CCitigroup Inc.
Industry Banks Updated 27 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$121 → $133
What the podcasts say
1 bullish · 1 bearish · 2 speakers · 2 showsWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bearish
- Bullish
Promises vs. what happened
16 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| FY24 revenue ~$80-81B | Q3 '24 | $81.1B, just above the top | Held |
| FY24 expenses $53.5-53.8B ex-FDIC | Q3 '24 | met, at the top end | Held |
| FY25 revenue $83.5-84.5B | Q4 '24 | $85.2B, raised twice on the way | Held |
| FY25 NII ex-Markets up modestly | Q4 '24 | guided up to ~5.5%, delivered 5.7% | Held |
| $20B buyback programme | Q4 '24 | $19.6B in five quarters, then raised to $30B | Held |
| Separate the Mexican banks in 4Q24 | Q3 '24 | done, on time | Held |
| 25% of Banamex sold by 2H26 | Q3 '25 | closed Dec '25, half a year early | Held |
| Banamex public listing | Q3 '25 | never mentioned again; sold privately | Dropped |
| RoTCE 10-11% in 2026 | Q4 '25 | 13.1% in 1H26, 11.5% in Q3; 'expect to exceed' | Open |
| FY26 NII ex-Markets +5-6% | Q4 '25 | 2Q26 up 6%; open | Open |
| FY26 efficiency ratio ~60% | Q4 '25 | 57.7% in 1H26, 58.5% in Q3; open | Open |
| 2026 buybacks above 2025's $13.25B | Q1 '26 | $10.3B in 1H26; $4.1B returned in Q3; open | Open |
| RoTCE 11-13% in 2027-28, 14-15% by 2029-31 | Q2 '26 | restated Q3 '26; the low end is below 1H26's 13.1% | Open |
| 11-12% RoTCE by 2026 | Q3 '24 | cut to 10-11% one quarter later | Missed |
| Expenses under $53B by 2026 | Q4 '24 | target withdrawn; 1H26 ran near $57B | Missed |
| FY25 expenses just under $53.8B | Q4 '24 | $54.4B ex-notable, $55.1B reported | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
Op leveragePage one since Q3 '24
RoTCE targetFirst seen Q3 '24
BuybacksPage one since Q3 '24
TransformationOff page one Q4 '24
BanamexPage one since Q2 '26
ServicesOff page one Q1 '25
AIFirst seen Q4 '24
Record revenuePage one since Q1 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Positive operating leverage
“Positive operating leverage”
Deck Earnings Results Presentation, Third Quarter 2024 · p. 4 ·
Positive operating leverage
“✓ Achieved positive operating leverage for Citigroup and all five businesses”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2024 · p. 4 ·
Positive operating leverage
“✓ Positive operating leverage for Citi and across all businesses”
Deck Earnings Results Presentation, First Quarter 2025 · p. 3 ·
Positive operating leverage
“✓ Positive operating leverage for Citi and each of its five businesses in 2Q25 and 1H25”
Deck Earnings Results Presentation, Second Quarter 2025 · p. 3 ·
Positive operating leverage
“✓ Positive operating leverage in 3Q25 and YTD ’25”
Deck Earnings Results Presentation, Third Quarter 2025 · p. 3 ·
Positive operating leverage
“Delivered positive operating leverage with 170 bps improvement in efficiency ratio YoY o On an adjusted revenue and expense basis (e), efficiency ratio of 63.0%”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2025 · p. 4 ·
Positive operating leverage
“✓ Positive operating leverage for Citi and most of its businesses in 1Q26”
Deck Earnings Results Presentation, First Quarter 2026 · p. 3 ·
Positive operating leverage
“Positive operating leverage”
Deck Earnings Results Presentation, Second Quarter 2026 · p. 2 ·
RoTCE target
“Committed to 11-12% RoTCE Medium-Term Target(6)”
Deck Earnings Results Presentation, Third Quarter 2024 · p. 17 ·
RoTCE target
“We continue to drive Citi towards higher returns – targeting a range of 10-11% in 2026(1)”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2024 · p. 21 ·
RoTCE target
“We remain committed to continuing to improve returns over time — targeting 10-11% RoTCE in 2026(3)”
Deck Earnings Results Presentation, Second Quarter 2025 · p. 16 ·
