...Citi is one of the largest banking institutions in the world, with by far the largest international banking franchise among the U.S.-based global trading and universal (GTUB) bank peer group, which includes JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS). Given the company's vast international franchise, the economic environments in which Citi operates include very strong economies, as well as many emerging market economies, which tend to have lower economic operating environment scores, thereby differentiating Citi somewhat from its U.S.-based GTUB peers. While there is no outsized reliance on a single market outside the U.S., if there are issues related to economic slowdowns or political unrest in another country, there may be effects for Citi. The secondary effects of a slowdown in a particular country and those cascading impacts to the global economy are much harder to quantify and assess for any implications to Citi or its peers. Given the ongoing...
