Citigroup, Inc. · NYSE:C
Citigroup — Investor Day (2026)
30 slides from Citigroup's investor day presentation, 2026
Slide 1: Gonzalo Luchetti, Chief Financial Officer
Gonzalo Luchetti Chief Financial Officer
Slide 2: Clear path to drive higher sustainable returns
Clear path to drive higher sustainable returns EXECUTE AND INVEST ACHIEVE 2026 TARGET NEAR TERM(a) MEDIUM TERM(b) 2022-2025 2027-2028 2029-2031 ü Focused on five core ü 90% of Transformation • Continued momentum across • Five core interconnected interconnected businesses programs at or nearly at Cit
Slide 3: Recent performance demonstrates ability to unlock value
Recent performance demonstrates ability to unlock value ($B) 2025 REVENUES EFFICIENCY RATIO NET INCOME RoTCE(c) $85.2 $86.4 65% 63% $14.3 $16.1 7.7% 8.8% Reported Ex-Notable Item(d) Reported Ex-Notable Items(d) Reported Ex-Notable Items(d) Reported Ex-Notable Items(d) Reported Ex-Notable item(s)(d)
Slide 4: Client momentum driving revenue growth
Client momentum driving revenue growth(g) REVENUES BY BUSINESS KEY PERFORMANCE INDICATORS(h) ($B) +$13.3 Change since 2022 +6% CAGR Cross-Border AUC/A Average Deposits Transaction Value(k) $79.9 +15% +3% $85.2 +10% Five Businesses CAGR CAGR CAGR & Corporate/Other $66.6 Reported Revenues $75.0 Prime
Slide 5: Foundational investments to drive future benefits
Foundational investments to drive future benefits EXPENSES AND EFFICIENCY RATIO BENEFITS OF INVESTMENTS ($B) 72% 68% 66% 65% Transformation and Foundational Reported Efficiency Ratio • Simplified, standardized and more 63%(d) automated control environment ex-notable items $56.0 $55.1 • Clear first-l
Slide 6: Disciplined risk management drives a resilient profile
Disciplined risk management drives a resilient profile HIGH-QUALITY PORTFOLIOS(h) OVER $21B OF RESERVES(h) DISCIPLINED FRAMEWORK U.S. Cards Corporate Lending CORPORATE ACTIVE RISK MANAGEMENT LENDING 7.7% Non-IG, • Rigorous client selection and diligence EXPOSURE 22% • Well-structured exposures $817B
Slide 7: Resilient balance sheet and disciplined capital management
Resilient balance sheet and disciplined capital management BALANCE SHEET(h) STANDARDIZED CET1 RATIO Resilient balance sheet reflects the stability of our business model PPNR improvement and simplification of our company is resulting in a lower SCB $30.1 $27.2 $24.0 $22.1 ASSET $607B 30% 13.0% 13.4%
Slide 8: Path forward
Path forward
Slide 9: 2026 guidance: Targeting ~10-11% RoTCE
2026 guidance: Targeting ~10-11% RoTCE ~10-11% UNDERLYING DRIVERS OF 2026 RETURN TARGET 8.8%(d) REVENUES • NII ex-Markets(1) up ~5-6% ex-notable items • NIR ex-Markets growth driven by continued fee momentum in Services, Banking and Wealth EXPENSES • Efficiency ratio: ~60% Revenue growth momentum •
Slide 10: Building blocks to higher returns in the near term
Building blocks to higher returns in the near term RoTCE BUILD ILLUSTRATION(1) 1 Client-driven 2 Continued efficiency 3 Capital growth focus and reinvestment productivity ~11-13% ex-notable item Continue to reduce Reinvestments to Transformation 8.8%(d) ~10-11% expenses and business and volume- rela
Slide 11: Client-driven growth
1 Client-driven growth SERVICES NEAR-TERM(a) REVENUE TARGET: Execute on client strategy Near term (a) MID-SINGLE-DIGITS CAGR EX-LF & RI(s) Product innovation Revenues: Low-to-mid-single-digits CAGR Next-generation platforms RoTCE (e): Mid-20s TTC(u) MARKETS Growth in Equities and F&S Near term (a) S
Slide 12: Incremental investments to drive sustainable growth
1 Incremental investments to drive sustainable growth ~$5B INVESTMENT THEMES AND PRIORITIES SELECTED STRATEGIC KPIs Business • Equities platform to drive Prime and Cash • Cross-Border Transaction Value(k) Technology • Payments, liquidity and custody capabilities in Services • Services Deposits Spend
Slide 13: Technology spend shifts to businesses
1 Technology spend shifts to businesses TOTAL TECHNOLOGY EXPENSE MIX SHIFTS TOWARDS CHANGE-THE-BANK…(1) UNDERPINNED BY A STEP CHANGE IN TECHNOLOGY PRODUCTIVITY DRIVEN BY AI 50% Automation and capacity saves Change-the-Bank(2) 55% >10K Engineers utilizing Advanced AI, including Run-the-Bank(2) 50% 45
Slide 14: Efficiencies fund growth and investments
2 Efficiencies fund growth and investments EFFICIENCY RATIO BUILD ILLUSTRATION(1) DRIVERS OF EFFICIENCY 65% • Transformation costs in Corporate/Other to ~60% be almost fully reduced, in line with program ~55-60% completions ex-notable item • Stranded cost reduction from substantial completion of Leg
Slide 15: Creating capacity for strategic investments
