Citigroup Inc., a diversified financial services holding company, provides various financial products and services to consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates in two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment offers traditional banking services to retail customers through retail banking, Citi-branded cards, and Citi retail services. It also provides various banking, credit card, lending, and investment services through a network of local branches, offices, and electronic delivery systems. The ICG segment offers wholesale banking products and services, including fixed income and equity sales and trading, foreign exchange, prime brokerage, derivative, equity and fixed income research, corporate lending, investment banking and advisory, private banking, cash management, trade finance, and securities services to corporate, institutional, public sector, and high-net-worth clients. As of December 31, 2020, it operated 2,303 branches primarily in the United States, Mexico, and Asia. Citigroup Inc. was founded in 1812 and is headquartered in New York, New York.
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- A major global bank, similar to JPMorgan Chase.
- Like a diversified financial supermarket, akin to Bank of America.
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- Credit Cards: Provides a wide range of credit card products for consumers globally.
- Retail Banking: Offers checking, savings accounts, mortgages, and personal loans to individual customers.
- Wealth Management: Delivers investment advisory, financial planning, and brokerage services to affluent clients.
- Corporate and Investment Banking: Advises corporations and governments on M&A, capital raising (equity/debt underwriting), and strategic financial matters.
- Treasury and Trade Solutions: Offers cash management, trade finance, and liquidity services to corporations and financial institutions.
- Capital Markets: Facilitates sales and trading of fixed income, equities, and foreign exchange products for institutional clients.
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Citigroup (symbol: C) is a diversified global financial services company. While it serves a vast number of individual consumers and small businesses through its Personal Banking and Wealth Management division, its largest revenue-generating segment, the Institutional Clients Group (ICG), primarily serves other companies, financial institutions, and governments.
Due to client confidentiality agreements inherent in the banking industry, Citigroup does not disclose the specific names of its major corporate or institutional customers. However, based on the services provided by its Institutional Clients Group, its major categories of institutional customers include:
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Multinational Corporations: Large, globally operating companies across various industries that require sophisticated financial services such as corporate lending, investment banking advisory, capital raising, and treasury and trade solutions (e.g., cash management, trade finance, foreign exchange).
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Financial Institutions: This category encompasses other banks, asset managers, hedge funds, pension funds, and insurance companies that utilize Citigroup's capital markets capabilities (trading in fixed income, equities, currencies), prime brokerage services, and custody solutions.
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Governments and Public Sector Entities: National governments, government agencies, municipalities, and supranational organizations that use Citigroup for financing, advisory services, and treasury management.
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- Microsoft (MSFT)
- Alphabet (GOOGL) (for Google Cloud services)
- Accenture (ACN)
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Jane Fraser, Chair of the Board and Chief Executive Officer
Jane Fraser became CEO of Citigroup in March 2021, making her the first woman to lead a major US bank. She joined Citi in 2004 and has held numerous leadership positions across its consumer and institutional businesses, including President of Citi and CEO of Global Consumer Bank, CEO of Citigroup Latin America, CEO of U.S. Consumer and Commercial Banking and CitiMortgage, CEO of Citi's Global Private Bank, and Global Head of Strategy and Mergers & Acquisitions. Prior to her tenure at Citi, Fraser worked as a Partner at McKinsey & Company and as an analyst in mergers and acquisitions at Goldman Sachs in London. She played a crucial role in restructuring the bank following the 2008 financial crisis. She holds an MA in economics from Cambridge University and an MBA from Harvard Business School.
Mark Mason, Chief Financial Officer
Mark Mason was named Chief Financial Officer of Citi in February 2019, having joined the company in 2001. His previous roles at Citi include CFO of Citi's Institutional Clients Group, CEO of Citi Private Bank, CEO of Citi Holdings, and CFO and Head of Strategy and M&A for Citi's Global Wealth Management Division. Mason also served as chief of staff to Citigroup's chair and CEO. Before joining Citi, he was Director of Strategy and Business Development at Lucent Technologies and a strategy consultant with Marakon Associates, and also gained investment banking experience with Goldman Sachs & Co. He earned a BBA in finance from Howard University and an MBA from Harvard Business School.
