Citigroup, Inc. (C) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, and welcome to Citi's first quarter 2026 earnings call. Today's call will be hosted by Jen Landis, head of Citi Investor Relations. We ask that you please hold all questions until the completion of the formal remarks, at which time you'll be given instructions for the question and answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Ms. Landis, you may begin. Thank you, Operator. Good morning, and thank you all for joining our first quarter 2026 earnings call. I'm joined today by our Chair and Chief Executive Officer, Jane Fraser, and our Chief Financial Officer, Gonzalo Lucchetti. I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com, may contain forward-looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our earnings materials as well as in our SEC filings. And with that, I'll turn it over to Jane. Thank you, Jen, and good morning to everyone. We picked up right where we left off last year with an exceptionally strong start to 2026. This morning we reported net income of $5.8 billion for the first quarter with an EPS of $3.06 and an ROTCE of 13.1%. Four of the five core businesses saw revenue up double digits. Revenues were up sharply at 14%, and we had another quarter of very healthy positive operating leverage. The continued strong performance across our lines of business shows the benefit of a diversified model, which continues to drive consistent, predictable revenue growth. Services, our crown jewel, had an exceptional...