2018 Annual Report
Citi’s Value Proposition: A Mission of Enabling Growth and Progress
What You Can Expect From Us & What We Expect From Ourselves
Citi’s mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients. We have 200 years of experience helping our clients meet the world’s toughest challenges and embrace its greatest opportunities. We are Citi, the global bank — an institution connecting millions of people across hundreds of countries and cities.
We protect people’s savings and help them make the purchases — from everyday transactions to buying a home — that improve the quality of their lives. We advise people on how to invest for future needs, such as their children’s education and their own retirement, and help them buy securities such as stocks and bonds.
We work with companies to optimize their daily operations, whether they need working capital, to make payroll or export their goods overseas.
By lending to companies large and small, we help them grow, creating jobs and real economic value at home and in communities around the world. We provide financing and support to governments at all levels, so they can build sustainable infrastructure, such as housing, transportation, schools and other vital public works.
These capabilities create an obligation to act responsibly, do everything possible to create the best outcomes, and prudently manage risk. If we fall short, we will take decisive action and learn from our experience.
We strive to earn and maintain the public’s trust by constantly adhering to the highest ethical standards. We ask our colleagues to ensure that their decisions pass three tests: they are in our clients’ interests, create economic value, and are always systemically responsible. When we do these things well, we make a positive financial and social impact in the communities we serve and show what a global bank can do.
In billions of dollars, except per-share amounts, ratios and direct staff
|Global Consumer Banking Net Revenues||$33.8||$32.8||$31.6|
|Institutional Clients Group Net Revenues||37.0||36.5||33.9|
|Corporate/Other Net Revenues||2.1||3.1||5.2|
|Total Net Revenues||$72.9||$72.4||$70.8|
|Diluted EPS — Net Income||6.68||5.33||4.72|
|Diluted EPS — Income from Continuing Operations||6.69||5.37||4.74|
|Citigroup Stockholders' Equity||196||201||225|
|Basel III Ratios — Full Implementation2|
|Common Equity Tier 1 Capital||11.9%||12.4%||12.6%|
|Tier 1 Capital||13.5%||14.1%||14.2%|
|Return on Assets||0.94%||0.84%||0.82%|
|Book Value per Share||$75.05||$70.62||$74.26|
|Tangible Book Value per Share||63.79||60.16||64.57|
|Common Shares Outstanding (millions)||2,369||2,570||2,772|
|Total Payout Ratio||109%||117%||77%|
|Direct Staff (thousands)||204||209||219|
Dear Fellow Shareholders:
2018 was a year of steady and meaningful progress for Citi toward the overarching goal we laid out at our Investor Day in 2017: to improve the returns we generate on shareholders’ capital through 2020 and beyond. On that day, we also outlined our strategy to meet that commitment. We would drive sustainable, client-led revenue growth by deepening our relationships with current clients and capturing new ones in target segments. We would use our scale and technology to enhance our capabilities while lowering our cost to serve clients. We would optimize our capital base, including returning all capital above what we need to prudently operate and invest in the firm. Finally, we would continue to focus on our controls and risk management to ensure Citi is an indisputably strong and stable institution.
In 2018, we did each of those things while demonstrating our ability to navigate a complex environment, which swung from a start marked by positive sentiment driven by U.S. tax reform and synchronized global growth to a close when markets declined with a volatility and velocity rarely seen. After a fourth quarter marked by concerns about the business cycle, trade with China and the impact of Federal Reserve interest rate policy, our continued progress in 2018 provided welcome assurance that our people, model and global franchise are resilient in challenging markets.
Across our firm we drove growth, as we said we would do, by deepening relationships with current clients while also attracting new ones.
In our Global Consumer Bank, we used our scale and technology to make it easier for our clients to seamlessly bank with us, through their channel of choice. In our U.S. franchise, our enhanced mobile app now gives clients a comprehensive view of their finances and, in an industry first, gives non-Citi clients those same capabilities. In Mexico, our redesigned mobile app is driving double-digit user growth. We are leveraging our experience in Asia, where we have high digital engagement and a growing digital lending platform.
In our Institutional Clients Group, we upgraded our capabilities to focus fully on providing clients with solutions, not products. Our Treasury and Trade Solutions business offers the industry’s most versatile and powerful suite of digital platforms, tools and analytics. A prime example is the launch of Citi Smart Match®, created in partnership with fintech firm HighRadius, which uses artificial intelligence and machine learning to enable our corporate clients to automate the matching of open invoices to payments.