Sunil Garg, CEO of Citibank, N.A. and Head of North America
Sunil Garg is the CEO of Citibank, N.A. and Head of North America. He joined Citi in 2008, initially working in the U.S. Commercial Banking business. From 2011 to 2021, he served as the Global Chief Executive Officer of the Commercial Bank. His career at Citi includes various roles within Treasury and Trade Solutions, Operations and Technology, Corporate and Investment Banking, and Commercial Banking.
Anand Selvakesari, Chief Operating Officer
Anand Selvakesari serves as the Chief Operating Officer of Citigroup, a role he assumed in March 2023. Previously, he held the position of Chief Executive Officer of Personal Banking and Wealth Management at the group. His prior experience at Citi includes being the Head of the US Consumer Bank from 2019 to 2020, and Head of Consumer Banking for Asia Pacific from 2015 to 2018. He also served as the Head of Consumer Banking for ASEAN and India.
Brent McIntosh, Chief Legal Officer & Corporate Secretary
Brent McIntosh holds the title of Chief Legal Officer & Corporate Secretary at Citigroup.
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Digital-First Banks (Neobanks) and Financial Technology (FinTech) Challengers: Companies such as SoFi, Chime, Revolut, Monzo, and N26 are actively acquiring customers, particularly younger demographics, by offering superior digital user experiences, often with lower fees and more competitive interest rates. These challengers are directly eroding market share in deposits, payments, and personal lending, thereby threatening Citigroup's consumer banking business.
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Big Technology Companies Expanding into Core Financial Services: Companies like Apple, with its Apple Card, Apple Pay Later, and a high-yield savings account (offered in partnership with Goldman Sachs but branded and driven by Apple), are leveraging vast user bases, established ecosystems, and technological prowess to directly compete for consumer deposits, payments, and lending. This represents a clear and significant threat to Citigroup's traditional deposit-gathering and retail lending franchises, as these tech giants can offer highly integrated and convenient financial products.
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Citigroup, a prominent multinational investment bank and financial services company, operates across several key business segments, offering a diverse range of products and services globally. Its main offerings fall under two major divisions: Institutional Clients Group (ICG) and Personal Banking and Wealth Management (PBWM).
Institutional Clients Group (ICG)
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Investment Banking: This segment provides services such as mergers and acquisitions advisory, equity capital markets, debt capital markets, and underwriting.
- The global investment banking market was valued at approximately USD 103.23 billion in 2024 and is projected to reach USD 183.28 billion by 2032. Other estimates place the global market at USD 184.92 billion in 2024, expected to grow to USD 472.46 billion by 2035. North America held a significant share, generating USD 47.26 billion in revenue in 2023, and accounted for over 36.5% of the global investment banking and trading services market in 2023, with revenues of USD 124.6 billion. Asia Pacific is anticipated to be the third-largest market, with an estimated USD 23.99 billion in 2025.
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Corporate Banking (Commercial Banking): Citigroup offers commercial lending, treasury services, and trade finance solutions to corporations and governments.
- The global commercial banking market was valued at USD 3.3 trillion in 2023 and is projected to grow to USD 11.08 trillion by 2032. Another estimate valued the global commercial bank market at US$ 3,093.42 billion in 2024, expected to reach US$ 8,920.35 billion by 2034. North America is a major contributor to the worldwide commercial banking market share.
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Treasury and Trade Solutions (TTS): This includes cash management, liquidity management, and trade services.
- The global treasury management market (including software and services) is projected to reach approximately USD 5,105 million in 2024 and is expected to grow to USD 14,870.41 million by 2032.
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Securities Services: Citigroup provides services such as custodian banking, clearing, and fund administration.
Personal Banking and Wealth Management (PBWM)
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U.S. Personal Banking (Retail Banking): This segment encompasses traditional banking services for retail customers, including checking and savings accounts, mortgages, personal loans, and credit cards.
