C Citigroup

Jen Landis Investor Relations
Jane Fraser Chief Executive Officer
Mark Mason Chief Financial Officer
Glenn Schorr Evercore
Betsy Graseck Morgan Stanley
Jim Mitchell Seaport Research
Ken Usdin Jefferies
Mike Mayo Wells Fargo Securities
Ebrahim Poonawala Bank of America
Matt O'Connor Deutsche Bank
Vivek Juneja the JP Morgan
Gerard Cassidy RBC
Steven Chubak Wolfe Research
Erika Najarian UBS
John McDonald Autonomous Research
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.

Hello, and welcome to Citi's Fourth Quarter 2021 Earnings Review with the Chief Executive Officer, Jane Fraser; and Chief Financial Officer, Mark Mason. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. [Operator Instructions] Also, as a reminder, this conference is being recorded today. [Operator Instructions] Ms. Landis, you may begin.

Jen Landis

operator. you, Thank thank and for us. joining Good you morning, all management's that which website, to is I'd based may like for uncertainty presentation, you remind on are circumstances. which our to and available changes are today's download forward-looking statements, expectations in current and contain subject, on these differ filings. a due variety in of Actual results statements described SEC may factors, our materially from to including those I'll to turn that, With Jane. it over

Jane Fraser

been again busy, everyone. year, priorities. we I delighted that today. new Well, to happy quarter you made we've with an lot I'm and our Jen, a strategy update Thanks, today. progress on my we've against share and our going and thoughts I'll start to have fourth am on about end our major the join talk Then on refresh. to all

small announced and earlier there. you focus we wealth direction. franchise took in saw As at Mexico, our do strategic a institutional to solely fit in week, therefore, management took operations exit our and our this conclusion franchise This clinical and and we to our consumer middle-market lightly. We not on banking decision not business Mexico businesses, intend that we the the noninstitutional look hard new that businesses was drew we the a

clear, our simplify businesses are to fully that scaled, Now high our goal in invest strengths returning these and they're be are terrific, strategic aligned to to franchises. But is our firm. core with

change. has in to an and and leading bright We've investors that that opportunity a and continues our there in role a for we Mexico. clients is we for are Group work, As isn't also institutional going it. served be to Institutional did the bank. important tremendous a century, was to Mexico's Mexico there corporate committed it Clients building playing clear future, Citi almost

of licensed global the plan bank years simple maintain a recipient trade ahead. be locally We won't investment major a significant, to This to be growth core institutional invest of Mexico capture expect we high-returning network. Therefore, will a in and our hub there a and flows in transaction. and

how our We several for to have spent get local working true our last the results stakeholders. and shareholders be to months best the through

refresh begin process the begin will sales expect final the be in Day. market excess of the will and the exits we spring. transaction immediately talk making our opportunity And to forward This the really there We shareholders. Today, conclude separation and you to we course, to X. our our and financial capital strategy. decision the refreshed Investor about process are March future Citi an I'm our from going is on terms in as of return reporting organization align approach our changes looking strategy talking to to with we're to to through you

Now these structural to make allow changes associated for and its things, will Citi costs. complexity reduce us Amongst is other our going help to to also understand. investors easier this

Citi assess be more the to businesses up forward. and see make that You'll able core going simply

This Selva. banking is a be to banking Anand reporting going include Our private personal new X units: and personal our U.S. which wealth and segment, run consist the wealth will First, will we're management by which business, global of bank. management creating distinct businesses;

which Second, will Paco be on side the of institutional house, Ybarra. by the continue run to

and are services, this businesses these units: important we reflects We Services Trade and and how and X reporting Citi's banking future. just Treasury under services, will begin security markets. Solutions will to include believe

to these units businesses businesses our house second in the accountable, We're hold March. to and our segment, forward the sharing really together we for we Day deliver all Finally, no work us strategy to and segments legacy our franchises, quarter, exit. progress will reporting look how and our intend information the than along we Investor need going create these will begin will you reporting which to you have a financials shareholders new ensure later and to for measure on and plans

Now We XXXX. end to a to decent earnings. turning had

see quarter X, and the the with billion we can of primarily out That related $X.X to a billion business. Slide income on you consumer net $X.XX. includes our of hit EBIT closed EPS As down wind $X.X to of Korean

$X.X Excluding income our impacts, EPS net of $X.XX. an those be would billion with

RoTCE an investments of Our credit and net year full had a talent, to in a continue reflects income M&A. us. investment of we ICG, And quarter the $XX share billion had and banking and ahead another in pipeline see we solid very of significant make in improved year strong we XX.X%. for of the In gained for environment transactions resulting we

could Indeed, income we business had seeing quarter, think this to for we enough year. in rate changes is has well better cycle and Now for bodes growth The the up quite it to equities monetary is and offset have was the balanced XXXX. cash fixed accelerates. environment, XXXX volumes finished performance the TTS in flows in current poised benefit for a XX% as the turned policy while not trade but it and rebound

of impact and talk mix growth across improving of and strong Parts momentum our are still about Mark the priority, I a businesses of it's yielding disruptive with revenue COVID's as results businesses another products. in to customer offset continued weathering heard our You've this institutional purchase AUM sales on with cards quarter. consumer quarter XX% Deposits elevated branded up did digital increase be U.S., loans but the in continued to grow, year. nearly In full strong and payment fee for we the behavior. deposits see by rates,

returned For capital [stack per nearly ratio We needed with CETX value X% we by the ended of the year and on book XX.X% built as standardized we the a share tangible shareholders a our to to the $XX we our grew up]. $XX.XX. to impact of basis capital billion resolve in year,

mind, in until January didn't regulatory X. keep that Now change effect take

been this buybacks that now we has While resume this our that, pause temporarily quarter will impact caused us to buyback, stock addressed.

The and priorities: transformation our our we of Finally, so and the and X with sense delivering strategy are real against are culture, a urgency. we refresh, doing executing as Slide shows,

on strategy. First, the

and we on year successfully the our implementing to the made swiftly focused are We returns improve to decisions strategic investors. over past laser

were deals within this We behind into quarter. to able means to consumer of markets most determining we businesses, and the to a have in path we signed months we shareholders remaining in we're wind markets. Korea, consumer decision decisive This agreement them, that best process In majority clear path operation, X a the we for and that the including get announced these the was yesterday. our X are our of sell well X XX down of in Asia us of exit markets making that charge to the the have in

we largest be to the out such They our pleased iShares we products management, add TTS, wealth XXX XXX opportunities Another Banking, building new BlackRock good area wasted lending. also installment in as private haven't and our platforms addition building the helped a card, relationship by out XX,XXX In advisers we in about cash custodian clients know for And bank seen and in of others in ETFs. we've managers deepen of as we've Citi been net platform. with we've grew time couldn't we're by U.S. ranks any more their Personal to seeing clients progress gold us digital the course uptake our and security where services year. becoming We capture the over relationship is what where the to custom been XXXX.

