Citigroup : 2026 UBS Financial Services Conference Transcript

Host

Erika Najarian, UBS Equity Research Analyst

Speakers

Shahmir Khaliq, Head of Services

PRESENTATION ERIKA NAJARIAN: All right, everybody. Good afternoon. Our final but - last but certainly not least, we have Citigroup. And with us today is their Head of Services, Shahmir Khaliq. Welcome. SHAHMIR KHALIQ: Thank you. ERIKA NAJARIAN: Thanks for joining... SHAHMIR KHALIQ: Thank you. ERIKA NAJARIAN: ...for the cocktail portion of the day. So just to start, you were on the stage three years ago. And two years ago, you and your team gave us a very in-depth view of the Services business. For the investors that aren't as familiar with you, can you give us a run through of how long you've been the Head of Services and where your focus has been since your previous Investor Day? SHAHMIR KHALIQ: Sure. Firstly, Erika, thank you so much for being here. I think this is my second or third year, the second time I've been here in Florida. But I think it's been about two or three years since I came to this conference last time. And a lot has changed. And as you mentioned, we had our Investor Day back in the summer of 2024.

Just very quickly about myself. I've been Head of Services since 2023 when Jane announced some of those organizational changes. And then before that, I was running our Treasury and Trade Solutions business, which is part of the Services construct. And if you step back and think about what Services is for the ones that may not be as aware, it's basically a combination of our old, what we call, TTS business, Treasury and Trade Solutions business, which is payments, liquidity and trade services; and then the Security Services combination, which is Investor Services and Issuer Services.

I was running the TTS business. And prior to that, I ran ops and technology for TTS for about a year. And then before that, I ran our Direct Custody and Clearing business. And if I age myself another 10 years or so, I was running the Investor Services business for North America. For the last 10, 12 years, I've been in the Services business, running some of the market-leading businesses within the Services construct and helping drive the strategy.

And so the way I would think about it is we had our 2022 Investor Day, we had our 2024 Investor Day, and that's really what we've been focused on since then, really focusing on forward-thinking, thinking about innovation and driving the agenda, but really with one overarching agenda in mind, which is Services is the world's biggest transaction services platform and it operates in 95 markets around the world. How should we invest in the platform, both from a technology and a talent standpoint? How do we drive the right client engagement?

I'm sure we're going to touch on some of those subjects today, but that's really been top of mind for us, how do we continue to propagate the Services agenda and provide solutions to our clients across the globe in a very, very challenging macro environment and therefore growing profitability, growing wallet share as part of that proposition.

ERIKA NAJARIAN: Speaking of challenges, it's been quite the last 13 months in terms of U.S. trade policy and

geopolitical tension. So, would love to hear from you in terms of what are your clients saying and what's the current sentiment? And how is Citi uniquely positioned to help clients navigate an evolving geopolitical and macro environment?

SHAHMIR KHALIQ: I would say, our clients are generally very large, significant clients, who have global footprints around the world or have aspiration to have a global footprint around the world. Our conversation with our clients, given our preeminent incumbency position, is always robust. And if I go down the list of clients starting, frankly, with the corporates, corporates in a very challenging environment with Venezuela recently, with U.S.-China relations, with Russia-Ukraine, and then at the start of the year with the change of the administration, the changes around tariffs and supply chains. If you think about all these factors, the ability for us to have a conversation with our clients and give them solutions that encompass all of the regions around the world with all the markets that they operate in, I think, has been invaluable, both from a client and from a Citi standpoint.

What are we hearing? Firstly, on the corporate side, I think the focus on access to capital, the access to financing, the access and the ability to continue to run treasury operations around the globe, while making sure that their supply chains are unimpacted and the ability to finance their working capital and, think about free cash flow. So that's on the corporate side.

Talking about banks and broker-dealers, banks and broker-dealers are focused on whether, for their retail business, their wealth business or for their markets business, they're thinking about best execution at the cheapest price point. That's been a big area of focus for us as well in talking about providing solutions to banks, broker-dealers, who are a significant part of our solution set.

Thirdly, thinking about public sector. How do we help public sector become more efficient? And at this time, when fiscal deficits are running significantly higher, the public sector is also on a mission to think about how they get smarter. How do they think about making their services, whether it's managing their payments agendas around the world or whether it's managing their holdings of treasury bills and securities around the world.