- The global retail banking market was valued at USD 2.05 trillion in 2024 and is projected to reach USD 3.34 trillion by 2032. Another source estimated the global retail banking market size at USD 2,039.25 billion in 2024, projected to reach USD 3,373.43 billion by 2033. Asia Pacific holds a significant share, accounting for 33.7% of the global market in 2024 and 34% in 2022. North America is also expected to grow significantly.
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Global Wealth Management: Citigroup offers investment management and financial planning services to affluent and ultra-high-net-worth individuals.
- The global wealth management market reached nearly $1.8 trillion in 2023 and is expected to grow to $2.5 trillion in 2028 and $3.5 trillion in 2033. Another report valued the global wealth management market size at $1.25 trillion in 2020, projected to reach $3.43 trillion by 2030. The global wealth management platform market, a sub-segment, was valued at USD 2.95 billion in 2023 and is projected to reach USD 8.50 billion by 2032, with North America dominating with a 34.58% share in 2023. Similarly, the global wealth management software market was estimated at USD 5.5 billion in 2024 and is projected to reach USD 12.07 billion by 2030, with North America holding the largest share of 37.22% in 2024.
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Citigroup (C) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Growth in Services Segment: Citigroup's Services division, encompassing Treasury and Trade Solutions (TTS) and Securities Services, is a significant driver of revenue growth. This segment has consistently delivered strong performance, with services revenue growing by 7% in Q3 2025, fueled by an increase in cross-border transaction values and U.S. dollar clearing. The expansion of assets under custody and administration also contributes to this growth.
- Expansion in Investment Banking and Corporate Lending: Citigroup anticipates continued revenue increases from its Investment Banking (IB) and Corporate Lending activities. The company reported a 31% increase in Investment Banking fees in Q3 2024, with growth observed across Debt Capital Markets, Advisory, and Equity Capital Markets. Furthermore, Citigroup's CFO projected mid-single-digit growth for investment banking fees and market revenues in Q3 2025, indicating sustained momentum in these areas.
- Strategic Growth in Wealth Management: The firm is focused on expanding its Global Wealth Management division, aiming for substantial growth in assets under management and associated revenues. In Q3 2024, Wealth revenues increased by 9%, driven by a significant rise in investment fee revenues and a 24% growth in client investment assets. Q2 2025 results highlighted Wealth Management as the strongest growing segment, with a 20% year-over-year revenue increase. The company also reported record net new investment assets in Q3 2025.
- Performance of U.S. Personal Banking (USPB): Revenue growth in U.S. Personal Banking (USPB) is expected, particularly within Branded Cards and Retail Banking. This growth is supported by increased account acquisitions, higher customer spending, and improved payment rates in Branded Cards. Retail Banking also contributes through higher deposit spreads and mortgage and installment loan growth. USPB revenues were up 7% in Q3 2025.
- Markets Revenue Strength, Especially Equities: Citigroup expects revenue growth from its Markets segment, with a notable contribution from Equities. In Q3 2024, Markets revenues showed an increase, driven by a 32% rise in Equities. This trend continued into Q3 2025, where Markets revenues grew by 15%, with Equities revenues surging 24% due to higher client activity and momentum in prime services.
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Share Repurchases
- Citigroup launched a multi-year common stock repurchase program of $20 billion in January 2025.
- The company plans to repurchase at least $4 billion of shares in the third quarter of 2025.
- Annual share repurchases amounted to $3.25 billion in 2022, $1.977 billion in 2023, and $2.474 billion in 2024.
Share Issuance
- No significant share issuances for capital raising purposes were identified; instead, shares outstanding declined by 4% year-over-year in the third quarter of 2025, reflecting net repurchases.
Outbound Investments
- In 2024, Citigroup formed an innovative $25 billion private credit partnership with Apollo.
Capital Expenditures
- Capital expenditures were $5.632 billion in 2023, with forecasts of $6.583 billion for 2024 and $6.500 billion for 2025.
- A primary focus of these expenditures is investing in client experience and enhancing technology to deepen client relationships within the Services business.
- Citigroup is also significantly investing in its multi-year "Transformation" effort, aimed at strengthening its risk and controls environment and data architecture.
