying value represents the average recorded investment ending balance for last
four
quarters and does not include the related specific allowance.
|
(7)
|
Interest income recognized for the year ended December 31, 2012 was
$1,520 million
.
|
|
At and for the year ended December 31, 2014
|
|||||||||||||||
In millions of dollars except number of loans modified
|
Number of
loans modified
|
Post-
modification
recorded
investment
(1)(2)
|
Deferred
principal
(3)
|
Contingent
principal
forgiveness
(4)
|
Principal
forgiveness
(5)
|
Average
interest rate
reduction
|
||||||||||
North America
|
|
|
|
|
|
|
||||||||||
Residential first mortgages
|
20,114
|
|
$
|
2,478
|
|
$
|
52
|
|
$
|
36
|
|
$
|
16
|
|
1
|
%
|
Home equity loans
|
7,444
|
|
279
|
|
3
|
|
—
|
|
14
|
|
2
|
|
||||
Credit cards
|
185,962
|
|
808
|
|
—
|
|
—
|
|
—
|
|
15
|
|
||||
Installment and other revolving
|
46,838
|
|
351
|
|
—
|
|
—
|
|
—
|
|
7
|
|
||||
Commercial markets
(6)
|
191
|
|
35
|
|
—
|
|
—
|
|
1
|
|
—
|
|
||||
Total
(7)
|
260,549
|
|
$
|
3,951
|
|
$
|
55
|
|
$
|
36
|
|
$
|
31
|
|
|
|
International
|
|
|
|
|
|
|
||||||||||
Residential first mortgages
|
3,150
|
|
$
|
103
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1
|
|
1
|
%
|
Home equity loans
|
67
|
|
11
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Credit cards
|
139,128
|
|
447
|
|
—
|
|
—
|
|
9
|
|
13
|
|
||||
Installment and other revolving
|
61,563
|
|
292
|
|
—
|
|
—
|
|
7
|
|
9
|
|
||||
Commercial markets
(6)
|
346
|
|
200
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Total
(7)
|
204,254
|
|
$
|
1,053
|
|
$
|
—
|
|
$
|
—
|
|
$
|
17
|
|
|
|
|
At and for the year ended December 31, 2013
|
|||||||||||||||
In millions of dollars except number of loans modified
|
Number of
loans modified
|
Post-
modification
recorded
investment
(1)(8)
|
Deferred
principal
(3)
|
Contingent
principal
forgiveness
(4)
|
Principal
forgiveness
(5)
|
Average
interest rate
reduction
|
||||||||||
North America
|
|
|
|
|
|
|
||||||||||
Residential first mortgages
|
32,116
|
|
$
|
4,160
|
|
$
|
68
|
|
$
|
25
|
|
$
|
158
|
|
1
|
%
|
Home equity loans
|
12,774
|
|
552
|
|
1
|
|
—
|
|
92
|
|
1
|
|
||||
Credit cards
|
172,211
|
|
826
|
|
—
|
|
—
|
|
—
|
|
14
|
|
||||
Installment and other revolving
|
53,332
|
|
381
|
|
—
|
|
—
|
|
—
|
|
7
|
|
||||
Commercial markets
(6)
|
202
|
|
39
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Total
(7)
|
270,635
|
|
$
|
5,958
|
|
$
|
69
|
|
$
|
25
|
|
$
|
250
|
|
|
|
International
|
|
|
|
|
|
|
||||||||||
Residential first mortgages
|
3,598
|
|
$
|
159
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2
|
|
1
|
%
|
Home equity loans
|
68
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Credit cards
|
165,350
|
|
557
|
|
—
|
|
—
|
|
10
|
|
13
|
|
||||
Installment and other revolving
|
59,030
|
|
342
|
|
—
|
|
—
|
|
7
|
|
7
|
|
||||
Commercial markets
(6)
|
413
|
|
104
|
|
2
|
|
—
|
|
—
|
|
—
|
|
||||
Total
(7)
|
228,459
|
|
$
|
1,164
|
|
$
|
2
|
|
$
|
—
|
|
$
|
19
|
|
|
|
(1)
|
Post-modification balances include past due amounts that are capitalized at the modification date.
|
(2)
|
Post-modification balances in
North America
include $
322 million
of residential first mortgages and $
80 million
of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the year ended
December 31, 2014
. These amounts include $
179 million
of residential first mortgages and $
69 million
of home equity loans that were newly classified as TDRs in the year ended
December 31, 2014
as a result of OCC guidance, as described above.
|
(3)
|
Represents portion of contractual loan principal that is non-interest bearing but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value.
|
(4)
|
Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness.
|
(5)
|
Represents portion of contractual loan principal that was forgiven at the time of permanent modification.
|
|
Years ended December 31,
|
|||||
In millions of dollars
|
2014
|
2013
|
||||
North America
|
|
|
||||
Residential first mortgages
|
$
|
715
|
|
$
|
1,532
|
|
Home equity loans
|
72
|
|
183
|
|
||
Credit cards
|
194
|
|
204
|
|
||
Installment and other revolving
|
95
|
|
91
|
|
||
Commercial markets
|
9
|
|
3
|
|
||
Total
|
$
|
1,085
|
|
$
|
2,013
|
|
International
|
|
|
||||
Residential first mortgages
|
$
|
24
|
|
$
|
54
|
|
Home equity loans
|
—
|
|
—
|
|
||
Credit cards
|
217
|
|
198
|
|
||
Installment and other revolving
|
104
|
|
104
|
|
||
Commercial markets
|
105
|
|
15
|
|
||
Total
|
$
|
450
|
|
$
|
371
|
|
In millions of dollars
|
December 31,
2014 |
December 31,
2013 |
||||
Corporate
|
|
|
||||
In U.S. offices
|
|
|
||||
Commercial and industrial
|
$
|
35,055
|
|
$
|
32,704
|
|
Financial institutions
|
36,272
|
|
25,102
|
|
||
Mortgage and real estate
(1)
|
32,537
|
|
29,425
|
|
||
Installment, revolving credit and other
|
29,207
|
|
34,434
|
|
||
Lease financing
|
1,758
|
|
1,647
|
|
||
|
$
|
134,829
|
|
$
|
123,312
|
|
In offices outside the U.S.
|
|
|
||||
Commercial and industrial
|
$
|
79,239
|
|
$
|
82,663
|
|
Financial institutions
|
33,269
|
|
38,372
|
|
||
Mortgage and real estate
(1)
|
6,031
|
|
6,274
|
|
||
Installment, revolving credit and other
|
19,259
|
|
18,714
|
|
||
Lease financing
|
356
|
|
527
|
|
||
Governments and official institutions
|
2,236
|
|
2,341
|
|
||
|
$
|
140,390
|
|
$
|
148,891
|
|
Total Corporate loans
|
$
|
275,219
|
|
$
|
272,203
|
|
Net unearned income
|
(554
|
)
|
(562
|
)
|
||
Corporate loans, net of unearned income
|
$
|
274,665
|
|
$
|
271,641
|
|
(1)
|
Loans secured primarily by real estate.
|
In millions of dollars
|
30-89 days
past due
and accruing
(1)
|
≥ 90 days
past due and
accruing
(1)
|
Total past due
and accruing
|
Total
non-accrual
(2)
|
Total
current
(3)
|
Total
loans
(4)
|
||||||||||||
Commercial and industrial
|
$
|
50
|
|
$
|
—
|
|
$
|
50
|
|
$
|
575
|
|
$
|
109,764
|
|
$
|
110,389
|
|
Financial institutions
|
2
|
|
—
|
|
2
|
|
250
|
|
67,580
|
|
67,832
|
|
||||||
Mortgage and real estate
|
86
|
|
—
|
|
86
|
|
252
|
|
38,135
|
|
38,473
|
|
||||||
Leases
|
—
|
|
—
|
|
—
|
|
51
|
|
2,062
|
|
2,113
|
|
||||||
Other
|
49
|
|
1
|
|
50
|
|
55
|
|
49,844
|
|
49,949
|
|
||||||
Loans at fair value
|
|
|
|
|
|
|
|
|
|
|
5,858
|
|
||||||
Purchased Distressed Loans
|
|
|
|
|
|
|
|
|
|
|
51
|
|
||||||
Total
|
$
|
187
|
|
$
|
1
|
|
$
|
188
|
|
$
|
1,183
|
|
$
|
267,385
|
|
$
|
274,665
|
|
(1)
|
Corporate loans that are
90
days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.
|
(2)
|
Citi generally does not manage corporate loans on a delinquency basis. Non-accrual loans generally include those loans that are ≥
90
days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful.
|
(3)
|
Corporate loans are past due when principal or interest is contractually due but unpaid. Loans less than
30
days past due are presented as current.
|
(4)
|
Total loans include loans at fair value, which are not included in the various delinquency columns.
|
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
|
$
|
72
|
|
$
|
5
|
|
$
|
77
|
|
$
|
769
|
|
$
|
112,985
|
|
$
|
113,831
|
|
Financial institutions
|
—
|
|
—
|
|
—
|
|
365
|
|
61,704
|
|
62,069
|
|
||||||
Mortgage and real estate
|
183
|
|
58
|
|
241
|
|
515
|
|
34,027
|
|
34,783
|
|
||||||
Leases
|
9
|
|
1
|
|
10
|
|
189
|
|
1,975
|
|
2,174
|
|
||||||
Other
|
47
|
|
2
|
|
49
|
|
70
|
|
54,476
|
|
54,595
|
|
||||||
Loans at fair value
|
|
|
|
|
|
|
|
|
|
|
4,072
|
|
||||||
Purchased Distressed Loans
|
|
|
|
|
|
|
|
|
|
|
117
|
|
||||||
Total
|
$
|
311
|
|
$
|
66
|
|
$
|
377
|
|
$
|
1,908
|
|
$
|
265,167
|
|
$
|
271,641
|
|
(1)
|
Corporate loans that are
90
days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.
|
(2)
|
Citi generally does not manage corporate loans on a delinquency basis. Non-accrual loans generally include those loans that are ≥
90
days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful.
|
(3)
|
Corporate loans are past due when principal or interest is contractually due but unpaid. Loans less than
30
days past due are presented as current.
|
(4)
|
Total loans include loans at fair value, which are not included in the various delinquency columns.
|
|
Recorded investment in loans
(1)
|
|||||
In millions of dollars
|
December 31, 2014
|
December 31,
2013 |
||||
Investment grade
(2)
|
|
|
||||
Commercial and industrial
|
$
|
80,812
|
|
$
|
79,360
|
|
Financial institutions
|
56,154
|
|
49,699
|
|
||
Mortgage and real estate
|
16,068
|
|
13,178
|
|
||
Leases
|
1,669
|
|
1,600
|
|
||
Other
|
46,284
|
|
51,370
|
|
||
Total investment grade
|
$
|
200,987
|
|
$
|
195,207
|
|
Non-investment grade
(2)
|
|
|
||||
Accrual
|
|
|
||||
Commercial and industrial
|
$
|
29,003
|
|
$
|
33,702
|
|
Financial institutions
|
11,429
|
|
12,005
|
|
||
Mortgage and real estate
|
3,587
|
|
4,205
|
|
||
Leases
|
393
|
|
385
|
|
||
Other
|
3,609
|
|
3,155
|
|
||
Non-accrual
|
|
|
||||
Commercial and industrial
|
575
|
|
769
|
|
||
Financial institutions
|
250
|
|
365
|
|
||
Mortgage and real estate
|
252
|
|
515
|
|
||
Leases
|
51
|
|
189
|
|
||
Other
|
55
|
|
70
|
|
||
Total non-investment grade
|
$
|
49,204
|
|
$
|
55,360
|
|
Private bank loans managed on a delinquency basis
(2)
|
$
|
18,616
|
|
$
|
17,002
|
|
Loans at fair value
|
5,858
|
|
4,072
|
|
||
Corporate loans, net of unearned income
|
$
|
274,665
|
|
$
|
271,641
|
|
(1)
|
Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
|
(2)
|
Held-for-investment loans are accounted for on an amortized cost basis.
|
|
At and for the year ended December 31, 2014
|
||||||||||||||
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
|
$
|
575
|
|
$
|
863
|
|
$
|
155
|
|
$
|
658
|
|
$
|
32
|
|
Financial institutions
|
250
|
|
262
|
|
7
|
|
278
|
|
4
|
|
|||||
Mortgage and real estate
|
252
|
|
287
|
|
24
|
|
263
|
|
8
|
|
|||||
Lease financing
|
51
|
|
53
|
|
29
|
|
85
|
|
—
|
|
|||||
Other
|
55
|
|
68
|
|
21
|
|
60
|
|
3
|
|
|||||
Total non-accrual corporate loans
|
$
|
1,183
|
|
$
|
1,533
|
|
$
|
236
|
|
$
|
1,344
|
|
$
|
47
|
|
|
At and for the year ended December 31, 2013
|
||||||||||||||
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
|
$
|
769
|
|
$
|
1,074
|
|
$
|
79
|
|
$
|
967
|
|
$
|
30
|
|
Financial institutions
|
365
|
|
382
|
|
3
|
|
378
|
|
9
|
|
|||||
Mortgage and real estate
|
515
|
|
651
|
|
35
|
|
585
|
|
3
|
|
|||||
Lease financing
|
189
|
|
190
|
|
131
|
|
189
|
|
—
|
|
|||||
Other
|
70
|
|
216
|
|
20
|
|
64
|
|
1
|
|
|||||
Total non-accrual corporate loans
|
$
|
1,908
|
|
$
|
2,513
|
|
$
|
268
|
|
$
|
2,183
|
|
$
|
43
|
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||
In millions of dollars
|
Recorded
investment
(1)
|
Related specific
allowance
|
Recorded
investment
(1)
|
Related specific
allowance
|
||||||||
Non-accrual corporate loans with valuation allowances
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
224
|
|
$
|
155
|
|
$
|
401
|
|
$
|
79
|
|
Financial institutions
|
37
|
|
7
|
|
24
|
|
3
|
|
||||
Mortgage and real estate
|
70
|
|
24
|
|
253
|
|
35
|
|
||||
Lease financing
|
47
|
|
29
|
|
186
|
|
131
|
|
||||
Other
|
55
|
|
21
|
|
61
|
|
20
|
|
||||
Total non-accrual corporate loans with specific allowance
|
$
|
433
|
|
$
|
236
|
|
$
|
925
|
|
$
|
268
|
|
Non-accrual corporate loans without specific allowance
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
351
|
|
|
|
$
|
368
|
|
|
|
||
Financial institutions
|
213
|
|
|
|
341
|
|
|
|
||||
Mortgage and real estate
|
182
|
|
|
|
262
|
|
|
|
||||
Lease financing
|
4
|
|
|
|
3
|
|
|
|
||||
Other
|
—
|
|
|
|
9
|
|
|
|
||||
Total non-accrual corporate loans without specific allowance
|
$
|
750
|
|
N/A
|
|
$
|
983
|
|
N/A
|
|
(1)
|
Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
|
(2)
|
Average carrying value represents the average recorded investment balance and does not include related specific allowance.
|
(3)
|
Interest income recognized for the year ended December 31, 2012 was
$98 million
.
|
In millions of dollars
|
Carrying
Value
|
TDRs
involving changes
in the amount
and/or timing of
principal payments
(1)
|
TDRs
involving changes
in the amount
and/or timing of
interest payments
(2)
|
TDRs
involving changes
in the amount
and/or timing of
both principal and
interest payments
|
||||||||
Commercial and industrial
|
$
|
48
|
|
$
|
30
|
|
$
|
17
|
|
$
|
1
|
|
Financial institutions
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Mortgage and real estate
|
8
|
|
5
|
|
1
|
|
2
|
|
||||
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Total
|
$
|
56
|
|
$
|
35
|
|
$
|
18
|
|
$
|
3
|
|
(1)
|
TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loan. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification.
|
(2)
|
TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate.
|
In millions of dollars
|
Carrying
Value
|
TDRs
involving changes
in the amount
and/or timing of
principal payments
(1)
|
TDRs
involving changes
in the amount
and/or timing of
interest payments
(2)
|
TDRs
involving changes
in the amount
and/or timing of
both principal and
interest payments
|
||||||||
Commercial and industrial
|
$
|
130
|
|
$
|
55
|
|
$
|
58
|
|
$
|
17
|
|
Financial institutions
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Mortgage and real estate
|
34
|
|
19
|
|
14
|
|
1
|
|
||||
Other
|
5
|
|
—
|
|
—
|
|
5
|
|
||||
Total
|
$
|
169
|
|
$
|
74
|
|
$
|
72
|
|
$
|
23
|
|
(1)
|
TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loan. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification.
|
(2)
|
TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate.
|
In millions of dollars
|
TDR balances at
December 31, 2014
|
TDR loans in payment default during the year ended
December 31, 2014
|
TDR balances at
December 31, 2013
|
TDR loans in payment default during the year ended
December 31, 2013
|
||||||||
Commercial and industrial
|
$
|
117
|
|
$
|
—
|
|
$
|
197
|
|
$
|
27
|
|
Loans to financial institutions
|
—
|
|
—
|
|
14
|
|
—
|
|
||||
Mortgage and real estate
|
107
|
|
—
|
|
161
|
|
17
|
|
||||
Other
|
355
|
|
—
|
|
422
|
|
—
|
|
||||
Total
|
$
|
579
|
|
$
|
—
|
|
$
|
794
|
|
$
|
44
|
|
In millions of dollars
|
Accretable
yield
|
Carrying
amount of loan
receivable
|
Allowance
|
||||||
Balance at December 31, 2012
|
$
|
22
|
|
$
|
537
|
|
$
|
98
|
|
Purchases
(1)
|
$
|
46
|
|
$
|
405
|
|
$
|
—
|
|
Disposals/payments received
|
(5
|
)
|
(199
|
)
|
(8
|
)
|
|||
Accretion
|
(10
|
)
|
10
|
|
—
|
|
|||
Builds (reductions) to the allowance
|
22
|
|
—
|
|
25
|
|
|||
Increase to expected cash flows
|
3
|
|
—
|
|
—
|
|
|||
FX/other
|
—
|
|
(50
|
)
|
(2
|
)
|
|||
Balance at December 31, 2013
(2)
|
$
|
78
|
|
$
|
703
|
|
$
|
113
|
|
Purchases
(1)
|
$
|
1
|
|
$
|
46
|
|
$
|
—
|
|
Disposals/payments received
|
(6
|
)
|
(307
|
)
|
(15
|
)
|
|||
Accretion
|
(24
|
)
|
24
|
|
—
|
|
|||
Builds (reductions) to the allowance
|
(36
|
)
|
—
|
|
(27
|
)
|
|||
Increase to expected cash flows
|
23
|
|
—
|
|
—
|
|
|||
FX/other
|
(9
|
)
|
(45
|
)
|
(11
|
)
|
|||
Balance at December 31, 2014
(2)
|
$
|
27
|
|
$
|
421
|
|
$
|
60
|
|
(1)
|
The balance reported in the column “Carrying amount of loan receivable” consists of
$46 million
and
$405 million
in
2014
and
2013
, respectively, of purchased loans accounted for under the level-yield method. No purchased loans were accounted for under the cost-recovery method. These balances represent the fair value of these loans at their acquisition date. The related total expected cash flows for the level-yield loans at their acquisition dates were
$46 million
and
$451 million
in
2014
and
2013
, respectively.
|
(2)
|
The balance reported in the column “Carrying amount of loan receivable” consists of
$413 million
and
$691 million
of loans accounted for under the level-yield method and
$8 million
and
$12 million
accounted for under the cost-recovery method in
2014
and
2013
, respectively.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Allowance for loan losses at beginning of period
|
$
|
19,648
|
|
$
|
25,455
|
|
$
|
30,115
|
|
Gross credit losses
|
(11,108
|
)
|
(12,769
|
)
|
(17,005
|
)
|
|||
Gross recoveries
(1)(2)(3)
|
2,135
|
|
2,306
|
|
2,774
|
|
|||
Net credit losses (NCLs)
|
$
|
(8,973
|
)
|
$
|
(10,463
|
)
|
$
|
(14,231
|
)
|
NCLs
|
$
|
8,973
|
|
$
|
10,463
|
|
$
|
14,231
|
|
Net reserve releases
|
(1,879
|
)
|
(1,961
|
)
|
(1,908
|
)
|
|||
Net specific reserve releases
|
(266
|
)
|
(898
|
)
|
(1,865
|
)
|
|||
Total provision for credit losses
|
$
|
6,828
|
|
$
|
7,604
|
|
$
|
10,458
|
|
Other, net
(4)
|
(1,509
|
)
|
(2,948
|
)
|
(887
|
)
|
|||
Allowance for loan losses at end of period
|
$
|
15,994
|
|
$
|
19,648
|
|
$
|
25,455
|
|
Allowance for credit losses on unfunded lending commitments at beginning of period
(5)
|
$
|
1,229
|
|
$
|
1,119
|
|
$
|
1,136
|
|
Provision (release) for unfunded lending commitments
|
(162
|
)
|
80
|
|
(16
|
)
|
|||
Other, net
|
(4
|
)
|
30
|
|
(1
|
)
|
|||
Allowance for credit losses on unfunded lending commitments at end of period
(5)
|
$
|
1,063
|
|
$
|
1,229
|
|
$
|
1,119
|
|
Total allowance for loans, leases, and unfunded lending commitments
|
$
|
17,057
|
|
$
|
20,877
|
|
$
|
26,574
|
|
(1)
|
Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful.
|
(2)
|
2012 includes approximately
$635 million
of incremental charge-offs related to OCC guidance issued in the third quarter of 2012 (see Note 1 to the Consolidated Financial Statements). There was a corresponding approximately
$600 million
release in the third quarter of 2012 allowance for loan losses related to these charge-offs. 2012 also includes a benefit to charge-offs of approximately
$40 million
related to finalizing the impact of this OCC guidance in the fourth quarter of 2012.
|
(3)
|
2012 includes approximately
$370 million
of incremental charge-offs related to previously deferred principal balances on modified loans in the first quarter of 2012. These charge-offs were related to anticipated forgiveness of principal in connection with the national mortgage settlement. There was a corresponding approximately
$350 million
reserve release in the first quarter of 2012 related to these charge-offs.
|
(4)
|
2014 includes reductions of approximately
$1.1 billion
related to the sale or transfer to held-for-sale (HFS) of various loan portfolios, which includes approximately
$411 million
related to the transfer of various real estate loan portfolios to HFS, approximately
$204 million
related to the transfer to HFS of a business in Greece, approximately
$177 million
related to the transfer to HFS of a business in Spain, approximately
$29 million
related to the transfer to HFS of a business in Honduras, and approximately
$108 million
related to the transfer to HFS of various
EMEA
loan portfolios. Additionally, 2014 includes a reduction of approximately
$463 million
related to foreign currency translation. 2013 includes reductions of approximately
$2.4 billion
related to the sale or transfer to held-for-sale of various loan portfolios, which includes approximately
$360 million
related to the sale of Credicard and approximately
$255 million
related to a transfer to held-for-sale of a loan portfolio in Greece, approximately
$230 million
related to a non-provision transfer of reserves associated with deferred interest to other assets which includes deferred interest and approximately
$220 million
related to foreign currency translation. 2012 includes reductions of approximately
$875 million
related to the sale or transfer to held-for-sale of various U.S. loan portfolios.
|
(5)
|
Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in
Other liabilities
on the Consolidated Balance Sheet.
|
In millions of dollars
|
Corporate
|
Consumer
|
Total
|
||||||
Allowance for loan losses at beginning of period
|
$
|
2,584
|
|
$
|
17,064
|
|
$
|
19,648
|
|
Charge-offs
|
(427
|
)
|
(10,681
|
)
|
(11,108
|
)
|
|||
Recoveries
|
139
|
|
1,996
|
|
2,135
|
|
|||
Replenishment of net charge-offs
|
288
|
|
8,685
|
|
8,973
|
|
|||
Net reserve releases
|
(133
|
)
|
(1,746
|
)
|
(1,879
|
)
|
|||
Net specific reserve releases
|
(20
|
)
|
(246
|
)
|
(266
|
)
|
|||
Other
|
(42
|
)
|
(1,467
|
)
|
(1,509
|
)
|
|||
Ending balance
|
$
|
2,389
|
|
$
|
13,605
|
|
$
|
15,994
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|||
Determined in accordance with ASC 450
|
$
|
2,110
|
|
$
|
9,673
|
|
$
|
11,783
|
|
Determined in accordance with ASC 310-10-35
|
235
|
|
3,917
|
|
4,152
|
|
|||
Determined in accordance with ASC 310-30
|
44
|
|
15
|
|
59
|
|
|||
Total allowance for loan losses
|
$
|
2,389
|
|
$
|
13,605
|
|
$
|
15,994
|
|
Loans, net of unearned income
|
|
|
|
|
|
|
|||
Loans collectively evaluated for impairment in accordance with ASC 450
|
$
|
267,271
|
|
$
|
350,199
|
|
$
|
617,470
|
|
Loans individually evaluated for impairment in accordance with ASC 310-10-35
|
1,485
|
|
19,358
|
|
20,843
|
|
|||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30
|
51
|
|
370
|
|
421
|
|
|||
Loans held at fair value
|
5,858
|
|
43
|
|
5,901
|
|
|||
Total loans, net of unearned income
|
$
|
274,665
|
|
$
|
369,970
|
|
$
|
644,635
|
|
In millions of dollars
|
Corporate
|
Consumer
|
Total
|
||||||
Allowance for loan losses at beginning of period
|
$
|
2,776
|
|
$
|
22,679
|
|
$
|
25,455
|
|
Charge-offs
|
(369
|
)
|
(12,400
|
)
|
(12,769
|
)
|
|||
Recoveries
|
168
|
|
2,138
|
|
2,306
|
|
|||
Replenishment of net charge-offs
|
201
|
|
10,262
|
|
10,463
|
|
|||
Net reserve releases
|
(199
|
)
|
(1,762
|
)
|
(1,961
|
)
|
|||
Net specific reserve releases
|
(1
|
)
|
(897
|
)
|
(898
|
)
|
|||
Other
|
8
|
|
(2,956
|
)
|
(2,948
|
)
|
|||
Ending balance
|
$
|
2,584
|
|
$
|
17,064
|
|
$
|
19,648
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|||
Determined in accordance with ASC 450
|
$
|
2,232
|
|
$
|
12,402
|
|
$
|
14,634
|
|
Determined in accordance with ASC 310-10-35
|
268
|
|
4,633
|
|
4,901
|
|
|||
Determined in accordance with ASC 310-30
|
84
|
|
29
|
|
113
|
|
|||
Total allowance for loan losses
|
$
|
2,584
|
|
$
|
17,064
|
|
$
|
19,648
|
|
Loans, net of unearned income
|
|
|
|
|
|
|
|||
Loans collectively evaluated for impairment in accordance with ASC 450
|
$
|
265,230
|
|
$
|
368,449
|
|
$
|
633,679
|
|
Loans individually evaluated for impairment in accordance with ASC 310-10-35
|
2,222
|
|
23,793
|
|
26,015
|
|
|||
Loans acquired with deteriorated credit quality in accordance with ASC 310-30
|
117
|
|
632
|
|
749
|
|
|||
Loans held at fair value
|
4,072
|
|
957
|
|
5,029
|
|
|||
Total loans, net of unearned income
|
$
|
271,641
|
|
$
|
393,831
|
|
$
|
665,472
|
|
In millions of dollars
|
Corporate
|
Consumer
|
Total
|
||||||
Allowance for loan losses at beginning of period
|
$
|
2,879
|
|
$
|
27,236
|
|
$
|
30,115
|
|
Charge-offs
|
(640
|
)
|
(16,365
|
)
|
(17,005
|
)
|
|||
Recoveries
|
417
|
|
2,357
|
|
2,774
|
|
|||
Replenishment of net charge-offs
|
223
|
|
14,008
|
|
14,231
|
|
|||
Net reserve build (releases)
|
2
|
|
(1,910
|
)
|
(1,908
|
)
|
|||
Net specific reserve releases
|
(138
|
)
|
(1,727
|
)
|
(1,865
|
)
|
|||
Other
|
33
|
|
(920
|
)
|
(887
|
)
|
|||
Ending balance
|
$
|
2,776
|
|
$
|
22,679
|
|
$
|
25,455
|
|
In millions of dollars
|
|
||
Balance at December 31, 2012
|
$
|
25,673
|
|
Foreign exchange translation
|
$
|
(577
|
)
|
Smaller acquisitions/divestitures, purchase accounting adjustments and other
|
(25
|
)
|
|
Sale of Brazil Credicard
|
(62
|
)
|
|
Balance at December 31, 2013
|
$
|
25,009
|
|
Foreign exchange translation and other
|
$
|
(1,214
|
)
|
Smaller acquisitions/divestitures, purchase accounting adjustments and other
|
(203
|
)
|
|
Balance at December 31, 2014
|
$
|
23,592
|
|
In millions of dollars
|
Global Consumer Banking
|
Institutional Clients Group
|
Citi Holdings
|
Total
|
||||||||
Balance at December 31, 2012
|
$
|
14,539
|
|
$
|
10,981
|
|
$
|
153
|
|
$
|
25,673
|
|
Goodwill disposed of during 2013
(1)
|
$
|
(82
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
(82
|
)
|
Other
(2)
|
(472
|
)
|
(113
|
)
|
3
|
|
$
|
(582
|
)
|
|||
Balance at December 31, 2013
|
$
|
13,985
|
|
$
|
10,868
|
|
$
|
156
|
|
$
|
25,009
|
|
Goodwill disposed of during 2014
(3)
|
$
|
(86
|
)
|
$
|
(1
|
)
|
$
|
(116
|
)
|
$
|
(203
|
)
|
Other
(2)
|
(505
|
)
|
(711
|
)
|
2
|
|
$
|
(1,214
|
)
|
|||
Balance at December 31, 2014
|
$
|
13,394
|
|
$
|
10,156
|
|
$
|
42
|
|
$
|
23,592
|
|
(1)
|
Primarily related to the sale of Credicard. See Note 2 to the Consolidated Financial Statements.
|
(2)
|
Other changes in
Goodwill
primarily reflect foreign exchange effects on non-dollar-denominated goodwill and purchase accounting adjustments.
|
(3)
|
Primarily related to the sale of the Spain consumer operations and the agreement to sell the Japan retail banking business. See Note 2 to the Consolidated Financial Statements.
|
In millions of dollars
|
|
|
|||
Reporting Unit
(1)
|
Fair Value as a % of allocated book value
|
Goodwill
|
|||
North America Global Consumer Banking
|
260
|
%
|
$
|
6,756
|
|
EMEA Global Consumer Banking
|
178
|
|
332
|
|
|
Asia Global Consumer Banking
|
264
|
|
4,704
|
|
|
Latin America Global Consumer Banking
|
214
|
|
1,602
|
|
|
Banking
|
404
|
|
3,481
|
|
|
Markets and Securities Services
|
200
|
|
6,675
|
|
|
Latin America Retirement Services
|
193
|
|
42
|
|
(1)
|
Citi Holdings
—Other
is excluded from the table as there is no goodwill allocated to it.