But we’re not stopping there. Across Citi, we’re continuously innovating to enhance our value proposition and accelerate our speed to market. We’re streamlining client onboarding, providing more personalized offers, creating more intuitive and convenient self-service platforms, and taking pain points out of our processes. These actions lowered our cost to serve clients and enabled us to fund investments in areas that position us for future growth. In the second half of 2018, efficiency savings outpaced our incremental investments by about $200 million, an amount we expect to grow into the $500 million–$600 million range in both 2019 and 2020.
We also made structural changes across the franchise to drive growth and boost returns.
In our largest Consumer market — the U.S. — we created a more effective client-centric structure that unifies the leadership and strategy of our Branded Card and Retail Banking businesses, consistent with our consumer franchises in Asia and Mexico. Our franchise should not only attract new clients but also enable us to convert a larger proportion of our more than 28 million Branded Card clients into multi-relationship customers. As many of our current Card clients reside beyond our six-city retail branch footprint, we believe we can broaden these relationships by providing unique and compelling value propositions, combined with our industry-leading digital capabilities and nationwide ATM network.
In our Institutional Clients Group, we also made structural changes to further enhance our clients’ experience. By combining our Corporate, Investment Banking and Capital-Markets Origination divisions into a new unit, Banking, Capital Markets and Advisory, we’re providing clients with access to a broader range of creative solutions across our institutional platform. We’re also seeing the fruits of greater connectivity between our Treasury and Trade Solutions and foreign exchange businesses. Above all, we’re giving ourselves an opportunity to take a broader, deeper, more holistic view of our clients and their evolving needs.
All of those actions supported our strategy and contributed to our business performance in 2018. The $18 billion of net income we earned was 14% higher than in 2017, excluding the one-time impact of Tax Reform in both periods.1 On the same basis, our earnings per share increased 25% to $6.65 per share, driven by higher net income and the benefit of share repurchases. And we continued to make progress on our efficiency ratio, driving it down to approximately 57% for the year after lowering our expense base to just under $42 billion.
Perhaps most significantly, our Return on Tangible Common Equity (ROTCE), increased to 10.9%2, surpassing our target of at least 10.5% for the year as we work toward our goal of at least 13.5% for 2020.
CITIGROUP — KEY CAPITAL METRICS
2018 NET REVENUES1
Our performance on the Federal Reserve’s Comprehensive Capital Analysis and Review (CCAR) stress test approved us to return $22 billion of capital for the 2018 cycle, and we are on track to meet our goal, subject to regulatory approval, of returning at least $60 billion of capital through the three CCAR cycles ending in 2020.
In the Global Consumer Bank and the Institutional Clients Group, we generated underlying revenue growth of 3%, excluding the impact of gains on sale in both periods.3 In our Global Consumer Bank, we realized the benefits of investments we made over the past several years in areas of growth, including U.S. Branded Cards; Retail Services, aided by the acquisition of the L.L.Bean portfolio; and Mexico, where we’re gaining market share and accelerating our digital transformation. In Asia, we saw healthy inflows of assets under management and good growth in the number of Citigold clients, despite the uncertain macro environment that impacted investment revenues.
Pay Equity Review
Raw Pay Gap Data
In the Institutional Clients Group, volatility and uncertainty at the end of the year adversely impacted our market-sensitive businesses, including Fixed Income and Investment Banking, although we grew share and revenues in M&A Advisory and Equities for the year. Our steady accrual businesses — Treasury and Trade Solutions, Securities Services, the Private Bank and Corporate Lending — grew revenues by 9% for the year. Our backbone Treasury and Trade Solutions business distinguished itself by growing revenues for the fifth consecutive year in constant dollars. And despite concerns about trade rhetoric and tariffs, our global network — one that is hard to see replicated in the current environment — showed it is well-positioned to capture flows no matter where they shift.
Our bankers also served clients with distinction, advising on some of the biggest deals of the year. A sampling includes NEX Group’s merger with CME Group, advising Time Warner on its acquisition by AT&T, serving as joint financial advisor to Ant Financial on the largest capital raise by a private company, and Nestlé Holdings on its first U.S. dollar private placement.
The trust, satisfaction and loyalty we’re building with Citi clients are also words that come to mind when I think about my Citi colleagues worldwide. They express how I feel about a number of close colleagues and friends of the firm who chose 2018 either to retire or embark on an exciting new phase of their life. I won’t name them all, but I will note the important transition we announced in the fall, when, after nearly seven years as Chairman and a decade on our Board of Directors, Michael O’Neill retired. We are enormously grateful to Michael O’Neill for making Citi’s Board and our firm stronger, better, more diverse and more capable.