as for as strengthen it's priority, well world. want to risk foundational to order we continue to demonstrably transformation we on our and everything our Second for bank achieve. execute modernize work, controls a digital agenda in our This

model We clients. are efficiency improve enhancing to our to long-term and service operating our

deep relates we it consent As mode. execution to the are orders, into

with to and into incorporate execution get in dialogue constructive it and regulators project our as we their be We our plans. ongoing continue feedback

the our creating of. We're culture better ESG relatedly, and can culture-changing our we area of culture certainly Russia. particular as more to compensation quite share them management excellence final disruptive pandemic, expects COVID. are of navigate macroeconomic, shareholders' this we net people mix our XXXX, you reach in ago. by XX interest various month, CEO and we as of a we day that proud means this be Later variety with other plan and a people to also or is record first with my tensions year-end, geopolitical our issues on of our phase One a accountability. are such this is but a align zero ways, also will months in do A course, past inflation, are to achievement this initiatives. including a pride such performance that singular as as few on efforts. driving of take effort navigate, Omicron all that of commitment process with Third, clients shifting the at focus robust to I And a excellence this hope building made whether demands there with help going a We

We seen the we be we them with in Citi as unchartered importance clients well. our supported next and of the will resilience have as the waters, and through chapter

like to over take your it to So would questions. and we then turn now I'd be to Mark, delighted

Mark Mason

and everyone. morning, Jane, good Thanks,

And to to start we we changes exits in as to today's more on going the I'm finally, you plan Then then are I'm from by call. through lot Asia quarterly and to cover through financial disclosure. on going market reporting XXXX you We Mexico, walk impact the the the financial XX detail. changes as have financial a making making results. walking our well

strategy. of included for strategy better and align businesses. and vision to earnings ICG our We As metrics with and to changes our refreshed our key started part drivers presentation make the additional refresh, we've

make is for reporting to and to understand key easier investors to our our assets. performance simplify our goal much financial Our our it

we reporting X, mentioned. details that lay Jane Turning financial of to the the changes Slide in out the

managing the move Asia understand the This exits business these place and segment First, remaining up putting go-forward operations the dedicated the post new Banamex, team consumer, free will on a focus called businesses Franchises. to the that in Citi fully firm's new Legacy middle This the executing allow segment. manage banking exist experienced teams you on divested businesses the XX better and a will we being are financials to small company strategy. of We've under management of will exits. intend market and to the to of consumer

Bank, our their are of suite understand financials units to bring reporting us position Consumer instead ICG, banking ICG, underwriting ICG services will These businesses a And businesses global on will product Second, equity renamed a only no we to fixed called and and corporate Management, Starting from security lastly they are to lending. advisory, The and The and offering. full include and our Global markets. value as to TTS footprint Wealth Private underwriting, have only will Services. PBWM. given include and reorganizing include Citi. and move therefore, better move Bank GCB, for unique we the debt will longer you Markets services will, equity unit be foundational help security the Banking with Personal income will reporting they PBWM.

banking. wealth retail reporting in Consumer the management ICG quarter single exits. a together announced year Wealth, segments, the Citi results from Personal no As Page a which the continue work affluent than we financial a unit that we services contribution unit the Wealth of contribution will lay from we've vision and better on to reporting and the management of the units continuum PBWM cards, the exit segment Slide plan a past and Banking new will serving under the detail strategy have page retail of the and Asia announced XX, ultra-high integrated this called America to include branded Day and unit a a opportunity reminder, unit. North the later organization wealth created Global on a net creation clients Management, the gives that in clients. This shows under this for U.S. remain for combined to Hopefully, financials we and across exit you will be the The appendix date. our the wealth on natural PBWM. single, providing renamed all Asia to that on is under the will We to And medium-term sense we distinct out Banamex platform well the markets firm. businesses over of our worth teams as last creating January year second reporting this more now X markets. the unifies Citi for to XX And as the the XX plan Investor the starting deals be earnings. bring the Global

Mexico. to Turning

operations to committed careful owner we bank upon longer intended no private very the Clients and we're that our That Banking are middle consideration remain that for Global exiting. is that currently banking consumer entirety business decided the included and As there. continue America and business Jane mentioned, Mexico businesses Mexico Latin the we the Institutional in we and the included analysis, institutional will Mexico to small exit unit of market said, Consumer serve represents the and clients in segment. Group optimal Citi's banking

left of the side page, XXXX and billion The of businesses total businesses In key billion revenue $X.X XXXX the On transaction and transaction figures show so a $X.X billion financial pursuing the $XX allocated we $XX contributed income. not in had in yet billion XXXX, known. ultimate intend loans, the approximately impact of we and TCE. exit divestiture for the $X to of for multiple yet of businesses we Mexico. is of not path, do a deposits Again, of have are and billion net

We a as Mexico. takes consideration on we process will as what employees our our keep into and well our of progress clients you best thoughtful as interest shareholders updated in run in the that is

firm. return to simplify the allow will the additional the management and shareholders, to to opportunity structure these addition to divestitures In organizational us capital also across

turning Now to X. Slide

As we've reviewing time we've disclosure have in now decided our the and that strategy peers. align refresh to with and gone through closely simplification, our right more terminology our is been

will referred be we called that interest as as revenue non-NIR revenue revenue. interest will previously to we previously be and revenue now called now to noninterest net referred that First, income, net

Second, and on page, including insurance we've paid account FDIC as on we for our insurance. can you the how deposit see deposits, revised foreign

net income. have the and We insurance interest previously deposit for a revenue accounted as control

we reflect this to easier earnings same changes. revised assist However, it XXXX, reporting made to beginning firm. remove is we to change years for make for also reminder, reflect show financial interest change us X, of for report and presentation X the the We've these with you it as and have a prior as income. will net an to it the quarter, we full XXXX Slide and comparability And this expense the this neutral. results peers, rest compare treatment will to our to On from

retirement As earlier, these some we Korea an to the Asia business, forward. of results $XX related Jane divestiture in mentioned of Embedded EPS RoTCE offered billion with program of going fourth $X.X to X.X% collectively net down Asia will on of $X.XX, wind I $X.X as voluntary quarter, of we the billion additional impacts conjunction of income consumer billion the our as costs reported refer approximately in the revenues. in as and which an primarily are well impacts exit

net specifically in mostly income the and interest ICG. would been revenues impacts, ICG, last of have EPS lower by XX%. total Services X% TTS, Security by increased GCB by quarter, $X.XX, Banking, these an In as with from year strength Excluding was RoTCE offset Investment revenue approximately and driven noninterest across

the results of of year. an versus expenses $XX.X XX% prior include Our increase billion,

expenses Excluding driven and portfolio Cost benefit higher would improved in Increased quarter, backdrop was related in driven quality. of $X.X of to savings. improvement cost, in expenses by expenses, offset largely macro ACL credit X%. billion partially increased net release the investments Asia primarily the by transformation, by have a productivity continued our revenue-related by divestiture the approximately an and investments business-led were

year. the to full turning Now

across in investment Our rates revenues as in normalization were down banking, noninterest ICG growth as X%, driven the security consumer, markets by TTS offset particular, elevated somewhat and in in by services. strong and revenue well payment

excluding full we up year, excluding of XX% up RoTCE X%. and costs, Our Also Asia expenses impacts. X%, XX% the divestiture our year generated Asia-related were for were full divestiture but expenses

