Citigroup Inc at Goldman Sachs U.S. Financial Services Conference Summary

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

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : <_ALACRA_META_ABSTRACT>So Mark, maybe we can start off with you. And I think this is the first time that you've spoken publicly since the announcement of the transition. You've obviously seen the firm through a period of change, obviously, significant progress over the time that you've been CFO. So why is this the right time for you to make this transition?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. Great. So Gonzalo, maybe you can just give us a sense of your background. I know you've been a long-standing employee at Citigroup. You've done a number of different things. So maybe you can talk a little bit about your experience. But also talk about what you're looking to bring to the CFO role.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : And look, just a quick follow-up because as part of the CFO transition, you also did announce a change to US personal banking. So can you speak to the strategic rationale of moving the retail bank into wealth and having the card business as a stand-alone business? What are you looking to achieve with that change?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. Great. So Mark, maybe we can talk about the macroeconomic outlook. I know it's always complex, and you don't just have to talk about the US you've got to talk about globally. So what are you thinking about the economic outlook? And what are you hearing from corporate clients specifically? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 8:00PM, C.N - Citigroup Inc at Goldman Sachs U.S. Financial Services Conference

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Yeah. So Gonzalo, I was going to ask you on the consumer side. I mean if you look at what you're seeing in the card business through the lens of what it tells you about the economy and the trajectory heading into next year, what's your take?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay, great. So let's talk about the near term. So fourth quarter. What are you seeing in terms of investment banking activity? Obviously, the government shutdown that's had an impact. But what are you seeing in markets? And is there anything else that we should be aware of for the quarter and I think it would also be useful to put that in the context of what it means for the full year guidance that you've given?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. So maybe moving to next year, what are the puts and takes around the continued growth in NII ex-market especially in the context of some of the uncertainty around the number of rate cuts that we could potentially see?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : And then the efficiency ratio for next year, I mean, you previously talked about an efficiency ratio below 60%. So does that still hold? And then maybe you can talk a little bit about the drivers from the 63.5% that you just talked about down to the 60%.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : So just a couple of questions. I guess one for each of you. You mentioned two-thirds of the way through the transformation. What's left to do? And then I think, Gonzalo, for you a question is, maybe you can talk about how transformation has impacted the way your business operates. And I understand you've been in charge of some of the firm-wide AI initiatives. So maybe you can speak to some of the progress and use cases there. But maybe on the transformation side, first, what's left? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 8:00PM, C.N - Citigroup Inc at Goldman Sachs U.S. Financial Services Conference

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. So Gonzalo, impact of transformation AI and maybe you can talk about AI in the overall context of, I think, just process reengineering, which I think is kind of accelerating that so --

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. So maybe we can talk about credit quality, maybe we could start with corporate credit, NBFI or NDFI, I guess depending on the focus in the last few months. How do you think about Citigroup's exposure? And how are you thinking about risk in that space in particular? And has it changed relative to the start?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : And then briefly, outside of corporate credit, anything else that you're monitoring, anything you're seeing in early delinquencies? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 8:00PM, C.N - Citigroup Inc at Goldman Sachs U.S. Financial Services Conference

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. So let's talk about capital. How are you thinking about the trajectory for reaching your 12.8% CET1, both from an opportunity to invest in the business versus capital return endpoint.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. So we've got a couple of minutes left. So I think what would be really helpful is if you could take a step back, maybe talk a little bit about the progress that you've made since the last Investor Day, which I think was 2022?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : I think obviously another one coming up next year, but also just talk a little bit about the priorities for both of you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 8:00PM, C.N - Citigroup Inc at Goldman Sachs U.S. Financial Services Conference

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : And then priorities perhaps, Gonzalo, for you for next year.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. I think with that, we're out of time. So thank you so much for joining us, and we'll see you next year.