CitigroupNarrow moat

C — overall economic moat

Investment snapshot
Narrow moat↗ WideningConfidenceMediumValuationFair
Strongest advantageA payments, cash and custody network in about 90 countries: Services earned 24.6% on its capital in 2025 and 30.9% in Q2 2026, with about 80% of TTS deposits from clients of more than 15 years
Greatest threatThe rest of the bank dilutes it: All Other lost $4.5bn on $39bn of capital in 2025, deposits cost 2.57% against 1.80% at JPMorgan, and the 2020 consent orders are still in force
Key metricReturn on tangible common equity (7.7% in 2025, 13.0% in Q2 2026) against a ~10% cost of equity and a 14-15% target for 2029-31
Verdict: Citi has one of the widest moats in banking in its Services network, and has spent a decade earning less than its cost of capital because of everything around it. The market has moved from below tangible book to 1.33 times as the returns improved. The price is fair for a bank earning in the low teens; it becomes cheap only if returns hold above 12% after Banamex leaves.
📈 C valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Citigroup is a global bank built around one business that few rivals can copy: moving money for multinational companies across about 90 countries. Its history dates to the founding of the City Bank of New York in 18121. It needed a government rescue in the 2008 crisis, when the United States took a 36% equity stake2. Jane Fraser has been chief executive since March 2021, the first woman to head a major American bank3, and chair since October 20254. Citi had about 226,000 employees at the end of 2025, about 31% of them in the United States5.

Revenue ($bn)77.3201573.7201775.1201971.6202178.1202385.22025Citigroup Forms 10-K FY2019, FY2021 and FY2025 (latest restated figures)
A decade of flat revenue, then growth from 2022.

Revenue was $85,225 million in 20256. Most of it, $59,792 million, was net interest income, the spread between what Citi earns on loans and securities and what it pays depositors and lenders; the rest, $25,433 million, was fees, commissions and trading7.

It is organised in five businesses and a sixth it is shrinking. Services earned $22,636 million, Markets $22,409 million, U.S. Consumer Cards $18,258 million, Wealth $11,272 million and Banking $6,384 million in 20258. The Revenue Lines page covers each.

The businesses earn very different returns. Services returned 24.6% on its tangible capital and Citi as a whole 7.7%910. The gap is mostly the All Other segment, the consumer banks Citi is selling and its corporate centre, which lost $4,454 million11. Net income was $14,306 million and diluted earnings per share $6.9912.

It also pays more for its money than its largest rivals: 2.57% on its deposits in 202513, against 1.80% at JPMorgan14. And it has operated since October 2020 under regulatory orders to fix its risk management and data15.

2026 has been better. Revenue in the second quarter was $24,766 million, up 14%, and the return 13.0%16. The shares closed at $134.28 on 25 September 2026, a market value of $225.25 billion17, about 12.6 times trailing net income18 and 1.33 times tangible book19.

Capital is ample for now. Citi's CET1 ratio was 13.18% at the end of 2025 against a requirement of 11.6%, made up of the regulatory minimum, a 3.6% stress capital buffer and a 3.5% surcharge for global systemic banks20. Dividends per share were $2.32 in 202521, against $0.16 in 201522, when the bank was still rebuilding from the crisis.

Much of the last five years has been spent getting smaller. In 2021 Citi decided to exit consumer banking in 13 markets outside its four wealth centres23; it closed the sale of its Russian bank in February 202624 and has sold 47.6% of Banamex25. Direct staff fell from 240 thousand in 202226 to 219 thousand in June 202627.

The earning power has risen faster than the headline profit. Citi's pre-provision net revenue, revenue less operating expenses, was $24.0 billion in 2022, $22.1 billion in 2023, $27.2 billion in 2024 and $30.1 billion in 202528, about 25% higher in three years29. Net income over the same years went from $14.8 billion to $14.3 billion30: credit costs and taxes took the difference.

The chief executive described 2025 as a year of record revenues with "positive operating leverage for each of our five businesses"31, meaning each grew revenue faster than its costs.

The verdict is a narrow moat with a wide one inside it. Services is the franchise; the rest is either middling or being sold. What would decide how much the Services moat is worth to shareholders is the firm's return on tangible equity for a full year: above 12% once Banamex has gone would mean the franchise finally shows through.