As to line impacts, show a previous up expenses had of for In full underlying we walk a reminder, we for the expense close releases with were the billion year. year full in Asia divestiture guidance. the benefit On excluding $X with drivers. in X, X%, ACL key XXXX, an Slide

that a a investments. at soundly eye taking management also opportunity recognize have organizational our and with The do. efficiently self-funding possible we look and lot We're hard to towards work forward, we structural divestitures as expenses, operating provide our more simplify an structure. and Looking an to as

relatively a with X, margin and show say more On our In this North year-over-year deposits relationships have the as in our fourth in net Sequentially, Investor growth were On income, net We basis, consumer was was lot America as to clients America. flat to stable. Average a particularly loans. income Consumer. a $XXX interest remained well Day. decline at Slide basis, institutional loans ICG quarter GCB. interest roughly the about we a interest net a in interest North flat. the year-over-year income by offset approximately deposits we clients, by deepen quarter, as in our by average million on on increased driven net basis, Also continue sequential as grew year-over-year

probability the comments rates few sensitivity peers' from disclosed a rates. a few which rate different parallel we potential regarding to me a and increased runoff quarters, XX-Q, assume make higher from of balance is methodology, This balance over static sheet. As the sheet. our assuming last let shift the has higher our interest tends impact a In

$XXX capital We On XX-Q, balance we quarter billion income. sheet sheet Slide securities point currencies of in basis what key continue or Citi's as of billion And our expect a sheet, market, as our parallel show more approximately sheet. to net we was billion. to roughly third the debt would over our trillion and a billion $X.X static advantage liquidity $X took of metrics. Xx XXX resources liquidity and maintained of and maintain balance as and we in all sequentially very our and balance opportunities well shift, long-term we consists interest XX, total into summary total sheet, a increase $X.X $XXX optimize short-term to Assuming XX% strong Of and we deploying HQLA, income or balance excess disclosed about balance reducing net than by our across year-over-year. interest liquidity

as corporate our side, perspective, loans. of loans loans representing approximately represent to ended ratio of investment of in we outside are of the capital a loan our XX% ratio levels what the capital prepared resuming X. loans to to adopted approximately XX% about third second mentioned On corporates CETX Having of total the buybacks the similar And XXXX. of corporate U.S., total XX% approximately a January total capital target, loans to and past, with From we grade. with year XX.X%, SACR maintained this SACR we as on in and the are you adopt saw quarter quarter we've

the returning of remainder the focused into as all to the of the headwinds you include And ratio elevated of quarter-by-quarter to end throughout right credit Clients XX.X%. for investment of that of and timing increased to in of year, the a continue results Institutional beginning losses excess a SCB shareholders. buybacks, Group services due the Mexico. Slide well quarter. by decline we with to These $XXX from strong will investments by a and declining respect losses security XX the under ratio basis on by show increased maintaining credit performance, by surcharges, from are basis more driven year-over-year. goal on as remain quarter. light and we of as of with of offset XX% XX, a prior with exits savings. a ACL driven for to framework, capital the increase assess transformation, partially with approximately net the X% industry, bank smaller impact aspects As of down an banking, benefit higher net of the you us, capital. was versus GSIB million divestitures billion, do credit closer resulted the private know, release nonaccrual $X.X should credit partially of largely goal so by said, level were capital our as fourth That year-over-year, markets. can Expenses the a GSIB the year, as CETX surcharge down On are delivered And to and income year year expenses to there net release. Revenues we at offset we fees, XX.X% the on sequentially approximately Asia and net we a we business-led us look impacting prior in Cost year. the ACL XX% the with expenses, CETX offset and driven the expected see XXXX. a the variables ICG loans of the regulatory along the a RoTCE year-over-year, continue rest and And such year-over-year the productivity expect revenue-related to manage This by In of XX% the for than of this, number by and

both client also loans a We client saw existing and acquisitions. deposits on a and momentum X% continue to deepening in of growth we as good relationships see and year-over-year basis new

of As ICG net approximately Treasury $XX an On billion for XX%. ICG for show delivered performance by business billion of $XX revenue revenue XX, of with and Slide the for quarter. drivers roughly key we our from revenue growth fee increase business fourth strong the on in the growth. full income year, RoTCE fees, continued quarter driven driven income in fee were did both and XX% slightly And prior rates headwinds by revenues down by ever. by sequentially, Trade and our net interest offset highest year, Solution versus fact

purchase were virtual business and represents. fee activity approximately in had U.S. first drive strong transactions Since clients want year-over-year drivers this up strong on fees the indicate XX% this underlying client key are card card momentum, Bank XXX time activity we've XX%. fee Private up and different clearing client by walk And year-over-year, fully indicators and, institutions. to up Cross-border these and advisory reflect cross-border markets currencies. the importantly, revenues revenues of client flows I on across performance, a metrics integrated Income XX% decade. XX% this flows, deposits. see fixed were Investment XX% showing were activity. client and revenues TTS products, year-over-year. treasury dollar we momentum X% year-over-year one settlement X%, provide recurring as last which TTS over markets you Fixed our of a These TTS performance We in are while were strong flows Markets and down that through across a are the there banking to continued revenue. and where down record drives see revenues up revenues travel, is total we last Overall our basis, global are for quarter we briefly against year. growth through significant that clearing played were And and demonstrate commercial and a represent dynamics and what Again, advisory continue including basis all XX%. activity in versus across new flows the year. combined over generate up volumes, income to equity strong metrics each continue Commercial were of activity that very quarter it performance, for which is acquisitions. clients best reflect driven that are Markets operating financial solutions payment our

and products. commodities, year-over-year a by volumes rates grew by assets than While decline by had a continued headwinds. growth balances in as and settlement offset revenues was year-over-year higher XX%, cash. offset X% rate spread were interest and solid under was down this growth FX driven Markets grew in prime custody, we in in by finance X% Equity fees Security higher decline revenues partially as structured offset Services and activities more

Now turning to XX. Slide

in revenues across the by year-over-year, year-over-year, lower Asia for dollars. declined Banking Expenses regions. X% up constant show we Global Consumer quarter fourth XX% the divestiture for our results driven by business Here driven Revenues were costs. the

was partially costs, by basis points quarter the continued up for release savings. of basis our expenses a X%. quarter a XX of and rate to as NCL The of this partially by these than Cost business-led in was credit ACL losses. an over economic We $XXX XX% X%, points and productivity XX driven decline X.X%, $XXX investments, offset more sequentially. of and of released This million net benefit were credit quarter RoTCE net offset in growth. this year-over-year by resulted offset decline quality, transformation outlook and ACL million related portfolio improvement an volume Excluding income