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||
In millions of dollars
|
Gross
carrying
amount
|
Accumulated
amortization
|
Net
carrying
amount
|
Gross
carrying
amount
|
Accumulated
amortization
|
Net
carrying
amount
|
||||||||||||
Purchased credit card relationships
|
$
|
7,626
|
|
$
|
6,294
|
|
$
|
1,332
|
|
$
|
7,552
|
|
$
|
6,006
|
|
$
|
1,546
|
|
Core deposit intangibles
|
1,153
|
|
1,021
|
|
132
|
|
1,255
|
|
1,052
|
|
203
|
|
||||||
Other customer relationships
|
579
|
|
331
|
|
248
|
|
675
|
|
389
|
|
286
|
|
||||||
Present value of future profits
|
233
|
|
154
|
|
79
|
|
238
|
|
146
|
|
92
|
|
||||||
Indefinite-lived intangible assets
|
290
|
|
—
|
|
290
|
|
323
|
|
—
|
|
323
|
|
||||||
Other
(1)
|
5,217
|
|
2,732
|
|
2,485
|
|
5,073
|
|
2,467
|
|
2,606
|
|
||||||
Intangible assets (excluding MSRs)
|
$
|
15,098
|
|
$
|
10,532
|
|
$
|
4,566
|
|
$
|
15,116
|
|
$
|
10,060
|
|
$
|
5,056
|
|
Mortgage servicing rights (MSRs)
(2)
|
1,845
|
|
—
|
|
1,845
|
|
2,718
|
|
—
|
|
2,718
|
|
||||||
Total intangible assets
|
$
|
16,943
|
|
$
|
10,532
|
|
$
|
6,411
|
|
$
|
17,834
|
|
$
|
10,060
|
|
$
|
7,774
|
|
(1)
|
Includes contract-related intangible assets.
|
(2)
|
For additional information on Citi’s MSRs, including the roll-forward from 2013 to 2014, see Note 22 to the Consolidated Financial Statements.
|
|
Net carrying
amount at |
|
|
|
|
Net carrying
amount at
|
||||||||||||
In millions of dollars
|
December 31, 2013
|
Acquisitions/
divestitures
|
Amortization
|
Impairments
|
FX and
other
(1)
|
December 31, 2014
|
||||||||||||
Purchased credit card relationships
|
$
|
1,546
|
|
$
|
110
|
|
$
|
(324
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
1,332
|
|
Core deposit intangibles
|
203
|
|
(6
|
)
|
(59
|
)
|
—
|
|
(6
|
)
|
132
|
|
||||||
Other customer relationships
|
286
|
|
14
|
|
(28
|
)
|
—
|
|
(24
|
)
|
248
|
|
||||||
Present value of future profits
|
92
|
|
—
|
|
(12
|
)
|
—
|
|
(1
|
)
|
79
|
|
||||||
Indefinite-lived intangible assets
|
323
|
|
(2
|
)
|
—
|
|
—
|
|
(31
|
)
|
290
|
|
||||||
Other
|
2,606
|
|
157
|
|
(333
|
)
|
(2
|
)
|
57
|
|
2,485
|
|
||||||
Intangible assets (excluding MSRs)
|
$
|
5,056
|
|
$
|
273
|
|
$
|
(756
|
)
|
$
|
(2
|
)
|
$
|
(5
|
)
|
$
|
4,566
|
|
Mortgage servicing rights (MSRs)
(2)
|
2,718
|
|
|
|
|
|
1,845
|
|
||||||||||
Total intangible assets
|
$
|
7,774
|
|
|
|
|
|
$
|
6,411
|
|
(1)
|
Includes foreign exchange translation and purchase accounting adjustments.
|
(2)
|
For additional information on Citi’s MSRs, including the roll-forward from 2013 to 2014, see Note
22
to the Consolidated Financial Statements.
|
|
2014
|
2013
|
||||||||
In millions of dollars
|
Balance
|
Weighted average coupon
|
Balance
|
Weighted average coupon
|
||||||
Commercial paper
|
|
|
|
|
||||||
Significant Citibank entities
(1)
|
$
|
16,085
|
|
0.22
|
%
|
$
|
17,677
|
|
0.25
|
%
|
Parent
(2)
|
70
|
|
0.95
|
|
201
|
|
1.11
|
|
||
Total Commercial paper
|
$
|
16,155
|
|
0.23
|
%
|
$
|
17,878
|
|
0.26
|
%
|
Other borrowings
(3)
|
$
|
42,180
|
|
0.53
|
%
|
$
|
41,066
|
|
0.87
|
%
|
Total
|
$
|
58,335
|
|
|
$
|
58,944
|
|
|
(1)
|
Significant Citibank Entities consist of Citibank, N.A. units domiciled in the U.S., Western Europe, Hong Kong and Singapore.
|
(2)
|
Parent includes the parent holding company (Citigroup Inc.) and Citi’s broker-dealer subsidiaries that are consolidated into Citigroup.
|
(3)
|
Includes borrowings from the Federal Home Loan Banks and other market participants. At both
December 31, 2014
and
December 31, 2013
, collateralized short-term advances from the Federal Home Loan Banks were
$11.2 billion
.
|
|
|
|
Balances at
December 31,
|
||||||
In millions of dollars
|
Weighted
average
coupon
|
Maturities
|
2014
|
2013
|
|||||
Citigroup Inc.
(1)
|
|
|
|
|
|||||
Senior debt
|
3.85
|
%
|
2015-2098
|
$
|
122,323
|
|
$
|
124,857
|
|
Subordinated debt
(2)
|
4.48
|
|
2015-2044
|
25,464
|
|
28,039
|
|
||
Trust preferred
securities
|
6.90
|
|
2036-2067
|
1,725
|
|
3,908
|
|
||
Bank
(3)
|
|
|
|
|
|||||
Senior debt
|
1.74
|
|
2015-2038
|
65,146
|
|
56,039
|
|
||
Subordinated debt
(2)
|
—
|
|
—
|
—
|
|
418
|
|
||
Broker-dealer
(4)
|
|
|
|
|
|||||
Senior debt
|
4.06
|
|
2015-2039
|
8,399
|
|
7,831
|
|
||
Subordinated debt
(2)
|
2.07
|
|
2016-2037
|
23
|
|
24
|
|
||
Total
(5)
|
3.34
|
%
|
|
$
|
223,080
|
|
$
|
221,116
|
|
Senior debt
|
|
|
$
|
195,868
|
|
$
|
188,727
|
|
|
Subordinated debt
(2)
|
|
|
25,487
|
|
28,481
|
|
|||
Trust preferred
securities
|
|
|
1,725
|
|
3,908
|
|
|||
Total
|
|
|
$
|
223,080
|
|
$
|
221,116
|
|
(1)
|
Parent holding company, Citigroup Inc.
|
(2)
|
Includes notes that are subordinated within certain countries, regions or subsidiaries.
|
(3)
|
Represents the Significant Citibank Entities as well as other Citibank and Banamex entities. At
December 31, 2014
and
December 31, 2013
, collateralized long-term advances from the Federal Home Loan Banks were
$19.8 billion
and
$14.0 billion
, respectively.
|
(4)
|
Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company.
|
(5)
|
Includes senior notes with carrying values of
$87 million
issued to outstanding Safety First Trusts at
December 31, 2013
. As of
December 31, 2014
,
no
amounts were outstanding to these trusts.
|
In millions of dollars
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
|
|||||||
Bank
|
$
|
14,459
|
|
$
|
21,248
|
|
$
|
14,190
|
|
$
|
9,128
|
|
$
|
2,146
|
|
$
|
3,975
|
|
$
|
65,146
|
|
Broker-dealer
|
760
|
|
708
|
|
210
|
|
141
|
|
1,725
|
|
4,878
|
|
8,422
|
|
|||||||
Citigroup Inc.
|
15,851
|
|
20,172
|
|
25,849
|
|
12,748
|
|
18,246
|
|
56,646
|
|
149,512
|
|
|||||||
Total
|
$
|
31,070
|
|
$
|
42,128
|
|
$
|
40,249
|
|
$
|
22,017
|
|
$
|
22,117
|
|
$
|
65,499
|
|
$
|
223,080
|
|
|
|
|
|
|
|
Junior subordinated debentures owned by trust
|
|||||||||
Trust
|
Issuance
date
|
Securities
issued
|
Liquidation
value
(1)
|
Coupon
rate
(2)
|
Common
shares
issued
to parent
|
Amount
|
Maturity
|
Redeemable
by issuer
beginning
|
|||||||
In millions of dollars, except share amounts
|
|
|
|
|
|
|
|
|
|
||||||
Citigroup Capital III
|
Dec. 1996
|
194,053
|
|
$
|
194
|
|
7.625
|
%
|
6,003
|
|
$
|
200
|
|
Dec. 1, 2036
|
Not redeemable
|
Citigroup Capital XIII
|
Sept. 2010
|
89,840,000
|
|
2,246
|
|
7.875
|
|
1,000
|
|
2,246
|
|
Oct. 30, 2040
|
Oct. 30, 2015
|
||
Citigroup Capital XVIII
|
Jun. 2007
|
99,901
|
|
156
|
|
6.829
|
|
50
|
|
156
|
|
June 28, 2067
|
June 28, 2017
|
||
Total obligated
|
|
|
|
$
|
2,596
|
|
|
|
$
|
2,602
|
|
|
|
(1)
|
Represents the notional value received by investors from the trusts at the time of issuance.
|
(2)
|
In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities.
|
In millions of
dollars, except ratios
|
Stated
minimum
|
Well
capitalized
minimum
|
Citigroup
(1)
|
Citibank,
N.A.
(1)
|
||||||
Common Equity Tier 1 Capital
|
|
|
|
|
$
|
166,984
|
|
$
|
129,135
|
|
Tier 1 Capital
|
|
|
|
|
166,984
|
|
129,135
|
|
||
Total Capital
(2)
|
|
|
|
|
185,280
|
|
140,119
|
|
||
Risk-weighted assets
|
|
|
1,275,012
|
|
946,333
|
|
||||
Quarterly adjusted average total assets
(3)
|
|
|
1,849,297
|
|
1,367,444
|
|
||||
Common Equity Tier 1 Capital ratio
|
4.0
|
%
|
N/A
|
|
13.10
|
%
|
13.65
|
%
|
||
Tier 1 Capital ratio
|
5.5
|
|
6.0
|
%
|
13.10
|
|
13.65
|
|
||
Total Capital ratio
|
8.0
|
|
10.0
|
|
14.53
|
|
14.81
|
|
||
Tier 1 Leverage ratio
|
4.0
|
|
5.0
(4)
|
|
9.03
|
|
9.44
|
|
(1)
|
As of
December 31, 2014
, Citigroup’s and Citibank, N.A.’s reportable Common Equity Tier 1 Capital, Tier 1 Capital, and Total Capital ratios were the lower derived under the Basel III Advanced Approaches framework.
|
(2)
|
Total Capital includes Tier 1 Capital and Tier 2 Capital.
|
(3)
|
Tier 1 Leverage ratio denominator.
|
In millions of dollars
|
|
|
|||||
Subsidiary
|
Jurisdiction
|
Net
capital or equivalent |
Excess over
minimum requirement |
||||
Citigroup Global Markets Inc.
|
U.S. Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-1)
|
$
|
5,521
|
|
$
|
4,376
|
|
Citigroup Global Markets Limited
|
United Kingdom’s Prudential Regulatory Authority (PRA)
|
$
|
7,162
|
|
$
|
2,482
|
|
|
Years ended December 31,
|
||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Revenues
|
|
|
|
|
|
|
|||
Interest revenue
|
$
|
3,121
|
|
$
|
3,234
|
|
$
|
3,384
|
|
Interest expense
|
4,437
|
|
5,559
|
|
6,573
|
|
|||
Net interest expense
|
$
|
(1,316
|
)
|
$
|
(2,325
|
)
|
$
|
(3,189
|
)
|
Dividends from subsidiaries
|
8,900
|
|
13,044
|
|
20,780
|
|
|||
Non-interest revenue
|
247
|
|
139
|
|
613
|
|
|||
Total revenues, net of interest expense
|
$
|
7,831
|
|
$
|
10,858
|
|
$
|
18,204
|
|
Total operating expenses
|
$
|
1,980
|
|
$
|
851
|
|
$
|
1,497
|
|
Income before taxes and equity in undistributed income of subsidiaries
|
$
|
5,851
|
|
$
|
10,007
|
|
$
|
16,707
|
|
Benefit for income taxes
|
(643
|
)
|
(1,637
|
)
|
(2,062
|
)
|
|||
Equity in undistributed income (loss) of subsidiaries
|
819
|
|
2,029
|
|
(11,228
|
)
|
|||
Parent company’s net income
|
$
|
7,313
|
|
$
|
13,673
|
|
$
|
7,541
|
|
Comprehensive income
|
|
|
|
|
|
||||
Parent company’s net income
|
$
|
7,313
|
|
$
|
13,673
|
|
$
|
7,541
|
|
Other comprehensive income (loss)
|
(4,083
|
)
|
(2,237
|
)
|
892
|
|
|||
Parent company’s comprehensive income
|
$
|
3,230
|
|
$
|
11,436
|
|
$
|
8,433
|
|
|
Years ended December 31,
|
|||||
In millions of dollars
|
2014
|
2013
|
||||
Assets
|
|
|
|
|
||
Cash and due from banks
|
$
|
125
|
|
$
|
233
|
|
Trading account assets
|
604
|
|
184
|
|
||
Investments
|
830
|
|
1,032
|
|
||
Advances to subsidiaries
|
77,951
|
|
83,110
|
|
||
Investments in subsidiaries
|
211,353
|
|
203,739
|
|
||
Other assets
(1)
|
110,908
|
|
106,170
|
|
||
Total assets
|
$
|
401,771
|
|
$
|
394,468
|
|
Liabilities
|
|
|
|
|||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
$
|
185
|
|
$
|
185
|
|
Trading account liabilities
|
762
|
|
165
|
|
||
Short-term borrowings
|
1,075
|
|
382
|
|
||
Long-term debt
|
149,512
|
|
156,804
|
|
||
Advances from subsidiaries other than banks
|
27,430
|
|
24,181
|
|
||
Other liabilities
|
12,273
|
|
8,412
|
|
||
Total liabilities
|
$
|
191,237
|
|
$
|
190,129
|
|
Total equity
|
210,534
|
|
204,339
|
|
||
Total liabilities and equity
|
$
|
401,771
|
|
$
|
394,468
|
|
(1)
|
Other assets included
$42.7 billion
of placements to Citibank, N.A. and its branches at December 31, 2014, of which
$33.9 billion
had a remaining term of less than 30 days. Other assets at December 31, 2013 included
$43.3 billion
of placements to Citibank, N.A. and its branches, of which
$33.6 billion
had a remaining term of less than 30 days.
|
|
Years ended December 31,
|
||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Net cash provided by (used in ) operating activities of continuing operations
|
$
|
5,940
|
|
$
|
(7,881
|
)
|
$
|
1,598
|
|
Cash flows from investing activities of continuing operations
|
|
|
|
|
|
||||
Purchases of investments
|
$
|
—
|
|
$
|
—
|
|
$
|
(5,701
|
)
|
Proceeds from sales of investments
|
41
|
|
385
|
|
37,056
|
|
|||
Proceeds from maturities of investments
|
155
|
|
233
|
|
4,286
|
|
|||
Changes in investments and advances—intercompany
|
(7,986
|
)
|
7,226
|
|
(397
|
)
|
|||
Other investing activities
|
5
|
|
4
|
|
994
|
|
|||
Net cash provided by investing activities of continuing operations
|
$
|
(7,785
|
)
|
$
|
7,848
|
|
$
|
36,238
|
|
Cash flows from financing activities of continuing operations
|
|
|
|
|
|
||||
Dividends paid
|
$
|
(633
|
)
|
$
|
(314
|
)
|
$
|
(143
|
)
|
Issuance of preferred stock
|
3,699
|
|
4,192
|
|
2,250
|
|
|||
Proceeds (repayments) from issuance of long-term debt—third-party, net
|
(3,636
|
)
|
(13,426
|
)
|
(33,434
|
)
|
|||
Net change in short-term borrowings and other advances—intercompany
|
3,297
|
|
11,402
|
|
(6,160
|
)
|
|||
Other financing activities
|
(990
|
)
|
(1,741
|
)
|
(199
|
)
|
|||
Net cash provided by (used in) financing activities of continuing operations
|
$
|
1,737
|
|
$
|
113
|
|
$
|
(37,686
|
)
|
Net increase (decrease) in cash and due from banks
|
$
|
(108
|
)
|
$
|
80
|
|
$
|
150
|
|
Cash and due from banks at beginning of period
|
233
|
|
153
|
|
3
|
|
|||
Cash and due from banks at end of period
|
$
|
125
|
|
$
|
233
|
|
$
|
153
|
|
Supplemental disclosure of cash flow information for continuing operations
|
|
|
|
|
|
||||
Cash paid (received) during the year for
|
|
|
|
|
|
||||
Income taxes
|
$
|
235
|
|
$
|
(71
|
)
|
$
|
78
|
|
Interest
|
5,632
|
|
6,514
|
|
7,883
|
|
In millions of dollars
|
Net
unrealized
gains (losses)
on investment securities
|
Cash flow hedges
(1)
|
Benefit plans
(2)
|
Foreign
currency
translation
adjustment,
net of hedges (CTA)
(3)(4)
|
Accumulated
other
comprehensive income (loss)
|
||||||||||
Balance, December 31, 2011
|
$
|
(35
|
)
|
$
|
(2,820
|
)
|
$
|
(4,282
|
)
|
$
|
(10,651
|
)
|
$
|
(17,788
|
)
|
Change, net of taxes
(5)(6)
|
632
|
|
527
|
|
(988
|
)
|
721
|
|
892
|
|
|||||
Balance, December 31, 2012
|
$
|
597
|
|
$
|
(2,293
|
)
|
$
|
(5,270
|
)
|
$
|
(9,930
|
)
|
$
|
(16,896
|
)
|
Other comprehensive income before reclassifications
|
$
|
(1,962
|
)
|
$
|
512
|
|
$
|
1,098
|
|
$
|
(2,534
|
)
|
$
|
(2,886
|
)
|
Increase (decrease) due to amounts reclassified from AOCI
(7)
|
(275
|
)
|
536
|
|
183
|
|
205
|
|
649
|
|
|||||
Change, net of taxes
(7)
|
$
|
(2,237
|
)
|
$
|
1,048
|
|
$
|
1,281
|
|
$
|
(2,329
|
)
|
$
|
(2,237
|
)
|
Balance, December 31, 2013
|
$
|
(1,640
|
)
|
$
|
(1,245
|
)
|
$
|
(3,989
|
)
|
$
|
(12,259
|
)
|
$
|
(19,133
|
)
|
Other comprehensive income before reclassifications
|
$
|
1,790
|
|
$
|
85
|
|
$
|
(1,346
|
)
|
$
|
(4,946
|
)
|
$
|
(4,417
|
)
|
Increase (decrease) due to amounts reclassified from AOCI
|
(93
|
)
|
251
|
|
176
|
|
—
|
|
334
|
|
|||||
Change, net of taxes
|
$
|
1,697
|
|
$
|
336
|
|
$
|
(1,170
|
)
|
$
|
(4,946
|
)
|
$
|
(4,083
|
)
|
Balance at December 31, 2014
|
$
|
57
|
|
$
|
(909
|
)
|
$
|
(5,159
|
)
|
$
|
(17,205
|
)
|
$
|
(23,216
|
)
|
(1)
|
Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities.
|
(2)
|
Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans, annual actuarial valuations of all other plans, and amortization of amounts previously recognized in other comprehensive income. Reflects the adoption of new mortality tables effective
December 31, 2014
(see Note
8
to the Consolidated Financial Statements).
|
(3)
|
Primarily reflects the movements in (by order of impact) the Mexican peso, euro, Japanese yen, and Russian ruble against the U.S. dollar, and changes in related tax effects and hedges for the
year ended
December 31, 2014
. Primarily reflects the movements in (by order of impact) the Japanese yen, Mexican peso, Australian dollar, and Indian rupee against the U.S. dollar, and changes in related tax effects and hedges for the
year ended
December 31, 2013
. Primarily reflects the movements in (by order of impact) the Mexican peso, Japanese yen, euro, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges for the
year ended
December 31, 2012
.
|
(4)
|
During
2014
,
$137 million
(
$84 million
net of tax) was reclassified to reflect the allocation of foreign currency translation between net unrealized gains (losses) on investment securities to CTA.
|
(5)
|
Includes the after-tax impact of realized gains from the sales of minority investments:
$672 million
from the Company’s entire interest in Housing Development Finance Corporation Ltd. (HDFC); and
$421 million
from the Company’s entire interest in Shanghai Pudong Development Bank (SPDB).
|
(6)
|
The after-tax impact due to impairment charges and the loss related to Akbank included within the foreign currency translation adjustment, during 2012 was
$667 million
(see Note 14 to the Consolidated Financial Statements).
|
(7)
|
On December 20, 2013, the sale of Credicard was completed (see Note 2 to the Consolidated Financial Statements). The total impact to the gross CTA (net CTA including hedges) was a pretax loss of
$314 million
(
$205 million
net of tax).
|
In millions of dollars
|
Pretax
|
Tax effect
|
After-tax
|
||||||
Balance, December 31, 2011
|
$
|
(25,807
|
)
|
$
|
8,019
|
|
$
|
(17,788
|
)
|
Change in net unrealized gains (losses) on investment securities
|
1,001
|
|
(369
|
)
|
632
|
|
|||
Cash flow hedges
|
838
|
|
(311
|
)
|
527
|
|
|||
Benefit plans
|
(1,378
|
)
|
390
|
|
(988
|
)
|
|||
Foreign currency translation adjustment
|
12
|
|
709
|
|
721
|
|
|||
Change
|
$
|
473
|
|
$
|
419
|
|
$
|
892
|
|
Balance, December 31, 2012
|
$
|
(25,334
|
)
|
$
|
8,438
|
|
$
|
(16,896
|
)
|
Change in net unrealized gains (losses) on investment securities
|
(3,537
|
)
|
1,300
|
|
(2,237
|
)
|
|||
Cash flow hedges
|
1,673
|
|
(625
|
)
|
1,048
|
|
|||
Benefit plans
|
1,979
|
|
(698
|
)
|
1,281
|
|
|||
Foreign currency translation adjustment
|
(2,377
|
)
|
48
|
|
(2,329
|
)
|
|||
Change
|
$
|
(2,262
|
)
|
$
|
25
|
|
$
|
(2,237
|
)
|
Balance, December 31, 2013
|
$
|
(27,596
|
)
|
$
|
8,463
|
|
$
|
(19,133
|
)
|
Change in net unrealized gains (losses) on investment securities
|
2,704
|
|
(1,007
|
)
|
1,697
|
|
|||
Cash flow hedges
|
543
|
|
(207
|
)
|
336
|
|
|||
Benefit plans
|
(1,830
|
)
|
660
|
|
(1,170
|
)
|
|||
Foreign currency translation adjustment
|
(4,881
|
)
|
(65
|
)
|
(4,946
|
)
|
|||
Change
|
$
|
(3,464
|
)
|
$
|
(619
|
)
|
$
|
(4,083
|
)
|
Balance, December 31, 2014
|
$
|
(31,060
|
)
|
$
|
7,844
|
|
$
|
(23,216
|
)
|
|
|
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income
|
||
In millions of dollars
|
|
Year ended December 31, 2014
|
||
Realized (gains) losses on sales of investments
|
|
$
|
(570
|
)
|
OTTI gross impairment losses
|
|
424
|
|
|
Subtotal, pretax
|
|
$
|
(146
|
)
|
Tax effect
|
|
53
|
|
|
Net realized (gains) losses on investment securities, after-tax
(1)
|
|
$
|
(93
|
)
|
Interest rate contracts
|
|
$
|
260
|
|
Foreign exchange contracts
|
|
149
|
|
|
Subtotal, pretax
|
|
$
|
409
|
|
Tax effect
|
|
(158
|
)
|
|
Amortization of cash flow hedges, after-tax
(2)
|
|
$
|
251
|
|
Amortization of unrecognized
|
|
|
||
Prior service cost (benefit)
|
|
$
|
(40
|
)
|
Net actuarial loss
|
|
243
|
|
|
Curtailment/settlement impact
(3)
|
|
76
|
|
|
Subtotal, pretax
|
|
$
|
279
|
|
Tax effect
|
|
(103
|
)
|
|
Amortization of benefit plans, after-tax
(3)
|
|
$
|
176
|
|
Foreign currency translation adjustment
|
|
$
|
—
|
|
Total amounts reclassified out of AOCI, pretax
|
|
$
|
542
|
|
Total tax effect
|
|
(208
|
)
|
|
Total amounts reclassified out of AOCI, after-tax
|
|
$
|
334
|
|
(1)
|
The pretax amount is reclassified to
Realized gains (losses) on sales of investments, net
and
Gross impairment losses
on the Consolidated Statement of Income. See Note
14
to the Consolidated Financial Statements for additional details.
|
(2)
|
See Note
23
to the Consolidated Financial Statements for additional details.
|
(3)
|
See Notes
1
and
8
to the Consolidated Financial Statements for additional details.
|
|
|
Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income
|
||
In millions of dollars
|
|
Year ended December 31, 2013
|
||
Realized (gains) losses on sales of investments
|
|
$
|
(748
|
)
|
OTTI gross impairment losses
|
|
334
|
|
|
Subtotal, pretax
|
|
$
|
(414
|
)
|
Tax effect
|
|
139
|
|
|
Net realized (gains) losses on investment securities, after-tax
(1)
|
|
$
|
(275
|
)
|
Interest rate contracts
|
|
$
|
700
|
|
Foreign exchange contracts
|
|
176
|
|
|
Subtotal, pretax
|
|
$
|
876
|
|
Tax effect
|
|
(340
|
)
|
|
Amortization of cash flow hedges, after-tax
(2)
|
|
$
|
536
|
|
Amortization of unrecognized
|
|
|
||
Prior service cost (benefit)
|
|
$
|
—
|
|
Net actuarial loss
|
|
271
|
|
|
Curtailment/settlement impact
(3)
|
|
44
|
|
|
Cumulative effect of change in accounting policy
(3)
|
|
(20
|
)
|
|
Subtotal, pretax
|
|
$
|
295
|
|
Tax effect
|
|
(112
|
)
|
|
Amortization of benefit plans, after-tax
(3)
|
|
$
|
183
|
|
Foreign currency translation adjustment
|
|
$
|
205
|
|
Total amounts reclassified out of AOCI, pretax
|
|
$
|
1,071
|
|
Total tax effect
|
|
(422
|
)
|
|
Total amounts reclassified out of AOCI, after-tax
|
|
$
|
649
|
|
(1)
|
The pretax amount is reclassified to
Realized gains (losses) on sales of investments, net
and
Gross impairment losses
on the Consolidated Statement of Income. See Note
14
to the Consolidated Financial Statements for additional details.
|
(2)
|
See Note
23
to the Consolidated Financial Statements for additional details.
|
(3)
|
See Notes
1
and
8
to the Consolidated Financial Statements for additional details.
|
|
|
|
|
|
|
Carrying value
in millions of dollars
|
|||||||||
|
Issuance date
|
Redeemable by issuer beginning
|
Dividend
rate |
Redemption
price per depositary share/preference share |
Number
of depositary shares |
December 31,
2014 |
December 31,
2013 |
||||||||
Series AA
(1)
|
January 25, 2008
|
February 15, 2018
|
8.125
|
%
|
$
|
25
|
|
3,870,330
|
|
$
|
97
|
|
$
|
97
|
|
Series E
(2)
|
April 28, 2008
|
April 30, 2018
|
8.400
|
%
|
1,000
|
|
121,254
|
|
121
|
|
121
|
|
|||
Series A
(3)
|
October 29, 2012
|
January 30, 2023
|
5.950
|
%
|
1,000
|
|
1,500,000
|
|
1,500
|
|
1,500
|
|
|||
Series B
(4)
|
December 13, 2012
|
February 15, 2023
|
5.900
|
%
|
1,000
|
|
750,000
|
|
750
|
|
750
|
|
|||
Series C
(5)
|
March 26, 2013
|
April 22, 2018
|
5.800
|
%
|
25
|
|
23,000,000
|
|
575
|
|
575
|
|
|||
Series D
(6)
|
April 30, 2013
|
May 15, 2023
|
5.350
|
%
|
1,000
|
|
1,250,000
|
|
1,250
|
|
1,250
|
|
|||
Series J
(7)
|
September 19, 2013
|
September 30, 2023
|
7.125
|
%
|
25
|
|
38,000,000
|
|
950
|
|
950
|
|
|||
Series K
(8)
|
October 31, 2013
|
November 15, 2023
|
6.875
|
%
|
25
|
|
59,800,000
|
|
1,495
|
|
1,495
|
|
|||
Series L
(9)
|
February 12, 2014
|
February 12, 2019
|
6.875
|
%
|
25
|
|
19,200,000
|
|
480
|
|
—
|
|
|||
Series M
(10)
|
April 30, 2014
|
May 15, 2024
|
6.300
|
%
|
1,000
|
|
1,750,000
|
|
1,750
|
|
—
|
|
|||
Series N
(11)
|
October 29, 2014
|
November 15, 2019
|
5.800
|
%
|
1,000
|
|
1,500,000
|
|
1,500
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
$
|
10,468
|
|
$
|
6,738
|
|
(1)
|
Issued as depositary shares, each representing a 1/1,000
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15 and November 15 when, as and if declared by the Citi Board of Directors.
|
(2)
|
Issued as depositary shares, each representing a 1/25
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on April 30 and October 30 at a fixed rate until April 30, 2018, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
|
(3)
|
Issued as depositary shares, each representing a 1/25
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
|
(4)
|
Issued as depositary shares, each representing a 1/25
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
|
(5)
|
Issued as depositary shares, each representing a 1/1,000
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors.
|
(6)
|
Issued as depositary shares, each representing a 1/25
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
|
(7)
|
Issued as depositary shares, each representing a 1/1,000
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
|
(8)
|
Issued as depositary shares, each representing a 1/1,000
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
|
(9)
|
Issued as depositary shares, each representing a 1/1,000
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors.
|
(10)
|
Issued as depository shares, each representing a 1/25
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15, and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
|
(11)
|
Issued as depository shares, each representing a 1/25
th
interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends payable semi-annually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2019, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
|
•
|
power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and
|
•
|
an obligation to absorb losses of the entity that could potentially be significant to the VIE, or a right to receive benefits from the entity that could potentially be significant to the VIE.
