Q4 2024 Citigroup Inc Earnings Call Transcript
Key Points
- Citigroup Inc (C) reported a strong fourth quarter with net income up nearly 40% to $12.7 billion for the full year.
- The company exceeded its full-year revenue target with a 5% increase in revenues, excluding divestitures.
- Citigroup Inc (C) announced a $20 billion share repurchase program, reflecting confidence in its earnings power.
- The company achieved positive operating leverage across its five core businesses, with each generating growth.
- Citigroup Inc (C) made significant progress in its transformation efforts, including the simplification of its organizational structure and the closure of three longstanding consent orders.
- Citigroup Inc (C) adjusted its 2026 RoTCE target to 10% to 11%, down from previous expectations, due to increased investments in transformation and technology.
- The company faces challenges in data and regulatory reporting, requiring additional investments to meet regulatory expectations.
- Expenses remain elevated, with a focus on transformation and technology investments, impacting short-term financial targets.
- The company's US personal banking segment continues to deliver returns below the cost of capital, posing a hurdle for overall profitability.
- Citigroup Inc (C) is still in the process of exiting its Banamex business, with the timing of the IPO dependent on regulatory approvals and market conditions.
Hello and welcome to Citi's fourth-quarter 2024 earnings call.
Today's call will be hosted by Jenn 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 fourth quarter 2024 earnings call.
I am joined today by our Chief Executive Officer, Jane Fraser; and our Chief Financial Officer, Mark Mason.
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
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