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
: 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?
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JUNE 10, 2025 / 11:30AM, C.N - Citigroup Inc at Morgan Stanley Financials Conference
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?
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?
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JUNE 10, 2025 / 11:30AM, C.N - Citigroup Inc at Morgan Stanley Financials Conference
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?
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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JUNE 10, 2025 / 11:30AM, C.N - Citigroup Inc at Morgan Stanley Financials Conference
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