Net XX% and have Excluding resulted RoTCE XX%. an in divestitures the of grown Asia impacts, income would

year-over-year average full $XX the year, billion $X product we excluding GCB revenues, the billion divestiture Asia as with on revenues of GCB income XX% and as an On quarter. for card well declined delivered new As business We're with fourth Branded volumes seeing by and net of of key drivers metrics encouraging revenues impacts. for payment drivers XX, and cards show up X% XX% accounts RoTCE XX% XX%, and higher underlying loans up on rates sales portfolio mix. up X%. Slide

well acquisitions X%, to in so exceeded by since XX% by X% quarter in the decline revenues first Services the quarter of credit the onset pandemic. seeing basis. quarter a year-over-year are and as this, the spend on up declined acquisitions In positive rates with improved drivers X% the a by driven up XXXX do payment as fourth same interest year-over-year, elevated account we But partner driven to underlying due payments fact, by Retail performance. despite net XX% income higher

our mortgage While businesses, payment underlying well spreads these lower we're by revenue. high, as impacting both growth do growth loan businesses. rates Retail revenue remain as in and lower driven banking cards drivers declined both stubbornly year-over-year X% encouraged deposit in by revenues cards

America unit. deposits our strategy and wealth our global North households strong, drivers management retail with XX%, up we with underlying However, to assets a up execute Citigold up under X% on remained X% focus on continue year-over-year as

net rate year-over-year, On Asia year-over-year, CPC and and in XX% and of lower assets. clients. revenues Citigold growth Revenues revenue the of Performance point, loan revenues in overall from declined portfolio. exceeded wind the with Latin full declined the this year headwinds by Expenses growth Corporate/Other down AUM XX% rates. XX%, for cards. a mainly and in were Cost of X% growth volumes fourth wealth was Slide higher of year-over-year X% give higher the show to both largely we of region At driven credit quarter. America increased due hubs to by outlook. deposit year-over-year, largely typically results for that down payment legacy largely retail investment we XX, benign. the driven due

we together in strategy Day that our full about performance talk March on on we plan the since However, of have coming X, XXXX everything expectations. context to medium-term up bringing our and point Investor at

our refresh, you goal possible. As I And part be your like continue going questions. happy and earnings evolve take I presentation, strategy and Jane hope transparent of that, as our to simple we the is would And it to forward. and will new with be to as


from with Instructions] [Operator Research. of Your McDonald the question first is Autonomous John line


Good could thanks update. I and the all of for strategic for income sensitivity. there, the Jane, to the net morning. restatement if interest Mark, just over ask you wanted Mark, detail go the

difference driving you the NII You Just think for there? what number, year? card net about the want this caught trading but the have a might your to of thoughts core maybe there. drivers And income new some and of that's key then not kind outlook the What's make are interest to sure growth, we that. presentation just when give



is X of covered Slide kind where on So I that.

our static sheet where and environment, take obviously, we've as dollar is static a disclosure all point we has they parallel that levels, of running and that a off recall, -- that shift as balance right? John, that foreign that XXX sheet, we looked term assuming in analysis what have loan is have running cetera, assuming et off mature. currencies a historically, now obviously in deposit Others Q the look obviously And mix a around And a Xx the assuming run-off balance that quarter. static, a they And loans as will when well. deposits more analysis, across delivers U.S. the run You third in that run we they sheet out, balance balance at basis an so levels, than We the has approach rate sheet. the currencies. at in rising disclosed

interest $X to net that's income. billion the of So billion $X.X

the that net the income provided. assuming same, that range levels in or So major and the number allow or interest that's deposit to the I a obviously, stay retaining us range driver generate -- more

you in not that are terms I'm In a of we But to at look, One that is XXXX. we're couple mind the as mentioned. there you going that looking of important give guidance, earlier. I forward for think keep mentioned are things to drivers the

in franchise So an And strong driving very positive for with a going GDP our our advantage expect of in outlook the healthy look I continue fee growth. lot that, to play are to drivers revenue XXXX. that's would underlying to and

many well point play that think accrual obviously I'd interest whether our is et the to. have, in businesses hikes favor that TTS number X to thing And or second the bank, assumptions as depending XXXX. I around that private as we view is listen you The to cetera. going of have on it's economists' our rate our out the when cetera, you about or et X franchise,

that and some impact growth factors the out to that expect coming branded portfolio. loan on of help we the mentioned important contribute line, I So to top growth the cards XXXX. those are

mean, going XXXX. They've high about I to rates. be hopefully all off taper stubbornly it's really taper payment they through how off. of -- cards For been

of to in So that of back in some get that factors but see we average taper through of XXXX. year, interest-earning hopefully, need the a start important off bit those play to are little growth into the and balances we half


you're quarter, And this you then as happened yet. capital haven't managing up follow-up, you'll Great. you've some return that in transactions of got of buybacks Okay. that just you a capital, free and to to mentioned level a as expect lot

something your how you It's you So that thinking get long-term deploy part thinking, it? you're planning capital throughout not you'll that, of are that that is on of guess, but kind this as about assume? year, future I I using



So as but obviously, the -- with actually a can our deploy we look that capital, excess return context ability we our and shareholders. strategy planning to capital much at of as to in capital our to

for about which think as we're into And we return capital are that to and underway we going factor to to as the the where so quarter. can, the shareholders. going up, the that frees divestitures, And plan we're year capital that

part part forward and the we'll are our year. outer of to deals That be of in of the actions be XXXX. number scheduled close in plan, those a will So looking taking to


Your next Securities. Mayo from line Wells the Fargo is question with of Mike


to I But done, on For what new X presentation. can and the you that I re-queue statement is What's who after Citigroup you, the biggest my investors got when and who I'm questions, give Citigroup? I for question and, many. is going thank simple is and Jane, have, so represents? you The think, said many most all


question. that love I

for It's market. So that think it. be is Citi be we've preeminent excellence to that the operate, simplified, and today, and home much aligned connected. cross-border leader everybody be Citi as vision with for for in more for a by It's I focused. I the and one characterized interest. in future leader hope and And certainly player shown culture in our a consumer that It's needs. And I say fully simpler would better is to lending institutions global major easier with bank of should to vision We'll -- wealth, understand payments shareholders' accountability. in our our


along you've up side. one then you're in back on E the freeing I Jane, you're relative much so of lines, of what, I index can always Mark, now? do mean, in to that going you to are all-time is mean, for hear order? you buybacks business, $XX terms price low, price the billion up show buy stock what else the going intentions And say a -- the and stock. growth do Wouldn't invest done to I you're shareholders about this move priority But to capital financial that's the of in supply you going lows. matter? say And you or the to stock those Or

the certainly have done left S shareholders, side. been for on in lot have a G shareholders long. back so relates You when it But ESG, the to

do better? seeing a might to have and price that stock recognizing what or their able does to it relates else as you to shareholders desire say be Just


Our shareholders are bank an enormous more are we priority so. for friendly, us. and And Mike, I know and we doing the need shareholder-aligned to make

you So let me examples. give X

is generate will say, stock will to strategy excess it attractive. as the and return highly buybacks makes trading, capital shareholders. And you Our where given we

we're strategic than the to in executing value. bank And put the urgency, Second, is and very we and the shareholder see to with delivering structure drive we're position driven higher best decisions taking you far it and get place to a are we're today. the can valuation in

you know our changing a structure also it gave we're transparent the measure results. job easier make that I Mark and laid many as And possible are understand the will be we I And then finally, as a progress to out of Third, can and I that to elements financial reporting shareholders you've and going for the bank, we're vocal on, making and our high to so been quite think changes around, topic compensation. level much easier. that's

leaders one we to our our full So different myriad get XXX% a for performance importance the realizes business be has is more stock us. coming to deferred determining we're this we actions mix think taking of geographies senior that that matter a in to We've on year. evaluations. There and up moved shareholders And PSUs do of and permitted of we're that to And will want so. -- potential. stock valuation to our the versus in the its [vast] increasing we're cash returns because of


from next of Your Glenn is Schorr with the line question Evercore.


