44 new paragraphs in the 10-K, 46 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
44 paragraphs in Risk Factors of the 10-K filed Feb 20, 2026 with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
• increases in unemployment rates, recessions or slowing economic growth in the U.S., Europe and other regions or countries
• government fiscal or monetary actions (see the changes to interest rates risk factor below)
For example, substantial new import tariffs and a significant increase in the U.S. effective tariff rate occurred in 2025. There can be no assurance that there will not be additional significant changes in tariff or trade policies. Potential impacts in the U.S. and globally related to trade or tariff policies could include heightened market volatility, increased economic uncertainty, adverse impacts to inflation and global economic activity, disruptions in global supply chains and trade flows, impacts on corporate profitability and credit losses, and other adverse impacts.
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between China and Taiwan and/or China and the U.S.; high and rising government debt levels in the U.S. and other countries; sanctions; natural disasters; and pandemics.
Central banks’ decisions on key interest rates directly affect borrowing and investment costs, loan and investment returns, and the valuation of financial assets. U.S. and global interest rate levels can significantly affect Citi’s results of operations.
Interest rates on loans Citi makes are typically based off or set at a spread over a benchmark interest rate and would likely decline or rise as benchmark rates decline or rise, respectively. While interest Citi earns on its assets and pays on its liabilities generally tends to move in the same direction as changes in benchmark rates, one can decline or rise faster than the other, thereby decreasing or increasing Citi’s net interest income.
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Higher interest rates can negatively impact the economy, resulting in higher unemployment and lower growth. Increases in interest rates can also adversely impact the fair value of available-for-sale (AFS) and held-to-maturity (HTM) debt securities held by Citi, and thereby Citi’s capital levels and regulatory liquidity position. Interest rate movements, as well as pricing and product competition, can also impact depositor behavior and thereby affect net interest income.
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Citi’s ability to return capital also depends on a variety of other factors, including, but not limited to, the following:
• its ability to maintain an effective capital planning process and management framework, which takes into account forecasts of expected macroeconomic conditions and their associated impacts to the level of Citi’s regulatory capital and risk-weighted assets under both the Standardized Approach and the Advanced Approaches, as well as the Supplementary Leverage ratio (SLR)
• deferred tax asset (DTA) utilization (see the ability to utilize DTA risk factor below)
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Citi, its management and its businesses continue to face regulatory and legislative uncertainties and changes, both in the U.S. and globally. While the ongoing regulatory and legislative uncertainties and changes facing Citi are numerous and subject to change, examples include, but are not limited to, the following:
• potential changes to U.S. laws or regulations with respect to credit cards, including a possible cap on interest rates
• potential changes to various aspects of the U.S. regulatory capital framework and requirements applicable to Citi (see the capital return risk factor and “Capital Resources - Regulatory Capital Standards and Developments” above)
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Show the other 14
• destruction, damage or impairment of owned or leased properties and other assets
Physical risks can also impact Citi’s credit risk exposures, for example, in its mortgage and commercial real estate lending businesses.
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Diverging legislative and regulatory changes and uncertainties regarding climate-related risk management and disclosures can increase Citi’s regulatory and compliance risks and costs. Furthermore, Citi may face heightened scrutiny and litigation risks stemming from its climate and sustainability commitments, disclosures and marketing.
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changes in partner business strategies, including changes in products and services offered; termination or non-renewal of partner agreements, including early termination due to a contractual breach or exercise of other early termination rights; or other factors, including bankruptcies, liquidations, restructurings, consolidations or other similar events, whether due to a challenging macroeconomic environment or otherwise.
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qualified employees, Citi’s performance, including its competitive position, the achievement of its priorities and its results of operations could be negatively impacted.
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Business Environment, Including Competitive Challenges and Emerging Technologies.
Citi operates in an increasingly evolving and competitive business environment, which includes both financial and non-financial services firms, such as banks and private credit, financial technology and digital asset companies, among others.
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The Development and Use of AI by Citi and Others Present Risks to Citi’s Businesses.
