Citigroup : Fourth Quarter 2021 Presentation

Earnings Results Presentation Fourth Quarter 2021

January 14, 2022

Fourth Quarter and Full Year Results Snapshot

	Revenues		Net Income		EPS
4Q21		$17.0 billion	4Q21	$3.2 billion	4Q21	$1.46
2021		$71.9 billion	2021	$22.0 billion	2021	$10.14
				CET1 Capital Ratio(2)	Tangible Book Value Per Share(3)
	RoTCE(1)
4Q21	7.4 %	4Q21	12.2%	4Q21	$79.16
2021	13.4 %	4Q20	11.7%	vs 4Q20	+ 7%

Fourth Quarter Key Highlights

• Solid client engagement and fee growth across
  ICG
• Strong results in Investment Banking with share gains in Advisory and Equity Underwriting
• North America Citigold households up 9% and AUMs up 8%; Asia Wealth hubs AUMs up 13%

• TTS fees up 18% YoY and Securities Services fees up 11% YoY
• Solid momentum in North America Branded Cards underlying drivers with new accounts up 43% and card spend volume up 24%
• Returned ~$12 billion in capital to common shareholders in 2021

2 Note: All footnotes are presented are Slide 24.

Progress Against Priorities in 2021

Transformation	Strategic Refresh	Culture and Talent
✓ Submitted plans to regulators in the third	✓ Announced 13 consumer exits	✓ Enhanced culture of accountability
quarter	✓ Signed deals for six consumer businesses:
	Australia, Indonesia, Malaysia, Philippines,	✓ Changed compensation plans to be more
✓ Dedicated over 4,000 people to the consent	Thailand and Vietnam	aligned with shareholders
✓ Winding down of Korea consumer
orders	✓ Refreshing and augmenting with external
business
	~	talent
	‒ Active processes underway for remaining
✓ Established six major programs including risk
markets
and controls, data, finance, and compliance		✓ Moving leadership across businesses to
and mapped interdependencies	✓ Announced intention to exit Mexico	promote collaboration and challenge status
	consumer, small business and middle market	quo
~ Ramping up execution to meet milestones	banking
~ Continue to build on strength in core	✓ Focused on meeting our diversity goals
	franchises and investing in growth
	opportunities
	~ Capitalize on synergies across the firm and
	reducing structural complexity
	Safety and Soundness

Executing with Excellence Across All Priorities to Unlock the Value of Citi

Drive Revenue	Disciplined Expense	Improve Returns	Maintain Robust
Over the
Growth	Management	Capital & Liquidity
Medium Term

3

Changing Our Financial Reporting Structure to Align with Our Strategy

Current Reporting Structure as of 2021

New Reporting Structure Effective in 2022

Institutional

Clients

Group

Markets

Banking

North America

Equity Markets

Fixed Income Markets

Securities Services

Treasury & Trade Solutions

Investment Banking

Corporate Lending

Private Bank

Branded Cards

Retail Services

Retail Banking

Institutional

Clients

Group

Personal

Banking &

Wealth

Services

Markets

Banking

US Personal

Banking

Treasury & Trade Solutions

Securities Services

Equity Markets

Fixed Income Markets

Investment Banking

Corporate Lending

Branded Cards

Retail Services

Retail Banking

Private Bank

Global	Branded Cards
Consumer	Asia
Banking	Retail Banking

Management

Global Wealth Management

Wealth Management

Branded Cards

Latin America

Retail Banking

4

	Asia Consumer
Legacy
Mexico Consumer, Small Business & Middle Market
Franchises	Banking
Legacy Holding Assets

Strategy Refresh - Mexico Update

Highlights

• Announced intention to exit Mexico Consumer, Small Business and Middle Market Banking
• • 2021 contribution of ~$4.7B in revenues, ~$1.1B in net income and ~$4B in average allocated TCE
• Planned divestitures of consumer businesses across Mexico, Asia and Europe are aligned with the repositioning of our consumer operations and strategy
• Focusing on institutional presence in Mexico
• Investing to better serve ICG clients in Mexico, including private bank clients, as part of our global network
• Focusing on wealth centers globally as well as payments and lending and a targeted retail presence in the U.S.

Mexico(1)
($ in MM)		2020
Revenues		$4,906
Expenses		3,110
Credit Costs		1,528
EBT		268
Net Income		$198
Key Drivers / Statistics ($ in B)
Allocated Average TCE	(3)	5
Average Loans		22
Average Deposits		30

	13 Asia Exit Markets(2)
2021	($ in MM)		2020
$4,674	Revenues		$4,333
3,191	Expenses		3,418
(40)	Credit Costs		1,035
1,522	EBT		(120)
$1,086	Net Income		$(82)
	Key Drivers / Statistics ($ in B)
4	Allocated Average TCE	(3)	7
20	Average Loans		53
31	Average Deposits		51

2021 $4,079 3,634 319 126 $354

7 53 53

Mexico + 13 Asia Exit Markets(2)

($ in MM)		2020	2021
Revenues		$9,239	$8,753
Expenses		6,529	6,825
Credit Costs		2,563	279
EBT		147	1,648
Net Income		$116	$1,440
Key Drivers / Statistics ($ in B)
Allocated Average TCE	(3)	12	12
Average Loans		75	73
Average Deposits		80	85

5 Note: Totals may not sum due to rounding. All footnotes are presented on Slide 24.