Citigroup Inc. (C) — Company Research

Last Updated: 7 November 2026

Citigroup Inc. (NYSE: C) is a global bank serving large companies, institutions, governments and wealthy clients in many countries, alongside a big US credit card business. In 2025 revenue net of interest expense rose 5.6% to $85,225m, net income was $14,306m and diluted EPS was $6.99 ($7.97 excluding the Banamex impairment and Russia exit items). Diluted EPS for the three quarters of 2026 so far adds up to $9.06, and on 13 Oct 2026 management said 2026 return on tangible common equity (RoTCE) should come in above 11%. Citi is part-way through a $30bn share buyback and is preparing to deconsolidate its Mexican bank Banamex in early 2027. Every figure here comes from Citi's own releases and SEC filings.

1. Company Snapshot

Field	Value
Company	Citigroup Inc.
Ticker / Exchange	C / NYSE
Sector	Financials (global banking, markets, payments services and US cards)
CEO / Leadership	Jane Fraser (Chair & CEO); Gonzalo Luchetti (CFO since 02 Mar 2026)
Employees	About 217,000 at 30 Sep 2026, down 4% on a year earlier (Q3 2026 10-Q); 226,000 at 31 Dec 2025
Headquarters	388 Greenwich Street, New York
Fiscal year end	31 December
Revenue (FY2025)	$85,225m net of interest expense (+5.6%); trailing four quarters to 30 Sep 2026 $93,115m
Net income (FY2025)	$14,306m; diluted EPS $6.99
Market cap	~$197.1bn ($119.05 close on 06 Nov 2026 × 1,655.2m shares outstanding at 30 Sep 2026)
Dividend	$0.67 per quarter ($2.68 annualised), raised 11.7% in Jul 2026

2. Investment Thesis: Bull vs Bear

Bull Case

• Returns improving: Q3 2026 RoTCE was 11.5% and diluted EPS rose 53% to $2.85 (27% excluding the year-earlier Banamex impairment), and management raised its 2026 RoTCE guide to above 11% from an original 10–11%.
• Services franchise: Services revenue rose 15% in Q3 2026 with a segment RoTCE of 31.2% and $35tn of assets under custody and administration.
• Large capital return: Citi bought back $13.3bn of shares in the first nine months of 2026 under a $30bn programme, raised the dividend 11.7% and still held a CET1 ratio of 12.8%.
• Simpler group: The Russian bank sale closed on 18 Feb 2026 and Citi has sold 49% of Banamex, with deconsolidation expected in early 2027.

Bear Case

• Consent orders still in force: The 2020 Federal Reserve and OCC orders over risk management and data remain in place; a Reuters report says Citi aims to submit an internal audit seeking their end by Q1 2027, but Citi says timing is up to regulators.
• Banamex accounting loss: Deconsolidating Banamex will push about $9bn of currency translation losses through the income statement, although Citi says the move is capital neutral.
• Credit pressure: Citi expects a US card net credit loss rate of around 4% for 2026, and Mexico consumer credit losses rose 46% year on year in Q3 2026.
• Insider selling: Executives including the now-CFO and the head of International sold shares in 2026, and no open-market purchases were reported.

3. Business Segments

Figures are FY2025 revenue on the segment basis used in the FY2025 10-K. From Q1 2026 Citi moved Retail Banking into Wealth and renamed the rest of U.S. Personal Banking as U.S. Consumer Cards, recasting prior periods.

Segment	% of revenue	What it is
Markets	25.8% ($21,970m)	Trading, sales and financing in fixed income, currencies, commodities and equities for institutional clients.
Services	24.9% ($21,256m)	Treasury and Trade Solutions (cash management, payments, trade finance) and Securities Services (custody and fund administration). Q3 2026 revenue +15%.
U.S. Personal Banking (now U.S. Consumer Cards)	24.6% ($20,971m)	Branded and retail-partner credit cards in the US, including the American Airlines co-brand portfolio, plus (until 2026) the US retail bank.
Wealth	10.0% ($8,559m)	Banking and investment services for wealthy clients; from 2026 also includes US Retail Banking. Q3 2026 net new investment assets $38bn.
Banking	9.6% ($8,215m)	Investment banking (advisory, equity and debt underwriting) and corporate lending.
All Other (incl. Legacy Franchises)	5.0% ($4,254m)	Legacy Franchises including Banamex and Mexico consumer banking ($5,512m), less Corporate/Other (−$1,082m) and divestiture-related items (−$176m).

