The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ebrahim Poonawala - BofA Securities - Analyst
: That was good color. Maybe just to start with -- I think you talked about NNA growth in terms of net new assets. And I think if I heard you correctly,
grew $42 billion, 8% last year, and you think that's sustainable. It's very quite constructive as the rest of the industry. Talk to us, if you don't mind,
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FEBRUARY 12, 2025 / 1:00PM, C.N - Citigroup Inc at Bank of America Financial Services Conference
if you can double-click on drivers of that growth as we look out the next few years. [And a few] a level of conviction, like what needs to happen to
make that 8% work? Could that 8% be better than that?
Question: Ebrahim Poonawala - BofA Securities - Analyst
: And on that, if I could follow up, the perception from an investment community standpoint is there is a tech product deficit within the business,
given just the challenges at Citi, how competition has moved on. Just give us a sense of someone who came in, how deep was the tech and product
deficit? Where are you today? And just how long does it take to actually get to par?
Question: Ebrahim Poonawala - BofA Securities - Analyst
: Got it. And maybe just since we have the slide on, as we think about the walk, the three components you laid out revenue, expenses, capital, is
there one that carries more weight in terms of bridging that gap versus the other? Just talk to us in terms of --
Question: Ebrahim Poonawala - BofA Securities - Analyst
: Got it. And I guess just looking at the '26 target, 15% to 20%, what gets us to 20% versus 15%?
Question: Ebrahim Poonawala - BofA Securities - Analyst
: Got it. I guess maybe switching gears. I see on your LinkedIn post, you're traveling around the world every single week, it feels. Just give us a sense
of, I mean, I think this has also been lost over the last several years, just what the Citigroup brand means globally and maybe then also bring it to
the US to the wealth management clients.
Question: Ebrahim Poonawala - BofA Securities - Analyst
: And I guess taking it forward, I think you talked about the unique capabilities. Just talk to us -- the wealth management landscape seems extremely
competitive. Just talk through and maybe double click on some of the things you talked about in your remarks around what's differentiating about
Citigroup and your conviction that that can work in a world which is fast evolving in sort of the overall landscape.
Question: Ebrahim Poonawala - BofA Securities - Analyst
: Just going back, I think it was a powerful bar in terms of the wallet share opportunity that you have. So two things there. One, like you hear from
a lot of banks in terms of bringing the whole bank to the client. And it's easier said than done, I guess, in large complex banks. So talk to us. Is Citi
today, in its current organizational structure, set up where everyone is talking to each other, things can happen? And give us maybe anecdotally,
if there are any huge proof points of how that wallet share acquisition has worked so far?
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FEBRUARY 12, 2025 / 1:00PM, C.N - Citigroup Inc at Bank of America Financial Services Conference
Question: Ebrahim Poonawala - BofA Securities - Analyst
: And you mentioned the consumer bank. How should we think about the consumer exit in some of the international markets? Does that kind of
serve as an obstacle in what you're trying to achieve? Just give us a sense of what --
Question: Ebrahim Poonawala - BofA Securities - Analyst
: Got it. Only a few minutes left. Just wanted to quickly see if there are any questions in the room for Andy. Any questions, raise your hand. If not, I
guess, last one from me. I mean, if you update -- give us a lot of food for thought in terms of how to think about the wealth business. I think as we
wrap this, like what would be the one or two things that you would like the investment community take away from the session based on what
you've seen for the business and where it's going?
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FEBRUARY 12, 2025 / 1:00PM, C.N - Citigroup Inc at Bank of America Financial Services Conference
Question: Ebrahim Poonawala - BofA Securities - Analyst
: And maybe one last question. I guess, you mentioned 30% pretax margin. Based on what you've seen today, are there any structural reasons why
Question: Ebrahim Poonawala - BofA Securities - Analyst
: Got it. With that, Andy, thank you so much for your time this morning.
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