Similar paragraph at 1 of 75 other Financials companies: GSCiti has used AI and machine learning tools for many years and has more recently begun to broadly deploy Generative AI, including within its technology platforms and services. In the future, Citi expects to more broadly integrate Generative AI tools within its systems, businesses and functions, including advanced AI capabilities, such as autonomous agents and sophisticated user interactions, which if improperly managed, could result in increased risks and costs.
While Citi has policies that govern the use of emerging technologies, including in model risk management, ineffective, inadequate or faulty Generative AI development or deployment practices by Citi or third parties, including insufficient testing and monitoring, poorly structured or manipulated prompts or insufficient or inadequate human oversight, could result in adverse consequences, such as AI algorithms that produce inaccurate or incomplete output or output based on biased, incomplete and/or inaccurate datasets, infringe on intellectual property rights of others, involve data exfiltration risks, including release of confidential or proprietary information, or cause other issues, concerns or deficiencies. The complexity of AI models, particularly Generative AI models, can make it challenging to understand why particular outputs are generated, which can increase the risk of erroneous and/or biased output and complying with regulations requiring documentation, explainability or auditability on the basis of AI-influenced decisions.
Citi may also rely on AI models developed by third parties and be exposed to risks arising from their development and training methods, including potential inclusion of unauthorized material in the training data or limitations in their risk mitigation strategies, over which Citi may have limited visibility or control (see also the operational processes and systems risk factor below). While Citi may provide restrictions on use of certain data in third-party AI applications or models, a third party could breach those terms, which could expose Citi to legal and reputations risks. Citi is also exposed to risks related to the use of AI technologies by counterparties, clients and vendors, where interconnected AI systems could amplify failures and threats of cyber infiltration, as well as cause widespread disruptions.
Moreover, the use of increasingly sophisticated AI technologies by malicious actors and others has increased the risk of fraud, including identity theft and bypassing of verification controls, and exposure to cyberattacks (see the cybersecurity risk factor below), as well as disinformation and market manipulation campaigns, and failure to effectively manage such risks could result in misappropriation of funds, unauthorized transactions, exposure of sensitive client or Company information, reputational harm and increased litigation and regulatory risk.
Citi also faces competition risks to the extent that competitors may be faster and more successful in developing and deploying AI technologies to improve processes, productivity, efficiency, products and services, and thereby gain competitive advantages over Citi (see the competition risk factor above).
In addition, compliance with new or changing laws, regulations or industry standards relating to AI may impose additional operational risks and costs. Failure to sufficiently manage these risks could expose Citi to adverse legal, regulatory or reputational consequences.
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including custody, asset tokenization and facilitation of clients’ digital assets activities, exposes Citi to increased operational risks due to the unique technological requirements for securing these assets.
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can become more challenging as the speed, frequency, volume, interconnectivity and complexity of transactions continue to increase.
Similar paragraph at 1 of 75 other Financials companies: JPMRead in the 10-K ↗
harms to Citi clients, market integrity, Citi’s reputation, financial stability or safety and soundness.
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Citi and some of its third-party partners have been subjected to attempted and sometimes successful cyberattacks over the last several years, including the following:
• denial of service attacks, which attempt to interrupt service to clients and customers
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• malicious software attacks on client systems, in attempts to gain unauthorized access to Citi systems or client data under the guise of normal client transactions
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financing and other margined transactions for which there may be no explicit triggers.
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Emerging markets risks may adversely impact Citi’s businesses, results of operations and financial condition in those countries where Citi operates and have required, and may continue to require, management time and attention and other resources.
Citi and its clients face escalating global environmental and social challenges, including climate change and the energy transition. Citi’s net zero approach and sustainable finance activity include the Company’s work to support clients in financing their transition to low-carbon business models, as well as broader energy security priorities, including access to affordable energy in emerging markets. Citi recognizes that energy transition, energy security and economic growth are not mutually exclusive and must be addressed simultaneously.
The “Citi Climate Report” provides additional information on Citi’s continued progress to manage climate risk and its net zero approach, including information on financed and facilitated emissions and 2030 interim emissions reduction targets. Citi’s “Sustainability Report” provides information on its $1 Trillion Sustainable Finance Goal, including sustainable finance products and services that Citi provides to its clients to support their sustainability objectives. For additional information on Citi’s environmental and social policies and priorities, click on “Our Impact” on Citi’s website at www.citigroup.com. Climate and sustainability reporting and any other environmental and social governance-related reports and information included elsewhere on Citi’s website are not incorporated by reference into, and do not form any part of, this Form 10-K.