The number that tests this moat
Reported
Revenue, and where it comes from
$85.2bn in 2025: Services $22.6bn, Markets $22.4bn, U.S. Consumer Cards $18.3bn, Wealth $11.3bn, Banking $6.4bn, All Other $4.3bn

Revenue net of interest expense on the segment basis restated in April 2026. Watch the Services share, about 27% in 2025.

Source: Citigroup historical supplement (recast), firm and All Other ↗
Moat scorecardHow ratings work →
Switching costs7/10
Network effects7/10
Pricing power4/10
Hard to replicate8/10
Disruption resistance5/10
Overall durability6/10

Replication is very hard: licences, clearing links and branches in about 90 countries took a century to build. Switching costs are high for treasurers wired into three services and for custody clients, and low for card partners at renewal. Network effects are real in cross-border payments and currency trading. Pricing power is weak: Citi pays more for deposits than its largest rivals and gives away all its card interchange. Disruption resistance is middling, with lighter-regulated payment and credit rivals. Durability sits at the top of the narrow band: a wide Services moat inside a bank with a long record of low returns.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Citi's revenue is spread across five businesses, but one of them, Services, earns most of the profit.
DIG DEEPER 02
The Moat
Citi owns one wide moat, its Services network, inside a bank that has earned its cost of equity in only three of the last eleven years.
DIG DEEPER 03
Competitors
Citi's rivals win on cheaper funding at home and lighter rules at the edges; Citi wins abroad.
DIG DEEPER 04
Major Clients
Citi has no dominant client, but an eighth of its revenue rests on five card contracts.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Every Citi bet is about removing what hides the Services moat, not about finding a new one.
⚠ Threats to the moat
⚠ THREAT 01
The 2020 Consent Orders, Still in Force
Six years after its regulators ordered Citi to fix its data and controls, the orders are still in force.
⚠ THREAT 02
All Other: $39 Billion Earning a Loss
Nearly a quarter of Citi's equity sits in a segment that lost $4.5 billion in 2025.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
The market has stopped pricing Citi below its assets, but it still values the whole bank rather than the Services franchise inside it.
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 2026)
Citi's best quarter in a decade came from every business at once, with Services earning more than 30% on its capital.
References
  1. ReportedIts history dates to the founding of the City Bank of New York in 1812.
    Citigroup Form 10-K for fiscal 2025 - business description, segments, history, footprint, employees and executives. — FY2025 · publ. 20 February 2026 · source ↗
  2. Third-party estimateIt needed a government rescue in the 2008 crisis, when the United States took a 36% equity stake.
    Wikipedia, Citigroup - history, including the 2008-09 government stake. — History · publ. 2026 · source ↗
  3. Third-party estimateJane Fraser has been chief executive since March 2021, the first woman to head a major American bank, and chair since October 2025.
    Wikipedia, Jane Fraser - chief executive since March 2021, the first woman to head a major U.S. bank. — History · publ. 2026 · source ↗
  4. ReportedJane Fraser has been chief executive since March 2021, the first woman to head a major American bank, and chair since October 2025.
