FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2011

FAIR VALUE OF FINANCIAL INSTRUMENTS

Estimated Fair Value of Financial Instruments

	September 30, 2011				December 31, 2010
In billions of dollars	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Assets
Investments	$	286.7	$	285.8	$	318.2	$	319.0
Federal funds sold and securities borrowed or purchased under agreements to resell		290.6		290.6		246.7		246.7
Trading account assets		320.6		320.6		317.3		317.3
Loans(1)		602.7		595.3		605.5		584.3
Other financial assets(2)		292.7		292.2		280.5		280.2

	September 30, 2011				December 31, 2010
In billions of dollars	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Liabilities
Deposits	$	851.3	$	850.0	$	845.0	$	843.2
Federal funds purchased and securities loaned or sold under agreements to repurchase		223.6		223.6		189.6		189.6
Trading account liabilities		148.9		148.9		129.1		129.1
Long-term debt		333.8		323.3		381.2		384.5
Other financial liabilities(3)		169.5		169.5		171.2		171.2

(1)

The carrying value of loans is net of the Allowance for loan losses of $32.1 billion for September 30, 2011 and $40.7 billion for December 31, 2010. In addition, the carrying values exclude $2.5 billion and $2.6 billion of lease finance receivables at September 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.