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: Betsy Graseck - Morgan Stanley - Analyst
: <_ALACRA_META_ABSTRACT>Now Vis, you are overseeing what I would call a renaissance in Citi's Investment Banking businesses, with share gains in
several businesses, and I first want to dig into your management style before turning to the numbers. So first off, what did you
expect when you took this job and what did you see and how did that compare with what you expected?
Question: Betsy Graseck - Morgan Stanley - Analyst
: Okay. So one of the reasons I want to dig into this is because you do have some very interesting share gains, in particular in
M&A for many of the last several quarters, and '24 was a really strong year and 1Q '25 was strong. And I'm sitting here thinking
what happened. Okay. What did you do differently? And is this a function of bankers being evaluated differently, paid differently?
Is it a function of just hiring a lot more people? What's driving this share gain?
Question: Betsy Graseck - Morgan Stanley - Analyst
: So while we're on the private credit discussion, can you help us understand how you're set up for that industry group, if there's
anything else to size that? And in addition, can you give us some more color on your partnership with Apollo and the opportunity
set that you see there?
Question: Betsy Graseck - Morgan Stanley - Analyst
: And so coming back to the talent that you mentioned, you're still acquiring. I wanted to understand, are there any other areas
globally or product-wise that you're looking to build out further?
Question: Betsy Graseck - Morgan Stanley - Analyst
: And it's been a volatile year, obviously. Turning to the environment, if we could, just having had the tariffs scare and then the
tariff pullback. And where are your clients now? What are you seeing today? And what kind of conversations are you having
with your corporate clients on opportunities for growth and execution?
Question: Betsy Graseck - Morgan Stanley - Analyst
: So I'm hearing there's a little bit of unlock going on relative to where you were in April. Is that fair?
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JUNE 10, 2025 / 11:30AM, C.N - Citigroup Inc at Morgan Stanley Financials Conference
Question: Betsy Graseck - Morgan Stanley - Analyst
: So can you give us a sense as to how the quarter has been trending so far? 2Q '25 is pretty close to done. How has that been
for banking and trading?
Question: Betsy Graseck - Morgan Stanley - Analyst
: Okay. So just putting it together one more time, if you don't mind for folks who might have missed that. So you're banking
year on year.
Question: Betsy Graseck - Morgan Stanley - Analyst
: And that's for the whole company?
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JUNE 10, 2025 / 11:30AM, C.N - Citigroup Inc at Morgan Stanley Financials Conference
Question: Betsy Graseck - Morgan Stanley - Analyst
:
Question: Betsy Graseck - Morgan Stanley - Analyst
: Okay. While we're on credit, could I just ask your opinion on the lending to other lenders. So also known as non-depository
financial institution lending. And we get a lot of questions from investors on how should we think about the credit cost associated
with non-depository financial institution loans.
Question: Betsy Graseck - Morgan Stanley - Analyst
: What's the name of that banker?
Question: Betsy Graseck - Morgan Stanley - Analyst
: Okay. Thank you for clarifying --
Question: Betsy Graseck - Morgan Stanley - Analyst
: So Vis, thanks for bringing up ROTCE because that brings me to my next question. As I think we all know around the room
here, Citigroup has a goal for ROTCE driving that up to 10% to 11%, I believe, right, in the next year or so, a couple of years in
the medium term. I'd be interested in understanding where the drivers are for you and your business to help contribute to
that. Because I think the ROTCE in your business was around 7% in 2024. And I know Mark said, hey, this should get to a bit
under 15%. So that's a doubling. So how do you do that? What's the plans, goals time frame?
Question: Betsy Graseck - Morgan Stanley - Analyst
: We have seven minutes. You don't have to be too quick.
Question: Betsy Graseck - Morgan Stanley - Analyst
: This brings up really a question a lot of people are asking today in our multipolar world as we shift towards this or as we're in
it now. How are you dealing with customers who might be leaning to an institution that's headquartered locally? Are you finding
any of that dynamic entering the conversation?
Question: Betsy Graseck - Morgan Stanley - Analyst
: A transformation dividend, yeah.
Question: Betsy Graseck - Morgan Stanley - Analyst
: Okay. Excellent. Well, thank you so much, Vis, for joining us this morning.
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