4. Business Model & Moat

How it makes money. Citi earns net interest income on loans and deposits, plus fees and trading revenue from payments, custody, markets and investment banking, and interest and fees on US credit cards. FY2025 revenue net of interest expense was $85,225m, with Markets, Services and US cards each providing about a quarter.

Global network. Citi's payments and custody network serves multinational companies and institutions, with $35tn of assets under custody and administration at 30 Sep 2026. Services is its highest-return business, with a Q3 2026 RoTCE of 31.2%, and its mandate win rate rose about 40% year on year.

Card scale. US cards provided about a quarter of 2025 revenue. Citi's five largest co-brand and private-label relationships made up about 12% of 2025 revenue, and the American Airlines portfolio moved fully to Citi from Barclays in Q2 2026.

Where the moat is tested. Risk-management and data weaknesses led to the 2020 consent orders, which still apply. The current plan targets RoTCE of 11–13% in 2027–2028, with 14–15% described as sustainable later.

5. Financial Health

Annual figures come from Citi's fourth-quarter earnings releases and 10-K filings, cross-checked against SEC XBRL data. Revenue is total revenues net of interest expense as restated in the FY2025 10-K (card-network fees are now netted against revenue). Long-term debt is the year-end balance.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$71,574m	−4.8%‡	$10.14	$10.94†	$2.04	$254,374m
FY2022	$74,982m	+4.8%	$7.00	$7.09†	$2.04	$271,606m
FY2023	$78,066m	+4.1%	$4.04	$6.44	$2.08	$286,619m
FY2024	$80,722m	+3.4%	$5.94	$5.94†	$2.18	$287,300m
FY2025	$85,225m	+5.6%	$6.99	$7.97	$2.32	$315,827m

† FY2021 and FY2022 adjusted EPS are derived by adding back the divestiture impacts Citi disclosed (−$0.80 and −$0.09 a share). Citi reported no firm-wide adjusted EPS for FY2024, so GAAP is repeated. FY2023 adjusted EPS excludes notable items and divestiture impacts of $2.40 a share; FY2025 excludes the Banamex goodwill impairment and Russia sale loss. ‡ FY2021 growth is on the originally reported basis ($71,884m against $75,501m in FY2020), as a restated FY2020 figure is not published.

Quarterly results, most recent first.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q3 2026 (to 30 Sep 2026)	$23,845m	$2.85†	$2.85
Q2 2026 (to 30 Jun 2026)	$24,766m	$3.15†	$3.15
Q1 2026 (to 31 Mar 2026)	$24,633m	$3.06†	$3.06
Q4 2025 (to 31 Dec 2025)	$19,871m	$1.81	$1.19
Trailing four quarters total (to 30 Sep 2026)	$93,115m	$10.87	$10.25

† No notable items in the quarter, so GAAP EPS is repeated. Q4 2025 adjusted EPS excludes a $1.2bn pre-tax ($1.1bn after-tax) loss on the sale of AO Citibank in Russia; revenue excluding that item was $21.0bn.

Cash flow and balance sheet. As at most large banks, operating cash flow swings with trading and other balances: it was −$67,632m in 2025 (2024: −$19,669m). Capital spending on premises, equipment and software was $6,520m and depreciation and amortisation $4,373m. At 30 Sep 2026 Citi had total assets of $2,941,271m, deposits of $1,505,322m, long-term debt of $345,785m and short-term borrowings of $61,518m, against cash and due from banks of $23,451m and deposits with banks of $331,390m. Common equity was $191,359m, book value per share $115.61 and tangible book value per share $101.59. The CET1 ratio was 12.8% against a regulatory minimum of 11.6%. Follow the shares on ChartsView Live Charts.

