FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2011

FAIR VALUE OF FINANCIAL INSTRUMENTS

Estimated Fair Value of Financial Instruments

	June 30, 2011				December 31, 2010
In billions of dollars	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Assets
Investments	$	309.6	$	309.3	$	318.2	$	319.0
Federal funds sold and securities borrowed or purchased under agreements to resell		284.0		284.0		246.7		246.7
Trading account assets		322.3		322.3		317.3		317.3
Loans(1)		610.5		600.8		605.5		584.3
Other financial assets(2)		283.8		283.4		280.5		280.2

	June 30, 2011				December 31, 2010
In billions of dollars	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Liabilities
Deposits	$	866.3	$	864.8	$	845.0	$	843.2
Federal funds purchased and securities loaned or sold under agreements to repurchase		203.8		203.8		189.6		189.6
Trading account liabilities		152.3		152.3		129.1		129.1
Long-term debt		352.5		360.0		381.2		384.5
Other financial liabilities(3)		172.9		172.9		171.2		171.2

(1)

The carrying value of loans is net of the Allowance for loan losses of $34.4 billion for June 30, 2011 and $40.7 billion for December 31, 2010. In addition, the carrying values exclude $2.6 billion and $2.6 billion of lease finance receivables at June 30, 2011 and December 31, 2010, respectively.

(2)

Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverable, mortgage servicing rights, separate and variable accounts 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.

(3)

Includes brokerage payables, separate and variable accounts, short-term borrowings 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.