|
|
As of December 31, 2014
|
|
||||||||||||||||||||||
|
|
|
|
Maximum exposure to loss in significant unconsolidated VIEs
(1)
|
||||||||||||||||||||
|
|
|
|
Funded exposures
(2)
|
Unfunded exposures
|
|
||||||||||||||||||
In millions of dollars
|
Total
involvement
with SPE
assets
|
Consolidated
VIE / SPE assets
|
Significant
unconsolidated
VIE assets
(3)
|
Debt
investments
|
Equity
investments
|
Funding
commitments
|
Guarantees
and
derivatives
|
Total
|
||||||||||||||||
Citicorp
|
|
|
|
|
|
|
|
|
||||||||||||||||
Credit card securitizations
|
$
|
60,211
|
|
$
|
60,211
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Mortgage securitizations
(4)
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. agency-sponsored
|
236,771
|
|
—
|
|
236,771
|
|
5,063
|
|
—
|
|
—
|
|
19
|
|
5,082
|
|
||||||||
Non-agency-sponsored
|
8,071
|
|
1,239
|
|
6,832
|
|
560
|
|
—
|
|
—
|
|
—
|
|
560
|
|
||||||||
Citi-administered asset-backed commercial paper conduits (ABCP)
|
29,181
|
|
29,181
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Collateralized debt obligations (CDOs)
|
3,382
|
|
—
|
|
3,382
|
|
45
|
|
—
|
|
—
|
|
—
|
|
45
|
|
||||||||
Collateralized loan obligations (CLOs)
|
13,099
|
|
—
|
|
13,099
|
|
1,692
|
|
—
|
|
—
|
|
—
|
|
1,692
|
|
||||||||
Asset-based financing
|
62,577
|
|
1,149
|
|
61,428
|
|
22,891
|
|
63
|
|
2,185
|
|
333
|
|
25,472
|
|
||||||||
Municipal securities tender option bond trusts (TOBs)
|
12,280
|
|
6,671
|
|
5,609
|
|
3
|
|
—
|
|
3,670
|
|
—
|
|
3,673
|
|
||||||||
Municipal investments
|
16,825
|
|
70
|
|
16,755
|
|
2,012
|
|
2,021
|
|
1,321
|
|
—
|
|
5,354
|
|
||||||||
Client intermediation
|
1,745
|
|
137
|
|
1,608
|
|
10
|
|
—
|
|
—
|
|
10
|
|
20
|
|
||||||||
Investment funds
(5)
|
31,474
|
|
1,096
|
|
30,378
|
|
16
|
|
382
|
|
124
|
|
—
|
|
522
|
|
||||||||
Trust preferred securities
|
2,633
|
|
—
|
|
2,633
|
|
—
|
|
6
|
|
—
|
|
—
|
|
6
|
|
||||||||
Other
|
5,685
|
|
296
|
|
5,389
|
|
183
|
|
1,451
|
|
23
|
|
73
|
|
1,730
|
|
||||||||
Total
|
$
|
483,934
|
|
$
|
100,050
|
|
$
|
383,884
|
|
$
|
32,475
|
|
$
|
3,923
|
|
$
|
7,323
|
|
$
|
435
|
|
$
|
44,156
|
|
Citi Holdings
|
|
|
|
|
|
|
|
|
||||||||||||||||
Credit card securitizations
|
$
|
292
|
|
$
|
60
|
|
$
|
232
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Mortgage securitizations
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. agency-sponsored
|
28,077
|
|
—
|
|
28,077
|
|
150
|
|
—
|
|
—
|
|
91
|
|
241
|
|
||||||||
Non-agency-sponsored
|
9,817
|
|
65
|
|
9,752
|
|
17
|
|
—
|
|
—
|
|
1
|
|
18
|
|
||||||||
Collateralized debt obligations (CDOs)
|
2,235
|
|
—
|
|
2,235
|
|
174
|
|
—
|
|
—
|
|
86
|
|
260
|
|
||||||||
Collateralized loan obligations (CLOs)
|
1,020
|
|
—
|
|
1,020
|
|
54
|
|
—
|
|
—
|
|
—
|
|
54
|
|
||||||||
Asset-based financing
|
1,323
|
|
2
|
|
1,321
|
|
37
|
|
3
|
|
86
|
|
—
|
|
126
|
|
||||||||
Municipal investments
|
6,881
|
|
—
|
|
6,881
|
|
2
|
|
176
|
|
904
|
|
—
|
|
1,082
|
|
||||||||
Investment funds
|
518
|
|
—
|
|
518
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Other
|
2,613
|
|
2,613
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Total
|
$
|
52,776
|
|
$
|
2,740
|
|
$
|
50,036
|
|
$
|
434
|
|
$
|
179
|
|
$
|
990
|
|
$
|
178
|
|
$
|
1,781
|
|
Total Citigroup
|
$
|
536,710
|
|
$
|
102,790
|
|
$
|
433,920
|
|
$
|
32,909
|
|
$
|
4,102
|
|
$
|
8,313
|
|
$
|
613
|
|
$
|
45,937
|
|
(2)
|
Included on Citigroup’s
December 31, 2014
Consolidated Balance Sheet.
|
(3)
|
A significant unconsolidated VIE is an entity where the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss or the notional amount of exposure.
|
(4)
|
Citicorp mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion.
|
|
As of December 31, 2013
|
|
||||||||||||||||||||||
|
|
|
|
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
|
||||||||||||||||
Citicorp
|
|
|
|
|
|
|
|
|
||||||||||||||||
Credit card securitizations
|
$
|
52,229
|
|
$
|
52,229
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Mortgage securitizations
(4)
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. agency-sponsored
|
239,204
|
|
—
|
|
239,204
|
|
3,583
|
|
—
|
|
—
|
|
36
|
|
3,619
|
|
||||||||
Non-agency-sponsored
|
7,711
|
|
598
|
|
7,113
|
|
583
|
|
—
|
|
—
|
|
—
|
|
583
|
|
||||||||
Citi-administered asset-backed commercial paper conduits (ABCP)
|
31,759
|
|
31,759
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Collateralized debt obligations (CDOs)
|
4,204
|
|
—
|
|
4,204
|
|
34
|
|
—
|
|
—
|
|
—
|
|
34
|
|
||||||||
Collateralized loan obligations (CLOs)
|
16,883
|
|
—
|
|
16,883
|
|
1,938
|
|
—
|
|
—
|
|
—
|
|
1,938
|
|
||||||||
Asset-based financing
|
45,884
|
|
971
|
|
44,913
|
|
17,341
|
|
74
|
|
1,004
|
|
195
|
|
18,614
|
|
||||||||
Municipal securities tender option bond trusts (TOBs)
|
12,716
|
|
7,039
|
|
5,677
|
|
29
|
|
—
|
|
3,881
|
|
—
|
|
3,910
|
|
||||||||
Municipal investments
|
15,962
|
|
223
|
|
15,739
|
|
1,846
|
|
2,073
|
|
1,173
|
|
—
|
|
5,092
|
|
||||||||
Client intermediation
|
1,778
|
|
195
|
|
1,583
|
|
145
|
|
—
|
|
—
|
|
—
|
|
145
|
|
||||||||
Investment funds
(5)
|
32,324
|
|
3,094
|
|
29,230
|
|
191
|
|
264
|
|
81
|
|
—
|
|
536
|
|
||||||||
Trust preferred securities
|
4,822
|
|
—
|
|
4,822
|
|
—
|
|
51
|
|
—
|
|
—
|
|
51
|
|
||||||||
Other
|
2,439
|
|
225
|
|
2,214
|
|
143
|
|
649
|
|
20
|
|
78
|
|
890
|
|
||||||||
Total
|
$
|
467,915
|
|
$
|
96,333
|
|
$
|
371,582
|
|
$
|
25,833
|
|
$
|
3,111
|
|
$
|
6,159
|
|
$
|
309
|
|
$
|
35,412
|
|
Citi Holdings
|
|
|
|
|
|
|
|
|
||||||||||||||||
Credit card securitizations
|
$
|
1,867
|
|
$
|
1,448
|
|
$
|
419
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Mortgage securitizations
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. agency-sponsored
|
73,549
|
|
—
|
|
73,549
|
|
549
|
|
—
|
|
—
|
|
77
|
|
626
|
|
||||||||
Non-agency-sponsored
|
13,193
|
|
1,695
|
|
11,498
|
|
35
|
|
—
|
|
—
|
|
2
|
|
37
|
|
||||||||
Student loan securitizations
|
1,520
|
|
1,520
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Collateralized debt obligations (CDOs)
|
3,879
|
|
—
|
|
3,879
|
|
273
|
|
—
|
|
—
|
|
87
|
|
360
|
|
||||||||
Collateralized loan obligations (CLOs)
|
2,733
|
|
—
|
|
2,733
|
|
358
|
|
—
|
|
—
|
|
111
|
|
469
|
|
||||||||
Asset-based financing
|
3,508
|
|
3
|
|
3,505
|
|
629
|
|
3
|
|
258
|
|
—
|
|
890
|
|
||||||||
Municipal investments
|
7,304
|
|
—
|
|
7,304
|
|
3
|
|
204
|
|
939
|
|
—
|
|
1,146
|
|
||||||||
Investment funds
|
1,237
|
|
—
|
|
1,237
|
|
—
|
|
61
|
|
—
|
|
—
|
|
61
|
|
||||||||
Other
|
4,494
|
|
4,434
|
|
60
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Total
|
$
|
113,284
|
|
$
|
9,100
|
|
$
|
104,184
|
|
$
|
1,847
|
|
$
|
268
|
|
$
|
1,197
|
|
$
|
277
|
|
$
|
3,589
|
|
Total Citigroup
|
$
|
581,199
|
|
$
|
105,433
|
|
$
|
475,766
|
|
$
|
27,680
|
|
$
|
3,379
|
|
$
|
7,356
|
|
$
|
586
|
|
$
|
39,001
|
|
(1)
|
The definition of maximum exposure to loss is included in the text that follows this table.
|
(2)
|
Included on Citigroup’s
December 31, 2013
Consolidated Balance Sheet.
|
(3)
|
A significant unconsolidated VIE is an entity where the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss or the notional amount of exposure.
|
(4)
|
Citicorp mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion.
|
•
|
certain venture capital investments made by some of the Company’s private equity subsidiaries, as the Company accounts for these investments in accordance with the Investment Company Audit Guide (codified in ASC 946);
|
•
|
certain limited partnerships that are investment funds that qualify for the deferral from the requirements of ASC 810 where the Company is the general partner and the limited partners have the right to replace the general partner or liquidate the funds;
|
•
|
certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services;
|
•
|
VIEs structured by third parties where the Company holds securities in inventory, as these investments are made on arm’s-length terms;
|
•
|
certain positions in mortgage-backed and asset-backed securities held by the Company, which are classified as
Trading account assets
or
Investments
, where the Company has no other involvement with the related securitization entity deemed to be significant (for more information on these positions, see Notes
13
and
14
to the Consolidated Financial Statements);
|
•
|
certain representations and warranties exposures in legacy
Securities and
Banking
-sponsored mortgage-backed and asset-backed securitizations, where the Company has no variable interest or continuing involvement as servicer. The outstanding balance of mortgage loans securitized during 2005 to 2008 where the Company has no variable interest or continuing involvement as servicer was approximately
$14 billion
and
$16 billion
at
December 31, 2014
and
2013
, respectively; and
|
•
|
certain representations and warranties exposures in Citigroup residential mortgage securitizations, where the original mortgage loan balances are no longer outstanding.
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||
|
Liquidity
|
Loan
|
Liquidity
|
Loan
|
||||||||
In millions of dollars
|
facilities
|
commitments
|
facilities
|
commitments
|
||||||||
Citicorp
|
|
|
|
|
||||||||
Asset-based financing
|
$
|
5
|
|
$
|
2,180
|
|
$
|
5
|
|
$
|
999
|
|
Municipal securities tender option bond trusts (TOBs)
|
3,670
|
|
—
|
|
3,881
|
|
—
|
|
||||
Municipal investments
|
—
|
|
1,321
|
|
—
|
|
1,173
|
|
||||
Investment funds
|
—
|
|
124
|
|
—
|
|
81
|
|
||||
Other
|
—
|
|
23
|
|
—
|
|
20
|
|
||||
Total Citicorp
|
$
|
3,675
|
|
$
|
3,648
|
|
$
|
3,886
|
|
$
|
2,273
|
|
Citi Holdings
|
|
|
|
|
||||||||
Asset-based financing
|
$
|
—
|
|
$
|
86
|
|
$
|
—
|
|
$
|
258
|
|
Municipal investments
|
—
|
|
904
|
|
—
|
|
939
|
|
||||
Total Citi Holdings
|
$
|
—
|
|
$
|
990
|
|
$
|
—
|
|
$
|
1,197
|
|
Total Citigroup funding commitments
|
$
|
3,675
|
|
$
|
4,638
|
|
$
|
3,886
|
|
$
|
3,470
|
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||
In billions of dollars
|
Citicorp
|
Citi Holdings
|
Citigroup
|
Citicorp
|
Citi Holdings
|
Citigroup
|
||||||||||||
Cash
|
$
|
0.1
|
|
$
|
0.2
|
|
$
|
0.3
|
|
$
|
0.2
|
|
$
|
0.2
|
|
$
|
0.4
|
|
Trading account assets
|
0.7
|
|
—
|
|
0.7
|
|
1.0
|
|
—
|
|
1.0
|
|
||||||
Investments
|
8.0
|
|
—
|
|
8.0
|
|
10.9
|
|
—
|
|
10.9
|
|
||||||
Total loans, net
|
90.6
|
|
2.5
|
|
93.1
|
|
83.2
|
|
8.7
|
|
91.9
|
|
||||||
Other
|
0.6
|
|
—
|
|
0.6
|
|
1.1
|
|
0.2
|
|
1.3
|
|
||||||
Total assets
|
$
|
100.0
|
|
$
|
2.7
|
|
$
|
102.7
|
|
$
|
96.4
|
|
$
|
9.1
|
|
$
|
105.5
|
|
Short-term borrowings
|
$
|
22.7
|
|
$
|
—
|
|
$
|
22.7
|
|
$
|
24.3
|
|
$
|
—
|
|
$
|
24.3
|
|
Long-term debt
|
38.1
|
|
2.0
|
|
40.1
|
|
32.8
|
|
2.0
|
|
34.8
|
|
||||||
Other liabilities
|
0.8
|
|
0.1
|
|
0.9
|
|
0.9
|
|
0.1
|
|
1.0
|
|
||||||
Total liabilities
|
$
|
61.6
|
|
$
|
2.1
|
|
$
|
63.7
|
|
$
|
58.0
|
|
$
|
2.1
|
|
$
|
60.1
|
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||
In billions of dollars
|
Citicorp
|
Citi Holdings
|
Citigroup
|
Citicorp
|
Citi Holdings
|
Citigroup
|
||||||||||||
Trading account assets
|
$
|
7.4
|
|
$
|
0.2
|
|
$
|
7.6
|
|
$
|
4.8
|
|
$
|
0.6
|
|
$
|
5.4
|
|
Investments
|
2.4
|
|
0.2
|
|
2.6
|
|
3.7
|
|
0.4
|
|
4.1
|
|
||||||
Total loans, net
|
24.9
|
|
0.1
|
|
25.0
|
|
18.2
|
|
0.6
|
|
18.8
|
|
||||||
Other
|
1.8
|
|
0.2
|
|
2.0
|
|
2.2
|
|
0.5
|
|
2.7
|
|
||||||
Total assets
|
$
|
36.5
|
|
$
|
0.7
|
|
$
|
37.2
|
|
$
|
28.9
|
|
$
|
2.1
|
|
$
|
31.0
|
|
|
Citicorp
|
Citi Holdings
|
||||||||||
In billions of dollars
|
December 31,
2014 |
December 31, 2013
|
December 31,
2014 |
December 31, 2013
|
||||||||
Ownership interests in principal amount of trust credit card receivables
|
|
|
|
|
||||||||
Sold to investors via trust-issued securities
|
$
|
37.0
|
|
$
|
32.3
|
|
$
|
—
|
|
$
|
—
|
|
Retained by Citigroup as trust-issued securities
|
10.1
|
|
8.1
|
|
—
|
|
1.3
|
|
||||
Retained by Citigroup via non-certificated interests
|
14.2
|
|
12.1
|
|
—
|
|
—
|
|
||||
Total ownership interests in principal amount of trust credit card receivables
|
$
|
61.3
|
|
$
|
52.5
|
|
$
|
—
|
|
$
|
1.3
|
|
In billions of dollars
|
2014
|
2013
|
2012
|
||||||
Proceeds from new securitizations
|
$
|
12.5
|
|
$
|
11.5
|
|
$
|
0.5
|
|
Pay down of maturing notes
|
(7.8
|
)
|
(2.1
|
)
|
(20.4
|
)
|
In billions of dollars
|
2014
|
2013
|
2012
|
||||||
Proceeds from new securitizations
|
$
|
0.1
|
|
$
|
0.2
|
|
$
|
1.7
|
|
Pay down of maturing notes
|
—
|
|
(0.1
|
)
|
(0.1
|
)
|
In billions of dollars
|
Dec. 31, 2014
|
Dec. 31, 2013
|
||||
Term notes issued to third parties
|
$
|
35.7
|
|
$
|
27.9
|
|
Term notes retained by Citigroup affiliates
|
8.2
|
|
6.2
|
|
||
Total Master Trust liabilities
|
$
|
43.9
|
|
$
|
34.1
|
|
In billions of dollars
|
Dec. 31, 2014
|
Dec. 31, 2013
|
||||
Term notes issued to third parties
|
$
|
1.3
|
|
$
|
4.4
|
|
Term notes retained by Citigroup affiliates
|
1.9
|
|
1.9
|
|
||
Total Omni Trust liabilities
|
$
|
3.2
|
|
$
|
6.3
|
|
|
2014
|
2013
|
2012
|
|||||||||
In billions of dollars
|
U.S. agency-
sponsored mortgages |
|
Non-agency-
sponsored mortgages |
|
Agency- and
non-agency- sponsored mortgages |
|
Agency- and
non-agency- sponsored mortgages |
|
||||
Proceeds from new securitizations
|
$
|
27.4
|
|
$
|
11.8
|
|
$
|
72.5
|
|
$
|
56.5
|
|
Contractual servicing fees received
|
0.4
|
|
—
|
|
0.4
|
|
0.5
|
|
||||
Cash flows received on retained interests and other net cash flows
|
0.1
|
|
—
|
|
0.1
|
|
0.1
|
|
|
December 31, 2014
|
|||||
|
|
Non-agency-sponsored mortgages
(1)
|
|
|||
|
|
Senior
interests |
|
Subordinated
interests |
|
|
Discount rate
|
0.0% to 14.7%
|
|
1.4% to 6.6%
|
|
2.6% to 9.1%
|
|
Weighted average discount rate
|
11.0
|
%
|
4.2
|
%
|
7.8
|
%
|
Constant prepayment rate
|
0.0% to 23.1%
|
|
0.0% to 7.0%
|
|
0.5% to 8.9%
|
|
Weighted average constant prepayment rate
|
6.2
|
%
|
5.4
|
%
|
3.2
|
%
|
Anticipated net credit losses
(2)
|
NM
|
|
40.0% to 67.1%
|
|
8.9% to 58.5%
|
|
Weighted average anticipated net credit losses
|
NM
|
|
56.3
|
%
|
43.1
|
%
|
Weighted average life
|
0.0 to 9.7 years
|
|
2.6 to 11.1 years
|
|
3.0 to 14.5 years
|
|
|
December 31, 2013
|
|||||
|
|
Non-agency-sponsored mortgages
(1)
|
|
|||
|
|
Senior
interests |
|
Subordinated
interests |
|
|
Discount rate
|
0.0% to 12.4%
|
|
2.3% to 4.3%
|
|
0.1% to 19.2%
|
|
Weighted average discount rate
|
10.1
|
%
|
3.4
|
%
|
7.8
|
%
|
Constant prepayment rate
|
0.0% to 21.4%
|
|
5.4% to 10.0%
|
|
0.1% to 11.2%
|
|
Weighted average constant prepayment rate
|
5.5
|
%
|
7.2
|
%
|
7.5
|
%
|
Anticipated net credit losses
(2)
|
NM
|
|
47.2% to 53.0%
|
|
0.1% to 89.0%
|
|
Weighted average anticipated net credit losses
|
NM
|
|
49.3
|
%
|
49.2
|
%
|
Weighted average life
|
0.0 to 12.4 years
|
|
2.9 to 9.7 years
|
|
2.5 to 16.5 years
|
|
(1)
|
Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
|
(2)
|
Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations.
|
|
December 31, 2014
|
|||||
|
|
Non-agency-sponsored mortgages
(1)
|
|
|||
|
|
Senior
interests |
|
Subordinated
interests |
|
|
Discount rate
|
0.0% to 21.2%
|
|
1.1% to 17.7%
|
|
1.3% to 19.6%
|
|
Weighted average discount rate
|
8.0
|
%
|
4.9
|
%
|
8.2
|
%
|
Constant prepayment rate
|
6.0% to 41.4%
|
|
2.0% to 100.0%
|
|
0.5% to 16.2%
|
|
Weighted average constant prepayment rate
|
14.7
|
%
|
10.1
|
%
|
7.2
|
%
|
Anticipated net credit losses
(2)
|
NM
|
|
0.0% to 92.4%
|
|
13.7% to 83.8%
|
|
Weighted average anticipated net credit losses
|
NM
|
|
54.6
|
%
|
52.5
|
%
|
Weighted average life
|
0.0 to 16.0 years
|
|
0.3 to 14.4 years
|
|
0.0 to 24.4 years
|
|
|
December 31, 2013
|
|||||
|
|
Non-agency-sponsored mortgages
(1)
|
|
|||
|
|
Senior
interests |
|
Subordinated
interests |
|
|
Discount rate
|
0.1% to 20.9%
|
|
0.5% to 17.4%
|
|
2.1% to 19.6%
|
|
Weighted average discount rate
|
6.9
|
%
|
5.5
|
%
|
11.2
|
%
|
Constant prepayment rate
|
6.2% to 30.4%
|
|
1.3% to 100.0%
|
|
1.4% to 23.1%
|
|
Weighted average constant prepayment rate
|
11.1
|
%
|
6.4
|
%
|
7.4
|
%
|
Anticipated net credit losses
(2)
|
NM
|
|
0.1% to 80.0%
|
|
25.5% to 81.9%
|
|
Weighted average anticipated net credit losses
|
NM
|
|
49.5
|
%
|
52.8
|
%
|
Weighted average life
|
2.1 to 14.1 years
|
|
0.0 to 11.9 years
|
|
0.0 to 26.0 years
|
|
(1)
|
Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
|
(2)
|
Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations.
|
|
|
Non-agency-sponsored mortgages
(1)
|
|
||||||
In millions of dollars at December 31, 2014
|
U.S. agency-
sponsored mortgages |
|
Senior
interests |
|
Subordinated
interests |
|
|||
Carrying value of retained interests
|
$
|
2,224
|
|
$
|
285
|
|
$
|
554
|
|
Discount rates
|
|
|
|
||||||
Adverse change of 10%
|
$
|
(64
|
)
|
$
|
(5
|
)
|
$
|
(30
|
)
|
Adverse change of 20%
|
(124
|
)
|
(9
|
)
|
(57
|
)
|
|||
Constant prepayment rate
|
|
|
|
||||||
Adverse change of 10%
|
(86
|
)
|
(1
|
)
|
(9
|
)
|
|||
Adverse change of 20%
|
(165
|
)
|
(2
|
)
|
(18
|
)
|
|||
Anticipated net credit losses
|
|
|
|
||||||
Adverse change of 10%
|
NM
|
|
(2
|
)
|
(9
|
)
|
|||
Adverse change of 20%
|
NM
|
|
(3
|
)
|
(16
|
)
|
|
|
Non-agency-sponsored mortgages
(1)
|
|
||||||
In millions of dollars at December 31, 2013
|
U.S. agency-
sponsored mortgages |
|
Senior
interests |
|
Subordinated
interests |
|
|||
Carrying value of retained interests
|
$
|
2,519
|
|
$
|
293
|
|
$
|
429
|
|
Discount rates
|
|
|
|
||||||
Adverse change of 10%
|
$
|
(76
|
)
|
$
|
(6
|
)
|
$
|
(25
|
)
|
Adverse change of 20%
|
(148
|
)
|
(11
|
)
|
(48
|
)
|
|||
Constant prepayment rate
|
|
|
|
||||||
Adverse change of 10%
|
(96
|
)
|
(1
|
)
|
(7
|
)
|
|||
Adverse change of 20%
|
(187
|
)
|
(2
|
)
|
(14
|
)
|
|||
Anticipated net credit losses
|
|
|
|
||||||
Adverse change of 10%
|
NM
|
|
(2
|
)
|
(7
|
)
|
|||
Adverse change of 20%
|
NM
|
|
(3
|
)
|
(14
|
)
|
(1)
|
Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
|
|
2014
|
2013
|
2012
|
|||||||||
In billions of dollars
|
U.S. agency-
sponsored mortgages |
|
Non-agency-
sponsored mortgages |
|
U.S. agency-
sponsored mortgages |
|
U.S. agency-
sponsored mortgages |
|
||||
Proceeds from new securitizations
|
$
|
0.4
|
|
$
|
—
|
|
$
|
0.2
|
|
$
|
0.4
|
|
Contractual servicing fees received
|
0.1
|
|
—
|
|
0.3
|
|
0.4
|
|
|
December 31, 2014
|
|||||
|
|
Non-agency-sponsored mortgages
(1)
|
|
|||
|
|
Senior
interests |
|
Subordinated
interests (2) |
|
|
Discount rate
|
1.9% to 19.2%
|
|
5.1% to 47.1%
|
|
—
|
|
Weighted average discount rate
|
13.7
|
%
|
36.3
|
%
|
—
|
|
Constant prepayment rate
|
20.4% to 32.3%
|
|
6.7% to 20.0%
|
|
—
|
|
Weighted average constant prepayment rate
|
23.9
|
%
|
16.6
|
%
|
—
|
|
Anticipated net credit losses
|
NM
|
|
0.3% to 73.7%
|
|
—
|
|
Weighted average anticipated net credit losses
|
NM
|
|
19.2
|
%
|
—
|
|
Weighted average life
|
3.3 to 4.6 years
|
|
3.9 to 6.4 years
|
|
—
|
|
|
December 31, 2013
|
|||||
|
|
Non-agency-sponsored mortgages
(1)
|
|
|||
|
|
Senior
interests |
|
Subordinated
interests (2) |
|
|
Discount rate
|
0.0% to 49.3%
|
|
9.9
|
%
|
—
|
|
Weighted average discount rate
|
9.5
|
%
|
9.9
|
%
|
—
|
|
Constant prepayment rate
|
9.6% to 26.2%
|
|
12.3% to 27.3%
|
|
—
|
|
Weighted average constant prepayment rate
|
20.0
|
%
|
15.6
|
%
|
—
|
|
Anticipated net credit losses
|
NM
|
|
0.3
|
%
|
—
|
|
Weighted average anticipated net credit losses
|
NM
|
|
0.3
|
%
|
—
|
|
Weighted average life
|
2.3 to 7.6 years
|
|
5.2 years
|
|
—
|
|
(1)
|
Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
|
(2)
|
Citi Holdings held no subordinated interests in mortgage securitizations as of
December 31, 2014
and
2013
.
|
|
|
Non-agency-sponsored mortgages
(1)
|
|
||||||
In millions of dollars at December 31, 2014
|
U.S. agency-
sponsored mortgages |
|
Senior
interests |
|
Subordinated
interests |
|
|||
Carrying value of retained interests
|
$
|
150
|
|
$
|
25
|
|
$
|
—
|
|
Discount rates
|
|
|
|
||||||
Adverse change of 10%
|
$
|
(5
|
)
|
$
|
(2
|
)
|
$
|
—
|
|
Adverse change of 20%
|
(10
|
)
|
(4
|
)
|
—
|
|
|||
Constant prepayment rate
|
|
|
|
||||||
Adverse change of 10%
|
(7
|
)
|
(2
|
)
|
—
|
|
|||
Adverse change of 20%
|
(14
|
)
|
(3
|
)
|
—
|
|
|||
Anticipated net credit losses
|
|
|
|
||||||
Adverse change of 10%
|
NM
|
|
(4
|
)
|
—
|
|
|||
Adverse change of 20%
|
NM
|
|
(7
|
)
|
—
|
|
|
|
Non-agency-sponsored mortgages
(1)
|
|
||||||
In millions of dollars at December 31, 2013
|
U.S. agency-
sponsored mortgages |
|
Senior
interests |
|
Subordinated
interests |
|
|||
Carrying value of retained interests
|
$
|
585
|
|
$
|
50
|
|
$
|
—
|
|
Discount rates
|
|
|
|
||||||
Adverse change of 10%
|
$
|
(16
|
)
|
$
|
(3
|
)
|
$
|
—
|
|
Adverse change of 20%
|
(32
|
)
|
(5
|
)
|
—
|
|
|||
Constant prepayment rate
|
|
|
—
|
|
|||||
Adverse change of 10%
|
(33
|
)
|
(3
|
)
|
—
|
|
|||
Adverse change of 20%
|
(65
|
)
|
(6
|
)
|
—
|
|
|||
Anticipated net credit losses
|
|
|
|
||||||
Adverse change of 10%
|
NM
|
|
(5
|
)
|
—
|
|
|||
Adverse change of 20%
|
NM
|
|
(11
|
)
|
—
|
|
(1)
|
Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
|
In millions of dollars
|
2014
|
2013
|
||||
Balance, beginning of year
|
$
|
2,718
|
|
$
|
1,942
|
|
Originations
|
217
|
|
634
|
|
||
Changes in fair value of MSRs due to changes in inputs and assumptions
|
(344
|
)
|
640
|
|
||
Other changes
(1)
|
(429
|
)
|
(496
|
)
|
||
Sale of MSRs
|
(317
|
)
|
(2
|
)
|
||
Balance, as of December 31
|
$
|
1,845
|
|
$
|
2,718
|
|
(1)
|
Represents changes due to customer payments and passage of time.
|
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Servicing fees
|
$
|
638
|
|
$
|
800
|
|
$
|
990
|
|
Late fees
|
25
|
|
42
|
|
65
|
|
|||
Ancillary fees
|
56
|
|
100
|
|
122
|
|
|||
Total MSR fees
|
$
|
719
|
|
$
|
942
|
|
$
|
1,177
|
|
|
December 31, 2014
|
December 31, 2013
|
Discount rate
|
1.4% to 1.6%
|
1.5% to 1.6%
|
December 31, 2014
|
|
||
In millions of dollars
|
CLO
|
|
|
Carrying value of retained interests
|
$
|
1,539
|
|
Value of underlying portfolio
|
|
||
Adverse change of 10%
|
$
|
(9
|
)
|
Adverse change of 20%
|
(18
|
)
|
December 31, 2013
|
|
||
In millions of dollars
|
CLO
|
|
|
Carrying value of retained interests
|
$
|
1,333
|
|
Value of underlying portfolio
|
|
||
Adverse change of 10%
|
$
|
(7
|
)
|
Adverse change of 20%
|
(14
|
)
|
|
December 31, 2013
|
|
|
CDOs
|
CLOs
|
Discount rate
|
44.3% to 48.7%
|
4.5% to 5.0%
|
|
December 31, 2014
|
|||||
In millions of dollars
|
CDOs
|
CLOs
|
||||
Carrying value of retained interests
|
$
|
6
|
|
$
|
10
|
|
Discount rates
|
|
|
||||
Adverse change of 10%
|
$
|
(1
|
)
|
$
|
—
|
|
Adverse change of 20%
|
(2
|
)
|
—
|
|
|
December 31, 2013
|
|||||
In millions of dollars
|
CDOs
|
CLOs
|
||||
Carrying value of retained interests
|
$
|
19
|
|
$
|
31
|
|
Discount rates
|
|
|
||||
Adverse change of 10%
|
$
|
(1
|
)
|
$
|
—
|
|
Adverse change of 20%
|
(2
|
)
|
—
|
|
|
December 31, 2014
|
|||||
In millions of dollars
|
Total
unconsolidated VIE assets |
Maximum
exposure to unconsolidated VIEs |
||||
Type
|
|
|
||||
Commercial and other real estate
|
$
|
25,978
|
|
$
|
9,426
|
|
Corporate loans
|
460
|
|
473
|
|
||
Airplanes, ships and other assets
|
34,990
|
|
15,573
|
|
||
Total
|
$
|
61,428
|
|
$
|
25,472
|
|
|
December 31, 2013
|
|||||
In millions of dollars
|
Total
unconsolidated VIE assets |
Maximum
exposure to unconsolidated VIEs |
||||
Type
|
|
|
||||
Commercial and other real estate
|
$
|
14,042
|
|
$
|
3,902
|
|
Corporate loans
|
2,221
|
|
1,754
|
|
||
Airplanes, ships and other assets
|
28,650
|
|
12,958
|
|
||
Total
|
$
|
44,913
|
|
$
|
18,614
|
|
|
|
|
In billions of dollars
|
2014
|
2013
|
2012
|
||||||
Proceeds from new securitizations
|
$
|
0.5
|
|
$
|
0.5
|
|
$
|
—
|
|
Cash flows received on retained interest and other net cash flows
|
$
|
0.2
|
|
$
|
0.7
|
|
$
|
0.3
|
|
December 31, 2013
|
|
||
In millions of dollars
|
Asset-based
financing |
|
|
Carrying value of retained interests
(1)
|
$
|
1,316
|
|
Value of underlying portfolio
|
|
||
Adverse change of 10%
|
$
|
(11
|
)
|
Adverse change of 20%
|
(23
|
)
|
(1)
|
Citicorp held no retained interests in asset-based financings as of
December 31, 2014
.