RoTCE target
“We remain committed to continuing to improve returns over time — targeting 10-11% RoTCE in 2026(4)”
Deck Earnings Results Presentation, Third Quarter 2025 · p. 17 ·
RoTCE target
“We continue to target a 10-11% return in 2026(1)”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2025 · p. 21 ·
RoTCE target
“We remain committed to continuing to improve returns over time — targeting 10-11% RoTCE in 2026(2)”
Deck Earnings Results Presentation, First Quarter 2026 · p. 16 ·
RoTCE target
“Improving performance in the near and medium terms”
Deck Earnings Results Presentation, Second Quarter 2026 · p. 20 ·
Capital return and buybacks
“Returned ~$2.1 billion in capital to common shareholders through dividends and share buybacks”
Deck Earnings Results Presentation, Third Quarter 2024 · p. 4 ·
Capital return and buybacks
“✓ Announced a $20 billion common share repurchase program(4)”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2024 · p. 4 ·
Capital return and buybacks
“✓ Returned ~$2.8 billion to common shareholders through buybacks & dividends 3 consecutive quarters of positive operating leverage 4 consecutive quarters of positive operating leverage 4 consecutive quarters of positive operating leverage 10 consecutive quarters of positive operating leverage 5 consecutive quarters of positive operating leverage”
Deck Earnings Results Presentation, First Quarter 2025 · p. 3 ·
Capital return and buybacks
“✓ Returned ~$3.1 billion to common shareholders through share repurchases and dividends in 2Q25 and ~$5.8 billion in 1H25, which includes $3.75 billion of share repurchases”
Deck Earnings Results Presentation, Second Quarter 2025 · p. 3 ·
Capital return and buybacks
“✓ Returned ~$6.1 billion to common shareholders through share repurchases and dividends in 3Q25, which includes $5.0 billion of share repurchases”
Deck Earnings Results Presentation, Third Quarter 2025 · p. 3 ·
Capital return and buybacks
“Returned over $17.5 billion to common shareholders o $13.25 billion of share repurchases o Increased common dividend to $0.60”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2025 · p. 4 ·
Capital return and buybacks
“✓ Returned ~$7.4 billion to common shareholders through share repurchases and dividends in 1Q26, including $6.3 billion of share repurchases 1Q26 $24.6 billion”
Deck Earnings Results Presentation, First Quarter 2026 · p. 3 ·
Capital return and buybacks
“Returned ~$5.0 billion to common shareholders through share repurchases and dividends in 2Q26 and ~$12.4 billion in 1H26, including $10.3 billion of share repurchases”
Deck Earnings Results Presentation, Second Quarter 2026 · p. 2 ·
Transformation and regulatory remediation
“Closed the 2013 BSA/AML Consent Order with the FRB”
Deck Earnings Results Presentation, Third Quarter 2024 · p. 3 ·
Transformation and regulatory remediation
“Transformation and Technology investments driving change 6”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2024 · p. 6 ·
Transformation and regulatory remediation
“Regulatory remediation”
Deck Earnings Results Presentation, First Quarter 2025 · p. 2 ·
Transformation and regulatory remediation
“Regulatory remediation”
Deck Earnings Results Presentation, Second Quarter 2025 · p. 2 ·
Transformation and regulatory remediation
“More than two-thirds of Transformation programs are At or Mostly At”
Deck Earnings Results Presentation, Third Quarter 2025 · p. 5 ·
Transformation and regulatory remediation
“The OCC terminated its July 2024 amendment to Citibank’s 2020 Consent Order”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2025 · p. 6 ·
Transformation and regulatory remediation
“90% of our Transformation programs are at or nearly at Citi’s target-state across key areas such as Risk, Controls, Compliance, and Finance.”