    Citigroup 2026 proxy statement (DEF 14A) - chair and lead independent director, the BlackRock asset-management appointment, 5% holders and the 2025 share price. — April 2026 · publ. 2 April 2026 · source ↗
  5. ReportedCiti had about 226,000 employees at the end of 2025, about 31% of them in the United States.
    Citigroup Form 10-K for fiscal 2025 - business description, segments, history, footprint, employees and executives. — FY2025 · publ. 20 February 2026 · source ↗
  6. ReportedRevenue was $85,225 million in 2025.
    Citigroup Form 10-K for fiscal 2025 - selected financial data: revenue, net income, EPS, RoTCE, efficiency ratio, deposits, capital ratios and requirements, repurchases and capital returned. — FY2021-FY2025 · publ. 20 February 2026 · source ↗
  7. ReportedMost of it, $59,792 million, was net interest income, the spread between what Citi earns on loans and securities and what it pays depositors and lenders; the rest, $25,433 million, was fees, commissions and trading.
    Citigroup Form 10-K for fiscal 2025 - selected financial data: revenue, net income, EPS, RoTCE, efficiency ratio, deposits, capital ratios and requirements, repurchases and capital returned. — FY2021-FY2025 · publ. 20 February 2026 · source ↗
  8. ReportedServices earned $22,636 million, Markets $22,409 million, U.S. Consumer Cards $18,258 million, Wealth $11,272 million and Banking $6,384 million in 2025.
    Citigroup Historical Quarterly Financial Data Supplement 2021-2025 recast to the first-quarter 2026 segments, Form 8-K exhibit 99.1 - segment revenue, income, capital and returns, All Other and share counts. — FY2021-FY2025 · publ. 3 April 2026 · source ↗
  9. ReportedServices returned 24.6% on its tangible capital and Citi as a whole 7.7%.
    Citigroup Historical Quarterly Financial Data Supplement 2021-2025 recast to the first-quarter 2026 segments - Services: revenue by line and type, geography, deposits, loans, cross-border transaction value, clearing volume, custody assets and returns. — FY2021-FY2025 · publ. 3 April 2026 · source ↗
  10. ReportedServices returned 24.6% on its tangible capital and Citi as a whole 7.7%.
    Citigroup Form 10-K for fiscal 2025 - selected financial data: revenue, net income, EPS, RoTCE, efficiency ratio, deposits, capital ratios and requirements, repurchases and capital returned. — FY2021-FY2025 · publ. 20 February 2026 · source ↗
  11. ReportedThe gap is mostly the All Other segment, the consumer banks Citi is selling and its corporate centre, which lost $4,454 million.
    Citigroup Historical Quarterly Financial Data Supplement 2021-2025 recast to the first-quarter 2026 segments, Form 8-K exhibit 99.1 - segment revenue, income, capital and returns, All Other and share counts. — FY2021-FY2025 · publ. 3 April 2026 · source ↗
  12. ReportedNet income was $14,306 million and diluted earnings per share $6.99.
    Citigroup Form 10-K for fiscal 2025 - selected financial data: revenue, net income, EPS, RoTCE, efficiency ratio, deposits, capital ratios and requirements, repurchases and capital returned. — FY2021-FY2025 · publ. 20 February 2026 · source ↗
  13. ReportedIt also pays more for its money than its largest rivals: 2.57% on its deposits in 2025, against 1.80% at JPMorgan.
    Citigroup Form 10-K for fiscal 2025 - deposits: average balances and rates, institutional deposit composition, deposits by office and interest-rate sensitivity. — FY2025 · publ. 20 February 2026 · source ↗
  14. ReportedIt also pays more for its money than its largest rivals: 2.57% on its deposits in 2025, against 1.80% at JPMorgan.