|
|
December 31, 2014
|
|||||
In millions of dollars
|
Total
unconsolidated VIE assets |
Maximum
exposure to unconsolidated VIEs |
||||
Type
|
|
|
||||
Commercial and other real estate
|
$
|
168
|
|
$
|
50
|
|
Corporate loans
|
—
|
|
—
|
|
||
Airplanes, ships and other assets
|
1,153
|
|
76
|
|
||
Total
|
$
|
1,321
|
|
$
|
126
|
|
|
December 31, 2013
|
|||||
In millions of dollars
|
Total
unconsolidated VIE assets |
Maximum
exposure to unconsolidated VIEs |
||||
Type
|
|
|
||||
Commercial and other real estate
|
$
|
774
|
|
$
|
298
|
|
Corporate loans
|
112
|
|
96
|
|
||
Airplanes, ships and other assets
|
2,619
|
|
496
|
|
||
Total
|
$
|
3,505
|
|
$
|
890
|
|
|
|
|
In billions of dollars
|
2014
|
2013
|
2012
|
||||||
Cash flows received on retained interest and other net cash flows
|
$
|
0.1
|
|
$
|
0.2
|
|
$
|
1.7
|
|
December 31, 2013
|
|
||
In millions of dollars
|
Asset-based
financing |
|
|
Carrying value of retained interests
(1)
|
$
|
95
|
|
Value of underlying portfolio
|
|
||
Adverse change of 10%
|
$
|
—
|
|
Adverse change of 20%
|
—
|
|
(1)
|
Citi Holdings held no retained interests in asset-based financings as of
December 31, 2014
.
|
•
|
Futures and forward contracts,
which are commitments to buy or sell at a future date a financial instrument, commodity or currency at a contracted price and may be settled in cash or through delivery.
|
•
|
Swap contracts,
which are commitments to settle in cash at a future date or dates that may range from a few days to a number of years, based on differentials between specified indices or financial instruments, as applied to a notional principal amount.
|
•
|
Option contracts,
which give the purchaser, for a premium, the right, but not the obligation, to buy or sell within a specified time a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices.
|
•
|
Trading Purposes:
Citigroup trades derivatives as an active market maker. Citigroup offers its customers derivatives in connection with their risk management actions to transfer, modify or reduce their interest rate, foreign exchange and other market/credit risks or for their own trading purposes. Citigroup also manages its derivative risk positions through offsetting trade activities, controls focused on price verification, and daily reporting of positions to senior managers.
|
•
|
Hedging
:
Citigroup uses derivatives in connection with its risk-management activities to hedge certain risks or reposition the risk profile of the Company. For example, Citigroup issues fixed-rate long-term debt and then enters into a receive-fixed, pay-variable-rate interest rate swap with the same tenor and notional amount to convert the interest payments to a net variable-rate basis. This strategy is the most common form of an interest rate hedge, as it minimizes interest cost in certain yield curve environments. Derivatives are also used to manage risks inherent in specific groups of on-balance-sheet assets and liabilities, including AFS securities and borrowings, as well as other interest-sensitive assets and liabilities. In addition, foreign-exchange contracts are used to hedge non-U.S.-dollar-denominated debt, foreign-currency-denominated AFS securities and net investment exposures.
|
|
Hedging instruments under
ASC 815
(1)(2)
|
Other derivative instruments
|
||||||||||||||||
|
|
|
Trading derivatives
|
Management hedges
(3)
|
||||||||||||||
In millions of dollars
|
December 31,
2014 |
December 31,
2013 |
December 31,
2014 |
December 31,
2013 |
December 31,
2014 |
December 31,
2013 |
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
||||||||||||
Swaps
|
$
|
163,348
|
|
$
|
132,823
|
|
$
|
31,906,549
|
|
$
|
36,370,196
|
|
$
|
31,945
|
|
$
|
93,286
|
|
Futures and forwards
|
—
|
|
20
|
|
7,044,990
|
|
6,129,742
|
|
42,305
|
|
61,398
|
|
||||||
Written options
|
—
|
|
—
|
|
3,311,751
|
|
3,342,832
|
|
3,913
|
|
3,103
|
|
||||||
Purchased options
|
—
|
|
—
|
|
3,171,056
|
|
3,240,990
|
|
4,910
|
|
3,185
|
|
||||||
Total interest rate contract notionals
|
$
|
163,348
|
|
$
|
132,843
|
|
$
|
45,434,346
|
|
$
|
49,083,760
|
|
$
|
83,073
|
|
$
|
160,972
|
|
Foreign exchange contracts
|
|
|
|
|
|
|
||||||||||||
Swaps
|
$
|
25,157
|
|
$
|
22,402
|
|
$
|
4,567,977
|
|
$
|
3,298,500
|
|
$
|
23,990
|
|
$
|
20,013
|
|
Futures and forwards
|
73,219
|
|
79,646
|
|
2,154,773
|
|
1,982,303
|
|
7,069
|
|
14,226
|
|
||||||
Written options
|
—
|
|
101
|
|
1,343,520
|
|
1,037,433
|
|
432
|
|
—
|
|
||||||
Purchased options
|
—
|
|
106
|
|
1,363,382
|
|
1,029,872
|
|
432
|
|
71
|
|
||||||
Total foreign exchange contract notionals
|
$
|
98,376
|
|
$
|
102,255
|
|
$
|
9,429,652
|
|
$
|
7,348,108
|
|
$
|
31,923
|
|
$
|
34,310
|
|
Equity contracts
|
|
|
|
|
|
|
||||||||||||
Swaps
|
$
|
—
|
|
$
|
—
|
|
$
|
131,344
|
|
$
|
100,019
|
|
$
|
—
|
|
$
|
—
|
|
Futures and forwards
|
—
|
|
—
|
|
30,510
|
|
23,161
|
|
—
|
|
—
|
|
||||||
Written options
|
—
|
|
—
|
|
305,627
|
|
333,945
|
|
—
|
|
—
|
|
||||||
Purchased options
|
—
|
|
—
|
|
275,216
|
|
266,570
|
|
—
|
|
—
|
|
||||||
Total equity contract notionals
|
$
|
—
|
|
$
|
—
|
|
$
|
742,697
|
|
$
|
723,695
|
|
$
|
—
|
|
$
|
—
|
|
Commodity and other contracts
|
|
|
|
|
|
|
||||||||||||
Swaps
|
$
|
—
|
|
$
|
—
|
|
$
|
90,817
|
|
$
|
81,112
|
|
$
|
—
|
|
$
|
—
|
|
Futures and forwards
|
1,089
|
|
—
|
|
106,021
|
|
98,265
|
|
—
|
|
—
|
|
||||||
Written options
|
—
|
|
—
|
|
104,581
|
|
100,482
|
|
—
|
|
—
|
|
||||||
Purchased options
|
—
|
|
—
|
|
95,567
|
|
97,626
|
|
—
|
|
—
|
|
||||||
Total commodity and other contract notionals
|
$
|
1,089
|
|
$
|
—
|
|
$
|
396,986
|
|
$
|
377,485
|
|
$
|
—
|
|
$
|
—
|
|
Credit derivatives
(4)
|
|
|
|
|
|
|
||||||||||||
Protection sold
|
$
|
—
|
|
$
|
—
|
|
$
|
1,063,858
|
|
$
|
1,143,363
|
|
$
|
—
|
|
$
|
—
|
|
Protection purchased
|
—
|
|
95
|
|
1,100,369
|
|
1,195,223
|
|
16,018
|
|
19,744
|
|
||||||
Total credit derivatives
|
$
|
—
|
|
$
|
95
|
|
$
|
2,164,227
|
|
$
|
2,338,586
|
|
$
|
16,018
|
|
$
|
19,744
|
|
Total derivative notionals
|
$
|
262,813
|
|
$
|
235,193
|
|
$
|
58,167,908
|
|
$
|
59,871,634
|
|
$
|
131,014
|
|
$
|
215,026
|
|
(1)
|
The notional amounts presented in this table do not include hedge accounting relationships under ASC 815 where Citigroup is hedging the foreign currency risk of a net investment in a foreign operation by issuing a foreign-currency-denominated debt instrument. The notional amount of such debt was
$3,752 million
and
$6,450 million
at
December 31, 2014
and
December 31, 2013
, respectively.
|
(2)
|
Derivatives in hedge accounting relationships accounted for under ASC 815 are recorded in either
Other assets/Other liabilities
or
Trading account assets/Trading account liabilities
on the Consolidated Balance Sheet.
|
(3)
|
Management hedges represent derivative instruments used to mitigate certain economic risks, but for which hedge accounting is not applied. These derivatives are recorded in either
Other assets/Other liabilities
or
Trading account assets/Trading account liabilities
on the Consolidated Balance Sheet.
|
(4)
|
Credit derivatives are arrangements designed to allow one party (protection buyer) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk.
|
In millions of dollars at December 31, 2014
|
Derivatives classified
in Trading account
assets / liabilities
(1)(2)(3)
|
Derivatives classified
in Other
assets / liabilities
(2)(3)
|
||||||||||
Derivatives instruments designated as ASC 815 hedges
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||
Over-the-counter
|
$
|
1,508
|
|
$
|
204
|
|
$
|
3,117
|
|
$
|
414
|
|
Cleared
|
4,300
|
|
868
|
|
—
|
|
25
|
|
||||
Interest rate contracts
|
$
|
5,808
|
|
$
|
1,072
|
|
$
|
3,117
|
|
$
|
439
|
|
Over-the-counter
|
$
|
3,885
|
|
$
|
743
|
|
$
|
678
|
|
$
|
588
|
|
Foreign exchange contracts
|
$
|
3,885
|
|
$
|
743
|
|
$
|
678
|
|
$
|
588
|
|
Total derivative instruments designated as ASC 815 hedges
|
$
|
9,693
|
|
$
|
1,815
|
|
$
|
3,795
|
|
$
|
1,027
|
|
Derivatives instruments not designated as ASC 815 hedges
|
|
|
|
|
||||||||
Over-the-counter
|
$
|
376,778
|
|
$
|
359,689
|
|
$
|
106
|
|
$
|
—
|
|
Cleared
|
255,847
|
|
261,499
|
|
6
|
|
21
|
|
||||
Exchange traded
|
20
|
|
22
|
|
141
|
|
164
|
|
||||
Interest rate contracts
|
$
|
632,645
|
|
$
|
621,210
|
|
$
|
253
|
|
$
|
185
|
|
Over-the-counter
|
$
|
151,736
|
|
$
|
157,650
|
|
$
|
—
|
|
$
|
17
|
|
Cleared
|
366
|
|
387
|
|
—
|
|
—
|
|
||||
Exchange traded
|
7
|
|
46
|
|
—
|
|
—
|
|
||||
Foreign exchange contracts
|
$
|
152,109
|
|
$
|
158,083
|
|
$
|
—
|
|
$
|
17
|
|
Over-the-counter
|
$
|
20,425
|
|
$
|
28,333
|
|
$
|
—
|
|
$
|
—
|
|
Cleared
|
16
|
|
35
|
|
—
|
|
—
|
|
||||
Exchange traded
|
4,311
|
|
4,101
|
|
—
|
|
—
|
|
||||
Equity contracts
|
$
|
24,752
|
|
$
|
32,469
|
|
$
|
—
|
|
$
|
—
|
|
Over-the-counter
|
$
|
19,943
|
|
$
|
23,103
|
|
$
|
—
|
|
$
|
—
|
|
Exchange traded
|
3,577
|
|
3,083
|
|
—
|
|
—
|
|
||||
Commodity and other contracts
|
$
|
23,520
|
|
$
|
26,186
|
|
$
|
—
|
|
$
|
—
|
|
Over-the-counter
|
$
|
39,412
|
|
$
|
39,439
|
|
$
|
265
|
|
$
|
384
|
|
Cleared
|
4,106
|
|
3,991
|
|
13
|
|
171
|
|
||||
Credit derivatives
(4)
|
$
|
43,518
|
|
$
|
43,430
|
|
$
|
278
|
|
$
|
555
|
|
Total derivatives instruments not designated as ASC 815 hedges
|
$
|
876,544
|
|
$
|
881,378
|
|
$
|
531
|
|
$
|
757
|
|
Total derivatives
|
$
|
886,237
|
|
$
|
883,193
|
|
$
|
4,326
|
|
$
|
1,784
|
|
Cash collateral paid/received
(5)(6)
|
$
|
6,523
|
|
$
|
9,846
|
|
$
|
123
|
|
$
|
7
|
|
Less: Netting agreements
(7)
|
(777,178
|
)
|
(777,178
|
)
|
—
|
|
—
|
|
||||
Less: Netting cash collateral received/paid
(8)
|
(47,625
|
)
|
(47,769
|
)
|
(1,791
|
)
|
(15
|
)
|
||||
Net receivables/payables included on the consolidated balance sheet
(9)
|
$
|
67,957
|
|
$
|
68,092
|
|
$
|
2,658
|
|
$
|
1,776
|
|
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet
|
||||||||||||
Less: Cash collateral received/paid
|
$
|
(867
|
)
|
$
|
(11
|
)
|
$
|
—
|
|
$
|
—
|
|
Less: Non-cash collateral received/paid
|
(10,043
|
)
|
(6,264
|
)
|
(1,293
|
)
|
—
|
|
||||
Total net receivables/payables
(9)
|
$
|
57,047
|
|
$
|
61,817
|
|
$
|
1,365
|
|
$
|
1,776
|
|
(1)
|
The trading derivatives fair values are presented in Note
13
to the Consolidated Financial Statements.
|
(2)
|
Derivative mark-to-market receivables/payables related to management hedges are recorded in either
Other assets/Other liabilities
or
Trading account assets/Trading account liabilities
.
|
(3)
|
Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
|
(4)
|
The credit derivatives trading assets comprise
$18,430 million
related to protection purchased and
$25,088 million
related to protection sold as of
December 31, 2014
. The credit derivatives trading liabilities comprise
$25,972 million
related to protection purchased and
$17,458 million
related to protection sold as of
December 31, 2014
.
|
(5)
|
For the trading account assets/liabilities, reflects the net amount of the
$54,292 million
and
$57,471 million
of gross cash collateral paid and received, respectively. Of the gross cash collateral paid,
$47,769 million
was used to offset trading derivative liabilities and, of the gross cash collateral received,
$47,625 million
was used to offset trading derivative assets.
|
(6)
|
For cash collateral paid with respect to non-trading derivative liabilities, reflects the net amount of
$138 million
the gross cash collateral received, of which
$15 million
is netted against OTC non-trading derivative positions within
Other liabilities
. For cash collateral received with respect to non-trading derivative
|
(7)
|
Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately
$510 billion
,
$264 billion
and
$3 billion
of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange traded derivatives, respectively.
|
(8)
|
Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately
$46 billion
and
$2 billion
is netted against each of the OTC and cleared derivative liabilities, respectively.
|
(9)
|
The net receivables/payables include approximately
$11 billion
derivative asset and
$10 billion
of derivative liability fair values not subject to enforceable master netting agreements.
|
In millions of dollars at December 31, 2013
|
Derivatives classified in Trading
account assets / liabilities
(1)(2)(3)
|
Derivatives classified in Other assets / liabilities
(2)(3)
|
||||||||||
Derivatives instruments designated as ASC 815 hedges
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||
Over-the-counter
|
$
|
956
|
|
$
|
306
|
|
$
|
3,082
|
|
$
|
854
|
|
Cleared
|
2,505
|
|
585
|
|
5
|
|
—
|
|
||||
Interest rate contracts
|
$
|
3,461
|
|
$
|
891
|
|
$
|
3,087
|
|
$
|
854
|
|
Over-the-counter
|
$
|
1,540
|
|
$
|
1,244
|
|
$
|
989
|
|
$
|
293
|
|
Foreign exchange contracts
|
$
|
1,540
|
|
$
|
1,244
|
|
$
|
989
|
|
$
|
293
|
|
Over-the-counter
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2
|
|
Credit derivatives
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2
|
|
Total derivative instruments designated as ASC 815 hedges
|
$
|
5,001
|
|
$
|
2,135
|
|
$
|
4,076
|
|
$
|
1,149
|
|
Derivatives instruments not designated as ASC 815 hedges
|
|
|
|
|
||||||||
Over-the-counter
|
$
|
313,772
|
|
$
|
297,115
|
|
$
|
37
|
|
$
|
9
|
|
Cleared
|
311,114
|
|
319,190
|
|
27
|
|
5
|
|
||||
Exchange traded
|
33
|
|
30
|
|
—
|
|
—
|
|
||||
Interest rate contracts
|
$
|
624,919
|
|
$
|
616,335
|
|
$
|
64
|
|
$
|
14
|
|
Over-the-counter
|
$
|
89,847
|
|
$
|
86,147
|
|
$
|
79
|
|
$
|
3
|
|
Cleared
|
1,119
|
|
1,191
|
|
—
|
|
—
|
|
||||
Exchange traded
|
48
|
|
55
|
|
—
|
|
—
|
|
||||
Foreign exchange contracts
|
$
|
91,014
|
|
$
|
87,393
|
|
$
|
79
|
|
$
|
3
|
|
Over-the-counter
|
$
|
19,080
|
|
$
|
28,458
|
|
$
|
—
|
|
$
|
—
|
|
Exchange traded
|
5,797
|
|
5,834
|
|
—
|
|
—
|
|
||||
Equity contracts
|
$
|
24,877
|
|
$
|
34,292
|
|
$
|
—
|
|
$
|
—
|
|
Over-the-counter
|
$
|
7,921
|
|
$
|
9,059
|
|
$
|
—
|
|
$
|
—
|
|
Exchange traded
|
1,161
|
|
1,111
|
|
—
|
|
—
|
|
||||
Commodity and other contracts
|
$
|
9,082
|
|
$
|
10,170
|
|
$
|
—
|
|
$
|
—
|
|
Over-the-counter
|
$
|
38,496
|
|
$
|
38,247
|
|
$
|
71
|
|
$
|
563
|
|
Cleared
|
1,850
|
|
2,547
|
|
—
|
|
—
|
|
||||
Credit derivatives
(4)
|
$
|
40,346
|
|
$
|
40,794
|
|
$
|
71
|
|
$
|
563
|
|
Total Derivatives instruments not designated as ASC 815 hedges
|
$
|
790,238
|
|
$
|
788,984
|
|
$
|
214
|
|
$
|
580
|
|
Total derivatives
|
$
|
795,239
|
|
$
|
791,119
|
|
$
|
4,290
|
|
$
|
1,729
|
|
Cash collateral paid/received
(5)(6)
|
$
|
6,073
|
|
$
|
8,827
|
|
$
|
82
|
|
$
|
282
|
|
Less: Netting agreements
(7)
|
(713,598
|
)
|
(713,598
|
)
|
—
|
|
—
|
|
||||
Less: Netting cash collateral received/paid
(8)
|
(34,893
|
)
|
(39,094
|
)
|
(2,951
|
)
|
—
|
|
||||
Net receivables/payables included on the Consolidated Balance Sheet
(9)
|
$
|
52,821
|
|
$
|
47,254
|
|
$
|
1,421
|
|
$
|
2,011
|
|
Additional amounts subject to an enforceable master netting agreement but not offset on the Consolidated Balance Sheet
|
||||||||||||
Less: Cash collateral received/paid
|
$
|
(365
|
)
|
$
|
(5
|
)
|
$
|
—
|
|
$
|
—
|
|
Less: Non-cash collateral received/paid
|
(7,478
|
)
|
(3,345
|
)
|
(341
|
)
|
—
|
|
||||
Total net receivables/payables
(9)
|
$
|
44,978
|
|
$
|
43,904
|
|
$
|
1,080
|
|
$
|
2,011
|
|
(1)
|
The trading derivatives fair values are presented in Note
13
to the Consolidated Financial Statements.
|
(2)
|
Derivative mark-to-market receivables/payables related to management hedges are recorded in either
Other assets/Other liabilities
or
Trading account assets/Trading account liabilities
.
|
(3)
|
Over-the-counter (OTC) derivatives include derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
|
(4)
|
The credit derivatives trading assets comprise
$13,673 million
related to protection purchased and
$26,673 million
related to protection sold as of
December 31, 2013
. The credit derivatives trading liabilities comprise
$28,158 million
related to protection purchased and
$12,636 million
related to protection sold as of
December 31, 2013
.
|
(5)
|
For the trading account assets/liabilities, reflects the net amount of the
$45,167 million
and
$43,720 million
of gross cash collateral paid and received, respectively. Of the gross cash collateral paid,
$39,094 million
was used to offset derivative liabilities and, of the gross cash collateral received,
$34,893 million
was used to offset derivative assets.
|
(6)
|
For cash collateral received with respect to non-trading derivative liabilities, reflects the net amount of
$3,233 million
of gross cash collateral received of which
$2,951 million
is netted against non-trading derivative positions within other assets.
|
(7)
|
Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately
$392 billion
,
$317 billion
and
$5 billion
of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively.
|
(8)
|
Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received is netted against OTC derivative assets. Cash collateral paid of approximately
$33 billion
and
$6 billion
is netted against OTC and cleared derivative liabilities, respectively.
|
(9)
|
The net receivables/payables include approximately
$16 billion
of both derivative asset and liability fair values not subject to enforceable master netting agreements.
|
|
Gains (losses) included in Other revenue
|
||||||||
|
Year ended December 31,
|
||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Interest rate contracts
|
$
|
291
|
|
$
|
(376
|
)
|
$
|
(427
|
)
|
Foreign exchange
|
(2,894
|
)
|
221
|
|
182
|
|
|||
Credit derivatives
|
(135
|
)
|
(595
|
)
|
(1,022
|
)
|
|||
Total Citigroup
|
$
|
(2,738
|
)
|
$
|
(750
|
)
|
$
|
(1,267
|
)
|
|
Gains (losses) on fair value hedges
(1)
|
||||||||
|
Year ended December 31,
|
||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges
|
|
|
|
||||||
Interest rate contracts
|
$
|
1,546
|
|
$
|
(3,288
|
)
|
$
|
122
|
|
Foreign exchange contracts
|
1,367
|
|
265
|
|
377
|
|
|||
Commodity contracts
|
(221
|
)
|
—
|
|
—
|
|
|||
Total gain (loss) on the derivatives in designated and qualifying fair value hedges
|
$
|
2,692
|
|
$
|
(3,023
|
)
|
$
|
499
|
|
Gain (loss) on the hedged item in designated and qualifying fair value hedges
|
|
|
|
||||||
Interest rate hedges
|
$
|
(1,496
|
)
|
$
|
3,204
|
|
$
|
(371
|
)
|
Foreign exchange hedges
|
(1,422
|
)
|
(185
|
)
|
(331
|
)
|
|||
Commodity hedges
|
250
|
|
—
|
|
—
|
|
|||
Total gain (loss) on the hedged item in designated and qualifying fair value hedges
|
$
|
(2,668
|
)
|
$
|
3,019
|
|
$
|
(702
|
)
|
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges
|
|
|
|
||||||
Interest rate hedges
|
$
|
53
|
|
$
|
(84
|
)
|
$
|
(249
|
)
|
Foreign exchange hedges
|
(16
|
)
|
(4
|
)
|
16
|
|
|||
Total hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges
|
$
|
37
|
|
$
|
(88
|
)
|
$
|
(233
|
)
|
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges
|
|
|
|
||||||
Interest rate contracts
|
$
|
(3
|
)
|
$
|
—
|
|
$
|
—
|
|
Foreign exchange contracts
(2)
|
(39
|
)
|
84
|
|
30
|
|
|||
Commodity hedges
(2)
|
29
|
|
—
|
|
—
|
|
|||
Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges
|
$
|
(13
|
)
|
$
|
84
|
|
$
|
30
|
|
(1)
|
Amounts are included in
Other revenue
on the Consolidated Statement of Income. The accrued interest income on fair value hedges is recorded in
Net interest revenue
and is excluded from this table.
|
(2)
|
Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates). These amounts are excluded from the assessment of hedge effectiveness and are reflected directly in earnings.
|
|
Year ended December 31,
|
||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Effective portion of cash flow hedges included in AOCI
|
|
|
|
||||||
Interest rate contracts
|
$
|
299
|
|
$
|
749
|
|
$
|
(322
|
)
|
Foreign exchange contracts
|
(167
|
)
|
34
|
|
143
|
|
|||
Credit derivatives
|
2
|
|
14
|
|
—
|
|
|||
Total effective portion of cash flow hedges included in AOCI
|
$
|
134
|
|
$
|
797
|
|
$
|
(179
|
)
|
Effective portion of cash flow hedges reclassified from AOCI to earnings
|
|
|
|
||||||
Interest rate contracts
|
$
|
(260
|
)
|
$
|
(700
|
)
|
$
|
(837
|
)
|
Foreign exchange contracts
|
(149
|
)
|
(176
|
)
|
(180
|
)
|
|||
Total effective portion of cash flow hedges reclassified from AOCI to earnings
(1)
|
$
|
(409
|
)
|
$
|
(876
|
)
|
$
|
(1,017
|
)
|
(1)
|
Included primarily in
Other revenue
and
Net interest revenue
on the Consolidated Income Statement.
|
|
Fair values
|
Notionals
|
||||||||||
In millions of dollars at December 31, 2014
|
Receivable
(1)
|
Payable
(2)
|
Protection
purchased |
Protection
sold |
||||||||
By industry/counterparty
|
|
|
|
|
||||||||
Banks
|
$
|
24,828
|
|
$
|
23,189
|
|
$
|
574,764
|
|
$
|
604,700
|
|
Broker-dealers
|
8,093
|
|
9,309
|
|
204,542
|
|
199,693
|
|
||||
Non-financial
|
91
|
|
113
|
|
3,697
|
|
1,595
|
|
||||
Insurance and other financial institutions
|
10,784
|
|
11,374
|
|
333,384
|
|
257,870
|
|
||||
Total by industry/counterparty
|
$
|
43,796
|
|
$
|
43,985
|
|
$
|
1,116,387
|
|
$
|
1,063,858
|
|
By instrument
|
|
|
|
|
||||||||
Credit default swaps and options
|
$
|
42,930
|
|
$
|
42,201
|
|
$
|
1,094,199
|
|
$
|
1,054,671
|
|
Total return swaps and other
|
866
|
|
1,784
|
|
22,188
|
|
9,187
|
|
||||
Total by instrument
|
$
|
43,796
|
|
$
|
43,985
|
|
$
|
1,116,387
|
|
$
|
1,063,858
|
|
By rating
|
|
|
|
|
||||||||
Investment grade
|
$
|
17,432
|
|
$
|
17,182
|
|
$
|
824,831
|
|
$
|
786,848
|
|
Non-investment grade
|
26,364
|
|
26,803
|
|
291,556
|
|
277,010
|
|
||||
Total by rating
|
$
|
43,796
|
|
$
|
43,985
|
|
$
|
1,116,387
|
|
$
|
1,063,858
|
|
By maturity
|
|
|
|
|
||||||||
Within 1 year
|
$
|
4,356
|
|
$
|
4,278
|
|
$
|
250,489
|
|
$
|
229,502
|
|
From 1 to 5 years
|
34,692
|
|
35,160
|
|
790,251
|
|
772,001
|
|
||||
After 5 years
|
4,748
|
|
4,547
|
|
75,647
|
|
62,355
|
|
||||
Total by maturity
|
$
|
43,796
|
|
$
|
43,985
|
|
$
|
1,116,387
|
|
$
|
1,063,858
|
|
(1)
|
The fair value amount receivable is composed of $
18,708 million
under protection purchased and $
25,088 million
under protection sold.
|
(2)
|
The fair value amount payable is composed of $
26,527 million
under protection purchased and $
17,458 million
under protection sold.
|
|
Fair values
|
Notionals
|
||||||||||
In millions of dollars at December 31, 2013
|
Receivable
(1)
|
Payable
(2)
|
Protection
purchased |
Protection
sold |
||||||||
By industry/counterparty
|
|
|
|
|
||||||||
Banks
|
$
|
24,992
|
|
$
|
23,455
|
|
$
|
739,646
|
|
$
|
727,748
|
|
Broker-dealers
|
8,840
|
|
9,820
|
|
254,250
|
|
224,073
|
|
||||
Non-financial
|
138
|
|
162
|
|
4,930
|
|
2,820
|
|
||||
Insurance and other financial institutions
|
6,447
|
|
7,922
|
|
216,236
|
|
188,722
|
|
||||
Total by industry/counterparty
|
$
|
40,417
|
|
$
|
41,359
|
|
$
|
1,215,062
|
|
$
|
1,143,363
|
|
By instrument
|
|
|
|
|
||||||||
Credit default swaps and options
|
$
|
40,233
|
|
$
|
39,930
|
|
$
|
1,201,716
|
|
$
|
1,141,864
|
|
Total return swaps and other
|
184
|
|
1,429
|
|
13,346
|
|
1,499
|
|
||||
Total by instrument
|
$
|
40,417
|
|
$
|
41,359
|
|
$
|
1,215,062
|
|
$
|
1,143,363
|
|
By rating
|
|
|
|
|
||||||||
Investment grade
|
$
|
17,150
|
|
$
|
17,174
|
|
$
|
812,918
|
|
$
|
752,640
|
|
Non-investment grade
|
23,267
|
|
24,185
|
|
402,144
|
|
390,723
|
|
||||
Total by rating
|
$
|
40,417
|
|
$
|
41,359
|
|
$
|
1,215,062
|
|
$
|
1,143,363
|
|
By maturity
|
|
|
|
|
||||||||
Within 1 year
|
$
|
2,901
|
|
$
|
3,262
|
|
$
|
254,305
|
|
$
|
221,562
|
|
From 1 to 5 years
|
31,674
|
|
32,349
|
|
883,879
|
|
853,391
|
|
||||
After 5 years
|
5,842
|
|
5,748
|
|
76,878
|
|
68,410
|
|
||||
Total by maturity
|
$
|
40,417
|
|
$
|
41,359
|
|
$
|
1,215,062
|
|
$
|
1,143,363
|
|
(1)
|
The fair value amount receivable is composed of $
13,744 million
under protection purchased and $
26,673 million
under protection sold.
|
(2)
|
The fair value amount payable is composed of $
28,723 million
under protection purchased and $
12,636 million
under protection sold.
|
•
|
Level 1: Quoted prices for
identical
instruments in active markets.
|
•
|
Level 2: Quoted prices for
similar
instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are
observable
in active markets.
|
•
|
Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are
unobservable
.
|
|
Credit and funding valuation adjustments
contra-liability (contra-asset)
|
|||||
In millions of dollars
|
December 31,
2014 |
December 31,
2013 |
||||
Counterparty CVA
|
$
|
(1,853
|
)
|
$
|
(1,733
|
)
|
Asset FVA
|
(518
|
)
|
—
|
|
||
Citigroup (own-credit) CVA
|
580
|
|
651
|
|
||
Liability FVA
|
19
|
|
—
|
|
||
Total CVA—derivative instruments
(1)
|
$
|
(1,772
|
)
|
$
|
(1,082
|
)
|
(1)
|
FVA is included with CVA for presentation purposes.
|
|
Credit/funding/debt valuation
adjustments gain (loss)
|
||||||||
In millions of dollars
|
2014
|
2013
|
2012
|
||||||
Counterparty CVA
|
$
|
(43
|
)
|
$
|
291
|
|
$
|
805
|
|
Asset FVA
|
(518
|
)
|
—
|
|
—
|
|
|||
Own-credit CVA
|
(65
|
)
|
(223
|
)
|
(1,126
|
)
|
|||
Liability FVA
|
19
|
|
—
|
|
—
|
|
|||
Total CVA—derivative instruments
|
$
|
(607
|
)
|
$
|
68
|
|
$
|
(321
|
)
|
DVA related to own FVO liabilities
|
$
|
217
|
|
$
|
(410
|
)
|
$
|
(2,009
|
)
|
Total CVA and DVA
(1)
|
$
|
(390
|
)
|
$
|
(342
|
)
|
$
|
(2,330
|
)
|
(1)
|
FVA is included with CVA for presentation purposes.