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At December 31, 2025, Citi had approximately 226,000 full-time employees, compared to approximately 229,000 at December 31, 2024. Citi has employees in over 90 countries, across all of its segments. Approximately 31% are based in the U.S.
Attracting and retaining highly qualified and motivated employees is a strategic priority. Citi seeks to enhance the competitive strength of its workforce through:
• continuously innovating its efforts to recruit, train, develop, compensate, promote and engage employees
• actively seeking and listening to diverse perspectives at all levels of the organization
• providing compensation programs that are competitive in the market and aligned to strategic objectives
Citi values pay transparency and has introduced market-based salary structures and bonus opportunity guidelines in various countries worldwide, and posts salary ranges on all external U.S. job postings, which align with Citi’s commitment to pay equity and transparency. In addition, Citi has focused on measuring and addressing pay equity within the organization. Citi’s annual pay equity analysis for 2025 determined that on an adjusted basis, global gender and U.S. racial base pay gaps are in each case less than 1%. The raw pay gap analysis determined that the median base pay for women globally is 81% of the median for men globally and the U.S. racial base pay gap is less than 1%. The adjusted pay gap is a true measure of pay equity, or “like for like,” that compares the compensation of women to men and U.S. minorities to non-minorities when adjusting for factors such as job function, title/level and geography.
Citi employs numerous initiatives in managing its workforce to drive a culture of excellence and accountability, reinforce its values, encourage career growth, foster pay transparency and equity and provide a wide range of benefits that support its employees’ mental, social, physical and financial well-being.
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Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before
46 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
• Expenses, net income and net income per share, excluding a third quarter of 2025 Banamex goodwill impairment charge (notable item)
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• All Other (managed basis), which excludes divestiture-related impacts, such as the notable item
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“Executive Summary” and “All Other - Managed Basis - Legacy Franchises (Managed Basis)” below.
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• Citi achieved positive operating leverage, driven by revenue growth of 8% and disciplined expense management (down 2% on a reported basis, and up 3% excluding the impact of a notable item consisting of a goodwill impairment charge related to Banamex in the third quarter of 2025, as described below).
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• Citi completed the sale of a 1.4% equity stake in Banamex, with Citi currently owning 51% of the voting stock of Banamex. For additional information, see “All Other - Managed Basis - Legacy Franchises (Managed Basis) - Banamex Divestiture ” below.
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Show the other 41
(1) The third quarter of 2025 includes approximately $726 million ($714 million after-tax) for a goodwill impairment charge related to Banamex (notable item). For additional information, see “Executive Summary” above, “All Other - Divestiture-Related Impacts (Reconciling Items)” below and Note 14.
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Key drivers(4) (in billions of dollars, except as otherwise noted) Average loans $ 181 $ 171 6% $ 176 $ 169 4% ACLL as a percentage of EOP loans 7.77 % 8.09 % NCLs (annualized) as a percentage of average loans 3.66 4.05 3.99 % 4.39 % Revenue rate(5) 10.22 10.80 10.59 10.83 NII(6) (annualized) as a percentage of average loans 11.88 11.89 11.94 11.89 GPCC New credit cards account acquisitions(7) (in thousands of accounts) 1,840 1,872 (2)% 7,743 5,272 47% Average active accounts(8) (in thousands of accounts) 47,913 44,968 7 47,192 44,929 5 Credit card spend volume $ 163 $ 145 13 $ 467 $ 423 10 Average loans 149 137 9 144 135 7 NCLs (annualized) as a percentage of average loans 3.51 % 3.85 % 3.79 % 4.16 % Loans 90+ days past due as a percentage of EOP loans 1.21 1.27 Loans 30–89 days past due as a percentage of EOP loans 1.16 1.21 PLCC New credit card account acquisitions(7) (in thousands of accounts) 1,241 1,339 (7)% 3,656 4,034 (9)% Average active accounts(8) (in thousands of accounts) 21,379 23,277 (8) 21,854 23,722 (8) Credit card spend volume $ 12 $ 13 (4) $ 36 $ 37 (4) Average loans 28 30 (6) 28 30 (6) NCLs (annualized) as a percentage of average loans 4.19 % 4.67 % 4.68 % 5.19 % Loans 90+ days past due as a percentage of EOP loans 1.92 2.08 Loans 30–89 days past due as a percentage of EOP loans 1.96 2.07
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• Citi will recognize the CTA losses in earnings when Banamex meets the criteria to be classified as HFS
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• Citi will deconsolidate Banamex when it owns less than 50% of Banamex’s voting stock and does not have substantive participating rights in Banamex
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• Upon deconsolidation, Citi will derecognize Banamex’s U.S. GAAP assets and liabilities, including DTAs, as well as related goodwill, CTA, AOCI and NCI balances from Citi’s Consolidated Balance Sheet
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• The cumulative impact of the CTA losses recognized in connection with the 2025 and 2026 stake sales and a future deconsolidation of Banamex will be regulatory capital neutral to Citi
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• In the aggregate, HFS classification and deconsolidation are expected to have a slightly accretive impact on Citi’s CET1 capital ratio
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Following deconsolidation, Citi’s remaining equity interest in Banamex will be accounted for based on its ownership interest.