Deck Earnings Results Presentation, First Quarter 2026 · p. 5 ·
Banamex separation and stake sales
“On track with the work to separate the two banks in Mexico in 4Q24”
Deck Earnings Results Presentation, Third Quarter 2024 · p. 3 ·
Banamex separation and stake sales
“✓ Completed separation of Banamex”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2024 · p. 5 ·
Banamex separation and stake sales
“Banamex 25% stake transaction overview – estimated financial impacts at closing using June 30, 2025 balance sheet(1)”
Deck Earnings Results Presentation, Third Quarter 2025 · p. 16 ·
Banamex separation and stake sales
“Banamex 25% stake sale – financial impacts of the December 2025 closing 29”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2025 · p. 29 ·
Banamex separation and stake sales
“Banamex 24% stake – estimated financial impacts at closing(1)”
Deck Earnings Results Presentation, First Quarter 2026 · p. 22 ·
Banamex separation and stake sales
“Business in Poland, as well as 22.6% of the 24% equity stake in Banamex(2), following the closing of the 25% stake sale in 4Q25”
Deck Earnings Results Presentation, Second Quarter 2026 · p. 2 ·
Services franchise leadership
“✓ Achieved record revenues in Services, Wealth and USPB”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2024 · p. 4 ·
Services franchise leadership
“TTS: gained ~65 bps of market share YoY(4)”
Deck Earnings Results Presentation, First Quarter 2025 · p. 4 ·
Services franchise leadership
“TTS: gained ~40 bps of market share YoY(1)”
Deck Earnings Results Presentation, Second Quarter 2025 · p. 4 ·
Services franchise leadership
“TTS: gained ~85 bps of market share YoY(1)”
Deck Earnings Results Presentation, Third Quarter 2025 · p. 4 ·
Services franchise leadership
“TTS: gained ~95 bps of market share YoY(1)”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2025 · p. 5 ·
Services franchise leadership
“TTS: gained ~100 bps of market share YoY(1)”
Deck Earnings Results Presentation, First Quarter 2026 · p. 4 ·
Services franchise leadership
“TTS: gained ~120 bps of market share YoY(1)”
Deck Earnings Results Presentation, Second Quarter 2026 · p. 3 ·
AI and technology adoption
“~30k developers armed with leading Gen AI tools to write code more effectively and reduce administrative burdens, bringing products to market faster”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2024 · p. 6 ·
AI and technology adoption
“Over 180K colleagues in 84 countries are actively using our AI tools, with total adoption at 70%+”
Deck Earnings Results Presentation, Fourth Quarter and Full Year 2025 · p. 6 ·
AI and technology adoption
“o AI tool adoption by 80%+ colleagues, driving 42MM interactions since inception - 50% increase since Q4 2025.”
Deck Earnings Results Presentation, First Quarter 2026 · p. 5 ·
Record revenue
“✓ Best quarterly revenue in a decade, with 1Q26 revenues of $24.6 billion, up 14% YoY”
Deck Earnings Results Presentation, First Quarter 2026 · p. 3 ·
Record revenue
“Best quarterly revenue in a decade, with 2Q26 revenues of $24.8 billion, up 14% YoY”
Deck Earnings Results Presentation, Second Quarter 2026 · p. 2 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Op leverage
- On the highlights slide of all eight decks. Q1 '26 is the one that narrows it to "most of its businesses".
- RoTCE target
- 11-12% medium-term in Q3 '24, cut to 10-11% for 2026 one quarter later and repeated six times. Q2 '26 replaces it with 11-13% for 2027-28 and 14-15% for 2029-31.
- Buybacks
- On the front page of every deck, and the number keeps climbing: ~$2.1B returned a quarter, then $17.5B for 2025, then $12.4B in the first half of 2026 alone.
- Transformation
- The "#1 priority" box on the strategy slide from Q3 '24 to Q1 '26, with the share of programmes at target state rising two-thirds, then 90%. Then the Q2 '26 deck has no strategy slide.
- Banamex
- An IPO path through Q3 '25 — "a planned public listing" — and private stake sales from Q4 '25 on, to 49% sold and deconsolidation below 50%.
- Services
- The one series that only improves: Treasury and Trade Solutions market share up ~65bp, ~40, ~85, ~95, ~100, then ~120bp year on year.
- AI
- Arrives with the Q4 '24 transformation page — 30k developers, then 180k colleagues, then 80%+ adoption — and is absent from the shorter Q2 '26 deck.
- Record revenue
- New in Q1 '26 and the opening line of Q2 '26: best quarterly revenue in a decade, two quarters running, up 14%.
- New
- Q2 '26: the first 2027-28 and 2029-31 return targets, a <55% medium-term efficiency ratio, and mid-single-digit revenue growth ex-Legacy.