Then if you continue to move towards the investment side, asset managers are with the entire move to private markets, how should they think about their middle and back-office structures? And as part of their public holdings, how do they think about driving down the cost of what they've invested in to allow them to eke out every single basis point of incremental performance that they can show to their investor community. So that's been a big agenda item.

And last and not the least, if you think about the fintechs, there as the bank with the largest fintech client set in the industry, we're actively engaged with our fintech clients to basically say, how do we help you provide access to the bank in a box? The banking as a service, to help them run and manage their businesses around the world.

I would say a fairly challenging environment, but I think Citi's unique capability to provide that global expertise, coupled with local knowledge and market-leading innovation around how we connect the dots for our clients has been mission-critical for our clients and actually to continue to engage and drive some of the profitability that I'm sure you see and your investor community sees across the board.

ERIKA NAJARIAN: To that end, your ability to now help your clients navigate through challenging times has translated into quite a strong year in 2025. What drove that performance, that strength across both TTS and Security Services? SHAHMIR KHALIQ: Yes. We had a record fourth quarter. And if you look at our numbers, we had record revenues in the fourth quarter. If you look at our full year numbers, we delivered $21.3 billion of revenue, which was up 8% on a year-over-year basis. We delivered a RoTCE of 28.6%, again, which was a number that slightly higher than what we had set out for ourselves on Investor Day. If you look at the underlying components of that profitability and that revenue growth, our NII grew about 12% and our fees grew 6% on

a year-over-year basis across the board.

And if you look at the underlying drivers, our deposits grew about 7% on a year-over-year basis. Our loan book was up about 9% on a year-over-year basis. Cross-border volumes in dollar terms were up 10% on a year-over-year basis. Our clearing volumes were up 5% on a year-over-year basis. And our AUC or assets under custody and administration was up 24% on a year-over-year basis. That was basically injecting more clients into our operating platform. But also, we outstripped MSCI growth. MSCI grew about 17%. We saw net new inflows into our business.

And I think underpinning all of that was, I talked about this robust client dialogue. We had a record number of new wins also in 2025 on an aggregate basis across our business. That effectively allowed us to deliver what we delivered in 2025 but also helped set us up for a strong start to 2026.

ERIKA NAJARIAN: So, Shahmir, maybe just if we could pull up, how are you performing relative to the 2022 Investor Day guidance and Services Investor Day guidance? SHAHMIR KHALIQ: Yeah. It's a great question. I think as I mentioned earlier, fourth quarter was very good for us. And if we go back in time, I would say, in the 2024 Investor Day, we talked a lot about investing in our business, and a lot of that investment in our business is what has helped us drive some of this agenda.

If I can share with you some numbers in the 2024 Investor Day, what we had laid out was a low- to mid-single-digit revenue growth number and a RoTCE in the mid-20% range. Our year-over-year number that I just talked about was 8%. Our 2023 to 2025 revenue CAGR was also 8% as we think about this. And if you look at our revenue CAGR since the 2022 Investor Day, that was at 14%. So, I think, generally speaking, I think from a revenue and a RoTCE standpoint, we have been delivering above the benchmarks we have set for ourselves.

If you think of share of wallet for a second and use that as a metric, that was the second set of metrics we had said. We've gained more than 200 basis points of wallet share both in the institutional TTS space and we have gained more than 200 basis points of wallet share in the Security Services space. So those are, again, two strong data points. The third one is we had set ourselves a goal of growing our wallet share in the commercial bank business, where we had a suboptimal share. We have doubled our wallet share in that business as well. Across the share of wallet metrics and across revenue growth and return metrics, we have overdelivered from that standpoint.

And as I mentioned earlier, I think if you look at our volume growth drivers across the board, whether it's cross-border volumes or it's AUC/AUA, generally speaking, we have overdelivered across those metrics. We feel cautiously optimistic about how we are positioned. And we look forward to talking about our new metrics as we think about our upcoming Investor Day in May.

