Consumer Businesses

Citi's Global Consumer Bank (GCB), a global leader in credit cards, wealth management and Commercial Banking, serves as a trusted partner to more than 110 million customers in 19 countries worldwide, providing financial services that enable growth and economic progress.

The Global Consumer Bank operates four business lines—Branded Cards, Retail Services, Retail Banking and Commercial Banking—in three priority markets: Asia, Mexico and the U.S.

Over the past few years, our business has transformed to become a simpler, leaner, focused franchise. In 2016, GCB continued to perform, building on the foundation for growth set in 2015.

We further streamlined our GCB footprint with the announced exit of Argentina, Brazil and Colombia to focus on markets where we have the greatest opportunity for growth. Resizing of our retail branch footprint continued, creating a lean, digitally forward, urban network with an outsized share of U.S. deposits and improving efficiency. Distinctive wealth management value propositions were introduced in the U.S. and refreshed in Asia to drive differentiation and share of the wealth wallet of affluent clients. And strategic investments were made—in Mexico, U.S. Cards, technology and a trifecta of U.S. credit card partnerships (Costco, American Airlines and The Home Depot)—to drive growth into the next decade.

The journey to becoming a world-class digital bank tangibly accelerated. A mobile-first strategic focus and deployment of a new, agile operating model fostered massive improvements in the design and delivery of digital features and in the customer experience. The implementation of a uniform technology platform was completed, and the franchise saw significant growth in the number of digital users, mobile downloads and digital engagement. We forged a number of digital payments solutions and partnerships to deliver scale, convenience and ease. And Citi FinTech, a new unit charged with developing next-generation mobile banking capabilities through co-creation with clients, delivered a new set of mobile features in the U.S., making Citi the first global bank to integrate banking, money movement and wealth management on mobile.

GCB operated approximately 2,600 branches and generated $7.8 billion in pretax earnings, representing 37 percent of Citicorp's total. In 2016, our GCB business held $300 billion in average deposits, managed $139 billion in average assets and included $280 billion in average loans.

Consumer Businesses

CREDIT CARDS

As the world's largest credit card issuer, we are an undisputed industry leader, with more than 55 million accounts, $421 billion in annual purchase sales and $140 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 55 million accounts globally. In 2016, our Citi Branded Cards business generated annual purchase sales of $341 billion and had an average loan portfolio of $96 billion.

With a simplified, standardized and revitalized global products portfolio, Citi Branded Cards intensified its focus on growth.

In the U.S., we completed the acquisition and conversion of Costco's co-brand credit card portfolio and launched the Costco Anywhere Visa Card by Citi. With an enhanced value proposition, the card launched to tremendous demand, with more than 1 million new accounts in six months. We also extended our nearly three-decade-long relationship with American Airlines, the world's largest airline, to continue offering our lineup of cards to new customers through multiple exclusive channels.

Internationally, we signed a credit card partnership with Coles, a leading national supermarket chain in Australia, and continued the rollout of globally common, competitive products. The Citi PrestigeSM card, offering affluent customers a common set of global benefits and experiences, launched in China, and Citi SimplicitySM, a card for value-focused customers, launched in Indonesia and Malaysia. All markets now have at least one globally common card product.

In 2016, we improved digital servicing by focusing on foundational experiences and launching new features faster than ever before. In the U.S., a slew of new digital features were introduced, including Citi® Quick Lock, enabling cardmembers to lock and unlock their card, the ability to track a replacement card and the ability to file a dispute in app, a first for a major U.S. credit card issuer.

Our business made notable strides digitizing key components of the mobile payments experience to drive growth going forward. We announced our own payments solution that provides customers with a simple and fast option for online, in-app and in-store payment needs, which was introduced in Australia and Singapore. In 2016, we became the first global bank to announce a partnership with PayPal to tokenize cards for customers wanting to use PayPal for in-store purchases across Mastercard and Visa portfolios in the U.S.

In Asia, we extended our global partnership with Samsung Pay and secured strategic agreements with the region's leading digital companies and social media platforms, integrating our services into the digital ecosystems clients use most, to deliver value, convenience and speed.

We continued the global expansion of our rewards program ThankYou® Rewards to new markets, including Mexico, Taiwan and the United Arab Emirates. The platform now covers markets representing more than 90 percent of Citi's cards revenue base. The program also announced new relationships with Best Buy, Expedia, Wonder and 1-800-Flowers.com and added JetBlue as a new points transfer partner to provide customers with even more ways to use their points how, and when, they want.