    JPMorgan Chase Form 10-K for fiscal 2025 - average total deposits of $2,506,565 million at a cost of 1.80%. — FY2025 · publ. February 2026 · source ↗
  15. ReportedAnd it has operated since October 2020 under regulatory orders to fix its risk management and data.
    Federal Reserve press release, 7 October 2020 - cease and desist order requiring Citigroup to improve risk management, data quality management and internal controls. — October 2020 · publ. 7 October 2020 · source ↗
  16. ReportedRevenue in the second quarter was $24,766 million, up 14%, and the return 13.0%.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  17. ReportedThe shares closed at $134.28 on 25 September 2026, a market value of $225.25 billion, about 12.6 times trailing net income and 1.33 times tangible book.
    Citigroup (C) market data - $134.28 at the close on 25 September 2026, market value $225.25 billion, trailing P/E 14.60, forward P/E 11.58, dividend $2.68, next earnings date 13 October 2026. — September 2026 · publ. 25 September 2026 · source ↗
  18. Moat Explorer calcThe shares closed at $134.28 on 25 September 2026, a market value of $225.25 billion, about 12.6 times trailing net income and 1.33 times tangible book.
    Moat Explorer calculation from Citigroup and peer figures ($ millions unless stated). Deposit cost: Bank of America 34,513 / (1,469,705 + 514,477) = 34,513 / 1,984,182 = 1.74%; Citi non-interest-bearing share 202,705 / 1,363,051 = 14.9%, about 15%; gap to JPMorgan 2.57% - 1.80% = 0.77 points; 0.0077 x 1,363,051 = 10,495, about $10.5 billion a year; 10,495 / 19,828 pre-tax income = 53%, more than half; JPMorgan average deposits 2,506,565 / 1,363,051 = 1.84 times. Market value: JPMorgan 911.91 / Citi 225.24 = 4.05, about four times; Citi / JPMorgan 225.24 / 911.91 = 0.247, about a quarter, about 0.25. Card partners: 12% x 85,225 = 10,227, roughly $10.2 billion. Institutional deposits 934 / 1,403.6 = 66.5%, about two-thirds, about 67%; other deposits 1,403.6 - 934 = 469.6. Banamex stake sold 25% + 22.6% = 47.6%. Shares: period-end common shares 1,747.5 / 1,903.1 - 1 = -8.2%, about 8%; average diluted shares 1,873.1 / 3,007.7 - 1 = -37.7%, about 38%. Market value over tangible common equity at year end ($bn): 2018 127.14 / 151.078 = 0.84; 2019 174.42 / 148.809 = 1.17; 2020 128.37 / 153.389 = 0.84; 2021 119.83 / 157.077 = 0.76; 2022 87.60 / 158.151 = 0.55; 2023 98.45 / 164.025 = 0.60; 2024 133.13 / 167.698 = 0.79; 2025 208.79 / 169.618 = 1.23. Trailing twelve months to June 2026: net income 14,306 - 8,083 + 11,616 = 17,839; revenue 85,225 - 43,264 + 49,399 = 91,360; diluted EPS 6.99 - 3.92 + 6.21 = 9.28; P/E 225,250 / 17,839 = 12.6; P/S 225,250 / 91,360 = 2.47. Year-end P/E and P/S (market value over net income and revenue): 2015 154.16 / 17.242 = 8.94, 154.16 / 77.277 = 1.995; 2016 169.36 / 14.912 = 11.36, / 70.797 = 2.392; 2017 196.74 / 73.693 = 2.670 (net loss); 2018 127.14 / 18.045 = 7.05, / 74.036 = 1.717; 2019 174.42 / 19.401 = 8.99, / 75.067 = 2.324; 2020 128.37 / 11.047 = 11.62, / 75.501 = 1.700; 2021 119.83 / 21.952 = 5.46, / 71.574 = 1.674; 2022 87.60 / 14.845 = 5.90, / 74.982 = 1.168; 2023 98.45 / 9.228 = 10.67, / 78.066 = 1.261; 2024 133.13 / 12.682 = 10.50, / 80.722 = 1.649; 2025 208.79 / 14.306 = 14.59, / 85.225 = 2.450. More: end-of-period deposits 1,493 / 1,403.6 - 1 = 6.4%, about 6%; Markets average loans 176 / 794 total loans = 22.2%, about 22%; JPMorgan deposit-cost gap 2.72 - 1.70 = 1.02 points (2023), 3.06 - 2.08 = 0.98 points (2024), about 1.0 point; Bank of America non-interest-bearing share 514,477 / 1,984,182 = 25.9%, about 26%; Services old-basis average