2 Creating capacity for strategic investments SUBSTANTIALLY ELIMINATE REDUCE DRIVE PRODUCTIVITY ACROSS STRANDED COSTS TRANSFORMATION FUNCTIONS AND OPERATIONS, EXPENSES INCLUDING TECHNOLOGY 2022 2025 Near term(a) 2022 2025 Near term(a) 2022 2025 Near term(a) • Stranded cost reduction continues at pac
Slide 16: Improving performance drives capital productivity
3 Improving performance drives capital productivity IMPROVED U.S. PROFITABILITY TO DRIVE DTA UTILIZATION AND REDUCE THE GAP BETWEEN TCE(1) AND CET1 ($B) Assumes Standardized CET1 Capital Ratio(q) of 12.6% (13.1% beginning in TCE(1) 2028) under current rules $170 $169 Gap to TCE (primarily DTA) Addit
Slide 17: Capital allocation priorities
Capital allocation priorities CAPITAL PRIORITIES BUYBACK PROGRAM ($B) Different macroeconomic and regulatory scenarios Prepared for uncertainty $30.0 Investments in growth Continue to deploy capital to the businesses $20.0 Prioritize high-growth and accretive returns 0.5 Dividends Maintain dividend
Slide 18: Targeting ~14-15% returns in the medium term
Targeting ~14-15% returns in the medium term RoTCE BUILD ILLUSTRATION 1 Continued business 2 Steady state improvement All Other ~14-15% ~11-13% ex-notable item • Further improvement ~10-11% in U.S. profitability drives additional DTA utilization • Continued focus on driving productivity across centr
Slide 19: Building blocks to higher returns in the medium term
Building blocks to higher returns in the medium term 1 CONTINUED BUSINESS IMPROVEMENT 2 STEADY STATE ALL OTHER Revenues RoTCE • Remaining Corporate/Other capital allocated to support Treasury and central functions Near term (a) 1Q26(c) Near term (a, e) Medium term (b, e) • Continued focus on driving
Slide 20: Creating shareholder value
Creating shareholder value KEY DRIVERS IN Client-driven Continued efficiencies to fuel Capital productivity ACHIEVING growth investments and growth gains HIGHER RETURNS 2026 NEAR TERM(a) MEDIUM TERM(b) REVENUES MID-SINGLE-DIGITS CAGR ex-LF & RI(s) EFFICIENCY ~60% ~55-60% <55% RATIO ex-notable item(f
Slide 21: Forward-looking statements
Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements made orally by Citi’s management. Such statements may be identified by words such as believe, expect, anticipate, intend, estimate
Slide 22: Appendix
Appendix
Slide 23: Progress tracked through strategic KPIs
Progress tracked through strategic KPIs BUSINESS BALANCE KEY INVESTMENT SHEET KEY PERFORMANCE INDICATORS 2022-2025 NEAR TERM(a) PRIORITIES GROWTH Services Innovative payments, liquidity and Cross-Border Transaction Value(k) +10% CAGR Mid-single digits CAGR custody solutions Assets Under Custody/Admi
Slide 24: Near-term revenue outlook
Near-term revenue outlook(g) NEAR-TERM(a) REVENUE TARGET: MARKETS MID-SINGLE-DIGITS CAGR EX-LF & RI(s) Continued growth in Equities, primarily driven by Prime, supported by ($B) investments Mid-single-digits CAGR ex-LF & RI(s) Continued growth in Spread Products +6% CAGR Continued growth in FX as we
Slide 25: Glossary
Glossary ACL: Allowance for Credit Losses EOP: End of Period NIR: Non-Interest Revenue ACLL: Allowance for Credit Losses on Loans F&S: Financing and Securitization NM: Not Meaningful AI: Artificial Intelligence FICO: Fair Isaac Corporation NNIA: Net New Investment Assets APAC: Asia–Pacific FX: Forei
Slide 26: Footnotes
Footnotes Global a. Citi defines the near-term period as 2027-2028. Citi expects to be within the near-term RoTCE range for both 2027 and 2028. Near-term CAGR targets refer to the period from 2025-2028. Citi expects to reach near-term non-CAGR targets over the near term. All near-term amounts are ta
Slide 27: Footnotes (cont.)
Footnotes (cont.) Global (cont.) n. Net new investment assets (NNIA) represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. Excluded from the calculation are the impact of fees and commissions, market movement and any impact from strateg
Slide 28: Footnotes (cont.)
Footnotes (cont.) Slide 7 1. Available Liquidity Resources is defined as end-of-period HQLA; additional unencumbered securities, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup; and available assets not already accounted for within Citi’s
Slide 29: Footnotes (cont.)
Footnotes (cont.) Slide 14 1. Prior to Banamex’s expected deconsolidation, Citi reflects Banamex’s results of operations in Citi’s consolidated results. For purposes of Citi’s near-term efficiency ratio target, Banamex’s results of operations are excluded from the build illustration (e.g., Revenue g
Slide 30: Footnotes (cont.)
Footnotes (cont.) Slide 24 1. Citi’s revenue excluding Legacy Franchise (Managed) & Reconciling items is a non-GAAP financial measure. Citi believes that presenting its revenues excluding Legacy Franchises (Managed) and reconciling items is useful to investors, industry analysts, and other stakehold