up. stock love your lot they To you leader be spend in for are I'm investors of to asked going the answer. those a sake teams the buried areas I personally to all invest in that a turn on keep to [indiscernible] be want management question, to that in you just in. the

do and just all both so be that extensive hard to And it profitability feeding what the like front, of franchises so doing how with [indiscernible] you your leaders enough and is, thought. yet and my question in balance gap seems spending you to the


I have apologize. to

that broke a Would we repeating you should We're a bit line up just on a little it. There's come end of of the You the of static question. here. tail lot of more. getting static, through mind much lot back? Say


thing. Sure


next Graseck the is Morgan Your line from Betsy Stanley. with of question


be through in from when you ending you year CETX mentioned at So you'd walk of a where the year the One, couple end just thinking until XX%. today the questions. are of

I the down was expect your RWAs You [SACR] have light. the should RWAs? were well was want got maybe why would think. same are then I QX that And grow and time, reason as some businesses to coming through. probably I X% that at know But a of the you've reduce you'd exiting, which RWAs, buybacks that would part little your

on business. how about in change, understand markets should me help the have CETX how impact think just will growth of we that you about the thinking it the trajectory drivers could and some that because we're So rev


Good Yes. question.

the So invest shareholders. share how where time, ensure there or obviously, that we growth. we we're to are the are at, continue in areas delivering looking particularly -- franchise, to return At of same buybacks

at As CETX XX.X%. year at I the look ratio, the ending we're about

that income also the course a divestitures both of in but from while of or and X. in that January is ourselves over the do as As the We're capital businesses And throughout to need is. those at ridding SACR the kicked -- the X as well ending has able roughly growth and around be to continuing to where on on identify to kicks year, we will SACR target to of our you absorb there the be low-returning January we assets the generating therefore, where in able know, offsets that have course close year. may we'll

to there's look relief we build order year, to in start up XX% about as close of so beginning that And target, provided the kicks in that, no back to then is the the plan, headwind, absorb to of will our which of the to that we XXXX GCIB at at end the XXXX. which assuming towards have

at shareholders. the the to return we'll through so towards course on of of end year, we'll kind end But more free the the the We'll or And XX%. capital of capital end to up through and higher utilize earnings. we'll year, RWA, generate that need


and when benefit one that the exit to consumer is I the should since the maybe think. to that saw you I to -- get was put to have you as from like doing? it Mexico the pickup much be you're sense decided Mexico week this or GCIB news how makes a simpler all was Do I CB, you why the business you would mentioned that SCB divestitures potentially a actually should thinking that . you into reasons feed the company of


out. of It's has Jane kind -- into the does to raised. But decision, major a not the framed factor as it you've it driver but that is as points

basis $XX were about deposits a divestitures XX I from don't consumer our business. point total should earmarked, GCIB of there's, about so say, That for The deposits. or or that billion So would on -- are billion know, I we've the in that that drive of the XX points tied or it's view, to points GCIB $XX score. so, Mexico

the do math that that. we'd can from benefit you so And get some

but buffer, their right, there's but think You're this and you losses But run will and numbers CCAR in has share don't well. I stress -- that when stress I more Fed at an because about to from importantly, a analysis. have point, impact you're to right, to point that as part capital PPNR, the play of the would through view,

on Investor As into it about is we capital how to these Day you I'm at X. deposit think impact until on But it certainly come is factor to talk that won't as longer-term well transactions. planning. play the a really something as we've March about know, certainly more And that the closed going impact


basically business exiting, Okay. . just expect X% rates you is and we light fixed the Or the fixed this a And about that like again, income And were some RWAs talking quarter. in the income business? something in there? tie low-returning trying assets I'm that that little should the to comment like together was decline that's impact


are at those don't link the well There's Yes. where out, certainly getting see single necessarily on our and but where we're low-returning product across to see relationships franchise. Yes. looking as markets as specific assets be low-returning to the I'm their that where assets not looking we're exist, franchise -- client to

sure it we're with and And in the growth the in Jane in keenly along of so to make that growth markets that sheet, we've are and has realized We this come I, is that capital. FIC, use optimizing seen on. with balance and we something want Paco while focused the


is question the of Erika next Your with UBS. from Najarian line


the would much by I as Mark, thank this you sensitivity NII that to way, base And way know in for new think My please. March. lot and I will of very going be so as But we're for helpful, expense post think more be we financials, remediation-related well. XXXX? remaining disclosing get -- get first this about the how detail enough the expenses, could question to is within a And terms be growth would exits expenses identified, inefficient of much you've do both you think you be the investment spend identified some there you more left in in to help aggressive us fund in sense help a of how the franchise those of plan do you've initiatives? the


think and I we've a XXXX, static how give it not going but lot of because thinking me. I'm and that I important. it about we're is guidance frame question. great we're excuse got out try me recognize -- getting, let on Both to Yes, Jane

expense and we I this exactly So to base, we terms a play expenses, obviously time growth over We've that's intend some attack to do. there's the But year. base. opportunities real large the out what in of expense have think seen

you $X.X divestitures, a second. think I'll So for if expenses divestitures. about There's tied some the to billion stop of here

to attacking place to focus tends of The stranded away. already divestitures get driving as which those in closed a of are out, team and out balance As some that to naturally that cost, we on stranded that, cost. putting will go referred be

The the points that straight-through year. The associated that the bring down. required. of the that, points, manual I'll final touch to the transformation with hiring. more growth up I'll will processing more There's will is expect this reduce will efficiencies, strategy. us time expenses be second do over will allow more there's piece for still But mention doing around point I drive transformation deliver And is growth therefore, percentage particularly that tech bring the our will X transformation. and driven has this since spend we're that

savings going in of identify on Day. think those it's Investor a more that. on us investment in of next to this the the quarter. to And allow for And more for that about and look We going some focus That's organizational fund $XXX way down in so productivity core in million million that spend efficiencies More do than chase we expect the and we're couple to opportunity not our We $XXX a of opportunities structure enough. that mentioned opportunities strategy, at the order there's years. we Jane businesses. run to to at manage And simplification firm. that's


beginning what you. question corporate does Thank of led retail When of particularly base your in franchise? a funding the that. conversation, interest higher include evolving deposit to over rate have any Jane, your you rate how in so terms in base? right? And of framing with of have vision funding that of How your could deposits, it Citi, responded this for rephrase. you to with And has you you of if next gap the world's environment Citi about time? out largest Citi a natural -- U.S. rising your vision your to naturally about question bank, your I lot the do There's vision do for U.S. peers is regard as your you Mike's building significantly envision your you


that at position -- funding has our material And franchise base. there. got in side, institutional we a management the from management #X our got the cash we've cash it our globally. from Erika, -- diverse TTS for and from pretty When dominant So look we've funding

in and wealth ultra are clients front. us. a And worth for international very of material to the high and attractive both Obviously, we've also affluent we the the the is banking Our funding exits franchise, source on consumer in net down from deposits making and here firm been going growing the for business the in that, driving U.S. to sure expect that bank continuing retail stable, continue growth make And the funding forward. low-cost focused generates that a to the digital we'll deposit U.S. in


line Fargo from of is Securities. Mike next Your Mayo question the with Wells


than It I sooner was expected.