deposits 935 / 1,422 = 65.8%, about 66%; AO Citibank assets 13.5 / 2,657.2 = 0.51%, about 0.5%; loss 1.2 / 13.5 = 8.9%, about 9%. Card partners against the card segment: 10,227 / 18,258 = 56%, more than half. Return improvement to target: 14.5 - 8.8 = 5.7 points, roughly six. Forecast extrapolation: 2026 revenue 49,399 x 2 = 98,798; 2026 EPS 134.28 / 11.58 = 11.60; revenue growth (85,225 / 78,066)^(1/2) - 1 = 4.5% a year. — FY2015-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's Forms 10-K and 10-Q, JPMorgan's and Bank of America's Forms 10-K, and market data from stockanalysis and companiesmarketcap; operands shown in the source line.
  19. ReportedThe shares closed at $134.28 on 25 September 2026, a market value of $225.25 billion, about 12.6 times trailing net income and 1.33 times tangible book.
    Citigroup (C) statistics - P/B 1.17, P/TBV 1.33, forward P/E 11.58, shares outstanding 1.68 billion. — September 2026 · publ. 25 September 2026 · source ↗
  20. ReportedCiti's CET1 ratio was 13.18% at the end of 2025 against a requirement of 11.6%, made up of the regulatory minimum, a 3.6% stress capital buffer and a 3.5% surcharge for global systemic banks.
    Citigroup Form 10-K for fiscal 2025 - selected financial data: revenue, net income, EPS, RoTCE, efficiency ratio, deposits, capital ratios and requirements, repurchases and capital returned. — FY2021-FY2025 · publ. 20 February 2026 · source ↗
  21. ReportedDividends per share were $2.32 in 2025, against $0.16 in 2015, when the bank was still rebuilding from the crisis.
    Citigroup Form 10-K for fiscal 2025 - selected financial data: revenue, net income, EPS, RoTCE, efficiency ratio, deposits, capital ratios and requirements, repurchases and capital returned. — FY2021-FY2025 · publ. 20 February 2026 · source ↗
  22. ReportedDividends per share were $2.32 in 2025, against $0.16 in 2015, when the bank was still rebuilding from the crisis.
    Citigroup Form 10-K for fiscal 2019 - RoTCE, net income and EPS for 2015-2019, including the 2017 Tax Reform charge. — FY2019 · publ. February 2020 · source ↗
  23. ReportedIn 2021 Citi decided to exit consumer banking in 13 markets outside its four wealth centres; it closed the sale of its Russian bank in February 2026 and has sold 47.6% of Banamex.
    Citigroup Form 10-K for fiscal 2021 - the April 2021 strategic refresh: four wealth centers, exits of consumer franchises in 13 markets and the January 2022 Citibanamex exit announcement. — FY2021 · publ. February 2022 · source ↗
  24. ReportedIn 2021 Citi decided to exit consumer banking in 13 markets outside its four wealth centres; it closed the sale of its Russian bank in February 2026 and has sold 47.6% of Banamex.
    Citigroup Form 10-Q for the quarter ended 30 June 2026 - divestitures: Banamex stake sales and CTA losses, the Russia and Poland sales, and Legacy Franchises balances. — Q2 2026 · publ. 6 August 2026 · source ↗
  25. Moat Explorer calcIn 2021 Citi decided to exit consumer banking in 13 markets outside its four wealth centres; it closed the sale of its Russian bank in February 2026 and has sold 47.6% of Banamex.
