Citigroup Inc at Barclays Global Financial Services Conference Summary

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

Question: Jason Goldberg - Barclays Services Corp - Analyst : So far, so good. Mark, why don't we sit down? I always like to start with kind of the big-picture sentiment. Obviously, as I just talked about, Citi has a unique global footprint. Maybe kind of just what's your take on the macroeconomic outlook in the US and globally? And just what are you hearing from clients? And what are you seeing in terms of consumer and corporate behavior?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. Maybe against that backdrop, we could dig bigger into some of the businesses. You touched on services, so maybe start there. Citi's crown jewel, but facing likely Fed cut next week, as you touched on tariff-related pressures, potentially stablecoin. Who knows? But that has the ability to impact cross-border payments. Maybe just talk to how your vision to handle this evolving landscape.

Question: Jason Goldberg - Barclays Services Corp - Analyst : And maybe turning to banking, I think every week, I could see another headline pop up on my Bloomberg terminal, Citi has hired X and X from XYZ firm. Can you maybe talk to just where you are kind of in that hiring process and how that kind of impacts the P&L looking out?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And maybe just on wealth, kind of going through this whole reboot process, maybe take us through kind of what you've done and kind of what inning you think you are in that evolution?

Question: Jason Goldberg - Barclays Services Corp - Analyst : And I guess, kind of sticking with the line of business approach, when I think about the US consumer franchise, probably the number-one question I've gotten recently is just the introduction of the strata card kind of rounding out your card offering. It's obviously a competitive space. Just maybe talk to how that fits into the overall strategy.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Interesting. Maybe you can maybe kind of pull up and think more kind of near term, looking at the third quarter. Maybe just talk to what you're seeing in terms of investment banking fees. You mentioned markets wide open -- trading markets revenues, and maybe if there's anything else you'd call out?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. So I guess, just to be clear, investment banking fees, up mid-single digits year over year, and then markets revenue is also up mid-single digits year over year?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Okay, helpful. And then maybe kind of -- as we think about the full year, because you tend to give a guidance, revenues and expenses for 2025 in a whole, maybe you can just update us on what you're seeing there and some of the drivers for both?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. So I guess we'll have to wait until the next quarter earnings call to get dollar figures for that 2025 revenue and expenses.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Helpful. I guess, one of the other things you've talked about is when we kind of just think about expenses, and you're probably entering the whole budgeting process last year. You've made the comment that expenses in 2026 should be less than 2025. But it sounds like revenues from anywhere -- clearly up in 2025 and likely up in 2026. Can you maybe talk to -- is that still the case? Can you kind of bring down expenses? And if so, what are the drivers there?

Question: Jason Goldberg - Barclays Services Corp - Analyst : We mentioned investments in transformation would be kind of increasing this year, which they have kind of -- before coming down next year. Maybe provide some color on those drivers. And maybe just more importantly, maybe update us on the progress being REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 4:45PM, C.N - Citigroup Inc at Barclays Global Financial Services Conference made towards the transformation and just how much there is left to do. And maybe within that, just how you're thinking about investments in technology. AI has come up quite a bit.

Question: Jason Goldberg - Barclays Services Corp - Analyst : And then maybe on credit, I know you touched on it earlier, but you mentioned -- you kind of reiterated you expect credit card portfolios, charge-offs to be kind of within the range you talked about on the earnings call, which is kind of better than expectations at the start of the year. Just maybe talk to a bit more in terms of what trends you're seeing within those portfolios, and anything outside of cards you're keeping an eye on? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 4:45PM, C.N - Citigroup Inc at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And then there's obviously been a lot of conversations on bank regulation. Maybe talk to, what are your expectations and prioritization for pending regulatory changes in light of pending regime changes? And just maybe any update on the SCB specifically?

Question: Jason Goldberg - Barclays Services Corp - Analyst : And I guess in July, you talked about at least $4 billion of buyback in 3Q, which is a nice step-up from what we've seen. I mean, how should we think about the pace going forward? And what factors do you consider as you think about your CET1 target ratio? Just how does your comments on the regulatory environment play into that?

Question: Jason Goldberg - Barclays Services Corp - Analyst :

Question: Jason Goldberg - Barclays Services Corp - Analyst : So I guess even when we kind of think about this new regime, that 100, where could that number come down?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And then just any update can you provide us on Mexico on the path towards the IPO? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 4:45PM, C.N - Citigroup Inc at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. I want to put up the next ARS question on Citi's CET1 target. And Mark, while the audience is taking a crack at this, let me ask you. And just -- maybe taking a step back, can you touch on the progress that you've made since 2022 and the drivers of improvement to that 10% to 11% target you keep on referring to for 2026?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Why don't we move to the next ARS question while I ask Mark this? I guess, Mark, what are the main points you want investors to take away from regarding Citi's current positioning of value? And maybe what are your top priorities for the remainder of this year and going forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 4:45PM, C.N - Citigroup Inc at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : It's interesting. I asked the audience, 10% to 11% ROTC for next year, what they think if it should be capable longer out. And Jane's been pretty clear. 10% to 11% is kind of the way point. The audience seems to be gravitating towards 13% to 14% as the most common answer; though some people love that, some people below that.

Question: Jason Goldberg - Barclays Services Corp - Analyst : On that note, please join me in thanking Mark for his time today.