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Legacy Holdings Assets revenues decreased $203 million, compared to the prior-year period, driven by the impact of an episodic item in the current period, which was fully offset within Corporate/Other.
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Legacy Holdings Assets revenues decreased $235 million, compared to the prior-year period, primarily driven by the impact of an episodic item in the current period, which was fully offset within Corporate/Other.
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On September 30, 2026, the FRB issued two final rules intended to (1) enhance the transparency and public accountability of its stress testing framework, and (2) to reduce volatility in SCB requirements. In connection with these two final rules, the FRB also finalized the models for the 2027 stress test and issued a notice of proposed rulemaking requesting public input on a revised non-interest income model.
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The first final rule requires the FRB to solicit annual public input on supervisory stress test scenarios and material model changes, enhances the information disclosed to participating firms and establishes additional guidelines for scenario design. This final rule also revises certain elements of the annual stress testing calendar. For firms subject to the global market shock component, including Citi, the FRB will apply two global market shock scenarios using the same as-of date and use the scenario that generates the higher losses for each firm in calculating its supervisory stress test results.
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The second final rule intends to reduce SCB year-over-year volatility by generally calculating the stress capital decline component using the average of the maximum projected decline in a firm’s CET1 capital ratio under the two most recent annual supervisory stress tests. The dividend add-on component will not be averaged and will continue to be updated annually. Under the final rule, the SCB remains subject to the existing 2.5% floor. The rule also changes the annual effective date of the SCB requirement from October 1 to January 1 and eliminates the existing phase-in for highly material supervisory model changes. The change in the annual effective date and other applicable elements of the final rule will first apply to SCB requirements effective January 1, 2028, while the averaging methodology will first apply to SCB requirements effective January 1, 2029.
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Operational RWAs decreased under the Advanced Approaches compared to December 31, 2025, due to model methodology updates.
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• All Other decreased 17%, reflecting a decrease in corporate certificates of deposits in Corporate/Other.
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Citi’s +100 bps shock to current market-implied forward rates reflects its net interest income sensitivity to an unanticipated increase in interest rates.
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Citi’s balance sheet continued to be asset sensitive (assets reprice faster than liabilities), resulting in higher net interest income in a higher interest rate scenario.
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Currency-specific interest rate changes and balance sheet factors may drive quarter-to-quarter volatility in Citi’s estimated IRE for a 100 bps upward rate shock.