the had financial stock bonus stock. arrangement. that Just the But that cash I you changes. a instead Yes, bonus news the X-year new stock? that that arrangement people all next new is the good on did cash on was But and of based still just part targets, Or of that think stock? finalized. not cash? are Or paying follow-up in as compensation is is and that's


referring that Is I the correct, to award. assume you're Mike? transformation





while So we X-year our X that the XX% performance. cash that one, pieces, stock balance the first it's it's is here. that, was paid last appropriate -- in to felt pegged And the for

our need said, transformation We to priority. highest successfully XXX% concerns in is raised, we As shareholders' that's address the our interest. and

collective One accountability to award -- of is individual these our versus is upon concerns. and shift culture this incentives to the pieces addressing that therefore that The one need dependent important succeed that's in success have shared in is that we in here.

outcomes important the fail of So part delivering. and the the successful to if course, award. And no an of execution, of not in we deliver, will transformation it's they're there be


question. I that -- find those about out Investor we will targets when Day, we'll And answering so guess at

cash before? given in people stock many was much versus to it where how PSUs, how to relates will it And was before? apply As this


you'll when we and delivered are The the see extending includes And leaders the broader the given we're proxy that that team, businesses. that operating management of PSUs the in which executive in to now major to March. our issue information team,

all get you'll information time. at same So of the that at roughly


Your Jefferies. from Usdin line the with is Ken next question of


bit little little just number to business could you normalization? number bit to losses anticipate Mark, if then you in you're three, in amazingly the of And aggregate, much a balance. you're obviously touch card seeing the I could on, spend versus just trajectory low, I just card definitely go; how expecting one, two, that are balance But lend wonder starting talk that? was how would like about wondering see if a you that and and how just


Yes, sure.

I mean seeing volume. the spend -- I've on in before, look going are So as cards you across board, with when mentioned at we what's increases

spend XX%. is Retail card is up volume spend branded XX%. services So up volume

good So a very our People healthy volume. using cards, is are spend thing. which

that's up international to started And the the of there and rates businesses in have still market, And in in well. showing that of some subsided. there significant still liquidity retail out a has branded though even rates services in market. there's terms that's normalize, out the liquidity cards payment the amount and, of savings both in not card as that's frankly, In

you branded a loans did a so up this how end-of-period What branded see come you up is were matters out of lot reinvest. And loans. in The cards. growth are we start cards like X%, loans to Average when X%. crisis

account spent targeting acquisitions. we've time and so customers focused And a on new driving of new lot

board XX% Our in been cards. new also account as acquisitions just are in driving generally that up we've the services And well. branded retail across

been targeted we're doing So how we coming and the good them of products good a onto on significant a with terms Flex this growth accounts activity, customer really seen transactors in Pay lending and to installment who Flex also our drive -- focused response we've historically customers to new very getting just in base, on that We've been broaden as of board. that kind product. Loan move we've lending have

good growth very So there.

in look of growth of is kind we've only installment lending, the low-cost installment But In not are another we've we've gotten in taken. of sales acquisition approach if fact, sales, kind aggregate. that I in total which got just digital at the XX% XXXX,

So rates expect, back half the XXXX. up good underlying until would payment to start indicators that hope of start there. that, towards But subside show we to again, it's not would

very loss your low In the of terms was question, levels. which of other the losses, part

normalize payment -- see would to I would nothing imagine I start to I quite areas I there's delinquency the X say. mention on to signs those remain rates When They me earlier, at any trends, of focus come as loss rates concern, heard But any at really start earlier. You when or look low. And delinquency well, the rates we there. don't down. would look


follow-up. And then Mark. just Great, a

the or across in wondering strongest broadly on a while. banking the could if comment advisory investment quarter just groups. You mentioned product just pipelines was the -- in record you I


growth SPAC about was pipeline fees activity. really We've year-over-year, ECM wallet. year wallet. banking again XXX% well reflecting We some very the And significant there. in grown strong. Yes. looks The the that, advisory, up ended XX%, share the up the from coming investment with above of above

good to and year-over-year are momentum EMEA M&A. growth. in up America both very North due continued So

investments very sectors beef that very it. we've strong. pay feel sectors investments as we think the good health needed looks of technology, We bankers bringing such on and pipeline still to in to certainly some So are think off. starting the made we sponsors care, We about group, the those up,

about it. So we feel good


with from Evercore. the Glenn Schorr of is Your line next question


first in then the rise then continuing it denominator, and in partially go the returns the the more some normal? do capital markets up? is what think think to partially process normalizing the our up, capital peers. you buffer to it So expenses like overall have to gap stranded gets and execute before on good GCIB models down franchises that on year. feels motion freed have goal know of we go the down okay I than these that sole of measured up. the have long-term go to we transformations, it in and and X a is -- you they close But think between I But sort and I it's



So Glenn. thank you,

if get Because at right? look RoTCE reserve to reserve XX.X% a releases have $X that amount those to I'd with yes, look, that. close you So say releases billion, of and XXXX considerable a drive

look, Now detail, for returns to that be to that's energies focused, think for we'll on that core we And franchise focused which growth opposite we as it's opportunity the -- because to help what's had to where we're important and building we'll improved at drive more and returns. show time. effect we going the you through in take the parts compare mentioned higher Jane forward But are as to reserves. XXXX, -- the I as promise look of were our going we meaningful that's over where the


Fair a least enough, the at impact. big have reserve

and Okay, I early how and growth, will danced doing your the balance should to you or drive in invest has it then right term, as How -- that what future? versus so recent premier money stock answer as do Each of as invest the those questions in what's term? return all of those the one is lines, versus for -- But that be wants ton for of each long competitive. those in you of terms terms today improve franchise making and of competitors spending short. business do in be or Citi sure you is the stockholders term, think Because stock around spaces. I near them compete one a industries super this, as a balance couple of to short say, given the to today, for be great



then and So in if let free me start to like. feel Jane add you'd

the we're is that put these focus over thing think's to I important remember So on drive core that the trying to returns first that time. franchises

the prioritizing activity. our investments how allocate we're we're part and our resources through in divestiture to So going

is the say The for are metric. short-term term, to the some second hit in thing franchise long right, as to we I'd investing trying opposed that

is the And so developed. we it does and that that leverages have involve us there where competitive to demand money advantages where client work putting that

the not is and expect way just transparent that ensuring approach us. to again, our excess, returns of eye and our towards would this with, not that is And And that there's that we're clear so if that generating that we on the an we're sitting with sidelines shareholders, investors. they returning that so


investing just they're we in returning jump look when as you businesses at high also are Mark that said, I'd in, ones. different the

businesses return. same. management, much services high Wealth our the lighter, So are capital

continually in opportunities increase high to returning investment the another banking, share we've that think I business. been seeing

things business you're that putting will needs wealth, be already that everything So on from proposition, at look we've starting we're an example, pieces you that put talking time not got, that investment. single certainly helping them not us that I together the If scratch. about. and and enormous it's we're different into integrated over mix And a for