6. Valuation

Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$197.1bn ($119.05 close on 06 Nov 2026 × 1,655.2m shares outstanding)
Trailing P/E (GAAP)	~11.6x ($119.05 / GAAP EPS of $10.25 over the four quarters to 30 Sep 2026). Excluding the Q4 2025 Russia loss (adjusted EPS $10.87) the multiple is ~11.0x.
P/E (forward)	n/a — Citi does not give EPS guidance, only RoTCE and efficiency targets
P/S (TTM)	~2.1x (~$197.1bn / revenue net of interest expense of $93,115m over four quarters to 30 Sep 2026)
Price/book	~1.03x ($119.05 / book value per share $115.61 at 30 Sep 2026); ~1.17x tangible book value of $101.59
Enterprise value	~$249.5bn (market cap ~$197.1bn + long-term debt $345,785m + short-term borrowings $61,518m − cash and due from banks $23,451m − deposits with banks $331,390m, per 30 Sep 2026 balance sheet). For a bank, debt mainly funds lending and trading, so EV is of limited use.
EV/EBITDA (TTM)	n/m — Citi is a bank holding company whose interest expense is an operating cost, so EBITDA is not meaningful; see Price/book instead
P/FCF	n/m — FY2025 operating cash flow was −$67,632m (capex $6,520m), driven by trading and funding balances rather than earnings
Dividend yield	~2.3% ($2.68 annualised / $119.05)
52-week high	$147.96 (18 Jun 2026, intraday)
52-week low	$95.83 (21 Nov 2025, intraday)
Short interest (% of float)	~1.3% (22.15m shares at settlement 15 Oct 2026, FINRA, measured against 1,655.2m shares outstanding); MarketBeat showed 1.45% of float at 15 Sep 2026
Days to cover	2.1 (FINRA, 15 Oct 2026)

7. What Are They Building

Transformation programme. Citi says about 90% of its remediation programmes were at or near target state by Q1 2026. In 2025 it retired 548 applications, added automated controls against erroneous payments in more than 90 countries and spent about $3.3bn on the transformation, a figure expected to decline.

Services and tokenised money. Citi invests about $2bn a year in Services technology. Citi Token Services, which moves tokenised deposits around the clock, expanded to Japan and the UAE on 28 Sep 2026 and is now live in 7 markets, and Citi launched a Custody+ offering.

Wealth. The US retail bank was folded into Wealth in 2026. Q3 2026 net new investment assets were $38bn and Wealth RoTCE 14.3%, against a 15–20% target.

AI tools. Citi Stylus Workspaces, an AI assistant with agent features, has been rolled out to more than 180,000 staff in more than 87 countries, and an Arc agent platform launched in Apr 2026.

Banamex separation. Citi sold 25% of Banamex to Fernando Chico Pardo in Dec 2025, 22.6% to other investors in Apr 2026 and 1.4% in Aug 2026, keeping 51%. An IPO is planned after deconsolidation, when market conditions allow.

8. Competitive Landscape

Peer	Market cap (November 2026)	Key 2025 metric
JPMorgan Chase (JPM)	~$888.3bn (Nasdaq, 06 Nov 2026 close)	FY2025 net income $57,048m on revenue of $182,447m (10-K)
Bank of America (BAC)	~$340.9bn (Nasdaq, 06 Nov 2026 close)	FY2025 net income $30,509m on revenue of $113,097m (10-K)
HSBC (HSBC, NYSE ADR)	~$298.9bn (Nasdaq, 06 Nov 2026 close of the ADR)	FY2025 profit before tax $29,907m (20-F, IFRS)
Wells Fargo (WFC)	~$252.0bn (Nasdaq, 06 Nov 2026 close)	FY2025 net income $21,338m on revenue of $83,699m (10-K)
Goldman Sachs (GS)	~$249.7bn (Nasdaq, 06 Nov 2026 close)	FY2025 net income $17,176m on revenue of $58,283m (10-K)

Citi's FY2025 net income of $14,306m was the lowest of this group, while its revenue was similar to Wells Fargo's. Discuss the sector on the ChartsView Forum.

