Consumer Businesses


The Global Consumer Bank (GCB) operates four geographical business lines — Branded Cards, Retail Services, Retail Banking and Commercial Banking — in Citi's four regions: Asia; Europe, the Middle East and Africa (EMEA); Latin America; and North America. Generating nearly half of its revenues outside of North America, GCB is diversified and well-positioned, with a strategic focus on the 100 cities in the U.S. and top emerging markets with the highest growth potential and where our target client segments are thriving.

The business serves a quality, globally diverse client base through simple, flexible and powerful solutions, a network of state-of-the-art retail branch formats, and innovative digital offerings that aim to deliver a simple, secure and seamless client experience.

GCB continues to simplify operations and capture global efficiencies. In 2014, Citi announced strategic actions to streamline its consumer footprint to the 24 markets with the greatest scale and growth potential for the firm. As a result, Citi is exiting Consumer operations in 11 markets as well as its consumer finance business in Korea. The new footprint captures more than 96 percent of GCB's existing revenue base and concentrates resources on markets where our scale and network provide the greatest competitive advantage.

A significant and growing contributor to the company as a whole, in 2014, GCB generated $10 billion in pretax earnings, more than half of Citicorp's total, while improving performance and profitability. Key business drivers demonstrated strong growth: Average loans grew 3 percent, cards purchase sales increased 3 percent, assets under management rose 7 percent and average deposits were up 1 percent, with growth concentrated in checking and savings accounts.

In 2014, GCB businesses held $331 billion in average deposits, included $298 billion in average loans and managed $173 billion in average assets. GCB operates approximately 3,280 branches in 700 cities worldwide.

CREDIT CARDS

Citi is the world's largest credit card issuer, with 139 million accounts, $375 billion in annual purchase sales, and $142 billion in average receivables across Citi® Branded Cards and Citi Retail Services.

Citi Branded Cards
Citi Branded Cards provides payment and credit solutions to consumers and small businesses. With more than 50 million accounts in circulation, in 2014, the business generated annual purchase sales of $294 billion and held an average loan portfolio of $99 billion.

In 2014, Citi continued to harness the power of its unrivaled global scale and network on behalf of our cardmembers. With many of the best rewards capabilities and partners in the industry — including Air France®, KLM® and Hilton HHonorsTM — Citi introduced a single powerful global rewards platform in two markets and will continue rollout in 2015. The new best-in-class experience includes a global rewards catalog, travel portal, special offers and the ability to transfer points to loyalty partners.

Citi Branded Cards also made significant progress in simplifying and standardizing its product portfolio. The number of product variations was reduced by 50 percent, and globally common products were introduced. Following launches in Hong Kong, Malaysia, Mexico, Singapore and the U.S., we introduced the Citi PrestigeSM card — Citi's first credit card to offer affluent customers a common set of global benefits and experiences — in Australia, India and Korea. We also launched the Citi SimplicitySM card for value-focused customers in Australia and the United Arab Emirates.

In the U.S., Citi Branded Cards continued to enhance product and reward competitiveness as well as improve the cardmember experience. In the fast-growing cash back segment, Citi introduced Citi® Double Cash, which provides 1 percent cash back on all purchases with no cap on the amount of cash back cardmembers can earn or category restrictions and an additional 1 percent cash back when paying for those purchases — a combination of benefits that is unique in the industry. Citi also deepened relationships with key co-brand partners and announced that we will become the exclusive credit card issuer of all new accounts for American Airline following the integration of the American and US Airways frequent flyer programs.

Citi continued to expand how ThankYou® Rewards members can use their ThankYou Points. Members now can transfer points to elite air and hotel loyalty programs and use points to pay bills online through a Citibank checking account. Citi Prestige also was enhanced to deliver greater value, with more opportunities to earn points on airfare, hotel, dining and entertainment purchases; expanded airport lounge access; an annual airline travel credit; and complimentary hotel night stays.

Access to Citi® Private Pass®, Citi's industry-leading entertainment access platform, also expanded. The program, which launched in Asia and Latin America, offers cardmembers across 19 countries special access to purchase tickets for thousands of music, sports, dining and family entertainment events.

Citi Cards provided new ways to make purchases online and via smartphones. Citi is the first bank to introduce Citi WalletSM, our own branded digital wallet in the U.S., which simplifies and shortens online checkout to just a few clicks.

