Financial Performance Highlights - Citigroup reported revenues of $216 billion, up 3% year-over-year[6] - Net income reached $41 billion, a 21% increase compared to the previous year[7] - The Return on Tangible Common Equity (RoTCE) improved to 91%, up approximately 150 basis points year-over-year[6] - The CET1 Capital Ratio stands at 134%, about 130 basis points above the current regulatory minimum[6] Business Segment Performance - Markets experienced a revenue increase of 12% year-over-year, driven by growth in both Fixed Income and Equity markets[7] - Banking revenues also increased by 12% year-over-year, primarily due to growth in Investment Banking[7] - Wealth revenues increased by 24% year-over-year, driven by growth across Citigold, the Private Bank, and Wealth at Work[7] - US Personal Banking (USPB) revenues increased by 2% year-over-year, driven by higher Net Interest Income (NII) in Branded Cards and Retail Banking[7] Expense Management - Expenses decreased by 5% year-over-year, driven by a smaller FDIC special assessment, the absence of a restructuring charge, and lower compensation[13] - Excluding the impact of the FDIC special assessment and divestitures, expenses were down 3% year-over-year[16]

Financial Data and Key Metrics Changes - For Q4 2024, net income was $2,900,000,000 with an EPS of $1.34 and a ROTCE of 6.1% on revenues of $19,600,000,000, reflecting a 12% increase in total revenues driven by growth across all businesses [21][20] - Full year net income increased nearly 40% to $12,700,000,000, with revenues up 5% excluding divestitures [6][23] - The tangible book value per share grew by 4%, and the CET1 ratio ended at 13.6%, approximately 150 bps above the regulatory capital requirement [11][28] Business Line Data and Key Metrics Changes - Services revenue increased by 9% to $19,600,000,000, benefiting from fee growth and higher deposit volumes [23][28] - Markets revenue rose by 6% to $19,800,000, primarily driven by equity growth, which had its highest annual revenue in a decade [23][24] - Banking revenues surged by 32% to $6,200,000,000, largely due to a 42% increase in investment banking fees [24][33] - Wealth revenues increased by 7% to $7,500,000,000, driven by a 15% rise in non-interest revenue [24][36] - U.S. Personal Banking revenues grew by 6%, driven by card growth and lower partner payments [38] Market Data and Key Metrics Changes - The U.S. remains central to the macroeconomic picture, with growth driven by both high-end consumers and a strong corporate sector [5][4] - Emerging markets have reemerged as bright spots, benefiting the company due to its global network [6] Company Strategy and Development Direction - The company is focused on executing its strategy with a commitment to returning capital to shareholders, including a $20,000,000,000 share repurchase program [11][47] - A significant simplification of the organization has been undertaken to enhance decision-making and client partnership [12][13] - The company aims to improve its ROTCE to between 10% and 11% by 2026, viewing this as a waypoint rather than a destination [18][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the macroeconomic environment, with expectations for continued revenue growth in 2025 [41][42] - The company anticipates a slight decrease in total expenses for 2025, with a focus on driving efficiencies while investing in transformation and technology [44][45] - Management acknowledged the need for ongoing investments in data and regulatory reporting to meet regulatory expectations [15][54] Other Important Information - The company has exited consumer businesses in nine countries and is on track to complete wind-downs in three others, including Banamex [12] - Investments in technology and transformation totaled $11,800,000,000, focusing on digital innovation and client experience [26][14] Q&A Session Summary Question: Regarding the reduction in the ROTCE target for 2026 - Management clarified that the reduction is linked to higher investments in transformation but emphasized that the strategy is working and they are generating more fee-based revenues [51][52] Question: On the buyback program and its timing - Management expressed confidence in the buyback program, indicating that it reflects the growing earnings power and the need to manage capital effectively [60][88] Question: Expectations for card net charge-offs - Management expects net credit losses to be at the high end of the previously provided range, with seasonal variations anticipated throughout the year [67][68] Question: Clarification on expense guidance and revenue growth - Management confirmed expectations for three consecutive years of lower expenses alongside higher revenues, indicating a focus on operational efficiency [73][74] Question: Competitive positioning in wealth management - Management highlighted the potential for growth in wealth management, emphasizing the global reach and client relationships that can be leveraged for investment opportunities [94][96]