ERIKA NAJARIAN: Yeah. Excited for May 7. You've done a great job in deposit volume growth in particular since Investor Day. As we think about the areas, the segments that you're focused on, can you maybe provide some color on where we can expect the revenue, loan, deposit growth to come from? SHAHMIR KHALIQ: Yeah. We had laid out our strategy, at the 2024 Investor Day and what we had said, and what I'm going to say is really a continuation of that. And we're going to go into much more detail during Investor Day. But the way I would think about the underpinnings for growth in our business, first and foremost, is what I would call, large institutional clients. These are Fortune 500 companies that have global operating business models. These companies continue to evolve and drive their growth around the world.

We bank more than 80% of these companies. We're either their number one or number two bank as part of their agenda. And our goal is really making sure we're delivering that thought leadership and that engagement model in partnership with Banking, Markets and Wealth to drive that conversation forward. Really deepening our wallet and our penetration with the large clients, which has helped us, as I mentioned, with the wallet share growth we've already seen, but that will continue to drive that momentum. That is what I call the first big building block of what we want to accomplish.

I think the second one is our commercial bank clients. Commercial bank clients, we talked about a wallet

share which was smaller relative to our peers and our competitors. And that is one big agenda item for us that as we've continued to innovate and invest, we thought our services really stand up well, having really spent a lot of time modernizing our platform, making it easier for the small to midsize companies to access.

We thought that that would allow and enable these small to midsize companies as they have growth agendas. Given e-commerce development and given platforms now available, various marketplaces and other platforms available for clients to continue to grow their business. We have plugged into that particular agenda, and that's the double-digit growth in market wallet share sizes that we've seen. I think both of those strategies have come to the fore and will continue to be integral to our growth agenda.

The third one, which I think is absolutely the third leg of the stool is you can have the right client strategy and the right client construct, but you've got to marry it up with the right product setup and the right innovation infrastructure investment agenda. And we talked about it during our 2022 Investor Day and our 2024 Investor Day, investing in our payments platform, in our liquidity and deposit taking platform, our Trade and Working Capital Solutions platform, coupled with the investor and issuer side of the business, has been mission-critical for us.

So how we've grown this wallet share is with the right client strategy, coupled with the right investments that we've made over the last five, six years in this business. And that's helping us monetize this growth agenda that we've delivered over the last few years.

ERIKA NAJARIAN: So, pivoting a little bit, Shahmir, at Services Investor Day, you talked about the marriage between conventional rails and new rails like blockchain through Citi Token Services. You've also told us about real-time 24/7 U.S. dollar clearing, cross-border instant payments, real-time funding, target balancing, Payments Express. Over the last few years, can you highlight how you've continued to innovate to meet client needs? SHAHMIR KHALIQ: Yes. I think for us, as we think about how we run this business, I think there are a few core principles, and I talked about them during the Investor Day. The first one is, while we run a business which is in 95 countries, we think of our business as a no-borders business. We think of our business as enabling our clients to run their treasuries almost as if they were 24/7. That's our operating principle.

The second one is that, and I talked about this at length in Investor Day, is we want to invest, we want to innovate, but we don't want to just invest and innovate for the purpose of investing or innovating. We want to integrate. For us, innovation is all about integration and actually monetizing that investment by integrating into an existing or a new set of services that allows us to have the right anchor clients and drive that agenda over time. For us, I think that has been a mission-critical agenda and we continue to drive that forward. And I'll talk a little bit about some of our investments where we've either invested recently or we've integrated recently.

I think the second thing I'd just mention here is AI. AI is a big talking point. And as I think about AI and the ability for AI to liberate more P&L, the ability for us to engage with our clients better, the ability for us to run our back and middle offices better, the ability for us to run our technology platform better. We've thought about AI with the following lens: If you think about tech assist, how do you help your technology team become better programmers? How do you cut down on programming and therefore use the same tech dollars that you're using and actually develop code much faster?

The second one is agent assist. How do you help agents who are operating, acting for clients, actually help them with information access? And so, as we operate in 95 countries, multiple applications around the world, how do you help agents around the world? When clients come and engage with you on various platforms, how do you inject AI and give them the information that they would need to make the best possible decision?

Then ops assist, our operators around the world running the biggest operations team in the industry, how do we streamline the operating processes? And last and not least is service assist. As our clients engage with us, the biggest custody platform, the biggest payments platform, the biggest institutional deposit taker

platform, how do we help our service agents around the world? Help them make the right decisions for our client and continue to make sure we are delivering for our clients day in and day out.