    Moat Explorer calculation from Citigroup and peer figures ($ millions unless stated). Deposit cost: Bank of America 34,513 / (1,469,705 + 514,477) = 34,513 / 1,984,182 = 1.74%; Citi non-interest-bearing share 202,705 / 1,363,051 = 14.9%, about 15%; gap to JPMorgan 2.57% - 1.80% = 0.77 points; 0.0077 x 1,363,051 = 10,495, about $10.5 billion a year; 10,495 / 19,828 pre-tax income = 53%, more than half; JPMorgan average deposits 2,506,565 / 1,363,051 = 1.84 times. Market value: JPMorgan 911.91 / Citi 225.24 = 4.05, about four times; Citi / JPMorgan 225.24 / 911.91 = 0.247, about a quarter, about 0.25. Card partners: 12% x 85,225 = 10,227, roughly $10.2 billion. Institutional deposits 934 / 1,403.6 = 66.5%, about two-thirds, about 67%; other deposits 1,403.6 - 934 = 469.6. Banamex stake sold 25% + 22.6% = 47.6%. Shares: period-end common shares 1,747.5 / 1,903.1 - 1 = -8.2%, about 8%; average diluted shares 1,873.1 / 3,007.7 - 1 = -37.7%, about 38%. Market value over tangible common equity at year end ($bn): 2018 127.14 / 151.078 = 0.84; 2019 174.42 / 148.809 = 1.17; 2020 128.37 / 153.389 = 0.84; 2021 119.83 / 157.077 = 0.76; 2022 87.60 / 158.151 = 0.55; 2023 98.45 / 164.025 = 0.60; 2024 133.13 / 167.698 = 0.79; 2025 208.79 / 169.618 = 1.23. Trailing twelve months to June 2026: net income 14,306 - 8,083 + 11,616 = 17,839; revenue 85,225 - 43,264 + 49,399 = 91,360; diluted EPS 6.99 - 3.92 + 6.21 = 9.28; P/E 225,250 / 17,839 = 12.6; P/S 225,250 / 91,360 = 2.47. Year-end P/E and P/S (market value over net income and revenue): 2015 154.16 / 17.242 = 8.94, 154.16 / 77.277 = 1.995; 2016 169.36 / 14.912 = 11.36, / 70.797 = 2.392; 2017 196.74 / 73.693 = 2.670 (net loss); 2018 127.14 / 18.045 = 7.05, / 74.036 = 1.717; 2019 174.42 / 19.401 = 8.99, / 75.067 = 2.324; 2020 128.37 / 11.047 = 11.62, / 75.501 = 1.700; 2021 119.83 / 21.952 = 5.46, / 71.574 = 1.674; 2022 87.60 / 14.845 = 5.90, / 74.982 = 1.168; 2023 98.45 / 9.228 = 10.67, / 78.066 = 1.261; 2024 133.13 / 12.682 = 10.50, / 80.722 = 1.649; 2025 208.79 / 14.306 = 14.59, / 85.225 = 2.450. More: end-of-period deposits 1,493 / 1,403.6 - 1 = 6.4%, about 6%; Markets average loans 176 / 794 total loans = 22.2%, about 22%; JPMorgan deposit-cost gap 2.72 - 1.70 = 1.02 points (2023), 3.06 - 2.08 = 0.98 points (2024), about 1.0 point; Bank of America non-interest-bearing share 514,477 / 1,984,182 = 25.9%, about 26%; Services old-basis average deposits 935 / 1,422 = 65.8%, about 66%; AO Citibank assets 13.5 / 2,657.2 = 0.51%, about 0.5%; loss 1.2 / 13.5 = 8.9%, about 9%. Card partners against the card segment: 10,227 / 18,258 = 56%, more than half. Return improvement to target: 14.5 - 8.8 = 5.7 points, roughly six. Forecast extrapolation: 2026 revenue 49,399 x 2 = 98,798; 2026 EPS 134.28 / 11.58 = 11.60; revenue growth (85,225 / 78,066)^(1/2) - 1 = 4.5% a year. — FY2015-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's Forms 10-K and 10-Q, JPMorgan's and Bank of America's Forms 10-K, and market data from stockanalysis and companiesmarketcap; operands shown in the source line.
  26. ReportedDirect staff fell from 240 thousand in 2022 to 219 thousand in June 2026.
    Citigroup Historical Quarterly Financial Data Supplement 2021-2025 recast to the first-quarter 2026 segments, Form 8-K exhibit 99.1 - segment revenue, income, capital and returns, All Other and share counts. — FY2021-FY2025 · publ. 3 April 2026 · source ↗
  27. ReportedDirect staff fell from 240 thousand in 2022 to 219 thousand in June 2026.
    Citigroup Form 10-Q for the quarter ended 30 June 2026 - results, capital, the $30 billion repurchase program, dividends, staff, U.S. Consumer Cards partners and the American Airlines portfolio. — Q2 2026 · publ. 6 August 2026 · source ↗
  28. ReportedCiti's pre-provision net revenue, revenue less operating expenses, was $24.0 billion in 2022, $22.1 billion in 2023, $27.2 billion in 2024 and $30.1 billion in 2025, about 25% higher in three years.