So a lot of incremental. this is


of Juneja is next Your the Vivek question Instructions] from [Operator line with JPMorgan.


quick Jane, one Mark, a firstly.

traditional stay not consumer you're you the announced the years? or consumer is that business Are from and to were that XX a in part Now business. you exit as the going to going had markets, for Mexico, Or in the markets of with exiting the Kong business change? you've Hong those Singapore exits consumer meaning when on


the find tight our nature that and franchise strong in you as have Hong just naturally say. them, to investing given franchises existing are Singapore are building and in the we of of platform, really we Kong, very the there we No, wealth

are we world. capabilities wealth support continue the of business the provide X because have help to complementary our range and that different in to services they wealth most so So we hubs the major expect of and in


from currencies? question, rest And the a NII assuming of change what have. Okay, the change, how much follow-up great. income of The the are interest deposit if may coming is that made, U.S. versus And you I there? net you beta Mark,



So you betas the deposit be side. would we side institutional haven't the tend higher our as shared But imagine, to betas. than retail on on the

And your and sorry, so that piece what? Vivek? question I'm was of second the -- part


second The net interest the interest from income income versus it the net of much rate making? Mark, in how rest much part the change the was of sensitivity change, How that you're is U.S. interest currencies?


skewed roughly is increase -- towards the roughly The international.

say, So about I'd X/X, billion X/X international. say of a increase, I'd $X


And Okay. were runoff? assuming where that that's that's because you




That's assuming the more were where balance of you sheet runoff.




Your is Charles line the next of question with Peabody from Portales.


week a to regarding and listened earlier hearings, I risk this because share question of the he Sherrod out then buybacks. buybacks. political asked in X in X year, rail last industry. Biden that the against testimony. which spoke in last had to went think you that buybacks the on President Brown And And the A Powell speeches minutes I renomination Yes. regulatory against banking

tax buybacks? discussed to I'm to guys -- to isn't I you out suasion there doing trying being things other So is buybacks. there than discourage going a stop there just understand, from other are mean moral But transaction


thing We're very, us buybacks very a trading, right where for action stock particularly the important going are now, stack our that do given for the to And shareholders. of we take. right is top probably and the

no, our terms of shareholders of importance we're our capital. the back in very clear giving So excess


from the your risk what trying political No, understand understand to are just I'm the or to that want side? regulatory you to. I desires


I believe extremely one. don't is capitalized. well there We're

coming and I on confidence think of into pandemic, and overly front. from heard of consistently we're Washington, coming in both the capitalization not banks it out concerned the we've that the the


as to however they or that's they guidelines but evolve, adhere obviously exactly exist regulatory right. We'll


then And that a just subject. right. follow-up, on as All

year I'm probably just Assuming to be do on buying but into backs going year. something try this these getting they're are their and able next regulators anything seat, they'll do not to on buybacks, assuming that

want as sustainable that in is you back first as to to about the billion quarter. billion you and buyback you've do can, $X here much like $X How talked term pace? short a getting So pace



will all the look, run all, capital it's of stack. actions first play. of then So -- And part determine take quarter-by-quarter another there's there's that least go GCIB a framework, that's will through, that SCB coming the at the capital with we CCAR into Obviously, I decisions mean, the on on basis. obviously,

In There need it's to factored go be that in. those temporary factor divestitures in. all may as of in. to also But we entire In So of will part to will in some develop a we TCE we instances, nature divestitures. the generate be capital that of shareholders. things all are an the case, other that those annual for process return at plan, factors our planning take capital we that from the impacts us divestitures look through things


Gerard RBC. the Your Cassidy of question from next is line with


businesses with Can complete, we that can that have about maybe refresh Mark, And is be we return you Investor the you there? where strategy be the that XX% could as you not area. you complete? the think you will to share the underway, by are want. guys Day, XX% It when us, But are of completed? assume some markets some may alluded


a the the a in close of step I to is In particular terms new call back exercise this big time CEO. drawing as what this of terms line for one,

in the the on for we're new focused said I a also Day. foundation this structural everything that's last Investor together important structure, And we've pulling that. we're today, taking that think, decision announced we from and Mexico, is is now So major very reporting that where

the made So Day, plan that that we've big the forward strategies looking the Investor forward. confident to and out we're I'm and going vision, structural the for right decisions laying


we'll it we suggesting and we with or of I and Gerard, not that, what in like at I'm clear, balance that's not sense. those if RWA, have some assets that makes need do always do, we is Markets we identify suggesting capital, of would what the have, right? will to our way sheet, That use suggesting rid just I'm we let changes to of hard constantly ourselves et assets like, our either case me I so cetera, SACR as to is were all. take low-returning suggesting And for a And opportunities than pricing at of looking where still business. we rule we're the exiting parts that business. the meant adjust we're and to of the I'm wasn't. look And see more part Markets What exiting be optimize ever


businesses from No, at very of it as follow-up. just the lifting in, they're other the get obvious? you're players TSS similar committed clearly really to of businesses of those have you're When look a to ones scale there, the area up you going And you and the you to quite stay some is where scale. economies clear. guys the economies Obviously, where quick in you investment kind that are come are that to heavy of committed the banking step to


Yes, you're right.

moving in are we daily volume of both already that $X markets. look there. at If We extremely we have scaled are a number of businesses TTS, trillion

investments wealth, the of about or making. begun, increasing And around investments around with the are And -- commercial the same markets are talked from in companies we're global where those back are one of ones our on and more have terms target scale, much frontline XX I presence on where the in bank getting which you remarks, we've So digitization, in commercial that looking needs the very the we building terms multi-market focused scale market other as already our vision, out to obviously the platforms at of around different those other where then of are data. in banking see mid-market And areas can earlier more we is needs. our they're world. where


in strength year-over-year, I agree. CMO this revenue this that point, offering to and other the in new seeing diversification of X Commercial leverage acquisition have. terms Bank we in We're bank Jane, year, but markets of And year in areas. TTS products, similar huge XX% and your wealth, was opportunity and already a those key up commercial to clients are the more of the


[Operator America. Instructions] with Your of Poonawala next of from question Bank Ebrahim is line the


want that $X hear we I Just about there on back quick to correctly. make that $X piece capital to to upside of sure I just couple be is forward, you're of return, sure the follow-ups. make billion? get When the Mark, think have just terms you billion we to actually XQ, that moving lower? in right risk to more want could Or in expectations. we going


capital Yes. it look because, decisions, the SCB I'm quarter-by-quarter quarterly I mentioned, as n on a for buyback the part at rule, new not expectations with we're giving to able basis.