AI for us is mission-critical. We're building that out. I'll give you one example. As you think about onboarding, you're dealing with some of the most sophisticated companies around the world, operating in some of the most difficult countries around the world. Think about an account opening process. You've got to tick the boxes from a local regulatory standpoint and a documentation standpoint.

Imagine getting a stack of documents which you previously had when you received them, you had to review. A person would take hours to review a set of documents before they could sign off and actually allow for the account to get opened to make sure that local regulatory requirements and Citi requirements had been fulfilled. What took hours is now taking minutes as part of our testing. What we're doing is still with the right oversight, making sure that we are truncating and collapsing some of the processes we've been running as part of this agenda. It's really helping us make our platform more agile and reduce friction across the board.

I'll give you a few more examples on innovation. Recently, we rolled out what we call Single Event Processing, single event custody processing for asset servicing around the world. Think of it this way, you have a sub-custodian and a global custodian. As you think about an asset or an equity or a fixed income instrument that's held around the world by a global investor, imagine when the instrument has corporate production, a fixed income event or a corporate action event around an equity offering. Imagine you touch the instrument a few times between the sub-custodian, the global custodian and the asset manager, before the CIO can then deliver or use the funds that are freed through this process.

The ability for us to collapse at the sub-custodian and global custody level and touch it once is a big enabler for us. We're rolling that out across the globe. We are the only bank in the world that can actually roll that out simply because we run the biggest sub-custody platform in the industry. And that's one of the things that we are pushing out and helping our investor community drive their agendas.

A few other things. We talked about Citi Payment Express. We talked about it at our 2022 Investor Day. At that time, we were just starting. We had imagined it. We were building it out. We've built that out. Now it's rolled out to more than 20 markets, in about 22 markets right now. But 40% of our payment flow transaction is now on this new modern infrastructure. I talked about integration. Not just innovate for the sake of innovation but building a brand new payments architecture. And we've now got 40% of our volumes running through that infrastructure.

24/7 Clearing we talked about. I think as we've rolled that out, we've got about 300 banks now using 24/7 Clearing, trying to provide through conventional rails, the ability to move liquidity and money movement around the world as we provide clearing services for most of the banks around the world.

And lastly, I would say on digital assets, again, another major innovation agenda item. As digital assets have developed, we've built our own internal blockchain that we've effectively connected a number of our critical Citi branches to. And we are using that to move money and liquidity around the world for the benefit of our branches and our clients.

Our aspiration is always to continue to innovate, listen to our clients and make sure that as we innovate, we are putting our clients on the platform and we are commercializing which allows us to drive incremental revenue, and improved client satisfaction and better client solutions across the board. I could give you multiple more examples, but innovation is at the heart of what we're doing as part of the Services agenda.

ERIKA NAJARIAN: No, that was very helpful. Thank you, Shahmir. Your peers at JPMorgan, I think, mentioned a stat about maybe 40% reduction in unit cost in terms of KYC. It's going to be very interesting in terms of how this evolves. Let's maybe talk a little bit about the synergies. I mean, obviously, Citi is a large, diverse firm. Maybe we could talk about the power of synergies in different lines of businesses within Citi. SHAHMIR KHALIQ: Yeah. I think it is a great question. We think about synergies all the time, particularly as

you think about Jane's agenda. I think one of the things Jane really thinks very hard about is how do we have an environment or an enterprise that has a best-of-breed operating model across the board. And therefore, if you're best of breed or you build the right infrastructure and architecture, how do you make sure that you're driving, regardless of business, you're driving your process towards that best-of-breed operating model?

I would say we in Services think about two types of synergies. One is internal to Services. As you think about the five businesses I just talked about, payments, liquidity, trade, issuer and investor, we are thinking about how do we collapse some of the stuff that we do on a day-to-day basis? Onboarding, for example. We onboard a client for custody. They're also a client for our Treasury Services business. How do we collapse that onboarding? How do we think about cutoff times from a liquidity standpoint? How do we provide the best cutoff time for a market participant who is moving money, but also a market participant who's settling securities in the same market? So how do we think about best-of-breed platforms in every market and drive that agenda?