    Citigroup 2026 Investor Day financial overview presentation - RoTCE targets, business targets for Services, Cards and Markets, efficiency ratio, transformation, liquidity and capital. — May 2026 · publ. May 2026 · source ↗
  29. Moat Explorer calcCiti's pre-provision net revenue, revenue less operating expenses, was $24.0 billion in 2022, $22.1 billion in 2023, $27.2 billion in 2024 and $30.1 billion in 2025, about 25% higher in three years.
    Moat Explorer calculation from Citigroup segment and Investor Day figures ($ millions unless stated). Firm: PPNR 30.1 / 24.0 - 1 = 25.4%, about 25% ($bn). Services: operating expenses 10,813 / 7,682 - 1 = 40.8%, about 41%; revenue 22,636 / 12,539 - 1 = 80.5%, about 81%; TTS net interest income 12,238 / 5,963 = 2.05 times; TTS non-interest revenue 4,408 / 3,224 - 1 = 36.7%, about 37%; quarterly Services net interest income 4,050 / 3,317 - 1 = 22.1%, about 22%; Securities Services net interest income 2,763 / 903 = 3.06 times, about three times; Securities Services non-interest revenue 3,227 / 2,449 - 1 = 31.8%, about 32%; interest share 2,763 / 5,990 = 46.1%, about 46%; North America 6,907 / 3,744 - 1 = 84.5%, about 84%; international 15,729 / 8,795 - 1 = 78.8%, about 79%; international share 8,795 / 12,539 = 70.1% (2021) and 15,729 / 22,636 = 69.5% (2025); TTS non-interest revenue quarterly 1,182 / 1,049 - 1 = 12.7%, about 13%; cross-border value quarterly 115.2 / 90.7 - 1 = 27.0%, about 27%; share of Citi average deposits Q2 2026 1,017 / 1,504 = 67.6%, about 68%; assets under custody 31.4 / 24.0 - 1 = 30.8%, about 31%; quarterly Securities Services revenue 1,787 / 1,271 - 1 = 40.6%, about 41%; average Services deposits 935 / 808 - 1 = 15.7%, about 16%. Markets: net interest income share 6,072 / 19,108 = 31.8%, about 32% (2021), 9,687 / 22,409 = 43.2%, about 43% (2025); average loans 141 / 111 - 1 = 27.0%, about 27%; average assets 1,203 / 941 - 1 = 27.8%, about 28%; average trading assets 533 / 340 - 1 = 56.8%, about 57%; rates and currencies 11,749 / 11,735 - 1 = 0.1%; equities 5,664 / 3,969 - 1 = 42.7%, about 43%; spread products 4,996 / 5,386 - 1 = -7.2%, about 7% below; Q4 2025 revenue 4,609 / 6,075 - 1 = -24.1%, about 24% below. Banking: international share 2,977 / 6,384 = 46.6%, about 47%; equity underwriting 699 / 2,152 - 1 = -67.5%, about two-thirds less; loan hedges -140 + 307 - 443 - 180 - 118 = -574; advisory 390 / 649 - 1 = -39.9%, about 40%. Wealth: net interest income share 7,582 / 11,272 = 67.3%, about 67%; international 4,243 / 3,382 - 1 = 25.5%, about 25%; North America 7,029 / 5,949 - 1 = 18.2%, about 18%; North America 7,029 / 5,878 - 1 = 19.6%, about 20%; operating expenses 9,455 / 9,374 - 1 = 0.9%, about 1%; revenue 11,272 / 9,733 - 1 = 15.8%, about 16%; international share 4,243 / 11,272 = 37.6%, about 38%; Private Bank 2,676 / 2,970 - 1 = -9.9%, about 10% below; Private Bank Q2 2025 excluding the gain 731 - 80 = 651, 769 / 651 - 1 = 18.1%, about 18%; Citigold and Retail Banking quarterly 2,010 / 1,502 - 1 = 33.8%, about 34%; Wealth at Work 930 / 691 - 1 = 34.6%, about 35%; average loans 199 / 182 - 1 = 9.3%, about 9%; client deposits 413 / 438 - 1 = -5.7%, about 6% lower. U.S. Consumer Cards: average loans 170 / 125 - 1 = 36.0%, about 36%; operating expenses 6,755 / 5,693 - 1 = 18.7%, about 19%; revenue 18,258 / 13,209 - 1 = 38.2%, about 38%; general-purpose spend 152.4 / 125.6 - 1 = 21.3%, about 21%; private-label spend 13.9 / 16.7 - 1 = -16.8%, about 17% less; rewards and partner payments 12,075 / 9,096 - 1 = 32.7%, about 33%; interchange 9,718 / 7,521 - 1 = 29.2%, about 29%; other fees 427 / 229 = 1.86 times, nearly