|
In millions of dollars at December 31, 2014
|
Level 1
(1)
|
Level 2
(1)
|
Level 3
|
Gross
inventory |
Netting
(2)
|
Net
balance |
||||||||||||
Assets
|
|
|
|
|
|
|
||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
—
|
|
$
|
187,922
|
|
$
|
3,398
|
|
$
|
191,320
|
|
$
|
(47,129
|
)
|
$
|
144,191
|
|
Trading non-derivative assets
|
|
|
|
|
|
|
||||||||||||
Trading mortgage-backed securities
|
|
|
|
|
|
|
||||||||||||
U.S. government-sponsored agency guaranteed
|
$
|
—
|
|
$
|
25,968
|
|
$
|
1,085
|
|
$
|
27,053
|
|
$
|
—
|
|
$
|
27,053
|
|
Residential
|
—
|
|
2,158
|
|
2,680
|
|
4,838
|
|
—
|
|
4,838
|
|
||||||
Commercial
|
—
|
|
3,903
|
|
440
|
|
4,343
|
|
—
|
|
4,343
|
|
||||||
Total trading mortgage-backed securities
|
$
|
—
|
|
$
|
32,029
|
|
$
|
4,205
|
|
$
|
36,234
|
|
$
|
—
|
|
$
|
36,234
|
|
U.S. Treasury and federal agency securities
|
$
|
15,991
|
|
$
|
4,483
|
|
$
|
—
|
|
$
|
20,474
|
|
$
|
—
|
|
$
|
20,474
|
|
State and municipal
|
—
|
|
3,161
|
|
241
|
|
3,402
|
|
—
|
|
3,402
|
|
||||||
Foreign government
|
39,332
|
|
26,736
|
|
206
|
|
66,274
|
|
—
|
|
66,274
|
|
||||||
Corporate
|
—
|
|
25,640
|
|
820
|
|
26,460
|
|
—
|
|
26,460
|
|
||||||
Equity securities
|
51,346
|
|
4,281
|
|
2,219
|
|
57,846
|
|
—
|
|
57,846
|
|
||||||
Asset-backed securities
|
—
|
|
1,252
|
|
3,294
|
|
4,546
|
|
—
|
|
4,546
|
|
||||||
Other trading assets
|
—
|
|
9,221
|
|
4,372
|
|
13,593
|
|
—
|
|
13,593
|
|
||||||
Total trading non-derivative assets
|
$
|
106,669
|
|
$
|
106,803
|
|
$
|
15,357
|
|
$
|
228,829
|
|
$
|
—
|
|
$
|
228,829
|
|
Trading derivatives
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
$
|
74
|
|
$
|
634,318
|
|
$
|
4,061
|
|
$
|
638,453
|
|
|
|
||||
Foreign exchange contracts
|
—
|
|
154,744
|
|
1,250
|
|
155,994
|
|
|
|
||||||||
Equity contracts
|
2,748
|
|
19,969
|
|
2,035
|
|
24,752
|
|
|
|
||||||||
Commodity contracts
|
647
|
|
21,850
|
|
1,023
|
|
23,520
|
|
|
|
||||||||
Credit derivatives
|
—
|
|
40,618
|
|
2,900
|
|
43,518
|
|
|
|
||||||||
Total trading derivatives
|
$
|
3,469
|
|
$
|
871,499
|
|
$
|
11,269
|
|
$
|
886,237
|
|
|
|
||||
Cash collateral paid
(3)
|
|
|
|
$
|
6,523
|
|
|
|
||||||||||
Netting agreements
|
|
|
|
|
$
|
(777,178
|
)
|
|
||||||||||
Netting of cash collateral received
(7)
|
|
|
|
|
(47,625
|
)
|
|
|||||||||||
Total trading derivatives
|
$
|
3,469
|
|
$
|
871,499
|
|
$
|
11,269
|
|
$
|
892,760
|
|
$
|
(824,803
|
)
|
$
|
67,957
|
|
Investments
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
|
|
|
|
|
||||||||||||
U.S. government-sponsored agency guaranteed
|
$
|
—
|
|
$
|
36,053
|
|
$
|
38
|
|
$
|
36,091
|
|
$
|
—
|
|
$
|
36,091
|
|
Residential
|
—
|
|
8,355
|
|
8
|
|
8,363
|
|
—
|
|
8,363
|
|
||||||
Commercial
|
—
|
|
553
|
|
1
|
|
554
|
|
—
|
|
554
|
|
||||||
Total investment mortgage-backed securities
|
$
|
—
|
|
$
|
44,961
|
|
$
|
47
|
|
$
|
45,008
|
|
$
|
—
|
|
$
|
45,008
|
|
U.S. Treasury and federal agency securities
|
$
|
110,710
|
|
$
|
12,974
|
|
$
|
6
|
|
$
|
123,690
|
|
$
|
—
|
|
$
|
123,690
|
|
State and municipal
|
$
|
—
|
|
$
|
10,519
|
|
$
|
2,180
|
|
$
|
12,699
|
|
$
|
—
|
|
$
|
12,699
|
|
Foreign government
|
39,014
|
|
51,005
|
|
678
|
|
90,697
|
|
—
|
|
90,697
|
|
||||||
Corporate
|
5
|
|
11,480
|
|
672
|
|
12,157
|
|
—
|
|
12,157
|
|
||||||
Equity securities
|
1,770
|
|
274
|
|
681
|
|
2,725
|
|
—
|
|
2,725
|
|
||||||
Asset-backed securities
|
—
|
|
11,957
|
|
549
|
|
12,506
|
|
—
|
|
12,506
|
|
||||||
Other debt securities
|
—
|
|
661
|
|
—
|
|
661
|
|
—
|
|
661
|
|
||||||
Non-marketable equity securities
|
—
|
|
233
|
|
2,525
|
|
2,758
|
|
—
|
|
2,758
|
|
||||||
Total investments
|
$
|
151,499
|
|
$
|
144,064
|
|
$
|
7,338
|
|
$
|
302,901
|
|
$
|
—
|
|
$
|
302,901
|
|
In millions of dollars at December 31, 2014
|
Level 1
(1)
|
Level 2
(1)
|
Level 3
|
Gross
inventory |
Netting
(2)
|
Net
balance |
||||||||||||
Loans
(4)
|
$
|
—
|
|
$
|
2,793
|
|
$
|
3,108
|
|
$
|
5,901
|
|
$
|
—
|
|
$
|
5,901
|
|
Mortgage servicing rights
|
—
|
|
—
|
|
1,845
|
|
1,845
|
|
—
|
|
1,845
|
|
||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross
|
$
|
—
|
|
$
|
9,352
|
|
$
|
78
|
|
$
|
9,430
|
|
|
|
||||
Cash collateral paid
(5)
|
|
|
|
123
|
|
|
|
|||||||||||
Netting of cash collateral received
(8)
|
|
|
|
|
$
|
(1,791
|
)
|
|
||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis
|
$
|
—
|
|
$
|
9,352
|
|
$
|
78
|
|
$
|
9,553
|
|
$
|
(1,791
|
)
|
$
|
7,762
|
|
Total assets
|
$
|
261,637
|
|
$
|
1,322,433
|
|
$
|
42,393
|
|
$
|
1,633,109
|
|
$
|
(873,723
|
)
|
$
|
759,386
|
|
Total as a percentage of gross assets
(6)
|
16.1
|
%
|
81.3
|
%
|
2.6
|
%
|
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits
|
$
|
—
|
|
$
|
1,198
|
|
$
|
486
|
|
$
|
1,684
|
|
$
|
—
|
|
$
|
1,684
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
82,811
|
|
1,043
|
|
83,854
|
|
(47,129
|
)
|
36,725
|
|
||||||
Trading account liabilities
|
|
|
|
|
|
|
||||||||||||
Securities sold, not yet purchased
|
59,463
|
|
11,057
|
|
424
|
|
70,944
|
|
—
|
|
70,944
|
|
||||||
Trading derivatives
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
77
|
|
617,933
|
|
4,272
|
|
622,282
|
|
|
|
||||||||
Foreign exchange contracts
|
—
|
|
158,354
|
|
472
|
|
158,826
|
|
|
|
||||||||
Equity contracts
|
2,955
|
|
26,616
|
|
2,898
|
|
32,469
|
|
|
|
||||||||
Commodity contracts
|
669
|
|
22,872
|
|
2,645
|
|
26,186
|
|
|
|
||||||||
Credit derivatives
|
—
|
|
39,787
|
|
3,643
|
|
43,430
|
|
|
|
||||||||
Total trading derivatives
|
$
|
3,701
|
|
$
|
865,562
|
|
$
|
13,930
|
|
$
|
883,193
|
|
|
|
||||
Cash collateral received
(7)
|
|
|
|
$
|
9,846
|
|
|
|
||||||||||
Netting agreements
|
|
|
|
|
$
|
(777,178
|
)
|
|
||||||||||
Netting of cash collateral paid
|
|
|
|
|
(47,769
|
)
|
|
|||||||||||
Total trading derivatives
|
$
|
3,701
|
|
$
|
865,562
|
|
$
|
13,930
|
|
$
|
893,039
|
|
$
|
(824,947
|
)
|
$
|
68,092
|
|
Short-term borrowings
|
$
|
—
|
|
$
|
1,152
|
|
$
|
344
|
|
$
|
1,496
|
|
$
|
—
|
|
$
|
1,496
|
|
Long-term debt
|
—
|
|
18,890
|
|
7,290
|
|
26,180
|
|
—
|
|
26,180
|
|
||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross
|
$
|
—
|
|
$
|
1,777
|
|
$
|
7
|
|
$
|
1,784
|
|
|
|
||||
Cash collateral received
(8)
|
|
|
|
7
|
|
|
|
|||||||||||
Netting of cash collateral paid
(5)
|
|
|
|
|
$
|
(15
|
)
|
|
||||||||||
Total non-trading derivatives and other financial liabilities measured on a recurring basis
|
$
|
—
|
|
$
|
1,777
|
|
$
|
7
|
|
$
|
1,791
|
|
$
|
(15
|
)
|
$
|
1,776
|
|
Total liabilities
|
$
|
63,164
|
|
$
|
982,447
|
|
$
|
23,524
|
|
$
|
1,078,988
|
|
$
|
(872,091
|
)
|
$
|
206,897
|
|
Total as a percentage of gross liabilities
(6)
|
5.9
|
%
|
91.9
|
%
|
2.2
|
%
|
|
|
|
(1)
|
For the
year ended
December 31, 2014
, the Company transferred assets of approximately
$4.1 billion
from Level 1 to Level 2, primarily related to foreign government securities not traded in active markets and Citi refining its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the
year ended
December 31, 2014
, the Company transferred assets of approximately
$4.2 billion
from Level 2 to Level 1, primarily related to foreign government bonds traded with sufficient frequency to constitute a liquid market. During the
year ended
December 31, 2014
, the Company transferred liabilities of approximately
$1.4 billion
from Level 1 to Level 2, as Citi refined its methodology for certain equity contracts to reflect the prevalence of off-exchange trading. During the
year ended
December 31, 2014
, there were no material transfers of liabilities from Level 2 to Level 1.
|
(2)
|
Represents netting of: (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase; and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
|
(3)
|
Reflects the net amount of
$54,292 million
of gross cash collateral paid, of which
$47,769 million
was used to offset derivative liabilities.
|
(4)
|
There is no allowance for loan losses recorded for loans reported at fair value.
|
(5)
|
Reflects the net amount of
$138 million
of gross cash collateral paid, of which
$15 million
was used to offset non-trading derivative liabilities.
|
(6)
|
Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.
|
(7)
|
Reflects the net amount of
$57,471 million
of gross cash collateral received, of which
$47,625 million
was used to offset derivative assets.
|
(8)
|
Reflects the net amount of
$1,798 million
of gross cash collateral received, of which
$1,791 million
was used to offset non-trading derivative assets.
|
In millions of dollars at December 31, 2013
|
Level 1
(1)
|
Level 2
(1)
|
Level 3
|
Gross
inventory |
Netting
(2)
|
Net
balance |
||||||||||||
Assets
|
|
|
|
|
|
|
||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
—
|
|
$
|
172,848
|
|
$
|
3,566
|
|
$
|
176,414
|
|
$
|
(32,331
|
)
|
$
|
144,083
|
|
Trading non-derivative assets
|
|
|
|
|
|
|
||||||||||||
Trading mortgage-backed securities
|
|
|
|
|
|
|
||||||||||||
U.S. government-sponsored agency guaranteed
|
—
|
|
22,861
|
|
1,094
|
|
23,955
|
|
—
|
|
23,955
|
|
||||||
Residential
|
—
|
|
1,223
|
|
2,854
|
|
4,077
|
|
—
|
|
4,077
|
|
||||||
Commercial
|
—
|
|
2,318
|
|
256
|
|
2,574
|
|
—
|
|
2,574
|
|
||||||
Total trading mortgage-backed securities
|
$
|
—
|
|
$
|
26,402
|
|
$
|
4,204
|
|
$
|
30,606
|
|
$
|
—
|
|
$
|
30,606
|
|
U.S. Treasury and federal agency securities
|
$
|
12,080
|
|
$
|
2,757
|
|
$
|
—
|
|
$
|
14,837
|
|
$
|
—
|
|
$
|
14,837
|
|
State and municipal
|
—
|
|
2,985
|
|
222
|
|
3,207
|
|
—
|
|
3,207
|
|
||||||
Foreign government
|
49,220
|
|
25,220
|
|
416
|
|
74,856
|
|
—
|
|
74,856
|
|
||||||
Corporate
|
—
|
|
28,699
|
|
1,835
|
|
30,534
|
|
—
|
|
30,534
|
|
||||||
Equity securities
|
58,761
|
|
1,958
|
|
1,057
|
|
61,776
|
|
—
|
|
61,776
|
|
||||||
Asset-backed securities
|
—
|
|
1,274
|
|
4,342
|
|
5,616
|
|
—
|
|
5,616
|
|
||||||
Other trading assets
|
—
|
|
8,491
|
|
3,184
|
|
11,675
|
|
—
|
|
11,675
|
|
||||||
Total trading non-derivative assets
|
$
|
120,061
|
|
$
|
97,786
|
|
$
|
15,260
|
|
$
|
233,107
|
|
$
|
—
|
|
$
|
233,107
|
|
Trading derivatives
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
$
|
11
|
|
$
|
624,902
|
|
$
|
3,467
|
|
$
|
628,380
|
|
|
|
||||
Foreign exchange contracts
|
40
|
|
91,189
|
|
1,325
|
|
92,554
|
|
|
|
||||||||
Equity contracts
|
5,793
|
|
17,611
|
|
1,473
|
|
24,877
|
|
|
|
||||||||
Commodity contracts
|
506
|
|
7,775
|
|
801
|
|
9,082
|
|
|
|
||||||||
Credit derivatives
|
—
|
|
37,336
|
|
3,010
|
|
40,346
|
|
|
|
||||||||
Total trading derivatives
|
$
|
6,350
|
|
$
|
778,813
|
|
$
|
10,076
|
|
$
|
795,239
|
|
|
|
||||
Cash collateral paid
(3)
|
|
|
|
$
|
6,073
|
|
|
|
||||||||||
Netting agreements
|
|
|
|
|
$
|
(713,598
|
)
|
|
||||||||||
Netting of cash collateral received
(6)
|
|
|
|
|
(34,893
|
)
|
|
|||||||||||
Total trading derivatives
|
$
|
6,350
|
|
$
|
778,813
|
|
$
|
10,076
|
|
$
|
801,312
|
|
$
|
(748,491
|
)
|
$
|
52,821
|
|
Investments
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
|
|
|
|
|
||||||||||||
U.S. government-sponsored agency guaranteed
|
$
|
—
|
|
$
|
41,810
|
|
$
|
187
|
|
$
|
41,997
|
|
$
|
—
|
|
$
|
41,997
|
|
Residential
|
—
|
|
10,103
|
|
102
|
|
10,205
|
|
—
|
|
10,205
|
|
||||||
Commercial
|
—
|
|
453
|
|
—
|
|
453
|
|
—
|
|
453
|
|
||||||
Total investment mortgage-backed securities
|
$
|
—
|
|
$
|
52,366
|
|
$
|
289
|
|
$
|
52,655
|
|
$
|
—
|
|
$
|
52,655
|
|
U.S. Treasury and federal agency securities
|
$
|
69,139
|
|
$
|
18,449
|
|
$
|
8
|
|
$
|
87,596
|
|
$
|
—
|
|
$
|
87,596
|
|
State and municipal
|
$
|
—
|
|
$
|
17,297
|
|
$
|
1,643
|
|
$
|
18,940
|
|
$
|
—
|
|
$
|
18,940
|
|
Foreign government
|
35,179
|
|
60,948
|
|
344
|
|
96,471
|
|
—
|
|
96,471
|
|
||||||
Corporate
|
4
|
|
10,841
|
|
285
|
|
11,130
|
|
—
|
|
11,130
|
|
||||||
Equity securities
|
2,583
|
|
336
|
|
815
|
|
3,734
|
|
—
|
|
3,734
|
|
||||||
Asset-backed securities
|
—
|
|
13,314
|
|
1,960
|
|
15,274
|
|
—
|
|
15,274
|
|
||||||
Other debt securities
|
—
|
|
661
|
|
50
|
|
711
|
|
—
|
|
711
|
|
||||||
Non-marketable equity securities
|
—
|
|
358
|
|
4,347
|
|
4,705
|
|
—
|
|
4,705
|
|
||||||
Total investments
|
$
|
106,905
|
|
$
|
174,570
|
|
$
|
9,741
|
|
$
|
291,216
|
|
$
|
—
|
|
$
|
291,216
|
|
In millions of dollars at December 31, 2013
|
Level 1
(1)
|
Level 2
(1)
|
Level 3
|
Gross
inventory |
Netting
(2)
|
Net
balance |
||||||||||||
Loans
(4)
|
$
|
—
|
|
$
|
886
|
|
$
|
4,143
|
|
$
|
5,029
|
|
$
|
—
|
|
$
|
5,029
|
|
Mortgage servicing rights
|
—
|
|
—
|
|
2,718
|
|
2,718
|
|
—
|
|
2,718
|
|
||||||
Non-trading derivatives and other financial assets measured on a recurring basis, gross
|
$
|
—
|
|
$
|
9,811
|
|
$
|
181
|
|
$
|
9,992
|
|
|
|
||||
Cash collateral paid
|
|
|
|
82
|
|
|
|
|||||||||||
Netting of cash collateral received
(7)
|
|
|
|
|
$
|
(2,951
|
)
|
|
||||||||||
Non-trading derivatives and other financial assets measured on a recurring basis
|
$
|
—
|
|
$
|
9,811
|
|
$
|
181
|
|
$
|
10,074
|
|
$
|
(2,951
|
)
|
$
|
7,123
|
|
Total assets
|
$
|
233,316
|
|
$
|
1,234,714
|
|
$
|
45,685
|
|
$
|
1,519,870
|
|
$
|
(783,773
|
)
|
$
|
736,097
|
|
Total as a percentage of gross assets
(5)
|
15.4
|
%
|
81.6
|
%
|
3.0
|
%
|
|
|
|
|||||||||
Liabilities
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits
|
$
|
—
|
|
$
|
787
|
|
$
|
890
|
|
$
|
1,677
|
|
$
|
—
|
|
$
|
1,677
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
85,576
|
|
902
|
|
86,478
|
|
(32,331
|
)
|
54,147
|
|
||||||
Trading account liabilities
|
|
|
|
|
|
|
||||||||||||
Securities sold, not yet purchased
|
51,035
|
|
9,883
|
|
590
|
|
61,508
|
|
|
61,508
|
|
|||||||
Trading account derivatives
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
12
|
|
614,586
|
|
2,628
|
|
617,226
|
|
|
|
||||||||
Foreign exchange contracts
|
29
|
|
87,978
|
|
630
|
|
88,637
|
|
|
|
||||||||
Equity contracts
|
5,783
|
|
26,178
|
|
2,331
|
|
34,292
|
|
|
|
||||||||
Commodity contracts
|
363
|
|
7,613
|
|
2,194
|
|
10,170
|
|
|
|
||||||||
Credit derivatives
|
—
|
|
37,510
|
|
3,284
|
|
40,794
|
|
|
|
||||||||
Total trading derivatives
|
$
|
6,187
|
|
$
|
773,865
|
|
$
|
11,067
|
|
$
|
791,119
|
|
|
|
||||
Cash collateral received
(6)
|
|
|
|
$
|
8,827
|
|
|
|
||||||||||
Netting agreements
|
|
|
|
|
$
|
(713,598
|
)
|
|
||||||||||
Netting of cash collateral paid
(3)
|
|
|
|
|
(39,094
|
)
|
|
|||||||||||
Total trading derivatives
|
$
|
6,187
|
|
$
|
773,865
|
|
$
|
11,067
|
|
$
|
799,946
|
|
$
|
(752,692
|
)
|
$
|
47,254
|
|
Short-term borrowings
|
$
|
—
|
|
$
|
3,663
|
|
$
|
29
|
|
$
|
3,692
|
|
$
|
—
|
|
$
|
3,692
|
|
Long-term debt
|
—
|
|
19,256
|
|
7,621
|
|
26,877
|
|
—
|
|
26,877
|
|
||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross
|
$
|
—
|
|
$
|
1,719
|
|
$
|
10
|
|
$
|
1,729
|
|
|
|
||||
Cash collateral received
(7)
|
|
|
|
$
|
282
|
|
|
|
||||||||||
Non-trading derivatives and other financial liabilities measured on a recurring basis
|
—
|
|
1,719
|
|
10
|
|
2,011
|
|
|
2,011
|
|
|||||||
Total liabilities
|
$
|
57,222
|
|
$
|
894,749
|
|
$
|
21,109
|
|
$
|
982,189
|
|
$
|
(785,023
|
)
|
$
|
197,166
|
|
Total as a percentage of gross liabilities
(5)
|
5.9
|
%
|
92.0
|
%
|
2.2
|
%
|
|
|
|
(1)
|
For the
year ended
December 31, 2013
, the Company transferred assets of approximately
$2.5 billion
from Level 1 to Level 2, primarily related to foreign government securities, which were not traded with sufficient frequency to constitute an active market. During the
year ended
December 31, 2013
, the Company transferred assets of approximately
$49.3 billion
from Level 2 to Level 1, substantially all related to U.S. Treasury securities held across the Company’s major investment portfolios where Citi obtained additional information from its external pricing sources to meet the criteria for Level 1 classification. There were no material liability transfers between Level 1 and Level 2 during the
year ended
December 31, 2013
.
|
(2)
|
Represents netting of: (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase; and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
|
(3)
|
Reflects the net amount of
$45,167 million
of gross cash collateral paid, of which
$39,094 million
was used to offset derivative liabilities.
|
(4)
|
There is no allowance for loan losses recorded for loans reported at fair value.
|
(5)
|
Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.
|
(6)
|
Reflects the net amount of
$43,720 million
of gross cash collateral received, of which
$34,893 million
was used to offset derivative assets.
|
(7)
|
Reflects the net amount of
$3,233 million
of gross cash collateral received, of which
$2,951 million
was used to offset derivative assets.
|
|
|
Net realized/unrealized
gains (losses) incl. in |
Transfers
|
|
|
|
|
|
Unrealized
gains (losses) still held (3) |
||||||||||||||||||||||||
In millions of dollars
|
Dec. 31, 2013
|
Principal
transactions |
Other
(1)(2)
|
into
Level 3 |
out of
Level 3 |
Purchases
|
Issuances
|
Sales
|
Settlements
|
Dec. 31, 2014
|
|||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
3,566
|
|
$
|
(61
|
)
|
$
|
—
|
|
$
|
84
|
|
$
|
(8
|
)
|
$
|
75
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(258
|
)
|
$
|
3,398
|
|
$
|
133
|
|
Trading non-derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
U.S. government-sponsored agency guaranteed
|
1,094
|
|
117
|
|
—
|
|
854
|
|
(966
|
)
|
714
|
|
26
|
|
(695
|
)
|
(59
|
)
|
1,085
|
|
8
|
|
|||||||||||
Residential
|
2,854
|
|
457
|
|
—
|
|
442
|
|
(514
|
)
|
2,582
|
|
—
|
|
(3,141
|
)
|
—
|
|
2,680
|
|
132
|
|
|||||||||||
Commercial
|
256
|
|
17
|
|
—
|
|
187
|
|
(376
|
)
|
758
|
|
—
|
|
(402
|
)
|
—
|
|
440
|
|
(4
|
)
|
|||||||||||
Total trading mortgage-backed securities
|
$
|
4,204
|
|
$
|
591
|
|
$
|
—
|
|
$
|
1,483
|
|
$
|
(1,856
|
)
|
$
|
4,054
|
|
$
|
26
|
|
$
|
(4,238
|
)
|
$
|
(59
|
)
|
$
|
4,205
|
|
$
|
136
|
|
U.S. Treasury and federal agency securities
|
$
|
—
|
|
$
|
3
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
7
|
|
$
|
—
|
|
$
|
(10
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
State and municipal
|
222
|
|
10
|
|
—
|
|
150
|
|
(105
|
)
|
34
|
|
—
|
|
(70
|
)
|
—
|
|
241
|
|
1
|
|
|||||||||||
Foreign government
|
416
|
|
(56
|
)
|
—
|
|
130
|
|
(253
|
)
|
676
|
|
—
|
|
(707
|
)
|
—
|
|
206
|
|
5
|
|
|||||||||||
Corporate
|
1,835
|
|
(127
|
)
|
—
|
|
465
|
|
(502
|
)
|
1,988
|
|
—
|
|
(2,839
|
)
|
—
|
|
820
|
|
(139
|
)
|
|||||||||||
Equity securities
|
1,057
|
|
87
|
|
—
|
|
142
|
|
(209
|
)
|
1,437
|
|
—
|
|
(295
|
)
|
—
|
|
2,219
|
|
337
|
|
|||||||||||
Asset-backed securities
|
4,342
|
|
876
|
|
—
|
|
158
|
|
(332
|
)
|
3,893
|
|
—
|
|
(5,643
|
)
|
—
|
|
3,294
|
|
3
|
|
|||||||||||
Other trading assets
|
3,184
|
|
269
|
|
—
|
|
2,637
|
|
(2,278
|
)
|
5,427
|
|
—
|
|
(4,490
|
)
|
(377
|
)
|
4,372
|
|
31
|
|
|||||||||||
Total trading non-derivative assets
|
$
|
15,260
|
|
$
|
1,653
|
|
$
|
—
|
|
$
|
5,165
|
|
$
|
(5,535
|
)
|
$
|
17,478
|
|
$
|
26
|
|
$
|
(18,292
|
)
|
$
|
(398
|
)
|
$
|
15,357
|
|
$
|
374
|
|
Trading derivatives, net
(4)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Interest rate contracts
|
$
|
839
|
|
$
|
(818
|
)
|
$
|
—
|
|
$
|
24
|
|
$
|
(98
|
)
|
$
|
113
|
|
$
|
—
|
|
$
|
(162
|
)
|
$
|
(109
|
)
|
$
|
(211
|
)
|
$
|
(414
|
)
|
Foreign exchange contracts
|
695
|
|
92
|
|
—
|
|
47
|
|
(39
|
)
|
59
|
|
—
|
|
(59
|
)
|
(17
|
)
|
778
|
|
56
|
|
|||||||||||
Equity contracts
|
(858
|
)
|
482
|
|
—
|
|
(916
|
)
|
766
|
|
435
|
|
—
|
|
(279
|
)
|
(493
|
)
|
(863
|
)
|
(274
|
)
|
|||||||||||
Commodity contracts
|
(1,393
|
)
|
(338
|
)
|
—
|
|
92
|
|
(12
|
)
|
—
|
|
—
|
|
—
|
|
29
|
|
(1,622
|
)
|
(174
|
)
|
|||||||||||
Credit derivatives
|
(274
|
)
|
(567
|
)
|
—
|
|
4
|
|
(156
|
)
|
103
|
|
—
|
|
(3
|
)
|
150
|
|
(743
|
)
|
(369
|
)
|
|||||||||||
Total trading derivatives, net
(4)
|
$
|
(991
|
)
|
$
|
(1,149
|
)
|
$
|
—
|
|
$
|
(749
|
)
|
$
|
461
|
|
$
|
710
|
|
$
|
—
|
|
$
|
(503
|
)
|
$
|
(440
|
)
|
$
|
(2,661
|
)
|
$
|
(1,175
|
)
|
|
|
Net realized/unrealized
gains (losses) incl. in |
Transfers
|
|
|
|
|
|
Unrealized
gains (losses) still held (3) |
||||||||||||||||||||||||
In millions of dollars
|
Dec. 31, 2013
|
Principal
transactions |
Other
(1)(2)
|
into
Level 3 |
out of
Level 3 |
Purchases
|
Issuances
|
Sales
|
Settlements
|
Dec. 31, 2014
|
|||||||||||||||||||||||
Investments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
U.S. government-sponsored agency guaranteed
|
$
|
187
|
|
$
|
—
|
|
$
|
52
|
|
$
|
60
|
|
$
|
(203
|
)
|
$
|
17
|
|
$
|
—
|
|
$
|
(73
|
)
|
$
|
(2
|
)
|
$
|
38
|
|
$
|
(8
|
)
|
Residential
|
102
|
|
—
|
|
33
|
|
31
|
|
(2
|
)
|
17
|
|
—
|
|
(173
|
)
|
—
|
|
8
|
|
—
|
|
|||||||||||
Commercial
|
—
|
|
—
|
|
(6
|
)
|
4
|
|
(7
|
)
|
10
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
|||||||||||
Total investment mortgage-backed securities
|
$
|
289
|
|
$
|
—
|
|
$
|
79
|
|
$
|
95
|
|
$
|
(212
|
)
|
$
|
44
|
|
$
|
—
|
|
$
|
(246
|
)
|
$
|
(2
|
)
|
$
|
47
|
|
$
|
(8
|
)
|
U.S. Treasury and federal agency securities
|
$
|
8
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(2
|
)
|
$
|
—
|
|
$
|
6
|
|
$
|
—
|
|
State and municipal
|
1,643
|
|
—
|
|
(64
|
)
|
811
|
|
(584
|
)
|
923
|
|
—
|
|
(549
|
)
|
—
|
|
2,180
|
|
49
|
|
|||||||||||
Foreign government
|
344
|
|
—
|
|
(27
|
)
|
286
|
|
(105
|
)
|
851
|
|
—
|
|
(490
|
)
|
(181
|
)
|
678
|
|
(17
|
)
|
|||||||||||
Corporate
|
285
|
|
—
|
|
(6
|
)
|
26
|
|
(143
|
)
|
728
|
|
—
|
|
(218
|
)
|
—
|
|
672
|
|
(4
|
)
|
|||||||||||
Equity securities
|
815
|
|
—
|
|
111
|
|
19
|
|
(19
|
)
|
10
|
|
—
|
|
(255
|
)
|
—
|
|
681
|
|
(78
|
)
|
|||||||||||
Asset-backed securities
|
1,960
|
|
—
|
|
41
|
|
—
|
|
(47
|
)
|
95
|
|
—
|
|
(195
|
)
|
(1,305
|
)
|
549
|
|
(18
|
)
|
|||||||||||
Other debt securities
|
50
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
116
|
|
—
|
|
(115
|
)
|
(50
|
)
|
—
|
|
—
|
|
|||||||||||
Non-marketable equity securities
|
4,347
|
|
—
|
|
94
|
|
67
|
|
—
|
|
707
|
|
—
|
|
(787
|
)
|
(1,903
|
)
|
2,525
|
|
81
|
|
|||||||||||
Total investments
|
$
|
9,741
|
|
$
|
—
|
|
$
|
227
|
|
$
|
1,304
|
|
$
|
(1,110
|
)
|
$
|
3,371
|
|
$
|
—
|
|
$
|
(2,857
|
)
|
$
|
(3,338
|
)
|
$
|
7,338
|
|
$
|
5
|
|
Loans
|
$
|
4,143
|
|
$
|
—
|
|
$
|
(233
|
)
|
$
|
92
|
|
$
|
6
|
|
$
|
951
|
|
$
|
197
|
|
$
|
(895
|
)
|
$
|
(1,153
|
)
|
$
|
3,108
|
|
$
|
37
|
|
Mortgage servicing rights
|
2,718
|
|
—
|
|
(390
|
)
|
—
|
|
—
|
|
—
|
|
217
|
|
(317
|
)
|
(383
|
)
|
1,845
|
|
(390
|
)
|
|||||||||||
Other financial assets measured on a recurring basis
|
181
|
|
—
|
|
100
|
|
(83
|
)
|
—
|
|
3
|
|
164
|
|
(10
|
)
|
(277
|
)
|
78
|
|
14
|
|
|||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Interest-bearing deposits
|
$
|
890
|
|
$
|
—
|
|
$
|
357
|
|
$
|
5
|
|
$
|
(12
|
)
|
$
|
—
|
|
$
|
127
|
|
$
|
—
|
|
$
|
(167
|
)
|
$
|
486
|
|
$
|
(69
|
)
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
902
|
|
(6
|
)
|
—
|
|
54
|
|
—
|
|
78
|
|
—
|
|
220
|
|
(217
|
)
|
1,043
|
|
(34
|
)
|
|||||||||||
Trading account liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Securities sold, not yet purchased
|
590
|
|
(81
|
)
|
—
|
|
79
|
|
(111
|
)
|
—
|
|
—
|
|
534
|
|
(749
|
)
|
424
|
|
(58
|
)
|
|||||||||||
Short-term borrowings
|
29
|
|
(31
|
)
|
—
|
|
323
|
|
(12
|
)
|
—
|
|
49
|
|
—
|
|
(76
|
)
|
344
|
|
(8
|
)
|
|||||||||||
Long-term debt
|
7,621
|
|
109
|
|
49
|
|
2,701
|
|
(4,206
|
)
|
—
|
|
3,893
|
|
—
|
|
(2,561
|
)
|
7,290
|
|
(446
|
)
|
|||||||||||
Other financial liabilities measured on a recurring basis
|
10
|
|
—
|
|
(5
|
)
|
5
|
|
(3
|
)
|
—
|
|
1
|
|
(3
|
)
|
(8
|
)
|
7
|
|
(4
|
)
|
(1)
|
Changes in fair value for available-for-sale investments are recorded in
Accumulated other comprehensive income (loss)
, unless other-than-temporarily impaired, while gains and losses from sales are recorded in
Realized gains (losses) from sales of investments
on the Consolidated Statement of Income.