Whether it's onboarding, whether it's servicing, whether it's sanctions or whether it's product capabilities, I would say that is mission-critical for us as we think about that. And that's what's helped us drive a lot of this operating efficiency. We've improved our operating efficiency, something like 300 basis points within Services over the course of the last few years. And that's allowed us to deliver some of the returns we've been delivering is through driving a lot of these synergies and automation and platform modernization across the board.

At a firm level, I will talk about business synergies. For example, when we go out and talk to an investor client, an asset manager clients who's managing money, when you go to that client and offer them our custody services or our agency lending services or a combination thereof, we think about what are you doing for FX? How are you thinking about hedging? How are you thinking about building those services and providing a set of services between Markets and Services together? We give them a singular pipe to access.

Cross-border payments, think about going to one of the largest fintechs in the world and giving them a cross-border payment pipe that gives them access to an FX rate and gets them access to a payment platform. How do you integrate that together? So those are partnerships that we've built out within the institutional bank.

I'll give you another example. You think about M&A transaction, and you think about a client executing M&A, maybe they need an escrow service. Maybe they are doing a capital market issuance, an equity or a fixed income one, maybe they need an issuing agent, maybe they need a paying agent. How do we think about it when we speak to the client and offer them our services, how do we start as an integrated proposition? We can do your M&A advisory. We can help you with your depositary receipt. We can also help you with your capital markets.

So that's how we are bringing the organization much closer together. And therefore, our partnership with Wealth, with U.S. credit cards, Markets and Banking is absolutely mission-critical for us. As we think about our clients' wallet, we think about that wallet together as part of that proposition.

ERIKA NAJARIAN: And Shahmir, maybe just double-clicking on this topic of working with other businesses. How do you partner with the other business to most effectively use the corporate loan book in context of client returns and wallet? SHAHMIR KHALIQ: First and foremost, I think having been a former banker myself, I've been at Citi for about 30 years, and I've been in banking for about 20 of those years, and then for the last 15-odd years, I've been part of our country management and our regional management and then Markets and security services. But having seen a number of our businesses, I think our partnership between our various businesses could not be stronger today as I sit here and see it. And a lot of that comes together not just through how we engage with our clients, but also how we think about capital extension.

And I'll talk about capital extension. First and foremost, as we sit and talk to a client and think about a client's

wallet, we think about that wallet across all businesses. And then as we extend capital, whether into a revolver, whether into a term facility or whether into a facility that helps the client access capital markets, we always think about are we extracting maximum value for this capital. That capital extension could be through the loan book. That capital extension could be through the market side. That capital extension could be through the services side through our trade and working capital finance book. But we have a holistic picture of our clients. And a lot of the investment we've made is actually building that holistic picture of our clients under our client organization and really thinking about how we maximize bang for the buck for capital.

And so, account planning, pipeline building and then having a balance sheet forum where clients get discussed with every new transaction coming to the balance sheet forum and then talking about what our aspiration is, that aspiration that goes into the banker's scorecard, the banker goals and our sales team's goals on the business side. And so, it's a joint partnership, joint accountability in driving that cross-sell in making sure that we get the right bang for the buck for what we are delivering to the client through our capital window.

It's a process that we've significantly improved the engagement on over the last couple of years. And my aspiration is that we will continue to see more traction on it and us getting even better on it, given all the MIS that we've built out internally to help make better decisions around our clients. It should help our clients, and it should help the firm.

ERIKA NAJARIAN: So, before I ask this last question, maybe just remind the audience that if you wanted to ask Shahmir a question, you could scan the QR code and submit it, and I could read it from this iPad. And we also have mics around the room.

As we think about Investor Day ahead and the success that you have already generated for shareholders in this business, what are your priorities for 2026? You indicated at the Services Investor Day that your through-the-cycle returns are in the mid-20s. You did print, as you mentioned a couple of times, 28.6% this past year. How do you ensure you defend your position in the space? And is there a path to sustainably higher returns?

SHAHMIR KHALIQ: Yeah. That's a great question. And I look forward to discussing it at our upcoming Investor Day, but I would leave the audience with just a couple of takeaways, right? Firstly, this is a business that has been built over several decades. But as part of Jane's focus, we have significantly increased the intensity around the investment agenda for this business. And you can see from all the investments we've made and how we're bringing those investments to market much, much faster. Similar to how a fintech would go to market is how we're driving this agenda is how we think about putting those investments out there.