In addition, Citi's work with Apple on Apple Pay is an example of our commitment to delivering choice and value through innovation and providing cardmembers faster and more convenient ways to make payments.

Retail Services
Citi Retail Services provides consumer and commercial credit card product —both private label and co-branded—to national and regional retailers and their clients across North America. The business serves 88 million accounts for a number of iconic brands, including Best Buy, ExxonMobil, Macy's, Sears, Shell and The Home Depot.

In 2014, Citi Retail Services extended four relationships, including Macy's, Inc., and celebrated new ones with CNH Industrial and Volkswagen of America, solidifying the business's position as a top provider of private label and co-branded card products to U.S. retailers and their clients. In addition to credit services, Citi Retail Services offers cutting-edge digital options, multi-channel retailing expertise and industry-leading analytics capabilities that help retailers expand and deepen customer relationships and grow their businesses.

In 2014, Citi Retail Services saw purchase sales of $80 billion, with an average loan portfolio totaling $43 billion.

RETAIL BANKING

Global Consumer Banking

In the fastest-growing cities around the world, Citibank serves a full range of consumer banking needs, including checking and savings accounts, loans, wealth management advice and small business services.

Through Citigold® wealth management, Citibank offers personalized service, unique benefits and global capabilities to clients worldwide. To meet the needs of the emerging affluent—one of the world's fastest-growing consumer market segments—Citi launched a unique value proposition in Latin America and EMEA called Citi Priority. This offering delivers tailored products, simple solutions and unmatched service to support a flexible, global, digital lifestyle.

Citi continued to build a lighter, more purposeful footprint of next-generation retail formats and a digitally sophisticated presence. Citi Smart Banking branch locations opened in top cities, including Dubai, Mexico City, Monterrey, Moscow, New York, Rio de Janeiro, San Francisco, São Paulo, Sydney and Warsaw. Smart Banking improvements are driving meaningful increases in client acquisition and satisfaction, speed of in-branch servicing, and sales and brand recognition.

Digital is GCB's largest and fastest-growing service channel. As the number of our mobile banking clients grows rapidly—last year alone saw a 50 percent increase over 2013 levels—Citi continued to launch simple, easy, intuitive digital products that deliver speed, convenience and value. In the U.S., Citi unveiled a new ATM experience to make everyday transactions easier, launched the Access Account for clients who prefer to bank digitally with greater control over their finances, and introduced Citi Mobile® Snapshot, enabling clients to view deposit and credit card balances without logging in to their accounts.

GCB's efforts were recognized by Global Finance magazine with three awards, including Best in Mobile Banking, Best in Social Media and Best Consumer Internet Bank in North America. Mobile Commerce Daily named Citi its 2014 Mobile Bank of the Year.

The Mortgage business, which provides loans for home purchase and refinance transactions in the U.S., originated $25.2 billion in new loans in 2014. The business continued to deepen client relationships by aligning with Citibank's U.S. retail bank footprint, expanding digital collaborations, and redesigning its fulfillment process to reduce cycle times and improve the client experience. Citi Mortgage remains highly committed to foreclosure prevention and, in 2014, conducted its fourth consecutive Road to Recovery Tour, a series of events offering private sessions for clients whose financial difficulties affect their ability to make mortgage payments.

In 2014, Citi Banamex — which serves 21 million clients in Mexico — celebrated its 130th anniversary. One of Mexico's oldest and most respected financial institutions, Citi Banamex holds a leading position in retail banking, consumer credit, corporate and investment banking, securities brokerage, transaction services, wealth management, bank insurance, and mutual and pension funds.

Global Finance honored Citi Banamex with five awards, including Best Consumer Internet Bank, Best Corporate/Institutional Internet Bank, Best Online Treasury Services, Best Online Cash Management and Best Mobile Banking App in Mexico.

COMMERCIAL BANK

Citi Commercial Bank (CCB) provides trade-oriented midsized companies with access to award-winning products. In 2014, CCB enhanced its service to clients in more than 100 cities worldwide. By leveraging a rising trend in mid-sized companies requiring global banking capabilities and services, the Commercial Bank helped many of its clients expand internationally and access capital across multiple countries. CCB is an enabler of global growth and has been an important partner for companies as they continue to broaden their reach across key urban centers around the world.

In 2014, CCB was recognized as Export Lender of the Year by the U.S. Small Business Administration and was named recipient of Best SME (Small and Medium Enterprise) Service Brand by China CFO magazine in its Top CFO's Most Trustworthy Bank Award.