I'm plan X that. capital beyond So giving on about more guidance right? talk March broadly, the We'll not


going or nothing in that store, that question least a that were didn't near will is there I the March definition concerned? partner you Day term just you out. in get till retail better to at And if I retail then. something that think fine investors franchise? is, you play U.S. should Google. Jane, guess, on a wondering, have far as radical there's the it we recall is I'm it's And is The U.S. the there if the have Investor big U.S., meaningful at Day? as I to question Because the correctly, And expect at back, just, we is, want hold with Investor more That


what hearing You'll our certainly Anand, of banking on what and playing of all who that Day. States. the U.S. well personal and we're those we're lay supporting And And is directly from role business at, cards us looking X in doing responsible be for top strategy franchise bank for from X lending, both in as personal doing out core as he'll what our of the for obviously, we're then growth retail in it is wealth. the drivers Investor

So yes.


Your Jim next the line is Research. from Mitchell Seaport of with question


expense point I the and quarter-over-quarter. a just up comp in the to full had? to us, that good run about? just But help the expenses, us with just would just can the not we number. divestitures first quarter give moving you appreciate maybe all jumping the Mark, on Compensation you're parts on off could guidance year of was How off help it you about be much $X if point first jumping rate changes? a of is think helpful. So the was quarter, for that sort the Or going billion



got able I be to XXXX what I'm that You know through in done, will full not of mean going you've of we've a guidance that XXXX. would things part at impact to a in couple to the be we're is, important that played say kind on again, more you factors of I what? that, give One, hiring going that for of year least XXXX. that. get

So to out. that's going play

as Some think as spend, the and away to is party mix of will time both you the technology, a mix for -- for hires, if the sure third which of that over shift spend the towards about third-party from well mix start others. transformation

some play that have we're so XXXX. to going start out of to And dynamic in

tied specifically tie In terms full for quarter, performance to year fourth the the of is comps, obviously revenues. comp the we the in --

the to drivers But rather get not related here, play mentioned XXXX. early for March. we're would over And see expect specifics it so we sense given expect of give to as the we growth see to going forward course some would you that out earlier, that in a to I the comp better I'd on into based



on that comp? I a just change? more to Just that, you're so on so mostly drivers, incentive XQ it's maybe new or the as hires just was understand Or XQ follow-up sequential saying both,


to XQ as Yes. comp. incentive In both got as XQ, well hires you've


Your with of question the Matt is Deutsche from Bank. next O'Connor line


I just wanted up. to follow

a just up. allocated exit is And of generate just total to will -- the sale about initial the Mexico combined loss freed wouldn't had transaction. on the on business the of the You talked or hoping But be kind think said transaction you gain of then related, that. the the about an impact? capital could we easy thoughts being And whether business you was elaborate capital any or as


jump few separate just I kick and and the a it in. I exiting, because don't institutional that the the and something market Why we a off Mark we go be that's be into then kicked yesterday, with we're bank off that business businesses process. looking to that to in be the potential time. the from And buyers, said transaction months' we'll simple in active won't that spring buyers

So it's I think franchises. great in this. in not got complexity us. the are there of scale. for a are as comment We've separating press, at obviously And just But my speculation is is too these more the And these remarks, the terrific, do behind said which These on. bank. good to plans a was It's jewel really early of lot are we just this someone. for


of it's deal Yes, speculate I structure of and that premature the to things sort. think on agree. And the I

You're we billion business. to do the of right, have about allocated TCE $X

And when signing, there's it heard from that the at and talked layer complexity that CTA that we accounting as separate capital the introduced the associated other of treatment Australia some about time that complexity with happens you've implication sale. an CTA, the a at around on spend closing. us is happens because I The is

So deal so. $X CTA, would a DTA flows And Mexico, consumer the capital AOCI, of the is through less the once business than but a with bit impact it's have billion neutral closed. or a little

with involved another that's factor that's so And the transaction.


CTA, not a DTA.


DTA? Jane. I sorry, Did translation you Thank CTA. I'm say CTA, very Thank you. adjustment. currency much,


with Your line the next from Research. question of Wolfe Chubak Steven is


just question, Well, new I additional remarks, echo helpful. before presentation, of some to the really actually, earlier wanted asking my the detail, even the it's

So I ask Mark, I disclosure. -- but really X-parter. appreciate question, was to technically well, one the it's going I guess new a

unpack pen just might differences some need to on NII you But made wanted reporting comments paper. the and peers. the versus sensitivity grab of I and You a to

And there's your lot increase for a first of last we wouldn't us to guidance given You deposit gearing, wanted to And drag? it more modest I contemplate that start Two, your that a the it's institutional help you would that markets of profile in or your question, static cycle. in given balance rate reasonable just asking, us than deposit peers? by could be what liability noted in be rate expect NII, NII does sheet, heavier the runoff assuming a saw sensitivity actually than investors potential that in question fairly still but a that growth saw the Xx just higher cycle? speak would we NII lastly, size outcome more better the greater business? the And all. then just support last that to could idiosyncratic factors catch Any versus you a benefit sensitivity NII the


sure. Yes,

that comparability is here. we peers, clients, the a good higher But and them. international is you see a when can magnitude put important do as sizable. still it associated to there towards have be we a difference think look, make And us sensitivity have So skew but between comparable well. skew There's difference basis. provided going of beta We also on narrows and you that pretty difference and we because a with do towards we carry institutional they spreads a the currencies

In the markets, -- of the terms come can of any market's impact impact I think the through impact number in ways.

we other market potentially revenues, their depending volatility in can and which drive reposition broader the moves and books. rate on think uncertainty I how to markets have would see investors

obviously, in anything our increased the would portfolio environment, rate market, else still there's expect. with duration been that expanded -- carrying terms that liquidity client powder in that of the with the think We've billion. point and In to. investment seen last I work excess some I with of to increasing mean, to about been by I we've don't question, X.XX, -- significant or We in your dry investments. and the demand which we we part an to putting we've the either $XX have work


question next Your line is with from of Harte the Jeff Piper Sandler.


the thought taken answered I must myself getting you and sorry, I've I'm been queue. have questions tired. all be of out My

done. I'm So


of is Securities. the line Wells Your question from final Fargo with Mayo Mike


cultural the of What's part question. change? hardest more one have I the


the key year, Mike, much is really around very full out how get on some connected really synergies. -- rolled it's point the We've and some principles And leadership firm we and Probably it's that do piece breaking laid a new down been of connected principles very the of the have the we we realize out, well silos. -- last it.

the taking. structure breaking habits, some would is new old helping those we're certainly of initiatives say, different the I are So as


And you will Because long down culture quite you're do take? that's ingrained for time. been how that think some breaking a


got say Yes. I team year. progress. culture I a lay out people the at our this first terrific of been a took front we've when -- would We've been over, with for and I'm was of X the did I happy really the things one on working

very I'm progress we happy with the So make.

underway. longer. one think is But I part urgency is and of well little clear. of everyone that will and acting We want excellence culture be with of the take accountability, a to bit it


further closing no There Jen questions. turn remarks. the are I will for call to over Landis

Jen Landis

with for great all Please you joining free to call. Thank any IR Thank follow-up Have reach a feel to today's out you. questions. day.


Citi's earnings concludes fourth call. This quarter

You may disconnect. now