Citigroup CEO Sees ‘Surprisingly Resilient' Global Consumer Spending

Group 1: Earnings Overview - Citigroup reported an increase in investment banking and trading revenues, with overall banking revenues up by 16% to approximately $1.6 billion [1] - Equity market revenues rose by about one-third compared to the previous year [1] - End-of-period card loans reached$164 billion, an increase from $156 billion year-over-year, with net credit losses at 4.4$129 billion, with expectations for branded card net credit losses to be between 3.5% to 4% for the full year [2] - The CEO noted that while growth is slower than last year, the global economic performance remains resilient, with a more discerning U.S. consumer [2] - Signs of financial stress are primarily isolated to consumers with lower FICO scores [2] Group 3: Technological Advancements and Transformation - Citigroup is the first global bank to integrate its cross-border services with Mastercard Move, enabling near-instant secure payments across 14 markets [3] - The company has made significant progress in transforming its technology infrastructure, retiring over 450 applications year-to-date and upgrading all ATMs in North America and Asia Pacific to next-gen software [4] - 85% of Citigroup's consumer loans are to consumers with FICO scores of 660 or higher, indicating a focus on credit quality [4]