|
(2)
|
Unrealized gains (losses) on MSRs are recorded in
Other revenue
on the Consolidated Statement of Income.
|
(3)
|
Represents the amount of total gains or losses for the period, included in earnings (and
Accumulated other comprehensive income (loss)
for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at
December 31, 2014
.
|
(4)
|
Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only.
|
|
|
Net realized/unrealized
gains (losses) incl. in |
Transfers
|
|
|
|
|
|
Unrealized
gains (losses) still held (3) |
||||||||||||||||||||||||
In millions of dollars
|
Dec. 31, 2012
|
Principal
transactions |
Other
(1)(2)
|
into
Level 3 |
out of
Level 3 |
Purchases
|
Issuances
|
Sales
|
Settlements
|
Dec. 31, 2013
|
|||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
5,043
|
|
$
|
(137
|
)
|
$
|
—
|
|
$
|
627
|
|
$
|
(1,871
|
)
|
$
|
59
|
|
$
|
—
|
|
$
|
71
|
|
$
|
(226
|
)
|
$
|
3,566
|
|
$
|
(124
|
)
|
Trading non-derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
U.S. government-sponsored agency guaranteed
|
1,325
|
|
141
|
|
—
|
|
1,386
|
|
(1,477
|
)
|
1,316
|
|
68
|
|
(1,310
|
)
|
(355
|
)
|
1,094
|
|
52
|
|
|||||||||||
Residential
|
1,805
|
|
474
|
|
—
|
|
513
|
|
(372
|
)
|
3,630
|
|
—
|
|
(3,189
|
)
|
(7
|
)
|
2,854
|
|
10
|
|
|||||||||||
Commercial
|
1,119
|
|
114
|
|
—
|
|
278
|
|
(304
|
)
|
244
|
|
—
|
|
(1,178
|
)
|
(17
|
)
|
256
|
|
14
|
|
|||||||||||
Total trading mortgage-backed securities
|
$
|
4,249
|
|
$
|
729
|
|
$
|
—
|
|
$
|
2,177
|
|
$
|
(2,153
|
)
|
$
|
5,190
|
|
$
|
68
|
|
$
|
(5,677
|
)
|
$
|
(379
|
)
|
$
|
4,204
|
|
$
|
76
|
|
U.S. Treasury and federal agency securities
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
—
|
|
$
|
54
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(53
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
State and municipal
|
195
|
|
37
|
|
—
|
|
9
|
|
—
|
|
107
|
|
—
|
|
(126
|
)
|
—
|
|
222
|
|
15
|
|
|||||||||||
Foreign government
|
311
|
|
(21
|
)
|
—
|
|
156
|
|
(67
|
)
|
326
|
|
—
|
|
(289
|
)
|
—
|
|
416
|
|
5
|
|
|||||||||||
Corporate
|
2,030
|
|
(20
|
)
|
—
|
|
410
|
|
(410
|
)
|
2,864
|
|
—
|
|
(2,116
|
)
|
(923
|
)
|
1,835
|
|
(406
|
)
|
|||||||||||
Equity securities
|
264
|
|
129
|
|
—
|
|
228
|
|
(210
|
)
|
829
|
|
—
|
|
(183
|
)
|
—
|
|
1,057
|
|
59
|
|
|||||||||||
Asset-backed securities
|
4,453
|
|
544
|
|
—
|
|
181
|
|
(193
|
)
|
5,165
|
|
—
|
|
(5,579
|
)
|
(229
|
)
|
4,342
|
|
123
|
|
|||||||||||
Other trading assets
|
2,321
|
|
202
|
|
—
|
|
960
|
|
(1,592
|
)
|
3,879
|
|
—
|
|
(2,253
|
)
|
(333
|
)
|
3,184
|
|
(7
|
)
|
|||||||||||
Total trading non-derivative assets
|
$
|
13,823
|
|
$
|
1,599
|
|
$
|
—
|
|
$
|
4,175
|
|
$
|
(4,625
|
)
|
$
|
18,360
|
|
$
|
68
|
|
$
|
(16,276
|
)
|
$
|
(1,864
|
)
|
$
|
15,260
|
|
$
|
(135
|
)
|
Trading derivatives, net
(4)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Interest rate contracts
|
$
|
181
|
|
$
|
292
|
|
$
|
—
|
|
$
|
692
|
|
$
|
(226
|
)
|
$
|
228
|
|
$
|
—
|
|
$
|
(155
|
)
|
$
|
(173
|
)
|
$
|
839
|
|
$
|
779
|
|
Foreign exchange contracts
|
—
|
|
625
|
|
—
|
|
29
|
|
(35
|
)
|
26
|
|
—
|
|
(10
|
)
|
60
|
|
695
|
|
146
|
|
|||||||||||
Equity contracts
|
(1,448
|
)
|
96
|
|
—
|
|
25
|
|
295
|
|
298
|
|
—
|
|
(149
|
)
|
25
|
|
(858
|
)
|
(453
|
)
|
|||||||||||
Commodity contracts
|
(771
|
)
|
(164
|
)
|
—
|
|
—
|
|
(527
|
)
|
15
|
|
—
|
|
(25
|
)
|
79
|
|
(1,393
|
)
|
(246
|
)
|
|||||||||||
Credit derivatives
|
(342
|
)
|
(368
|
)
|
—
|
|
106
|
|
(183
|
)
|
20
|
|
—
|
|
—
|
|
493
|
|
(274
|
)
|
(544
|
)
|
|||||||||||
Total trading derivatives, net
(4)
|
$
|
(2,380
|
)
|
$
|
481
|
|
$
|
—
|
|
$
|
852
|
|
$
|
(676
|
)
|
$
|
587
|
|
$
|
—
|
|
$
|
(339
|
)
|
$
|
484
|
|
$
|
(991
|
)
|
$
|
(318
|
)
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
U.S. government-sponsored agency guaranteed
|
$
|
1,458
|
|
$
|
—
|
|
$
|
(7
|
)
|
$
|
2,058
|
|
$
|
(3,820
|
)
|
$
|
593
|
|
$
|
—
|
|
$
|
(38
|
)
|
$
|
(57
|
)
|
$
|
187
|
|
$
|
11
|
|
Residential
|
205
|
|
—
|
|
30
|
|
60
|
|
(265
|
)
|
212
|
|
—
|
|
(140
|
)
|
—
|
|
102
|
|
7
|
|
|||||||||||
Commercial
|
—
|
|
—
|
|
—
|
|
4
|
|
(21
|
)
|
17
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||
Total investment mortgage-backed securities
|
$
|
1,663
|
|
$
|
—
|
|
$
|
23
|
|
$
|
2,122
|
|
$
|
(4,106
|
)
|
$
|
822
|
|
$
|
—
|
|
$
|
(178
|
)
|
$
|
(57
|
)
|
$
|
289
|
|
$
|
18
|
|
U.S. Treasury and federal agency securities
|
$
|
12
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(4
|
)
|
$
|
—
|
|
$
|
8
|
|
$
|
—
|
|
State and municipal
|
849
|
|
—
|
|
10
|
|
12
|
|
(122
|
)
|
1,236
|
|
—
|
|
(217
|
)
|
(125
|
)
|
1,643
|
|
(75
|
)
|
|||||||||||
Foreign government
|
383
|
|
—
|
|
2
|
|
178
|
|
(256
|
)
|
506
|
|
—
|
|
(391
|
)
|
(78
|
)
|
344
|
|
(28
|
)
|
|||||||||||
Corporate
|
385
|
|
—
|
|
(27
|
)
|
334
|
|
(119
|
)
|
104
|
|
—
|
|
(303
|
)
|
(89
|
)
|
285
|
|
—
|
|
|||||||||||
Equity securities
|
773
|
|
—
|
|
56
|
|
19
|
|
(1
|
)
|
1
|
|
—
|
|
(33
|
)
|
—
|
|
815
|
|
47
|
|
|||||||||||
Asset-backed securities
|
2,220
|
|
—
|
|
117
|
|
1,192
|
|
(1,684
|
)
|
1,475
|
|
—
|
|
(337
|
)
|
(1,023
|
)
|
1,960
|
|
—
|
|
|||||||||||
Other debt securities
|
258
|
|
—
|
|
—
|
|
—
|
|
(205
|
)
|
50
|
|
—
|
|
(53
|
)
|
—
|
|
50
|
|
—
|
|
|||||||||||
Non-marketable equity securities
|
5,364
|
|
—
|
|
249
|
|
—
|
|
—
|
|
653
|
|
—
|
|
(342
|
)
|
(1,577
|
)
|
4,347
|
|
241
|
|
|||||||||||
Total investments
|
$
|
11,907
|
|
$
|
—
|
|
$
|
430
|
|
$
|
3,857
|
|
$
|
(6,493
|
)
|
$
|
4,847
|
|
$
|
—
|
|
$
|
(1,858
|
)
|
$
|
(2,949
|
)
|
$
|
9,741
|
|
$
|
203
|
|
|
|
Net realized/unrealized
gains (losses) incl. in |
Transfers
|
|
|
|
|
|
Unrealized
gains (losses) still held (3) |
||||||||||||||||||||||||
In millions of dollars
|
Dec. 31, 2012
|
Principal
transactions |
Other
(1)(2)
|
into
Level 3 |
out of
Level 3 |
Purchases
|
Issuances
|
Sales
|
Settlements
|
Dec. 31, 2013
|
|||||||||||||||||||||||
Loans
|
$
|
4,931
|
|
$
|
—
|
|
$
|
(24
|
)
|
$
|
353
|
|
$
|
—
|
|
$
|
179
|
|
$
|
652
|
|
$
|
(192
|
)
|
$
|
(1,756
|
)
|
$
|
4,143
|
|
$
|
(122
|
)
|
Mortgage servicing rights
|
1,942
|
|
—
|
|
555
|
|
—
|
|
—
|
|
—
|
|
634
|
|
(2
|
)
|
(411
|
)
|
2,718
|
|
553
|
|
|||||||||||
Other financial assets measured on a recurring basis
|
2,452
|
|
—
|
|
63
|
|
1
|
|
—
|
|
216
|
|
474
|
|
(2,046
|
)
|
(979
|
)
|
181
|
|
(5
|
)
|
|||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Interest-bearing deposits
|
$
|
786
|
|
$
|
—
|
|
$
|
(125
|
)
|
$
|
32
|
|
$
|
(21
|
)
|
$
|
—
|
|
$
|
86
|
|
$
|
—
|
|
$
|
(118
|
)
|
$
|
890
|
|
$
|
(41
|
)
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
841
|
|
91
|
|
—
|
|
216
|
|
(17
|
)
|
36
|
|
—
|
|
40
|
|
(123
|
)
|
902
|
|
50
|
|
|||||||||||
Trading account liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Securities sold, not yet purchased
|
365
|
|
42
|
|
—
|
|
89
|
|
(52
|
)
|
—
|
|
—
|
|
612
|
|
(382
|
)
|
590
|
|
73
|
|
|||||||||||
Short-term borrowings
|
112
|
|
53
|
|
—
|
|
2
|
|
(10
|
)
|
—
|
|
316
|
|
—
|
|
(338
|
)
|
29
|
|
(5
|
)
|
|||||||||||
Long-term debt
|
6,726
|
|
292
|
|
153
|
|
3,738
|
|
(2,531
|
)
|
—
|
|
1,466
|
|
(1
|
)
|
(1,332
|
)
|
7,621
|
|
758
|
|
|||||||||||
Other financial liabilities measured on a recurring basis
|
24
|
|
—
|
|
(215
|
)
|
5
|
|
(2
|
)
|
(5
|
)
|
104
|
|
—
|
|
(331
|
)
|
10
|
|
(9
|
)
|
(1)
|
Changes in fair value for available-for-sale investments are recorded in
Accumulated other comprehensive income (loss)
, unless other-than-temporarily impaired, while gains and losses from sales are recorded in
Realized gains (losses) from sales of investments
on the Consolidated Statement of Income.
|
(2)
|
Unrealized gains (losses) on MSRs are recorded in
Other revenue
on the Consolidated Statement of Income.
|
(3)
|
Represents the amount of total gains or losses for the period, included in earnings (and
Accumulated other comprehensive income (loss)
for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at
December 31, 2013
.
|
(4)
|
Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only.
|
•
|
Transfers of
Long-term debt
of
$2.7 billion
from Level 2 to Level 3, and of
$4.2 billion
from Level 3 to Level 2, mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable.
|
•
|
Transfers of
Other trading assets
of
$2.6 billion
from Level 2 to Level 3, and of
$2.3 billion
from Level 3 to Level 2, related to trading loans, reflecting changes in the volume of market quotations.
|
•
|
Transfers of
Federal funds sold and securities borrowed or purchased under agreements to resell
of
$1.9 billion
from Level 3 to Level 2 related to shortening of the remaining tenor of certain reverse repos. There is more transparency and observability for repo curves used in the valuation of structured reverse repos with tenors up to five years; thus, structured reverse repos maturing within five years are generally classified as Level 2.
|
•
|
Transfers of U.S. government-sponsored agency guaranteed mortgage-backed securities in
Investments
of
$2.1 billion
from Level 2 to Level 3, and of
$3.8 billion
from Level 3 to Level 2, due to changes in the level of price observability for the specific securities. Similarly, there were transfers of U.S. government-sponsored
|
•
|
Transfers of asset-backed securities in
Investments
of
$1.2 billion
from Level 2 to Level 3, and of
$1.7 billion
from Level 3 to Level 2. These transfers were related to collateralized loan obligations, reflecting changes in the level of price observability.
|
•
|
Transfers of
Long-term debt
of
$3.7 billion
from Level 2 to Level 3, included
$1.3 billion
related to the transfer of a previously bifurcated hybrid debt instrument from Level 2 to Level 3 to reflect the host contract and the reclassification of Level 3 commodity contracts into
Long-term debt
. The remaining amounts of
Long-term debt
transferred from Level 2 to Level 3 as well as the
$2.5 billion
transfer from Level 3 to Level 2 were related mainly to structured debt reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable.
|
As of December 31, 2014
|
Fair Value
(1)
(in millions)
|
Methodology
|
Input
|
Low
(2)(3)
|
High
(2)(3)
|
Weighted
Average
(4)
|
||||||||
Assets
|
|
|
|
|
|
|
||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
3,156
|
|
Model-based
|
Interest rate
|
1.27
|
%
|
1.97
|
%
|
1.80
|
%
|
|||
Mortgage-backed securities
|
$
|
2,874
|
|
Price-based
|
Price
|
$
|
—
|
|
$
|
127.87
|
|
$
|
81.43
|
|
|
1,117
|
|
Yield analysis
|
Yield
|
0.01
|
%
|
19.91
|
%
|
5.89
|
%
|
||||
State and municipal, foreign government, corporate and other debt securities
|
$
|
5,937
|
|
Price-based
|
Price
|
$
|
—
|
|
$
|
124.00
|
|
$
|
90.62
|
|
|
1,860
|
|
Cash flow
|
Credit spread
|
25 bps
|
|
600 bps
|
|
233 bps
|
|
||||
Equity securities
(5)
|
$
|
2,163
|
|
Price-based
|
Price
(5)
|
$
|
—
|
|
$
|
141.00
|
|
$
|
91.00
|
|
|
679
|
|
Cash flow
|
Yield
|
4.00
|
%
|
5.00
|
%
|
4.50
|
%
|
||||
|
|
|
WAL
|
0.01 years
|
|
3.14 years
|
|
1.07 years
|
|
|||||
Asset-backed securities
|
$
|
3,607
|
|
Price-based
|
Price
|
$
|
—
|
|
$
|
105.50
|
|
$
|
67.01
|
|
Non-marketable equity
|
$
|
1,224
|
|
Price-based
|
Discount to price
|
—
|
%
|
90.00
|
%
|
4.04
|
%
|
|||
|
1,055
|
|
Comparables analysis
|
EBITDA multiples
|
2.90
|
x
|
13.10
|
x
|
9.77
|
x
|
||||
|
|
|
|
PE ratio
|
8.10
|
x
|
13.10
|
x
|
8.43
|
x
|
||||
|
|
|
Price-to-book ratio
|
0.99
|
x
|
1.56
|
x
|
1.15
|
x
|
|||||
|
|
|
Fund NAV
(5)
|
$
|
1
|
|
$
|
64,668,171
|
|
$
|
29,975,777
|
|
||
Derivatives—Gross
(6)
|
|
|
|
|
|
|
||||||||
Interest rate contracts (gross)
|
$
|
8,309
|
|
Model-based
|
Interest rate (IR) lognormal volatility
|
18.05
|
%
|
90.65
|
%
|
30.21
|
%
|
|||
|
|
|
Mean reversion
|
1.00
|
%
|
20.00
|
%
|
10.50
|
%
|
|||||
Foreign exchange contracts (gross)
|
$
|
1,428
|
|
Model-based
|
Foreign exchange (FX) volatility
|
0.37
|
%
|
58.40
|
%
|
8.57
|
%
|
|||
|
294
|
|
Cash flow
|
Interest rate
|
3.72
|
%
|
8.27
|
%
|
5.02
|
%
|
||||
|
|
|
IR-FX correlation
|
40.00
|
%
|
60.00
|
%
|
50.00
|
%
|
|||||
Equity contracts (gross)
(7)
|
$
|
4,431
|
|
Model-based
|
Equity volatility
|
9.56
|
%
|
82.44
|
%
|
24.61
|
%
|
|||
|
502
|
|
Price-based
|
Equity forward
|
84.10
|
%
|
100.80
|
%
|
94.10
|
%
|
||||
|
|
|
Equity-FX correlation
|
(88.20
|
)%
|
48.70
|
%
|
(25.17
|
)%
|
|||||
|
|
|
Equity-equity correlation
|
(66.30
|
)%
|
94.80
|
%
|
36.87
|
%
|
|||||
|
|
|
Price
|
$
|
0.01
|
|
$
|
144.50
|
|
$
|
93.05
|
|
||
Commodity contracts (gross)
|
$
|
3,606
|
|
Model-based
|
Commodity volatility
|
5.00
|
%
|
83.00
|
%
|
24.00
|
%
|
|||
|
|
|
Commodity correlation
|
(57.00
|
)%
|
91.00
|
%
|
30.00
|
%
|
|||||
|
|
|
Forward price
|
35.34
|
%
|
268.77
|
%
|
101.74
|
%
|
As of December 31, 2014
|
Fair Value
(1)
(in millions)
|
Methodology
|
Input
|
Low
(2)(3)
|
High
(2)(3)
|
Weighted
Average
(4)
|
||||||||
Credit derivatives (gross)
|
$
|
4,944
|
|
Model-based
|
Recovery rate
|
13.97
|
%
|
75.00
|
%
|
37.62
|
%
|
|||
|
1,584
|
|
Price-based
|
Credit correlation
|
—
|
%
|
95.00
|
%
|
58.76
|
%
|
||||
|
|
|
Price
|
$
|
1.00
|
|
$
|
144.50
|
|
$
|
53.86
|
|
||
|
|
|
Credit spread
|
1 bps
|
|
3,380 bps
|
|
180 bps
|
|
|||||
|
|
|
Upfront points
|
0.39
|
|
100.00
|
|
52.26
|
|
|||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)
(6)
|
$
|
74
|
|
Model-based
|
Redemption rate
|
13.00
|
%
|
99.50
|
%
|
68.73
|
%
|
|||
|
11
|
|
Price-based
|
Forward Price
|
107.00
|
%
|
107.10
|
%
|
107.05
|
%
|
||||
|
|
|
Fund NAV
|
$
|
12,974
|
|
$
|
10,087,963
|
|
$
|
9,308,012
|
|
||
Loans
|
$
|
1,095
|
|
Cash flow
|
Yield
|
1.60
|
%
|
4.50
|
%
|
2.23
|
%
|
|||
|
832
|
|
Model-based
|
Price
|
$
|
4.72
|
|
$
|
106.55
|
|
$
|
98.56
|
|
|
|
740
|
|
Price-based
|
Credit spread
|
35 bps
|
|
500 bps
|
|
199 bps
|
|
||||
|
441
|
|
Yield analysis
|
|
|
|
|
|||||||
Mortgage servicing rights
|
$
|
1,750
|
|
Cash flow
|
Yield
|
5.19
|
%
|
21.40
|
%
|
10.25
|
%
|
|||
|
|
|
WAL
|
3.31 years
|
|
7.89 years
|
|
5.17 years
|
|
|||||
Liabilities
|
|
|
|
|
|
|
||||||||
Interest-bearing deposits
|
$
|
486
|
|
Model-based
|
Equity-IR correlation
|
34.00
|
%
|
37.00
|
%
|
35.43
|
%
|
|||
|
|
|
Commodity correlation
|
(57.00
|
)%
|
91.00
|
%
|
30.00
|
%
|
|||||
|
|
|
Commodity volatility
|
5.00
|
%
|
83.00
|
%
|
24.00
|
%
|
|||||
|
|
|
Forward price
|
35.34
|
%
|
268.77
|
%
|
101.74
|
%
|
|||||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
$
|
1,043
|
|
Model-based
|
Interest rate
|
0.74
|
%
|
2.26
|
%
|
1.90
|
%
|
|||
Trading account liabilities
|
|
|
|
|
|
|
||||||||
Securities sold, not yet purchased
|
$
|
251
|
|
Model-based
|
Credit-IR correlation
|
(70.49
|
)%
|
8.81
|
%
|
47.17
|
%
|
|||
|
$
|
142
|
|
Price-based
|
Price
|
$
|
—
|
|
$
|
117.00
|
|
$
|
70.33
|
|
Short-term borrowings and long-term debt
|
$
|
7,204
|
|
Model-based
|
IR lognormal volatility
|
18.05
|
%
|
90.65
|
%
|
30.21
|
%
|
|||
|
|
|
Mean reversion
|
1.00
|
%
|
20.00
|
%
|
10.50
|
%
|
|||||
|
|
|
Equity volatility
|
10.18
|
%
|
69.65
|
%
|
23.72
|
%
|
|||||
|
|
|
Credit correlation
|
87.50
|
%
|
87.50
|
%
|
87.50
|
%
|
|||||
|
|
|
Equity forward
|
89.50
|
%
|
100.80
|
%
|
95.80
|
%
|
|||||
|
|
|
Forward price
|
35.34
|
%
|
268.77
|
%
|
101.80
|
%
|
|||||
|
|
|
Commodity correlation
|
(57.00
|
)%
|
91.00
|
%
|
30.00
|
%
|
|||||
|
|
|
Commodity volatility
|
5.00
|
%
|
83.00
|
%
|
24.00
|
%
|
As of December 31, 2013
|
Fair Value
(1)
(in millions)
|
Methodology
|
Input
|
Low
(2)(3)
|
High
(2)(3)
|
Weighted
Average
(4)
|
||||||||
Assets
|
|
|
|
|
|
|
||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
3,299
|
|
Model-based
|
Interest rate
|
1.33
|
%
|
2.19
|
%
|
2.04
|
%
|
|||
Mortgage-backed securities
|
$
|
2,869
|
|
Price-based
|
Price
|
$
|
0.10
|
|
$
|
117.78
|
|
77.60
|
|
|
|
1,241
|
|
Yield analysis
|
Yield
|
0.03
|
%
|
21.80
|
%
|
8.66
|
%
|
||||
State and municipal, foreign government, corporate and other debt securities
|
$
|
5,361
|
|
Price-based
|
Price
|
$
|
—
|
|
$
|
126.49
|
|
$
|
87.47
|
|
|
2,014
|
|
Cash flow
|
Credit spread
|
11 bps
|
|
375 bps
|
|
213 bps
|
|
||||
Equity securities
(5)
|
$
|
947
|
|
Price-based
|
Price
(5)
|
$
|
0.31
|
|
$
|
93.66
|
|
$
|
86.90
|
|
|
827
|
|
Cash flow
|
Yield
|
4.00
|
%
|
5.00
|
%
|
4.50
|
%
|
||||
|
|
|
WAL
|
0.01 years
|
|
3.55 years
|
|
1.38 years
|
|
|||||
Asset-backed securities
|
$
|
4,539
|
|
Price-based
|
Price
|
$
|
—
|
|
$
|
135.83
|
|
$
|
70.89
|
|
|
1,300
|
|
Model-based
|
Credit spread
|
25 bps
|
|
378 bps
|
|
302 bps
|
|
||||
Non-marketable equity
|
$
|
2,324
|
|
Price-based
|
Fund NAV
(5)
|
$
|
612
|
|
$336,559,340
|
$124,080,454
|
||||
|
1,470
|
|
Comparables analysis
|
EBITDA multiples
|
4.20
|
x
|
16.90
|
x
|
9.78
|
x
|
||||
|
533
|
|
Cash flow
|
Discount to price
|
—
|
%
|
75.00
|
%
|
3.47
|
%
|
||||
|
|
|
Price-to-book ratio
|
0.90
|
x
|
1.05
|
x
|
1.02
|
x
|
|||||
|
|
|
PE ratio
|
9.10
|
x
|
9.10
|
x
|
9.10
|
x
|
|||||
Derivatives—Gross
(6)
|
|
|
|
|
|
|
||||||||
Interest rate contracts (gross)
|
$
|
5,721
|
|
Model-based
|
Interest rate (IR) lognormal volatility
|
10.60
|
%
|
87.20
|
%
|
21.16
|
%
|
|||
Foreign exchange contracts (gross)
|
$
|
1,727
|
|
Model-based
|
Foreign exchange (FX) volatility
|
1.00
|
%
|
28.00
|
%
|
13.45
|
%
|
|||
|
189
|
|
Cash flow
|
Interest rate
|
0.11
|
%
|
13.88
|
%
|
6.02
|
%
|
||||
|
|
|
IR-FX correlation
|
40.00
|
%
|
60.00
|
%
|
50.00
|
%
|
|||||
|
|
|
IR-IR correlation
|
40.00
|
%
|
68.79
|
%
|
40.52
|
%
|
|||||
|
|
|
Credit spread
|
25 bps
|
|
419 bps
|
|
162 bps
|
|
|||||
Equity contracts (gross)
(7)
|
$
|
3,189
|
|
Model-based
|
Equity volatility
|
10.02
|
%
|
73.48
|
%
|
29.87
|
%
|
|||
|
563
|
|
Price-based
|
Equity forward
|
79.10
|
%
|
141.00
|
%
|
100.24
|
%
|
||||
|
|
|
Equity-equity correlation
|
(81.30
|
)%
|
99.40
|
%
|
48.45
|
%
|
|||||
|
|
|
Equity-FX correlation
|
(70.00
|
)%
|
55.00
|
%
|
0.60
|
%
|
|||||
|
|
|
Price
|
$
|
—
|
|
$
|
118.75
|
|
$
|
88.10
|
|
||
Commodity contracts (gross)
|
$
|
2,988
|
|
Model-based
|
Commodity volatility
|
4.00
|
%
|
146.00
|
%
|
15.00
|
%
|
|||
|
|
|
Commodity correlation
|
(75.00
|
)%
|
90.00
|
%
|
32.00
|
%
|
|||||
|
|
|
Forward price
|
23.00
|
%
|
242.00
|
%
|
105.00
|
%
|
|||||
Credit derivatives (gross)
|
$
|
4,767
|
|
Model-based
|
Recovery rate
|
20.00
|
%
|
64.00
|
%
|
38.11
|
%
|
|||
|
1,520
|
|
Price-based
|
Credit correlation
|
5.00
|
%
|
95.00
|
%
|
47.43
|
%
|
||||
|
|
|
Price
|
$
|
0.02
|
|
$
|
115.20
|
|
$
|
29.83
|
|
||
|
|
|
Credit spread
|
3 bps
|
|
1,335 bps
|
|
203 bps
|
|
|||||
|
|
|
Upfront points
|
2.31
|
|
100.00
|
|
57.69
|
|
|||||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)
(6)
|
$
|
82
|
|
Price-based
|
EBITDA multiples
|
5.20
|
x
|
12.60
|
x
|
12.08
|
x
|
|||
|
60
|
|
Comparables analysis
|
PE ratio
|
6.90
|
x
|
6.90
|
x
|
6.90
|
x
|
||||
|
38
|
|
Model-based
|
Price-to-book ratio
|
1.05
|
x
|
1.05
|
x
|
1.05
|
x
|
||||
|
|
|
Price
|
$
|
—
|
|
$
|
105.10
|
|
$
|
71.25
|
|
||
|
|
|
Fund NAV
|
$
|
1.00
|
|
$
|
10,688,600
|
|
$
|
9,706,488
|
|
||
|
|
|
Discount to price
|
—
|
%
|
35.00
|
%
|
16.36
|
%
|
|||||
|
|
|
|
|
|
|
As of December 31, 2013
|
Fair Value
(1)
(in millions)
|
Methodology
|
Input
|
Low
(2)(3)
|
High
(2)(3)
|
Weighted
Average
(4)
|
||||||||
Loans
|
$
|
2,153
|
|
Price-based
|
Price
|
$
|
—
|
|
$
|
103.75
|
|
$
|
91.19
|
|
|
1,422
|
|
Model-based
|
Yield
|
1.60
|
%
|
4.50
|
%
|
2.10
|
%
|
||||
|
549
|
|
Yield analysis
|
Credit spread
|
49 bps
|
|
1,600 bps
|
|
302 bps
|
|
||||
Mortgage servicing rights
|
$
|
2,625
|
|
Cash flow
|
Yield
|
3.64
|
%
|
12.00
|
%
|
7.19
|
%
|
|||
|
|
|
WAL
|
2.27 years
|
|
9.44 years
|
|
6.12 years
|
|
|||||
Liabilities
|
|
|
|
|
|
|
||||||||
Interest-bearing deposits
|
$
|
890
|
|
Model-based
|
Equity volatility
|
14.79
|
%
|
42.15
|
%
|
27.74
|
%
|
|||
|
|
|
Mean reversion
|
1.00
|
%
|
20.00
|
%
|
10.50
|
%
|
|||||
|
|
|
Equity-IR correlation
|
9.00
|
%
|
20.50
|
%
|
19.81
|
%
|
|||||
|
|
|
Forward price
|
23.00
|
%
|
242.00
|
%
|
105.00
|
%
|
|||||
|
|
|
Commodity correlation
|
(75.00
|
)%
|
90.00
|
%
|
32.00
|
%
|
|||||
|
|
|
Commodity volatility
|
4.00
|
%
|
146.00
|
%
|
15.00
|
%
|
|||||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
$
|
902
|
|
Model-based
|
Interest rate
|
0.47
|
%
|
3.66
|
%
|
2.71
|
%
|
|||
Trading account liabilities
|
|
|
|
|
|
|
||||||||
Securities sold, not yet purchased
|
$
|
289
|
|
Model-based
|
Credit spread
|
166 bps
|
|
180 bps
|
|
175 bps
|
|
|||
|
$
|
273
|
|
Price-based
|
Credit-IR correlation
|
(68.00
|
)%
|
5.00
|
%
|
(50.00
|
)%
|
|||
|
|
|
Price
|
$
|
—
|
|
$
|
124.25
|
|
$
|
99.75
|
|
||
Short-term borrowings and long-term debt
|
$
|
6,781
|
|
Model-based
|
IR lognormal volatility
|
10.60
|
%
|
87.20
|
%
|
20.97
|
%
|
|||
|
868
|
|
Price-based
|
Equity forward
|
79.10
|
%
|
141.00
|
%
|
99.51
|
%
|
||||
|
|
|
Equity volatility
|
10.70
|
%
|
57.20
|
%
|
19.41
|
%
|
|||||
|
|
|
Equity-FX correlation
|
(70.00
|
)%
|
55.00
|
%
|
0.60
|
%
|
|||||
|
|
|
Equity-equity correlation
|
(81.30
|
)%
|
99.40
|
%
|
48.30
|
%
|
|||||
|
|
|
Interest rate
|
4.00
|
%
|
10.00
|
%
|
5.00
|
%
|
|||||
|
|
|
Price
|
$
|
0.63
|
|
$
|
103.75
|
|
$
|
80.73
|
|
||
|
|
|
Forward price
|
23.00
|
%
|
242.00
|
%
|
101.00
|
%
|
(1)
|
The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities.