9. Leadership & Insider Activity

Jane Fraser is Chair and CEO. Gonzalo Luchetti, previously head of U.S. Personal Banking, became CFO on 02 Mar 2026; his predecessor Mark Mason became Executive Vice Chair and plans to leave by the end of 2026. James Flanagan joined the board on 21 Oct 2026. None of the 2026 Form 4 filings checked ticked the 10b5-1 box, there were no open-market purchases, and no Form 4 filings were found after 02 Oct 2026. Recent transactions from SEC Form 4 filings:

Name	Date	Type	Shares	Price	Value	Plan Type
John C. Dugan (Director)	08 May 2026	Sell	2,117	$125.30	~$0.27m	Not 10b5-1
David Livingstone (Chief Client Officer)	20 Apr 2026	Shares withheld for tax	85,180	$132.18	~$11.26m	Not 10b5-1
Edward Skyler (Head of Enterprise Services & Public Affairs)	15 Apr 2026	Sell	25,000	$131.41	~$3.29m	Not 10b5-1
Nicole Giles (Chief Accounting Officer)	15 Apr 2026	Sell	12,732	$131.80	~$1.68m	Not 10b5-1
Mark Mason (then CFO)	20 Feb 2026	Sell	3,627	~$114.71	~$0.42m	Not 10b5-1
Ernesto Torres Cantu (Head of International)	13 Feb 2026	Sell	67,318	~$111.11	~$7.48m	Not 10b5-1
Gonzalo Luchetti (then Head of USPB, now CFO)	12 Feb 2026	Sell	19,974	$115.03	~$2.30m	Not 10b5-1

10. Key Risks

• Consent orders (Regulatory): The 2020 Federal Reserve and OCC orders require action plans and quarterly reports; the OCC must approve significant acquisitions and can impose further penalties or restrictions, as it did with $136m of combined penalties in 2024.
• Card credit and rate caps (Financial): A US recession would raise card losses from about 4%, and the 10-K cites a possible US cap on credit card interest rates; the five largest card partnerships were about 12% of 2025 revenue.
• Mexico and emerging markets (Geopolitical): The Banamex IPO depends on market conditions, deconsolidation brings about $9bn of currency translation losses, and Citi is exposed to currency controls, devaluations and sanctions in many countries.
• Interest rates (Macro): A 1 percentage point rise in rates would add about $1.41bn to net interest income, almost all from non-dollar currencies, but cut capital by about $3.1bn after tax, or 17bp of CET1.
• Capital rules (Regulatory): Revised Basel III and global systemic bank surcharge proposals issued on 19 Mar 2026 are still pending, and Citi's CET1 minimum rises to 12.1% in Jan 2028, which could limit buybacks.
• Litigation (Legal): Citi estimates reasonably possible losses above amounts reserved of up to about $1.1bn at 30 Sep 2026, and the 10-K says the severity of remedies sought in proceedings has remained elevated.

11. Recent Developments

• 05 Nov 2026 — 10-Q filed; shares fall. Citi filed its Q3 10-Q, and the shares fell 5.0% to $118.45 in a broad market sell-off.
• 23 Oct 2026 — China securities licence. China's securities regulator approved Citigroup Securities (China), a wholly owned unit in Shanghai that has yet to start operating.
• 21 Oct 2026 — New director. Former PwC chief operating officer James Flanagan was elected to the board and the Audit Committee.
• 19 Oct 2026 — Dividend declared. Citi declared a $0.67 quarterly dividend, payable on 25 Nov 2026 to holders of record on 02 Nov 2026.
• 13 Oct 2026 — Q3 results. Revenue rose 8% to $23,845m, net income rose 40% to $5,245m and EPS rose 53% to $2.85; RoTCE was 11.5% and the 2026 RoTCE guide was raised to above 11%. The shares fell 5.6% that day.
• 12 Oct 2026 — Consent order audit. Reuters reported that Citi aims to submit an internal audit to regulators by Q1 2027 as a step toward lifting the 2020 consent orders.
• 28 Sep 2026 — Token Services expands. Citi Token Services launched in Japan and the UAE, taking it to 7 markets.

For the US data that move bank shares, such as inflation and jobs reports, see the ChartsView Economic Calendar.

12. Key Dates

• 10 Nov 2026 — Citi China Conference begins (to 13 Nov), with Jane Fraser speaking; Pam Habner, head of U.S. Consumer Cards, presents at the Citi FinTech Conference the same day.
• 25 Nov 2026 — Payment of the $0.67 quarterly dividend.
• Expected Dec 2026 — Mark Mason leaves Citi by the end of 2026.
• 14 Jan 2027 — Q4 and full-year 2026 results (call at 11:00am ET).
• Expected Jan 2027 — Declaration of the next quarterly dividend.
• Expected early 2027 — Deconsolidation of Banamex, with about $9bn of currency translation losses recognised.
• 13 Apr 2027 — Q1 2027 results.

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