Citigroup Inc Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Thank you for a refreshed realistic tone on the outlook today. Jane, this first question is for you and Karen. We completely appreciate the remediation process with the regulators is an inherently confidential process. That being said, what are the mile markers that we need to look at in terms of measuring your progress in remediation that you could share with us publicly? And if you could give us a sense of what the next steps are since you submitted the plan in 3Q '21. And also, if you can at all, give us a sense of how much more work is to be done until you could say, all right, all the big changes, the tall trees are cut and behind us.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it. My second question is on the longer-term vision for Citi. You laid out a medium-term ROTCE path. And Mark said something striking that you do have the operating deposit account for most of your clients on the corporate side. That said, in Anand's presentation, it did stick out to me that you had $117 billion of U.S. personal non-wealth deposits. And I'm wondering, as you think about that natural funding gap to peers, what is your long-term vision in terms of deposit taking, retail deposit taking, checking account growth in U.S. Personal Banking? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 02, 2022 / 2:00PM, C.N - Citigroup Inc Investor Day

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it. And just a follow-up to this, and then I'll let Ebrahim ask his questions. I think, Jane, the deposit engine that you have in TTS and what's coming in Wealth Management is well appreciated by the Street. I think the question really is borne out of these deposits are thought of as probably more rate sensitive in a rising U.S. rate environment. And clearly, relative to your money center peers, your U.S. deposit franchise is not in a similar scale. So I think that's what the genesis of the question is coming from. Any response to that? And then I'll take myself out of the queue.