double; Q4 over Q1 2025 rewards 3,215 / 2,821 - 1 = 14.0%, about 14%, interchange 2,526 / 2,285 - 1 = 10.5%, about 11%; 2025 acquisitions general-purpose 1,696 + 1,704 + 1,872 + 2,115 = 7,387 thousand, private-label 1,144 + 1,551 + 1,339 + 1,572 = 5,606 thousand; general-purpose average loans 138.6 / 95.2 - 1 = 45.6%, about 46%; private-label 29.8 / 27.3 - 1 = 9.2%, about 9%; net credit losses over net interest income 2,856 / 14,518 = 19.7%, about a fifth (2021), 7,457 / 19,243 = 38.8%, about 39% (2024), 7,290 / 20,169 = 36.1%, about 36% (2025). All Other: Asia consumer 812 / 3,871 = 21.0%, about a fifth; operating expenses 8,698 / 9,628 - 1 = -9.7%, about 10% less; managed revenue 4,442 / 9,491 = 0.47, down more than half; allocated tangible equity 39.2 / 27.7 - 1 = 41.5%, about 42%. Expenses ($bn): five businesses and Corporate/Other 49.1 / 43.2 - 1 = 13.7%, about 14%. Latest-quarter pass: Markets first-half revenue 7,246 + 7,007 = 14,253 against 6,075 + 5,980 = 12,055, up 18.2%, about 18%; Markets first-half net income 2,595 + 2,387 = 4,982; Banking 304 + 350 = 654; equities 2,080 + 2,301 = 4,381, and 4,381 / 5,664 = 77.3%, about 77%; investment banking 1,326 + 1,548 = 2,874, and 2,874 / 4,781 = 60.1%, about 60%; fixed income 16,745 / 14,115 - 1 = 18.6%, about 19%; equities 5,664 / 4,993 - 1 = 13.4%, about 13%; Markets expenses 13,253 / 12,450 - 1 = 6.4%, about 6%; Services North America share 1,339 / 5,043 = 26.6%, about 27% (1Q24), 1,939 / 6,272 = 30.9%, about 31% (4Q25); year-end deposits 1,403,573 / 1,284,458 - 1 = 9.3%, about 9%; Services average deposits 1,017 / 961 - 1 = 5.8%, about 6%; Cards first-half revenue 4,757 + 4,521 = 9,278 against 4,567 + 4,471 = 9,038, up 2.7%, about 3%; general-purpose loans 143.2 / 139.0 - 1 = 3.0%, about 3%; American Airlines 6.6 / 177 = 3.7%, about 4%; private-label 29.8 / (138.6 + 29.8 + 3.9) = 29.8 / 172.3 = 17.3%, about 17%; Wealth expenses 9,721 / 8,061 - 1 = 20.6%, about 21%; Wealth first-half net income 432 + 583 = 1,015 against 191 + 385 = 576, nearly double, and 639 + 511 = 1,150 in the first half of 2021; Citigold 2,181 / 3,177 = 68.6%, about 69%; Private Bank 757 / 664 - 1 = 14.0%, about 14%; Wealth at Work 246 / 268 - 1 = -8.2%, about 8% lower; U.S. non-interest-bearing deposits 121,610 / 734,662 = 16.6%, about 17%; tangible book value per share 100.89 / 97.06 - 1 = 3.9%, about 4%; JPMorgan, Bank of America and Wells Fargo 911.91 + 396.48 + 250.90 = 1,559.29, and 1,559.29 / 225.24 = 6.9, nearly seven times; Wealth expenses over revenue 2,377 / 3,177 = 74.8%, about 75% (Q2 2026). — FY2021-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's recast historical supplement, its Q2 2026 earnings release and its 2026 Investor Day presentation; operands shown in the source line.
  30. ReportedNet income over the same years went from $14.8 billion to $14.3 billion: credit costs and taxes took the difference.
    Citigroup 2026 Investor Day financial overview presentation - RoTCE targets, business targets for Services, Cards and Markets, efficiency ratio, transformation, liquidity and capital. — May 2026 · publ. May 2026 · source ↗
  31. ReportedThe chief executive described 2025 as a year of record revenues with "positive operating leverage for each of our five businesses", meaning each grew revenue faster than its costs.
    Citigroup fourth-quarter and full-year 2025 earnings release, Form 8-K exhibit 99.1 - the 2025 payout ratio, the RoTCE commitment for 2026 and the chief executive's comments. — FY2025 · publ. 14 January 2026 · source ↗
Sources
Generated September 28, 2026