|
(2)
|
Some inputs are shown as zero due to rounding.
|
(3)
|
When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to one large position only.
|
(4)
|
Weighted averages are calculated based on the fair value of the instrument.
|
(5)
|
For equity securities, the price and fund NAV inputs are expressed on an absolute basis, not as a percentage of the notional amount.
|
(6)
|
Both trading and nontrading account derivatives—assets and liabilities—are presented on a gross absolute value basis.
|
(7)
|
Includes hybrid products.
|
In millions of dollars
|
Fair value
|
Level 2
|
Level 3
|
||||||
December 31, 2014
|
|
|
|
||||||
Loans held-for-sale
|
$
|
4,152
|
|
$
|
1,084
|
|
$
|
3,068
|
|
Other real estate owned
|
102
|
|
21
|
|
81
|
|
|||
Loans
(1)
|
3,367
|
|
2,881
|
|
486
|
|
|||
Total assets at fair value on a nonrecurring basis
|
$
|
7,621
|
|
$
|
3,986
|
|
$
|
3,635
|
|
(1)
|
Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate secured loans.
|
In millions of dollars
|
Fair value
|
Level 2
|
Level 3
|
||||||
December 31, 2013
|
|
|
|
||||||
Loans held-for-sale
|
$
|
3,483
|
|
$
|
2,165
|
|
$
|
1,318
|
|
Other real estate owned
|
138
|
|
15
|
|
123
|
|
|||
Loans
(1)
|
4,713
|
|
3,947
|
|
766
|
|
|||
Total assets at fair value on a nonrecurring basis
|
$
|
8,334
|
|
$
|
6,127
|
|
$
|
2,207
|
|
(1)
|
Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate secured loans.
|
As of December 31, 2014
|
Fair Value
(1)
(in millions)
|
Methodology
|
Input
|
Low
|
High
|
Weighted
average
(2)
|
||||||||
Loans held-for-sale
|
$
|
2,740
|
|
Price-based
|
Price
|
$
|
92.00
|
|
$
|
100.00
|
|
$
|
99.54
|
|
|
|
|
Credit Spread
|
5 bps
|
|
358 bps
|
|
175 bps
|
|
|||||
Other real estate owned
|
$
|
76
|
|
Price-based
|
Appraised Value
|
$
|
11,000
|
|
$
|
11,124,137
|
|
$
|
4,730,129
|
|
|
|
|
Discount to price
(4)
|
13.00
|
%
|
64.00
|
%
|
28.80
|
%
|
|||||
Loans
(3)
|
$
|
437
|
|
Price-based
|
Discount to price
(4)
|
13.00
|
%
|
34.00
|
%
|
28.92
|
%
|
(1)
|
The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities.
|
(2)
|
Weighted averages are calculated based on the fair value of the instrument.
|
(3)
|
Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral.
|
(4)
|
Includes estimated costs to sell.
|
As of December 31, 2013
|
Fair Value
(1)
(in millions)
|
Methodology
|
Input
|
Low
|
High
|
Weighted
average
(2)
|
||||||||
Loans held-for-sale
|
$
|
912
|
|
Price-based
|
Price
(3)
|
$
|
60.00
|
|
$
|
100.00
|
|
$
|
98.77
|
|
|
393
|
|
Cash Flow
|
Credit Spread
|
45 bps
|
|
80 bps
|
|
64 bps
|
|
||||
Other real estate owned
|
$
|
98
|
|
Price-based
|
Discount to price
(4)
|
34.00
|
%
|
59.00
|
%
|
39.00
|
%
|
|||
|
17
|
|
Cash Flow
|
Price
(3)
|
$
|
60.46
|
|
$
|
100.00
|
|
$
|
96.67
|
|
|
|
|
|
Appraised Value
|
636,249
|
|
15,897,503
|
|
11,392,478
|
|
|||||
Loans
(5)
|
$
|
581
|
|
Price-based
|
Discount to price
(4)
|
34.00
|
%
|
39.00
|
%
|
35.00
|
%
|
|||
|
109
|
|
Model-based
|
Price
(3)
|
$
|
52.40
|
|
$
|
68.00
|
|
$
|
65.32
|
|
|
|
|
|
Appraised Value
|
6,500,000
|
|
86,000,000
|
|
43,532,719
|
|
(1)
|
The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities.
|
(2)
|
Weighted averages are based on the fair value of the instrument.
|
(3)
|
Prices are based on appraised values.
|
(4)
|
Includes estimated costs to sell.
|
(5)
|
Represents loans held for investment whose carrying amounts are based on the fair value of the underlying collateral.
|
|
Year ended December 31,
|
||
In millions of dollars
|
2014
|
||
Loans held-for-sale
|
$
|
34
|
|
Other real estate owned
|
(16
|
)
|
|
Loans
(1)
|
(533
|
)
|
|
Total nonrecurring fair value gains (losses)
|
$
|
(515
|
)
|
(1)
|
Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans.
|
In millions of dollars
|
Year ended December 31, 2013
|
||
Loans held-for-sale
|
$
|
—
|
|
Other real estate owned
|
(6
|
)
|
|
Loans
(1)
|
(761
|
)
|
|
Total nonrecurring fair value gains (losses)
|
$
|
(767
|
)
|
(1)
|
Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, including primarily real-estate loans.
|
|
December 31, 2014
|
Estimated fair value
|
|||||||||||||
|
Carrying
value
|
Estimated
fair value
|
|
|
|
||||||||||
In billions of dollars
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Assets
|
|
|
|
|
|
||||||||||
Investments
|
$
|
30.5
|
|
$
|
32.2
|
|
$
|
4.5
|
|
$
|
25.2
|
|
$
|
2.5
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
98.4
|
|
98.4
|
|
—
|
|
89.7
|
|
8.7
|
|
|||||
Loans
(1)(2)
|
620.0
|
|
617.6
|
|
—
|
|
5.6
|
|
612.0
|
|
|||||
Other financial assets
(2)(3)
|
213.8
|
|
213.8
|
|
8.3
|
|
151.9
|
|
53.6
|
|
|||||
Liabilities
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
897.6
|
|
$
|
894.0
|
|
$
|
—
|
|
$
|
746.2
|
|
$
|
147.8
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
136.7
|
|
136.7
|
|
—
|
|
136.5
|
|
0.2
|
|
|||||
Long-term debt
(4)
|
196.9
|
|
202.5
|
|
—
|
|
172.7
|
|
29.8
|
|
|||||
Other financial liabilities
(5)
|
136.2
|
|
136.2
|
|
—
|
|
41.4
|
|
94.8
|
|
|
December 31, 2013
|
Estimated fair value
|
|||||||||||||
|
Carrying
value
|
Estimated
fair value
|
|
|
|
||||||||||
In billions of dollars
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Assets
|
|
|
|
|
|
||||||||||
Investments
|
$
|
17.8
|
|
$
|
19.3
|
|
$
|
5.3
|
|
$
|
11.9
|
|
$
|
2.1
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
115.6
|
|
115.6
|
|
—
|
|
107.2
|
|
8.4
|
|
|||||
Loans
(1)(2)
|
637.9
|
|
635.1
|
|
—
|
|
5.6
|
|
629.5
|
|
|||||
Other financial assets
(2)(3)
|
250.7
|
|
250.7
|
|
9.4
|
|
189.5
|
|
51.8
|
|
|||||
Liabilities
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
966.6
|
|
$
|
965.6
|
|
$
|
—
|
|
$
|
776.4
|
|
$
|
189.2
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
152.0
|
|
152.0
|
|
—
|
|
151.8
|
|
0.2
|
|
|||||
Long-term debt
(4)
|
194.2
|
|
201.3
|
|
—
|
|
175.6
|
|
25.7
|
|
|||||
Other financial liabilities
(5)
|
136.2
|
|
136.2
|
|
—
|
|
41.2
|
|
95.0
|
|
(1)
|
The carrying value of loans is net of the
Allowance for loan losses
of
$16.0 billion
for
December 31, 2014
and
$19.6 billion
for
December 31, 2013
. In addition, the carrying values exclude
$0.0 billion
and
$2.9 billion
of lease finance receivables at
December 31, 2014
and
December 31, 2013
, respectively.
|
(2)
|
Includes items measured at fair value on a nonrecurring basis.
|
(3)
|
Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverable and other financial instruments included in
Other assets
on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.
|
(4)
|
The carrying value includes long-term debt balances under qualifying fair value hedges.
|
(5)
|
Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in
Other liabilities
on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.
|
|
Changes in fair value gains (losses) for the
|
|||||
|
Years ended December 31,
|
|||||
In millions of dollars
|
2014
|
2013
|
||||
Assets
|
|
|
||||
Federal funds sold and securities borrowed or purchased under agreements to resell
Selected portfolios of securities purchased under agreements to resell and securities borrowed
|
$
|
812
|
|
$
|
(628
|
)
|
Trading account assets
|
190
|
|
(190
|
)
|
||
Investments
|
30
|
|
(48
|
)
|
||
Loans
|
|
|
||||
Certain corporate loans
(1)
|
(135
|
)
|
72
|
|
||
Certain consumer loans
(1)
|
(41
|
)
|
(155
|
)
|
||
Total loans
|
$
|
(176
|
)
|
$
|
(83
|
)
|
Other assets
|
|
|
||||
MSRs
|
$
|
(344
|
)
|
$
|
553
|
|
Certain mortgage loans held for sale
(2)
|
474
|
|
951
|
|
||
Total other assets
|
$
|
130
|
|
$
|
1,504
|
|
Total assets
|
$
|
986
|
|
$
|
555
|
|
Liabilities
|
|
|
||||
Interest-bearing deposits
|
$
|
(77
|
)
|
$
|
141
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
Selected portfolios of securities sold under agreements to repurchase and securities loaned
|
(5
|
)
|
110
|
|
||
Trading account liabilities
|
29
|
|
3
|
|
||
Short-term borrowings
|
8
|
|
73
|
|
||
Long-term debt
|
(307
|
)
|
(186
|
)
|
||
Total liabilities
|
$
|
(352
|
)
|
$
|
141
|
|
(1)
|
Includes mortgage loans held by mortgage loan securitization VIEs consolidated upon the adoption of ASC 810
Consolidation
(SFAS 167) on January 1, 2010.
|
(2)
|
Includes gains (losses) associated with interest rate lock-commitments for those loans that have been originated and elected under the fair value option.
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||
In millions of dollars
|
Trading assets
|
Loans
|
Trading assets
|
Loans
|
||||||||
Carrying amount reported on the Consolidated Balance Sheet
|
$
|
10,290
|
|
$
|
5,901
|
|
$
|
9,262
|
|
$
|
4,105
|
|
Aggregate unpaid principal balance in excess of (less than) fair value
|
(26
|
)
|
125
|
|
4
|
|
(79
|
)
|
||||
Balance of non-accrual loans or loans more than 90 days past due
|
13
|
|
3
|
|
97
|
|
5
|
|
||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due
|
28
|
|
1
|
|
41
|
|
5
|
|
In millions of dollars
|
December 31,
2014 |
December 31, 2013
|
||||
Carrying amount reported on the Consolidated Balance Sheet
|
$
|
1,447
|
|
$
|
2,089
|
|
Aggregate fair value in excess of unpaid principal balance
|
67
|
|
48
|
|
||
Balance of non-accrual loans or loans more than 90 days past due
|
—
|
|
—
|
|
||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due
|
—
|
|
—
|
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||
In millions of dollars
|
Corporate loans
|
Consumer loans
|
Corporate loans
|
Consumer loans
|
||||||||
Carrying amount reported on the Consolidated Balance Sheet
|
$
|
—
|
|
$
|
—
|
|
$
|
14
|
|
$
|
910
|
|
Aggregate unpaid principal balance in excess of fair value
|
9
|
|
—
|
|
7
|
|
212
|
|
||||
Balance of non-accrual loans or loans more than 90 days past due
|
—
|
|
—
|
|
—
|
|
81
|
|
||||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due
|
—
|
|
—
|
|
—
|
|
106
|
|
In billions of dollars
|
December 31, 2014
|
December 31, 2013
|
||||
Interest rate linked
|
$
|
10.9
|
|
$
|
9.8
|
|
Foreign exchange linked
|
0.3
|
|
0.5
|
|
||
Equity linked
|
8.0
|
|
7.0
|
|
||
Commodity linked
|
1.4
|
|
1.8
|
|
||
Credit linked
|
2.5
|
|
3.5
|
|
||
Total
|
$
|
23.1
|
|
$
|
22.6
|
|
In millions of dollars
|
December 31, 2014
|
December 31, 2013
|
||||
Carrying amount reported on the Consolidated Balance Sheet
|
$
|
26,180
|
|
$
|
25,968
|
|
Aggregate unpaid principal balance in excess of (less than) fair value
|
(151
|
)
|
(866
|
)
|
In millions of dollars
|
December 31, 2014
|
December 31, 2013
|
||||
Carrying amount reported on the Consolidated Balance Sheet
|
$
|
1,496
|
|
$
|
3,692
|
|
Aggregate unpaid principal balance in excess of (less than) fair value
|
31
|
|
(38
|
)
|
In millions of dollars
|
2014
|
2013
|
||||
Investment securities
|
$
|
173,015
|
|
$
|
183,071
|
|
Loans
|
214,530
|
|
228,513
|
|
||
Trading account assets
|
111,832
|
|
118,832
|
|
||
Total
|
$
|
499,377
|
|
$
|
530,416
|
|
In millions of dollars
|
|
||
2015
|
$
|
1,415
|
|
2016
|
1,192
|
|
|
2017
|
964
|
|
|
2018
|
771
|
|
|
2019
|
679
|
|
|
Thereafter
|
4,994
|
|
|
Total
|
$
|
10,015
|
|
|
Maximum potential amount of future payments
|
|
||||||||||
In billions of dollars at December 31, 2014 except carrying value in millions
|
Expire within
1 year
|
Expire after
1 year
|
Total amount
outstanding
|
Carrying value
(in millions of dollars)
|
||||||||
Financial standby letters of credit
|
$
|
25.4
|
|
$
|
73.0
|
|
$
|
98.4
|
|
$
|
242
|
|
Performance guarantees
|
7.1
|
|
4.8
|
|
11.9
|
|
29
|
|
||||
Derivative instruments considered to be guarantees
|
12.5
|
|
79.2
|
|
91.7
|
|
2,806
|
|
||||
Loans sold with recourse
|
—
|
|
0.2
|
|
0.2
|
|
15
|
|
||||
Securities lending indemnifications
(1)
|
127.5
|
|
—
|
|
127.5
|
|
—
|
|
||||
Credit card merchant processing
(1)
|
86.0
|
|
—
|
|
86.0
|
|
—
|
|
||||
Custody indemnifications and other
|
—
|
|
48.9
|
|
48.9
|
|
54
|
|
||||
Total
|
$
|
258.5
|
|
$
|
206.1
|
|
$
|
464.6
|
|
$
|
3,146
|
|
|
Maximum potential amount of future payments
|
|
||||||||||
In billions of dollars at December 31, 2013 except carrying value in millions
|
Expire within
1 year
|
Expire after
1 year
|
Total amount
outstanding
|
Carrying value
(
in millions of dollars)
|
||||||||
Financial standby letters of credit
|
$
|
28.8
|
|
$
|
71.4
|
|
$
|
100.2
|
|
$
|
429
|
|
Performance guarantees
|
7.6
|
|
4.9
|
|
12.5
|
|
42
|
|
||||
Derivative instruments considered to be guarantees
|
6.0
|
|
61.6
|
|
67.6
|
|
797
|
|
||||
Loans sold with recourse
|
—
|
|
0.3
|
|
0.3
|
|
22
|
|
||||
Securities lending indemnifications
(1)
|
79.2
|
|
—
|
|
79.2
|
|
—
|
|
||||
Credit card merchant processing
(1)
|
85.9
|
|
—
|
|
85.9
|
|
—
|
|
||||
Custody indemnifications and other
|
—
|
|
36.3
|
|
36.3
|
|
53
|
|
||||
Total
|
$
|
207.5
|
|
$
|
174.5
|
|
$
|
382.0
|
|
$
|
1,343
|
|
(1)
|
The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal.
|
|
Maximum potential amount of future payments
|
|||||||||||
In billions of dollars at December 31, 2014
|
Investment
grade
|
Non-investment
grade
|
Not
rated
|
Total
|
||||||||
Financial standby letters of credit
|
$
|
73.0
|
|
$
|
15.9
|
|
$
|
9.5
|
|
$
|
98.4
|
|
Performance guarantees
|
7.3
|
|
3.9
|
|
0.7
|
|
11.9
|
|
||||
Derivative instruments deemed to be guarantees
|
—
|
|
—
|
|
91.7
|
|
91.7
|
|
||||
Loans sold with recourse
|
—
|
|
—
|
|
0.2
|
|
0.2
|
|
||||
Securities lending indemnifications
|
—
|
|
—
|
|
127.5
|
|
127.5
|
|
||||
Credit card merchant processing
|
—
|
|
—
|
|
86.0
|
|
86.0
|
|
||||
Custody indemnifications and other
|
48.8
|
|
0.1
|
|
—
|
|
48.9
|
|
||||
Total
|
$
|
129.1
|
|
$
|
19.9
|
|
$
|
315.6
|
|
$
|
464.6
|
|
|
Maximum potential amount of future payments
|
|||||||||||
In billions of dollars at December 31, 2013
|
Investment
grade
|
Non-investment
grade
|
Not
rated
|
Total
|
||||||||
Financial standby letters of credit
|
$
|
76.2
|
|
$
|
14.8
|
|
$
|
9.2
|
|
$
|
100.2
|
|
Performance guarantees
|
7.4
|
|
3.6
|
|
1.5
|
|
12.5
|
|
||||
Derivative instruments deemed to be guarantees
|
—
|
|
—
|
|
67.6
|
|
67.6
|
|
||||
Loans sold with recourse
|
—
|
|
—
|
|
0.3
|
|
0.3
|
|
||||
Securities lending indemnifications
|
—
|
|
—
|
|
79.2
|
|
79.2
|
|
||||
Credit card merchant processing
|
—
|
|
—
|
|
85.9
|
|
85.9
|
|
||||
Custody indemnifications and other
|
36.2
|
|
0.1
|
|
—
|
|
36.3
|
|
||||
Total
|
$
|
119.8
|
|
$
|
18.5
|
|
$
|
243.7
|
|
$
|
382.0
|
|
In millions of dollars
|
U.S.
|
Outside of
U.S.
|
December 31,
2014 |
December 31,
2013
|
||||||||
Commercial and similar letters of credit
|
$
|
1,369
|
|
$
|
5,265
|
|
$
|
6,634
|
|
$
|
7,341
|
|
One- to four-family residential mortgages
|
3,243
|
|
2,431
|
|
5,674
|
|
4,946
|
|
||||
Revolving open-end loans secured by one- to four-family residential properties
|
13,535
|
|
2,563
|
|
16,098
|
|
16,781
|
|
||||
Commercial real estate, construction and land development
|
8,045
|
|
1,197
|
|
9,242
|
|
8,003
|
|
||||
Credit card lines
|
492,391
|
|
119,658
|
|
612,049
|
|
641,111
|
|
||||
Commercial and other consumer loan commitments
|
154,923
|
|
88,757
|
|
243,680
|
|
225,447
|
|
||||
Other commitments and contingencies
|
1,584
|
|
4,091
|
|
5,675
|
|
7,863
|
|
||||
Total
|
$
|
675,090
|
|
$
|
223,962
|
|
$
|
899,052
|
|
$
|
911,492
|
|
|
2014
|
2013
|
||||||||||||||||||||||
In millions of dollars, except per share amounts
|
Fourth
|
Third
|
Second
|
First
|
Fourth
|
Third
|
Second
|
First
|
||||||||||||||||
Revenues, net of interest expense
|
$
|
17,812
|
|
$
|
19,604
|
|
$
|
19,342
|
|
$
|
20,124
|
|
$
|
17,779
|
|
$
|
17,904
|
|
$
|
20,488
|
|
$
|
20,248
|
|
Operating expenses
|
14,426
|
|
12,955
|
|
15,521
|
|
12,149
|
|
12,293
|
|
11,679
|
|
12,149
|
|
12,288
|
|
||||||||
Provisions for credit losses and for benefits and claims
|
2,013
|
|
1,750
|
|
1,730
|
|
1,974
|
|
2,072
|
|
1,959
|
|
2,024
|
|
2,459
|
|
||||||||
Income from continuing operations before income taxes
|
$
|
1,373
|
|
$
|
4,899
|
|
$
|
2,091
|
|
$
|
6,001
|
|
$
|
3,414
|
|
$
|
4,266
|
|
$
|
6,315
|
|
$
|
5,501
|
|
Income taxes (benefits)
|
991
|
|
1,985
|
|
1,838
|
|
2,050
|
|
1,090
|
|
1,080
|
|
2,127
|
|
1,570
|
|
||||||||
Income from continuing operations
|
$
|
382
|
|
$
|
2,914
|
|
$
|
253
|
|
$
|
3,951
|
|
$
|
2,324
|
|
$
|
3,186
|
|
$
|
4,188
|
|
$
|
3,931
|
|
Income (loss) from discontinued operations, net of taxes
|
(1
|
)
|
(16
|
)
|
(22
|
)
|
37
|
|
181
|
|
92
|
|
30
|
|
(33
|
)
|
||||||||
Net income before attribution of noncontrolling interests
|
$
|
381
|
|
$
|
2,898
|
|
$
|
231
|
|
$
|
3,988
|
|
$
|
2,505
|
|
$
|
3,278
|
|
$
|
4,218
|
|
$
|
3,898
|
|
Noncontrolling interests
|
31
|
|
59
|
|
50
|
|
45
|
|
50
|
|
51
|
|
36
|
|
90
|
|
||||||||
Citigroup’s net income
|
$
|
350
|
|
$
|
2,839
|
|
$
|
181
|
|
$
|
3,943
|
|
$
|
2,455
|
|
$
|
3,227
|
|
$
|
4,182
|
|
$
|
3,808
|
|
Earnings per share
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.06
|
|
$
|
0.89
|
|
$
|
0.03
|
|
$
|
1.22
|
|
$
|
0.71
|
|
$
|
0.98
|
|
$
|
1.34
|
|
$
|
1.24
|
|
Net income
|
0.06
|
|
0.88
|
|
0.03
|
|
1.24
|
|
0.77
|
|
1.01
|
|
1.35
|
|
1.23
|
|
||||||||
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
0.06
|
|
0.88
|
|
0.03
|
|
1.22
|
|
0.71
|
|
0.98
|
|
1.33
|
|
1.24
|
|
||||||||
Net income
|
0.06
|
|
0.88
|
|
0.03
|
|
1.23
|
|
0.77
|
|
1.00
|
|
1.34
|
|
1.23
|
|
||||||||
Common stock price per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
High
|
$
|
56.37
|
|
$
|
53.66
|
|
$
|
49.58
|
|
$
|
55.20
|
|
$
|
53.29
|
|
$
|
53.00
|
|
$
|
53.27
|
|
$
|
47.60
|
|
Low
|
49.68
|
|
46.90
|
|
45.68
|
|
46.34
|
|
47.67
|
|
47.67
|
|
42.50
|
|
41.15
|
|
||||||||
Close
|
54.11
|
|
51.82
|
|
47.10
|
|
47.60
|
|
52.11
|
|
48.51
|
|
47.97
|
|
44.24
|
|
||||||||
Dividends per share of common stock
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
|
2014
|
|
2013
|
|
2012
|
|
Citigroup’s net income to average assets
|
0.39
|
%
|
0.73
|
%
|
0.39
|
%
|
Return on average common stockholders’ equity
(1)
|
3.4
|
|
7.0
|
|
4.1
|
|
Return on average total stockholders’ equity
(2)
|
3.5
|
|
6.9
|
|
4.1
|
|
Total average equity to average assets
(3)
|
11.1
|
|
10.5
|
|
9.7
|
|
Dividends payout ratio
(4)
|
1.8
|
|
0.9
|
|
1.6
|
|
(1)
|
Based on Citigroup’s net income less preferred stock dividends as a percentage of average common stockholders’ equity.
|
(2)
|
Based on Citigroup’s net income as a percentage of average total Citigroup stockholders’ equity.
|
(3)
|
Based on average Citigroup stockholders’ equity as a percentage of average assets.
|
(4)
|
Dividends declared per common share as a percentage of net income per diluted share.
|
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
||||||
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
|
0.48
|
%
|
$
|
61,705
|
|
0.68
|
%
|
$
|
63,759
|
|
0.71
|
%
|
$
|
71,624
|
|
Other demand deposits
|
0.58
|
|
229,880
|
|
0.57
|
|
220,599
|
|
0.84
|
|
217,806
|
|
|||
Other time and savings deposits
(2)
|
1.08
|
|
243,630
|
|
1.06
|
|
262,924
|
|
1.24
|
|
259,025
|
|
|||
Total
|
0.80
|
%
|
$
|
535,215
|
|
0.82
|
%
|
$
|
547,282
|
|
1.01
|
%
|
$
|
548,455
|
|
(1)
|
Interest rates and amounts include the effects of risk management activities and also reflect the impact of the local interest rates prevailing in certain countries.
|
(2)
|
Primarily consists of certificates of deposit and other time deposits in denominations of $100,000 or more.
|
|
|
|
|
|
||||||||
In millions of dollars at December 31, 2014
|
Under 3
months |
|
Over 3 to 6
months |
|
Over 6 to 12
months |
|
Over 12
months |
|
||||
Certificates of deposit
(1)
|
$
|
17,271
|
|
$
|
6,250
|
|
$
|
2,024
|
|
$
|
655
|
|
Other time deposits
(2)
|
3,286
|
|
596
|
|
115
|
|
1,439
|
|
(1)
|
Includes approximately $20.5 billion of certificates of deposit with balance of $250,000 or more.
|
(2)
|
Includes approximately $4.5 billion of other time deposits with balance of $250,000 or more.
|
In millions, except per share amounts
|
Total shares
purchased
|
Average
price paid
per share
|
Approximate dollar
value of shares that
may yet be purchased
under the plan or
programs
|
|||||
October 2014
|
|
|
|
|||||
Open market repurchases
(1)
|
2.8
|
|
$
|
50.82
|
|
$
|
532
|
|
Employee transactions
(2)
|
—
|
|
—
|
|
N/A
|
|
||
November 2014
|
|
|
|
|||||
Open market repurchases
(1)
|
1.0
|
|
53.73
|
|
479
|
|
||
Employee transactions
(2)
|
—
|
|
—
|
|
N/A
|
|
||
December 2014
|
|
|
|
|||||
Open market repurchases
(1)
|
3.4
|
|
53.86
|
|
297
|
|
||
Employee transactions
(2)
|
—
|
|
—
|
|
N/A
|
|
||
Amounts as of December 31, 2014
|
7.2
|
|
$
|
52.65
|
|
$
|
297
|
|
(1)
|
Represents repurchases under the $1.2 billion 2014 common stock repurchase program (2014 Repurchase Program) that was approved by Citigroup’s Board of Directors and announced on April 23, 2014, which was part of the planned capital actions included by Citi in its 2014 Comprehensive Capital Analysis and Review. The 2014 Repurchase Program extends through the first quarter of 2015. Shares repurchased under the 2014 Repurchase Program are treasury stock.
|
(2)
|
Consisted of shares added to treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements.
|
Comparison of Five-Year Cumulative Total Return
For the years ended
|
DATE
|
CITI
|
S&P 500
|
S&P FINANCIALS
|
|||
31-Dec-2009
|
100.0
|
|
100.0
|
|
100.0
|
|
31-Dec-2010
|
142.9
|
|
112.8
|
|
110.8
|
|
30-Dec-2011
|
79.5
|
|
112.8
|
|
90.4
|
|
31-Dec-2012
|
119.5
|
|
127.9
|
|
114.2
|
|
31-Dec-2013
|
157.4
|
|
165.8
|
|
152.1
|
|
31-Dec-2014
|
163.5
|
|
184.6
|
|
172.0
|
|
Name
|
Age
|
Position and office held
|
Francisco Aristeguieta
|
49
|
CEO, Latin America
|
Stephen Bird
|
48
|
CEO, Asia Pacific
|
Don Callahan
|
58
|
Head of Operations and Technology; Chief Operations and Technology Officer
|
Michael L. Corbat
|
54
|
Chief Executive Officer
|
James C. Cowles
|
59
|
CEO, Europe, Middle East and Africa
|
Barbara Desoer
|
62
|
CEO, Citibank, N.A.
|
James A. Forese
|
52
|
Co-President;
CEO, Institutional Clients Group
|
John C. Gerspach
|
61
|
Chief Financial Officer
|
Brad Hu
|
51
|
Chief Risk Officer
|
Brian Leach
|
55
|
Head of Franchise Risk and Strategy
|
Manuel Medina-Mora
|
64
|
Co-President;
CEO, Global Consumer Banking;
Chairman, Mexico
|
William J. Mills
|
59
|
CEO, North America
|
Michael Murray
|
50
|
Head of Human Resources and Talent
|
Jeffrey R. Walsh
|
57
|
Controller and Chief Accounting Officer
|
Rohan Weerasinghe
|
64
|
General Counsel and Corporate Secretary
|
•
|
Ms. Desoer joined Citi in April 2014. Prior to joining Citi, Ms. Desoer had a 35-year career at Bank of America, where she was President, Bank of America Home Loans, a Global Technology & Operations Executive, and President, Consumer Products, among other roles.
|
•
|
Mr. Weerasinghe joined Citi in June 2012. Prior to joining Citi, Mr. Weerasinghe was Senior Partner at Shearman & Sterling.
|
Michael L. Corbat
Chief Executive Officer
Citigroup Inc.