Secondly, I would say we're a through-the-cycle business. So, we talked about what we've delivered since 2021 or 2022 or the 2024 Investor Day, but I would also add one more data point for the folks that from an investor standpoint. If you go back to 2015, we have delivered a revenue growth of 8% CAGR over the last 10 years. The way I think about it is that our strategy continues to be unchanged. We will continue to execute on the strategy that we've laid out. And we look forward to laying out our aspirations around the go-forward agenda, particularly around returns as well as we think about the future.

But our goal, our aspiration will continue to be to invest in the business, to drive much better and improved client engagement and client solutioning, while making sure we are innovating to drive revenue growth, to drive profitability growth and drive wallet share growth. That is mission-critical for our success and that's something we will continue to focus on. And we look forward to the Investor Day in May to talk more about those numbers.

ERIKA NAJARIAN: Great. Any questions in the room for Shahmir? No questions on - oh, sorry, we do have a question on the iPad.

Thinking long into the future, how do you see the durability of Services revenue streams if blockchain

tokenization proliferates across the industry? Aren't many of the nowadays considered crown jewels at risk?

SHAHMIR KHALIQ: Yeah. It's a great question. I would say, as you think about firstly the world at large, one of the things you've got to think about is the world is not homogeneous. The world has borders. The world has FX controls. The world has liquidity controls, and the world has capital controls. As you think about that world and how our clients navigate that universe, our goal, our aspiration is to give our clients access to the best possible technology platform that helps them execute and manage their treasury on a day-to-day basis.

We've actually thought long and hard about the agenda and talking to our clients. As I mentioned earlier, we've already got a functioning, fully built out blockchain, where we've got billions of dollars of client money moving across our pipes every month. And as we talk to our clients and we build that agenda out, we do believe that the world will move at different pace in how they modernize infrastructure. And I think the world will be much more about integration and interoperability. And so, the winners in the space are going to be ones that can integrate what I would call conventional rails and digital rails or blockchain-based rails. We're absolutely on that mission.

We are building and continuing to upgrade our conventional rails to be as 24/7 as possible. We are building and investing in blockchain to build out our token strategies and tokenizing and helping move money using tokens around the world. And we are also actively engaged with the industry across the FMIs to build out interoperability across the token universe. I would say that we are trying to build the infrastructure of the future while making sure that we are driving our agenda across the conventional side as well.

As I mentioned, we're going to have clients move at different paces, different economies move at different paces around the world, and we will continue to evolve and move with it. I think our overall aspiration to be 24/7, of actually innovating and working with our biggest clients, and making sure we take our clients along and our clients take us along, is what's going to help us continue to drive the agenda. And as I said, there won't be singular winners and losers. I think what we will do is play our role in helping the industry continue to move forward and drive to that agenda across the board.

But I do see a world where I see tokens, crypto, fiat, tokenized securities all coexist. And over time, you're going to see, and you're hearing this already, you're going to see banks, FMIs, crypto players, infrastructures continue to drive towards that agenda. I don't see a singular world, but what we see is a world where things work in consent with each other and continue to build that infrastructure of the future.

ERIKA NAJARIAN: That's great. Anything else from the audience? Shahmir, thank you so much for joining us today. SHAHMIR KHALIQ: Thank you so much. ERIKA NAJARIAN: That was a pleasure. Thank you.

Certain statements in this transcript are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: (i) macroeconomic, geopolitical and other challenges and uncertainties, including impacts related to slowing economic growth; elevated unemployment rates and inflation; changes in interest rates; any deterioration in business and consumer confidence and spending; changes in U.S. laws or policies, including those related to credit card interest rates, trade and tariffs; any U.S. government shutdown; and geopolitical tensions and hostilities; (ii) the execution and efficacy of Citi's priorities regarding its simplification, transformation and enhanced business performance, including those related to revenues, net interest income, expenses, capital-related, credit and return expectations, as well as divestitures such as Grupo Financiero Banamex, S.A. de C.V.; (iii) changes in regulatory capital requirements, interpretations or rules; and (iv) the precautionary statements included in this transcript. These factors also consist of those contained in Citigroup's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citigroup's 2024 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.