Citi targets 10%-11% 2026 RoTCE while keeping efficiency ratio around 60% and U.S. card NCL rate at 4%-4.5%

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• Citi ended quarter with nearly $22 billion in total reserves and reserve-to-funded loans ratio of 2.6%, incorporating 8-quarter weighted average unemployment rate of 5.4% with downside scenario nearly 7%

  60% confidence

• The impact of Middle East conflict is hitting Asia and Europe harder, and inflation is now a greater risk to growth likely causing central banks to lean towards more restrictive monetary policies

  60% confidence

• The latest NPR is an improvement but not yet where it should be, and Citi will be active in advocating for necessary changes

  60% confidence

• Expenses of $14.3 billion were up 7%, but excluding nearly $500 million of severance, the increase was only 4%

  60% confidence

• Citi will provide more detail on share repurchase expectations at Investor Day in May

  60% confidence

• Reserves were adjusted with further skew to downside scenario reflecting increased uncertainty in macroeconomic outlook

  60% confidence

• Citi expects a moderate net benefit from Basel/G-SIB rules

  60% confidence

• The last 10% of transformation is primarily related to data used in regulatory reporting, and regulators control the timeline for closure

  60% confidence

• Banking fees were up 12% with a record first quarter in M&A and ECM up over 60%

  60% confidence

• Markets crossed $7 billion in revenues for the first time in a decade, with Equities up nearly 40% surpassing $2 billion and FICC up 13%

  60% confidence

• One good-rate first quarter does not make a full year, citing uncertainty and continued investment as reasons Q1 RoTCE may decline to 10%-11% range

  60% confidence

• M&A pipeline continues to be quite strong, but prolonged conflict may start introducing risk of deferrals

  60% confidence

• Citi remains well on track to deliver 10% to 11% RoTCE for the full year 2026

  60% confidence

• 90% of transformation programs are now at or near target state

  60% confidence

• Citi is only interested in and focused on organic growth, period, end of story, with no interest in retail banking acquisitions

  60% confidence

• Services growth is driven by deepening with existing clients, new client acquisition and new product innovations, and Citi is leading in tokenization in digital assets

  60% confidence

• Citi is not interested in anything other than organic growth

  60% confidence

• Overall expectations are unchanged with NII ex-Markets up approximately 5% to 6%, efficiency ratio around 60%, and U.S. card NCL rate between 4% and 4.5%

  60% confidence

• Private credit exposure is $22 billion with 98% investment-grade, describing it as not a significant exposure

  60% confidence

• Banamex deconsolidation would bring about $8.5 billion CTA adjustment but in aggregate it's capital neutral

  60% confidence

• Services is Citi's crown jewel with new mandates up 40%, revenues up 17%, deposits up 16%, and assets under custody up over 20%

  60% confidence

• Citi is close to completing the $20 billion share buyback plan and ended quarter with CET1 ratio of 12.7%, 110 basis points above regulatory requirement

  60% confidence

• Overall revenues were up sharply at 14% with very healthy positive operating leverage

  60% confidence

• Citi does not anticipate any additional stake sales in Banamex in 2026 ahead of deconsolidation in early 2027, with IPO most likely happening after that when market conditions are favorable

  60% confidence

• Citi had an exceptionally strong start to 2026 with net income of $5.8 billion, EPS of $3.06, and RoTCE of 13.1%

  60% confidence

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