Through relationships with legendary artists and bands, our award-winning entertainment access program Citi® Private Pass® worked with more than 1,500 artists to offer unmatched access and VIP experiences to our customers in the U.S. and in 14 countries globally. In addition, we secured an exclusive partnership with Live Nation in Singapore, Taiwan, Thailand and Hong Kong, further expanding the program's international footprint.

Retail Services
Citi Retail Services is one of North America's largest providers of private label and co-brand credit cards for retailers. In addition, we deliver multi-channel retailing expertise, advanced data analytics and digital solutions to help premier retailers across an array of industries grow their businesses. We serve 88 million accounts for iconic brands such as Best Buy, Exxon and Mobil, Macy's, Sears, Shell and The Home Depot.

In 2016, Citi Retail Services renewed its long-term credit card agreement with The Home Depot, one of the most successful private label card programs in the retail industry, securing all of its significant partnerships through 2020 or beyond. We also renewed our relationship with Ford Motor Company, Monro Muffler Brake, Inc. and TBC Corporation and entered the power equipment space by signing new partnerships with BRP, Kawasaki and The Toro Company. Additionally, we expanded loyalty offerings to Sears Mastercard customers through the integration of ThankYou Rewards, Citi's pre-eminent rewards program offering, and the significant enhancement of point-earning opportunities for Shop Your Way Mastercard customers.

In 2016, Citi Retail Services saw purchase sales of $80 billion and a loan portfolio ending the year at $47 billion.

RETAIL BANKING

Citibank meets the full range of consumer banking needs, including checking and savings accounts, loans, wealth management advice and small business services. Our distinctive Citi Smart Banking branch design and experience, tailored offerings and world-class service continue to set us apart from peers.

Retail Banking

Through Citigold® and Citigold Private Client, we provide industry-leading, personalized wealth management services and a host of top-tier benefits to clients around the globe. In 2016, we introduced sweeping enhancements to our retail bank and investment offerings to meet clients' evolving financial needs and to align our distinctive global offerings. In addition, Citigold Client Centers opened in London, New York, Moscow, Seoul and St. Petersburg, each setting the standard in convenience, service, design and comfort.

In Asia, we continue to differentiate our value proposition across segments. Citi Priority, the emerging affluent value proposition, is now live in 13 markets with a new digital welcome experience and a range of preferred benefits and personalized services. Citigold was relaunched in five markets. This included new tools such as Total Wealth Advisor, which uses sophisticated models for financial planning based on Citi's global expertise in private banking and institutional markets, and the introduction of the Citigold Diversification Index, an internally designed framework to measure a client's portfolio diversification.

In the U.S., an enhanced, best-in-class Citigold experience was launched to offer clients a personalized, tailored level of service, exclusive benefits and the world-class investment capabilities of Citi Personal Wealth Management. At the same time, Citi Priority, a new value proposition for emerging affluent clients that includes on-demand financial guidance, digital tools and an improved level of benefits, was introduced. Together, they meaningfully improve our competitiveness in wealth management. We also joined Early Warning's clearXchange® network in the U.S., which will enable our banking customers to send or receive real-time person-to-person (P2P) payments to or from customers of participating network banks.

Across the U.S., we continued to support the growth of small businesses, helping them create jobs and real economic value in their communities. More than $11 billion in loans were originated in 2016, raising the total amount of U.S. small business lending over the past five years to $49 billion. CitiMortgage, which provides loans for home purchase and refinance transactions in the U.S., originated $24 billion in new loans in 2016. Our mortgage business continued to focus on client relationships by targeting originations within our U.S. retail bank footprint and improving the client experience.

In Mexico, Citibanamex announced meaningful investments, including new "Smart" branches, 2,500 next-generation ATMs, and technology platforms and infrastructure, reflecting the significant growth opportunity we see in the market. This year, 20 new branches were opened, 1,000 new ATMs were installed, and Citi Priority and Citibusiness® were introduced.

COMMERCIAL BANK

Citi Commercial Banking provides global banking capabilities and services to mid-sized, trade-oriented companies in more than 100 cities worldwide. As many of these clients expand internationally, we help enable their growth and ability to access capital across multiple countries, one of our core activities. In 2016, client satisfaction reached an all-time high, and our Commercial Banking business continued to deliver enhanced digital services to clients.