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In millions of dollars Balance Dec. 31, 2025 1Q26 1Q26 Balance Mar. 31, 2026 2Q26 2Q26 Balance Jun. 30, 2026 3Q26 build (release) 3Q26 FX/Other Balance Sep. 30, 2026 ACLL/EOP loans Sep. 30, 2026
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• the potential adverse impacts from higher interest rates on economic growth and unemployment, as well as on Citi, including the fair value of Citi’s AFS debt securities;
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• the risks to Citi arising from the development, adoption and use of AI, including a market correction in AI-related technology, infrastructure and other sectors; AI-related operational, legal, regulatory and third-party risks, including from AI-enabled cyber, discovery and exploitation of vulnerabilities by threat actors using Frontier AI, fraud and financial crime threats; model governance and oversight; risks from autonomous or Agentic AI systems; Citi’s ability to develop, implement and scale AI capabilities effectively, safely and
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responsibly, and the potential for loss of competitiveness, market share, franchise value or operating efficiency if it does not do so; evolving and fragmented regulatory frameworks; concentration risks arising from reliance on a limited number of third-party AI vendors or foundational model providers; technology infrastructure constraints; and challenges in attracting, developing and retaining personnel with AI-related expertise;
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regulators, and the severity of the remedies that may be sought by regulators; and
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The Company is not subject to any environmental credit obligations and has acquired its environmental credits through trading activities. Prior to adoption of the ASU, environmental credits were carried on a lower of cost or market basis and subject to a fair value hedge program, other than credits used for voluntary initiatives that were expensed at acquisition.
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Citi early adopted the ASU in the third quarter of 2026, with an effective date of January 1, 2026. The primary impact of adoption is the Company’s election to measure all classes of eligible environmental credits at fair value. Although adoption of the ASU is on a modified retrospective basis with a cumulative effect adjustment recorded to retained earnings as of the beginning of the year of adoption, the adoption impact to remeasure the Company’s credits at fair value as of January 1, 2026 was not material to the financial statements of the Company because the carrying value of the Company’s environmental credits approximated fair value due to the application of fair value hedging.
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In September 2026, the FASB issued ASU No. 2026-03, Fair Value Measurement (Topic 820) - Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. Under the ASU, an investment company within the scope of ASC Topic 946 must incorporate the effect of a contractual sale restriction in the fair value measurement of equity securities.
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The following table presents the effect of changes in Citi’s ownership interest in Banamex on Citi’s equity:
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Other comprehensive income before reclassifications (1,861) 747 (1,432) 49 647 27 6 (1,817)
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Increase (decrease) due to amounts reclassified from AOCI (274) 19 55 146 (4) (3) — (61)
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Other comprehensive income before reclassifications 523 (1,044) (75) (20) 138 11 (10) (477)
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Increase (decrease) due to amounts reclassified from AOCI (73) 23 100 46 (3) — — 93
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(2) The nine months ended September 30, 2026 reflects the impact of the early adoption of ASU 2026-02, Environmental Credits and Environmental Credit Obligations, effective January 1, 2026.
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Total gain (loss) reclassified from AOCI into earnings $ (15) $ (131) $ (74) $ (488)
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Net pretax change in cash flow hedges included within AOCI $ (1,137) $ 44 $ (1,816) $ 140
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(2) Includes physical commodities accounted for at the lower of cost or fair value. Also includes positions related to investments in unallocated precious metals.
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(2) Includes physical commodities accounted for at the lower of cost or fair value. Also includes positions related to investments in unallocated precious metals.
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In STATE OF NEW JERSEY EX REL. EDELWEISS FUND, LLC v. JP MORGAN CHASE & CO., ET AL., on July 16, 2026, the New Jersey Supreme Court reversed the New Jersey Appellate Division’s decision granting summary judgment in favor of defendants and remanded the case to the trial court for further proceedings. Additional information concerning this action is publicly available in court filings under the docket numbers L-885-15 (N.J. Super. Ct.) (Hurd, J.), A-1340-23 (N.J. App. Div.), and 090285 (N.J. S. Ct.).
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Agentic AI: Artificial intelligence that autonomously pursues goals by planning actions, using tools, observing results and iterating with minimal human supervision.
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Frontier AI models: The most advanced general‑purpose AI systems, typically trained with extremely large computational budgets and designed to exceed state‑of‑the‑art performance across many domains. These models demonstrate cutting‑edge reasoning, multimodal capabilities and agentic behavior.
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Generative AI: A branch of artificial intelligence that creates original content such as text, images, videos, audio or software code in response to user prompts, using advanced machine learning models to generate new outputs based on patterns learned from vast datasets.
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products and services to commercial customers, and other affiliated subsidiaries that offer retirement fund administration and insurance products.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 20, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.