Duncan P. Hennes
Co-Founder and Partner
Atrevida Partners, LLC
Franz B. Humer
Chairman and CEO, Retired
Roche Holding Ltd.
Michael E. O’Neill
Chairman
Citigroup Inc.
|
Gary M. Reiner
Operating Partner General Atlantic LLC
Judith Rodin
President
Rockefeller Foundation
Robert L. Ryan
Chief Financial Officer, Retired
Medtronic Inc.
Anthony M. Santomero
Former President
Federal Reserve Bank of
Philadelphia
|
Joan E. Spero
Senior Research Scholar
Columbia University
School of International
and Public Affairs
Diana L. Taylor
Vice Chair
Solera Capital, LLC
William S. Thompson, Jr.
Chief Executive Officer, Retired
Pacific Investment
Management Company
(PIMCO)
|
James S. Turley
Chairman and Chief
Executive Officer, Retired
Ernst & Young
Ernesto Zedillo Ponce de Leon
Director, Center for the
Study of Globalization;
Professor in the Field
of International
Economics and Politics
Yale University
|
Duncan P. Hennes
|
Anthony M. Santomero
|
Franz B. Humer
|
Joan E. Spero
|
Michael E. O’Neill
|
Diana L. Taylor
|
Gary M. Reiner
|
William S. Thompson, Jr.
|
Judith Rodin
|
James S. Turley
|
Robert Ryan
|
Ernesto Zedillo Ponce de Leon
|
Exhibit
|
|
|
Number
|
|
Description of Exhibit
|
3.01
|
|
Restated Certificate of Incorporation of the Company, as in effect on the date hereof, incorporated by reference to Exhibit 3.01 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2014 (File No. 001-9924)(the Company's September 30, 2014 10-Q).
|
|
|
|
3.02
|
|
By-Laws of the Company, as amended, as in effect on the date hereof, incorporated by reference to the Company’s Current Report on Form 8-K filed January 10, 2013 (File No. 001-09924).
|
|
|
|
4.01
|
|
Form of Senior Indenture between the Company and The Bank of New York Mellon, as trustee, incorporated by reference to Exhibit 4.8 to the Company’s Registration Statement on Form S-3 filed November 13, 2013 (File No. 333-192302).
|
|
|
|
4.02
|
|
Subordinated Debt Indenture, dated as of April 12, 2001, between the Company and The Bank of New York Mellon, as successor to JP Morgan Chase Bank (formerly Bank One Trust Company, N.A.), as trustee, incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-3 filed February 21, 2013 (No. 333-186425).
|
|
|
|
4.03
|
|
First Supplemental Indenture, dated as of August 2, 2004, between the Company and J.P. Morgan Trust Company, N.A. (formerly Bank One Trust Company, N.A.), as trustee, incorporated by reference to Exhibit 4.13 to the Company’s Registration Statement on Form S-3/A filed August 31, 2004 (No. 333-117615).
|
|
|
|
4.04
|
|
Indenture, dated as of March 15, 1987, between Primerica Corporation, a New Jersey corporation, and The Bank of New York, as trustee, incorporated by reference to Exhibit 4.01 to the Company’s Registration Statement on Form S-3 filed December 8, 1992 (No. 03355542).
|
|
|
|
4.05
|
|
First Supplemental Indenture, dated as of December 15, 1988, among Primerica Corporation, Primerica Holdings, Inc. and The Bank of New York, as trustee, incorporated by reference to Exhibit 4.02 to the Company’s Registration Statement on Form S-3 filed December 8, 1992 (No. 03355542).
|
|
|
|
4.06
|
|
Second Supplemental Indenture, dated as of January 31, 1991, between Primerica Holdings, Inc. and The Bank of New York, as trustee, incorporated by reference to Exhibit 4.03 to the Company’s Registration Statement on Form S-3 filed December 8, 1992 (No. 03355542).
|
|
|
|
4.07
|
|
Third Supplemental Indenture, dated as of December 9, 1992, among Primerica Holdings, Inc., Primerica Corporation and The Bank of New York, as trustee, incorporated by reference to Exhibit 5 to the Company’s Form 8-A dated December 21, 1992, with respect to its 7 3/4% Notes Due June 15, 1999 (No. 001-09924).
|
|
|
|
4.08
|
|
Fourth Supplemental Indenture, dated as of November 2, 1998, between the Company and The Bank of New York, as trustee, incorporated by reference to Exhibit 4.01 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1998 (No. 001-09924).
|
|
|
|
4.09
|
|
Fifth Supplemental Indenture, dated as of December 9, 2008, between the Company and The Bank of New York Mellon, as trustee, incorporated by reference to Exhibit 4.04 to the Company’s Current Report on Form 8-K filed December 11, 2008 (No. 001-09924).
|
|
|
|
4.10
|
|
Sixth Supplemental Indenture, dated as of December 20, 2012, between the Company and The Bank of New York Mellon, as trustee, providing for the issuance of debt securities, incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed December 21, 2012 (No. 001-09924).
|
|
|
|
4.11
|
|
Senior Debt Indenture, dated as of June 1, 2005, among Citigroup Funding Inc., the Company and The Bank of New York Mellon, as successor trustee to JPMorgan Chase Bank, N.A., incorporated by reference to Exhibit 4(b) to the Company’s Registration Statement on Form S-3 filed March 30, 2006 (No. 333-132370-01).
|
|
|
|
4.12
|
|
Second Supplemental Indenture, dated as of December 20, 2012, among Citigroup Funding Inc., the Company and The Bank of New York Mellon, as successor trustee to JPMorgan Chase Bank, N.A., incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed December 21, 2012 (No. 001-09924).
|
|
|
|
4.13
|
|
Indenture, dated as of July 23, 2004, between the Company and JPMorgan Chase Bank, as trustee, incorporated by reference to Exhibit 4.28 to the Company’s Registration Statement on Form S-3 filed July 2, 2004 (No. 333-117615).
|
|
|
|
4.14
|
|
Warrant Agreement (relating to Warrants (expiring January 4, 2019)), dated as of January 25, 2011, between the Company and Computershare Inc. and Computershare Trust Company, N.A., as Warrant Agent, incorporated by reference to Exhibit 4.1 to the Company’s Form 8-A filed January 26, 2011 (File No. 001-09924).
|
|
|
|
4.15
|
|
Specimen Warrant for 255,033,142 Warrants, incorporated by reference to Exhibit 4.2 to the Company’s Form 8-A filed January 26, 2011 (File No. 001-09924).
|
|
|
|
4.16
|
|
Warrant Agreement (relating to Warrants (expiring October 28, 2018)), dated as of January 25, 2011, between the Company and Computershare Inc. and Computershare Trust Company, N.A., as Warrant Agent, incorporated by reference to Exhibit 4.1 to the Company’s Form 8-A filed January 26, 2011 (File No. 001-09924).
|
|
|
|
4.17
|
|
Specimen Warrant for 210,084,034 Warrants, incorporated by reference to Exhibit 4.2 to the Company’s Form 8-A filed January 26, 2011 (File No. 001-09924).
|
|
|
|
4.18
|
|
Form of Capital Securities Guarantee Agreement between the Company, as Guarantor, and The Bank of New York Mellon, as Guarantee Trustee, incorporated by reference to Exhibit 4.32 to the Company's Registration Statement on Form S-3 filed July 2, 2004 (File No. 333-117615).
|
|
|
|
4.19
|
|
Specimen Physical Common Stock Certificate of the Company, incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed May 9, 2011 (File No. 001-09924).
|
|
|
|
10.01*+
|
|
Citi Discretionary Incentive and Retention Award Plan (as Amended and Restated Effective as of January 1, 2015).
|
|
|
|
10.02.1*
|
|
Citigroup 1999 Stock Incentive Plan (as amended and restated effective January 1, 2009), incorporated by reference to Exhibit 10.15 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (File No. 001-09924).
|
|
|
|
10.02.2*
|
|
Citigroup 2009 Stock Incentive Plan (as amended and restated effective April 24, 2013), incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 26, 2013 (File No. 001-09924).
|
|
|
|
10.02.3*
|
|
Citigroup 2014 Stock Incentive Plan, incorporated by reference to Exhibit 10.01 to the Company’s Current Report on Form 8-K filed April 25, 2014 (File No. 001-09924).
|
|
|
|
10.03*+
|
|
Citigroup Inc. Deferred Cash Award Plan (as Amended and Restated Effective as of January 1, 2015).
|
|
|
|
10.04.1*
|
|
Form of Citigroup Inc. 2012 Discretionary Incentive and Retention Award Agreement, incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011 (File No. 001-09924).
|
|
|
|
10.04.2*
|
|
Form of Citigroup Inc. 2013 CAP/DCAP Agreement, incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012 (File No. 001-09924).
|
|
|
|
10.04.3*
|
|
Form of Citigroup Inc. 2014 CAP/DCAP Agreement, incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 (File No. 001-09924).
|
|
|
|
10.04.4*
|
|
Form of Citigroup Inc. 2015 CAP/DCAP Agreement, incorporated by reference to Exhibit 10.01 to the Company’s September 30, 2014 10-Q.
|
|
|
|
10.05*
|
|
Form of Citigroup Executive Premium Price Option Agreement, incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed January 21, 2009 (File No. 001-09924).
|
|
|
|
10.06*
|
|
2011 Citigroup Executive Performance Plan, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed April 26, 2011 (File No. 001-09924).
|
|
|
|
10.07*
|
|
Form of Citigroup Inc. Employee Option Grant Agreement (Executive Option Grant Program), incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011 (File No. 001-09924).
|
|
|
|
10.08*
|
|
Form of Citigroup Inc. Performance Share Unit Award Agreement (awards dated February 19, 2013), incorporated by reference to Exhibit 10.02 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013 (File No. 001-09924).
|
|
|
|
10.09*
|
|
Form of Citigroup Inc. Performance Share Unit Award Agreement (awards dated February 18, 2014), incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2014 (File No. 001-09924).
|
|
|
|
10.10*
|
|
Citigroup Management Committee Termination Notice and Non-Solicitation Policy, effective October 2, 2006, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed October 6, 2006 (File No. 001-09924).
|
|
|
|
10.11.1*
|
|
Citicorp Deferred Compensation Plan, effective October 1995, incorporated by reference to Exhibit 10 to Citicorp’s Registration Statement on Form S-8 filed February 15, 1996 (File No. 333-00983).
|
|
|
|
10.11.2*
|
|
Amendment to the Citicorp Deferred Compensation Plan, incorporated by reference to Exhibit 10.18.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1999 (the Company’s 1999 10-K).
|
|
|
|
10.11.3*
|
|
Amendment to the Citicorp Deferred Compensation Plan, effective as of September 28, 2001, incorporated by reference to Exhibit 10.17.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2001 (the Company’s 2001 10-K) (File No. 001-09924).
|
|
|
|
10.11.4*
|
|
Nonqualified Plan Amendment to the Citicorp Deferred Compensation Plan, adopted November 19, 2009, incorporated by reference to Exhibit 10.01.5 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (the Company’s 2009 10-K).
|
|
|
|
10.12.1*
|
|
Supplemental ERISA Compensation Plan of Citibank, N.A. and Affiliates, as amended and restated (the Citibank Supplemental ERISA Plan), incorporated by reference to Exhibit 10.(G) to Citicorp’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997 (File No. 001-05378).
|
|
|
|
10.12.2*
|
|
Amendment to the Citibank Supplemental ERISA Plan (the 1999 Amended Citibank Supplemental ERISA Plan), incorporated by reference to Exhibit 10.21.2 to the Company’s 1999 10-K.
|
|
|
|
10.12.3*
|
|
Amendment to the 1999 Amended Citibank Supplemental ERISA Plan (the 2005 Amended Citibank Supplemental ERISA Plan), incorporated by reference to Exhibit 10.04.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005 (File No. 001-09924).
|
|
|
|
10.12.4*
|
|
Amendment to the 2005 Amended Citibank Supplemental ERISA Plan, as amended January 1, 2009 (the 2009 Amended Citibank Supplemental ERISA Plan), incorporated by reference to Exhibit 10.01.4 to the Company’s 2009 10-K.
|
|
|
|
10.12.5*
|
|
Nonqualified Plan Amendment to the 2009 Amended Citibank Supplemental ERISA Plan, approved November 19, 2009, incorporated by reference to Exhibit 10.01.5 to the Company’s 2009 10-K.
|
|
|
|
10.12.6*
|
|
Amendment No. 4 to the 2009 Amended Citibank Supplemental ERISA Plan, approved December 21, 2012, incorporated by reference to Exhibit 10.01.6 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (File No. 001-09924).
|
|
|
|
10.13*
|
|
Citigroup Inc. Omnibus Non-Qualified Plan Amendment effective as of June 2, 2014, incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2014 (File No. 001-09924).
|
|
|
|
10.14*
|
|
Letter Agreement, dated December 21, 2011, between Citigroup Inc. and Michael Corbat, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed December 22, 2011 (File No. 001-09924).
|
|
|
|
10.15.1*
|
|
Citigroup Inc. Amended and Restated Compensation Plan for Non-Employee Directors (as of September 21, 2004), incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 001-09924).
|
|
|
|
10.15.2*
|
|
Form of Citigroup Inc. Non-Employee Director Equity Award Agreement (pursuant to the Amended and Restated Compensation Plan for Non-Employee Directors), incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 14, 2005 (File No. 001-09924).
|
|
|
|
10.15.3*
|
|
Form of Citigroup Inc. Non-Employee Director Equity Award Agreement (effective November 1, 2006), incorporated by reference to Exhibit 10.05 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2006 (File No. 001-09924).
|
|
|
|
10.16*
|
|
Citigroup Inc. Non-Employee Directors Compensation Plan (effective as of January 1, 2008), incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007 (File No. 001-09924).
|
|
|
|
12.01+
|
|
Calculation of Ratio of Income to Fixed Charges.
|
|
|
|
12.02+
|
|
Calculation of Ratio of Income to Fixed Charges Including Preferred Stock Dividends.
|
|
|
|
21.01+
|
|
Subsidiaries of the Company.
|
|
|
|
23.01+
|
|
Consent of KPMG LLP, Independent Registered Public Accounting Firm.
|
|
|
|
24.01+
|
|
Powers of Attorney.
|
|
|
|
31.01+
|
|
Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.02+
|
|
Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.01+
|
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
99.01+
|
|
List of Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934.
|
|
|
|
101.01+
|
|
Financial statements from the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2014, filed February 25, 2015, formatted in XBRL: (i) the Consolidated Statement of Income, (ii) the Consolidated Balance Sheet, (iii) the Consolidated Statement of Changes in Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to Consolidated Financial Statements.
|
Subsidiary
|
Jurisdiction Name
|
Citi GSCP Inc.
|
Delaware
|
Citigroup Niagara Holdings LLC
|
Delaware
|
Citi Niagara LLC
|
Delaware
|
TRV Holdings LLC
|
Delaware
|
TRV Investments LLC
|
Delaware
|
COHM Overseas Mexico Holding, S. de R.L. de C.V.
|
Mexico
|
Citigroup Capital Partners Mexico, S. de R.L. de C.V.
|
Mexico
|
Citigroup Capital UK Limited
|
England
|
NAMGK Mexico Holding, S. de R.L. de C.V.
|
Mexico
|
Citicorp (Mexico) Holdings LLC
|
Delaware
|
Grupo Financiero Banamex, S.A. de C.V.
|
Mexico
|
Acciones y Valores Banamex, S.A. de C.V. Casa de Bolsa, Integrante del Grupo Financiero Banamex
|
Mexico
|
Impulsora de Fondos Banamex, S.A. de C.V., Sociedad Operadora de Sociedades de Inversion
|
Mexico
|
Afore Banamex, S.A. de C.V.
|
Mexico
|
Banco Nacional de Mexico, S.A.
|
Mexico
|
Inmuebles Banamex, S.A. de C.V.
|
Mexico
|
Promotora de Bienes y Servicios Banamex, S.A. de C.V.
|
Mexico
|
Tarjetas Banamex, S.A. de C.V. SOFOM E.R.
|
Mexico
|
Travelers Auto Leasing LLC
|
Delaware
|
Seguros Banamex, S.A. de C.V., Integrante del Grupo Financiero Banamex
|
Mexico
|
Holding BUSA II, S. de R.L. de C.V.
|
Mexico
|
Telecomunicaciones Holding Mx, S. de R.L. de C.V.
|
Mexico
|
Citicorp
|
Delaware
|
Citibank, N.A.
|
United States
|
Associates Capital Investments, L.L.C.
|
Delaware
|
CAFCO, LLC
|
Delaware
|
CFNA Receivables (DE), Inc.
|
Delaware
|
Citi Retail Services LLC
|
Delaware
|
CFNA Receivables (MD), Inc.
|
Maryland
|
Citi Retail Services LLC
|
Delaware
|
CFNA Receivables (NC), Inc.
|
North Carolina
|
Citi Retail Services LLC
|
Delaware
|
Citi Investor Services, Inc.
|
Delaware
|
Citi Fund Services, Inc.
|
Delaware
|
Citi Fund Services Ohio, Inc.
|
Ohio
|
Citi Hedge Fund Services North America, Inc.
|
Delaware
|
Citi Hedge Fund Services, Inc.
|
Delaware
|
Citi Residential Lending Inc.
|
Delaware
|
Citibank (China) Co., Ltd.
|
China
|
Citibank Overseas Investment Corporation
|
United States
|
Administradora de Valores de Guatemala, S.A.
|
Guatemala
|
Banco Citibank (Panama), S.A.
|
Panama
|
Banco Citibank S.A.
|
Brazil
|
Chelsea Participacoes Societarias e Investimentos Ltda.
|
Brazil
|
Citibank Corretora de Seguros Ltda.
|
Brazil
|
Citibank-Distribuidora de Titulos e Valores Mobiliarios S.A.
|
Brazil
|
Bank Handlowy w Warszawie S.A.
|
Poland
|
BGH International Holdings, LLC
|
Delaware
|
BISYS Financial Services Ltd.
|
Bermuda
|
Citi Fund Services (Bermuda), Ltd.
|
Bermuda
|
Citigroup Fund Services (Cayman), Ltd.
|
Cayman Islands
|
Canada Square Operations Limited
|
England
|
Citi Cards Canada Holding Corporation
|
Delaware
|
Citi Cards Canada Inc.
|
Ontario
|
Citi Cards Japan, Inc.
|
Japan
|
Future Mortgages Limited
|
England
|
Citi International Investments Bahamas Limited
|
Bahamas
|
Citigroup Netherlands Holdings B.V.
|
Netherlands
|
Corinth Holdco LLC
|
Delaware
|
Citi Investments Bahamas Ltd.
|
Bahamas
|
Citi Holdings Bahamas Ltd.
|
Bahamas
|
Future Mortgages Limited
|
England
|
Citi Overseas Holdings Bahamas Limited
|
Bahamas
|
Citibank Holdings Ireland Limited
|
Ireland
|
Citibank Europe plc
|
Ireland
|
Citibank International Limited
|
England
|
Citi Overseas Investments Bahamas Inc.
|
Bahamas
|
CitiFinancial Services of Puerto Rico, Inc.
|
Puerto Rico
|
Citigroup Global Markets Finance Corporation & Co. beschrankt haftende KG
|
Germany
|
Citigroup Global Markets Deutschland AG
|
Germany
|
Citigroup Global Markets Finance Corporation & Co. beschrankt haftende KG
|
Germany
|
Citigroup Global Markets Deutschland AG
|
Germany
|
Citigroup International Luxembourg Limited
|
England
|
Citigroup Participation Luxembourg Limited
|
England
|
Citi Teknoloji Egitim Hizmet ve Danismanlik Anonim Sirketi
|
Turkey
|
Citibank Berhad
|
Malaysia
|
Citibank Canada
|
Canada
|
2490827 Nova Scotia Limited
|
Nova Scotia
|
OneMain Financial, Inc. <HI>
|
Hawaii
|
OneMain Financial, Inc. <WV>
|
West Virginia
|
OneMain Remarketing, LLC
|
Delaware
|
Triton Insurance Company
|
Texas
|
Citigroup Finance Canada Inc.
|
Canada
|
CitiFinancial Canada, Inc.
|
Canada
|
Citigroup Fund Services Canada, Inc.
|
Canada
|
CBC International Real Estate LP LLC
|
Delaware
|
CGI Private Equity LP LLC
|
Delaware
|
Citi Ventures, Inc.
|
Delaware
|
Citibank (Switzerland) AG
|
Switzerland
|
Citicorp Funding, Inc.
|
Delaware
|
Citicorp Municipal Mortgage Holdings Inc.
|
Delaware
|
Citicorp Global Holdings, Inc.
|
Delaware
|
Citicorp International Finance Corporation
|
Delaware
|
Citigroup Venture Capital International Delaware Corporation
|
Delaware
|
Citicorp North America, Inc.
|
Delaware
|
CFG 1, LLC
|
Delaware
|
Citicorp Translease, Inc.
|
Delaware
|
Citicorp Tulip Lease, Inc.
|
Delaware
|
CM Leasing Member 1995 Trust-A2
|
Delaware
|
Citigroup Renewable Investments 1 LLC
|
Delaware
|
CM Leasing Member 1995 Trust-A1
|
Delaware
|
CM North America Holding Company
|
Canada
|
ESSL 2, Inc.
|
Delaware
|
Citiflight, Inc.
|
Delaware
|
Citigroup Global Investments Offshore Investment Holdings Ltd.
|
Cayman Islands
|
Citigroup Global Markets Realty Corp.
|
New York
|
Citigroup Insurance Holding Corporation
|
Georgia
|
Financial Reassurance Company 2010, Ltd.
|
Vermont
|
Prime Reinsurance Company, Inc.
|
Vermont
|
Citigroup Technology, Inc.
|
Delaware
|
Court Square Capital Limited
|
Delaware
|
Citicorp Technology Holdings Inc.
|
Delaware
|
Citigroup Venture Capital International Growth Partnership (Employee) II, L.P.
|
Cayman Islands
|
FNC Insurance Agency, Inc.
|
California
|
Primetime Reinsurance Company, Inc.
|
Vermont
|
Seguros e Inversiones, S.A.
|
El Salvador
|
Citigroup BUSA Holdings Inc.
|
Delaware
|
Holding BUSA II, S. de R.L. de C.V.
|
Mexico
|
Holding BUSA, S. de R.L. de C.V.
|
Mexico
|
Banamex USA Bancorp
|
California
|
Banamex USA
|
California
|
Citigroup FOF LLC
|
Delaware
|
Citigroup Global Markets Holdings Inc.
|
New York
|
Citigroup Financial Products Inc.
|
Delaware
|
Chud Corp.
|
Delaware
|
CIGPF I Corp.
|
New York
|
T.I.M.L. S. de R.L. de C.V.
|
Mexico
|
CIGPF LTDA en Liquidacion
|
Colombia
|
Citi PD Plan Sponsor Limited
|
England
|
Citicorp Securities Services, Inc.
|
Delaware
|
Citigroup Acquisition LLC
|
Delaware
|
Automated Trading Desk Holdings, Inc.
|
Delaware
|
Automated Trading Desk, LLC
|
Delaware
|
Automated Trading Desk Financial Services, LLC
|
South Carolina
|
CITIGROUP CAPITAL PARTNERS I GP I CORP.
|
Delaware
|
Citigroup Capital Partners I GP II Corp.
|
Delaware
|
Citigroup Energy Inc.
|
Delaware
|
Citigroup Energy Holdings Inc.
|
Delaware
|
Citigroup Energy Canada Holdings ULC
|
Canada
|
Citigroup Energy Canada ULC
|
Canada
|
Citigroup Financial Strategies Inc.
|
Delaware
|
Citigroup First Investment Management Americas LLC
|
Delaware
|
Citigroup Forex Inc.
|
Delaware
|
Citigroup Global Markets (International) Finance AG
|
Switzerland
|
Citigroup Global Markets Overseas Finance Limited
|
Cayman Islands
|
Citigroup Global Markets Hong Kong Holdings Limited
|
Hong Kong
|
Citigroup Global Markets Asia Limited
|
Hong Kong
|
Citigroup Global Markets Australia Holdings Pty Limited
|
Australia
|
Citigroup Global Markets Australia Pty Limited
|
Australia
|
Citigroup Global Markets Brasil Holding Inc.
|
Delaware
|
Citigroup Global Markets Canada Holding Company
|
Nova Scotia
|
Citigroup Global Markets Europe Limited
|
England
|
Citigroup Global Markets Limited
|
England
|
Citigroup Global Markets U.K. Equity Limited
|
England
|
Citigroup Global Markets Hong Kong Limited
|
Hong Kong
|
Citigroup Global Markets Inc.
|
New York
|
Citigroup Global Markets International LLC
|
Delaware
|
Citigroup Global Markets Mauritius Private Limited
|
Mauritius
|
Citigroup Global Markets Russia Holding Company Inc.
|
Delaware
|
Citigroup Global Markets Switzerland Holding GmbH
|
Switzerland
|
Citigroup Business Process Solutions Pte. Ltd.
|
Singapore
|
Citigroup Global Markets Europe Finance Limited
|
England
|
CIB Properties Limited
|
England
|
Citigroup Global Markets Singapore Holdings Pte. Ltd.
|
Singapore
|
Citigroup Global Markets Taiwan Securities Holdings Limited
|
Delaware
|
Clearwater I River Finance ULC
|
Canada
|
Highwood Partners Finance GP
|
Delaware
|
Pipestone River Finance ULC
|
Canada
|
Clearwater II River Finance ULC
|
Canada
|
Financial Reassurance Company, Ltd.
|
Bermuda
|
LavaFlow, Inc.
|
Florida
|
Liquidation Properties Holdins Company Inc.
|
Delaware
|
Citi Property Holdings Inc.
|
Delaware
|
Sandalwood Investments Limited
|
England
|
Wimborne Investors Limited
|
England
|
Citigroup Global Markets India Private Limited
|
India
|
Seven World Holdings LLC
|
Delaware
|
Thomson Regional Newspapers Limited
|
England
|
Citigroup Holdco Finance Inc.
|
Delaware
|
Citigroup Investments Inc.
|
Delaware
|
Citigroup Alternative Investments LLC
|
Delaware
|
Citigroup Private Equity (Offshore) LLC
|
Delaware
|
Citigroup Capital Partners II Cayman Employee Fund, L.P.
|
Cayman Islands
|
Citigroup Capital Partners II U.K. Underlying Fund, L.P.
|
England
|
Citigroup Venture Capital International Growth Partnership (Employee) II, L.P.
|
Cayman Islands
|
Citigroup Capital Partners II Employee Master Fund, L.P.
|
Delaware
|
Citigroup Japan Holdings Corp.
|
Japan
|
CFJ G.K.
|
Japan
|
CFJ Holdings Ltd.
|
Japan
|
Citigroup Global Markets Japan Inc.
|
Japan
|
Citigroup Japan Treasury GK
|
Japan
|
Citigroup Services Japan Ltd.
|
Japan
|
MRC Holdings, Inc.
|
Delaware
|
• Form S-3
|
Nos. 33-54093, 33-52281, 33-59791, 33-68760, 33-62903, 33-63663, 333-12439, 333-20803, 333-21143, 333-27155, 333-32065, 333-37992, 333-42575, 333-44549, 333-46628, 333-48474, 333-49442, 333-50338, 333-51201, 333-56088, 333-68949, 333-57364, 333-68989, 333-75554, 333-82741, 333-83741, 333-102206, 333-103940, 333-105316, 333-106510, 333-106598, 333-108047, 333-117615, 333-122925, 333-125845, 333-126744, 333-132177, 333-132370, 333-132373, 333-135163, 333-135867, 333-142849, 333-146471, 333-152454, 333-154914, 333-157386, 333-157459, 333-172554, 333-172555, 333-172562, 333-186425, 333-191056, and 333-192302
|
• Form S-8
|
Nos. 333-58460, 333-58458, 333-02811, 333-56589, 333-63016, 333-101134, 333-107166, 333-124635, 333-163852, 333-166242, 333-166215, 333-173683 and 333-181647
|
/s/ Michael Corbat
|
(Signature) Michael Corbat
|
/s/Duncan P. Hennes
|
(Signature) Duncan P. Hennes
|
/s/ Franz B. Humer
|
(Signature) Franz B. Humer
|
/s/ Michael E. O’Neill
|
(Signature) Michael E. O’Neill
|
/s/ Gary M. Reiner
|
(Signature) Gary M. Reiner
|
/s/ Judith Rodin
|
(Signature) Judith Rodin
|
/s/Robert L. Ryan
|
(Signature) Robert L. Ryan
|
/s/ Anthony M. Santomero
|
(Signature) Anthony M. Santomero
|
/s/ Joan E. Spero
|
(Signature) Joan E. Spero
|
/s/ Daniel L. Taylor
|
(Signature) Daniel L. Taylor
|
/s/ William S. Thompson
|
(Signature) William S. Thompson
|
/s/ James S. Tuney
|
(Signature) James S. Tuney
|
/s/ Ernesto Zedillo
|
(Signature) Ernesto Zedillo
|
1.
|
I have reviewed this Annual Report on Form 10-K of Citigroup Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: February 25, 2015
|
|
/s/ Michael L. Corbat
|
Michael L. Corbat
|
Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K of Citigroup Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: February 25, 2015
|
|
/s/ John C. Gerspach
|
John C. Gerspach
|
Chief Financial Officer
|
/s/ Michael L. Corbat
|
Michael L. Corbat
|
Chief Executive Officer
|
February 25, 2015
|
/s/ John C. Gerspach
|
John C. Gerspach
|
Chief Financial Officer
|
February 25, 2015
|
Title of each class
|
Name of each exchange on which registered
|
Common Stock, par value $.01 per share
|
New York Stock Exchange
|
|
Mexico Stock Exchange
|
|
Tokyo Stock Exchange
|
|
|
Depositary Shares, each representing 1/1,000th of a share of
|
New York Stock Exchange
|
8.125% Non-Cumulative Preferred Stock, Series AA
|
|
|
|
Depositary Shares, each representing 1/1,000th of a share of
|
New York Stock Exchange
|
5.80% Noncumulative Preferred Stock, Series C
|
|
|
|
Depositary Shares, each representing 1/1,000th of a share of
|
New York Stock Exchange
|
7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J
|
|
|
|
Depositary Shares, each representing 1/1,000th of a share of
|
New York Stock Exchange
|
6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K
|
|
|
|
Depositary Shares, each representing 1/1,000th of a share of
|
New York Stock Exchange
|
6.875% Noncumulative Preferred Stock, Series L
|
|
|
|
7.625% Trust Preferred Securities of Citigroup Capital III (and
|
New York Stock Exchange
|
registrant’s guaranty with respect thereto)
|
|
|
|
7.875% Fixed Rate/Floating Rate Trust Preferred Securities
|
New York Stock Exchange
|
(TRUPS
®
) of Citigroup Capital XIII (and registrant’s guaranty
|
|
with respect thereto)
|
|
|
|
6.829% Fixed Rate/Floating Rate Enhanced Trust Preferred
|
New York Stock Exchange
|
Securities (Enhanced TruPS
®
) of Citigroup Capital XVIII (and
|
|
registrant’s guaranty with respect thereto)
|
|
|
|
Warrants (expiring October 28, 2018)
|
New York Stock Exchange
|
|
|
Warrants (expiring January 4, 2019)
|
New York Stock Exchange
|
|
|
C-Tracks Exchange-Traded Notes Based on the Performance of
|
NYSE Arca, Inc.
|
the Citi Volatility Total Return Index Due November 12, 2020 *
|
|