- Quiet
- The dollar expense guide, the 2022 Investor Day scorecard, the USPB credit-loss ranges and the transformation percentage all stopped. The last was a headline number the quarter before it went.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q3 2026 release · 8-K 13 Oct 2026
- Q2 2026 release · 8-K 14 Jul 2026
- Q1 2026 release · 8-K 14 Apr 2026
- Q4 2025 release · 8-K 14 Jan 2026
- Q3 2025 release · 8-K 14 Oct 2025
- Q2 2025 release · 8-K 15 Jul 2025
- Q1 2025 release · 8-K 15 Apr 2025
- Q4 2024 release · 8-K 15 Jan 2025
- Q3 2024 release · 8-K 15 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 8% | 5% | 8% | 15% | 7% | 10% | 17% | 19% |
| Growth & sales | 16% | 20% | 8% | 19% | 17% | 15% | 17% | 41% |
| Pricing & margins | 20% | 15% | 13% | 22% | 7% | 5% | 13% | 11% |
| Guidance & outlook | 24% | 65% | 23% | 30% | 27% | 23% | 20% | 59% |
| Capacity & supply | · | · | 3% | · | · | · | · | 4% |
| Capital & financing | 24% | 30% | 23% | 22% | 33% | 13% | 30% | 19% |
| Competition | 4% | 10% | 3% | 7% | 3% | 5% | 7% | 11% |
| Products & technology | 4% | 10% | 5% | · | 3% | · | 3% | 4% |
| Macro & regulation | 28% | 5% | 3% | 15% | 10% | 15% | 13% | 19% |
| Other | 28% | 15% | 44% | 26% | 53% | 54% | 33% | 11% |
| Questions | 25 | 20 | 39 | 27 | 30 | 39 | 30 | 27 |
| How much the CEO talked | 31% | 52% | 35% | 41% | 51% | 47% | 43% | 30% |
Who’s in charge, who’s selling
read from the filings · 22 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
Two owners in five voted against the pay
The 2026 advisory vote carried 763.5M to 500.7M — 39.6% against, from 8.6% in 2025 — and 30.5% voted against adding 20m shares to the stock plan. Between the two meetings sits a $60m Special Award to the chief executive, granted 2025-10-22, which the proxy records the compensation committee discussing as possibly "premature since the Consent Orders had not been li[fted]". With it, 2025 chief-executive pay was $95,774,814 and the ratio to the median employee's $73,145 was 1,309 to 1. Nothing filed since the meeting says the board has responded.
Tier 2 · worsening
The independent chairmanship was abolished; the chief executive now chairs the board
In October 2025 the board resolved to elect the chief executive chair and to appoint John Dugan, who had been chair, as lead independent director instead. His duties were then written into the Corporate Governance Guidelines — executive sessions, agendas, the board's self-evaluation, the chief executive's evaluation and pay. Eleven of thirteen nominees are independent; Fraser and Cole are not. Fraser's own against vote went from 1.4% to 6.2%.
Tier 2 · worsening
The capital return is paid out of the regulatory buffer, and the buffer resets in October 2027
Payout was 133% of 2025 earnings and about 92% in Q2 '26; the deck's own CET1 walk shows +45bp earned against -42bp distributed. CET1 went 13.5% to 12.8% in a year against a required 11.6%, with an internal target of 12.6% now and 13.1% by 2028. The 3.6% stress capital buffer is frozen only to 2027-10-01. Five years of buybacks at about $77 average were below tangible book four years in five, which added value; at 1.33x tangible book the $30bn May 2026 programme now shrinks tangible book per share, and no deck marks the crossing.
Tier 3 · stable
One director chairs both the pay committee and the risk committee
Duncan Hennes chairs Compensation (12 meetings in 2025) and Risk Management (21), and also sits on Audit (19) and Executive. That is four of the six standing committees and the two chairs that matter most at a bank under consent orders. He drew the highest against vote on the board in both years, 5.0% then 7.3%.
Tier 3 · worsening
The transformation-completion figure stopped being published
Four reported measures were dropped across the eight decks and KPI persistence is 0.43 — the full-year expense guide in dollars, the 2022 Investor Day scorecard, the USPB segment with its credit-loss ranges, and the share of transformation programmes at target state. That last one went from "90% of our Transformation programs are at or nearly at Citi's target-state" in Q1 '26 to "I am not going to get in I am not gonna get into the game of whether we are at 95%, 96%, 97%" one quarter later, in the quarter the deck dropped the strategy slide that had carried remediation as the "#1 priority".
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Say on pay (advisory)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 118.8M against | 500.7M against | 39.6% |
| 20M more shares for the stock planStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much. | 386.2M against | 385.2M against | 30.5% |
| Re-elect Hennes (chairs pay and risk)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 69.0M against | 92.6M against | 7.3% |
| Re-elect Fraser (Chair and CEO)A board seat. | 19.1M against | 78.9M against | 6.2% |
| Ratify KPMGThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 104.0M against | 101.8M against | 7.1% |
| Re-elect Dugan (lead independent)A board seat. | 31.3M against | 13.1M against | 1.0% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders | $23.3M | 12 sales by 9 people, and not one purchase |
| Of that, pre-planned | none | no sale was under a pre-set 10b5-1 plan |
| The chief executive | not a material seller | 332,827 shares held outright plus 603,004 deferred |