The Board elected John C. Dugan as the next Chair. In doing so, we maintained our model of having a Non-Executive Chair, which is in keeping with leading corporate governance practices. John is a former Comptroller of the Currency, distinguished counselor and longtime industry leader. Having been a Board member since 2017 and an advisor to the Board before that, he knows our firm well and has hit the ground running.
Franz Humer and Anthony Santomero will also retire in 2019, having reached the retirement age for Citi Directors. Tony has been on the Board since 2009 and chaired the Citibank Board and the Risk Management Committee. Franz has been on the Board since 2012 and chaired the Ethics and Culture Committee. We thank both of them for their years of service.
We also thank and congratulate several senior members of my management team on their retirement, including our Chief Financial Officer, John Gerspach, who is being succeeded by longtime Citi executive Mark Mason. Each of these talented executives will be missed, yet we’re excited to welcome a new group of executives into leadership positions at Citi, where I am sure they will shine.
In 2018, we also decided, on a number of occasions, that there are times when a company must take a stand. One of those times came in January, when in keeping with our commitment to diversity and inclusion, we were the first financial services firm to voluntarily disclose our adjusted pay gap between women and men in the U.S., the U.K. and Germany and between minorities and non-minorities in the U.S. We found that women were paid on average 99% of what men were paid and minorities were paid on average 99% of what nonminorities were paid, and we made pay adjustments to help close the gaps. We viewed this as a first step on the road toward greater pay equity transparency.
In February, I signed the CEO Action for Diversity & Inclusion, joining more than 350 CEOs and presidents committed to driving policy changes and practices in our own firms that advance equitable workplaces. Over the summer, my management team and I announced representation goals aimed at increasing the number of black colleagues in the U.S. and female colleagues globally in senior positions at our firm.
At the end of the day, what matters most to me is that every Citi colleague feels pride in who they are and that Citi stands with them. In my experience, having a diverse team of people around the table with different thoughts, insights and perspectives leads to better decisions.
In March, in the wake of the tragic school shooting in Parkland, Florida, and the epidemic of gun violence in the U.S., we were the first bank to announce a Commercial Firearms Policy. It requires our retail sector clients to use established best practices, including background checks and age restrictions. We’re under no illusion that any policy is a perfect solution, but we — and I — couldn’t feel more strongly that it’s up to companies like ours to do more when we can.
Throughout the year, our colleagues demonstrated their commitment to the communities we serve. In June, we brought more than 100,000 Citi volunteers, alumni, clients, friends and families in over 450 cities in 90 countries and territories to work on more than 1,400 service projects in their communities. It was our largest Global Community Day ever. From feeding hungry people to revitalizing schools, our people showed the positive impact our company makes in the communities we serve.
The hard work of thousands of Citi colleagues has created a culture of which we can be proud. It’s a culture based on a foundation of ethics and execution, informed by our mission of enabling growth and economic progress around the world.
These efforts are among the reasons Euromoney named Citi “Best Bank for Corporate Social Responsibility.” I couldn’t have said it better myself than the editors did: “The focus on improving economies for everyone is something that runs deep at Citi.”
That focus is reflected in our Sustainable Progress initiative, under which we recorded $95 billion of transactions toward our 10-year, $100 billion environmental finance goal. It is a goal we are going to reach almost five years ahead of schedule.
Citi Announced a Global, Mission-Led Partnership with the International Paralympic Committee
“Citi and the IPC are ideal partners because we share a deep passion for helping to foster a more diverse and inclusive society. These athletes have overcome adversity to achieve the world’s most elite level of sporting excellence. Their strength, perseverance and determination is truly what makes them exceptional, and we look forward to supporting their journey to compete on the global stage.”
— CEO Michael Corbat
The 18 National Paralympic Committees Citi will sponsor include Australia, Chinese Taipei, Colombia, Costa Rica, Great Britain, Hong Kong, India, Indonesia, Ireland, Malaysia, Mexico, Nigeria, Philippines, Poland, Singapore, South Africa, Thailand and the UAE.
The international partnership will run through 2020 and includes support for National Paralympic Committees in 18 countries as they prepare for upcoming World and regional Championships, as well as the Tokyo 2020 Paralympic Games. Through the partnership, Citi aims to raise awareness for the Paralympic Movement, support Para athletes, and advocate for societal change in perceptions around disability.
That focus also informed the Citi Foundation’s partnership with the International Rescue Committee to invest in training and placement for young refugees in Nigeria, Jordan and Greece. That partnership is part of our $100 million commitment through Pathways to Progress to help 500,000 young people globally to access economic opportunity through the workforce.
We entered 2019 with determination and focus. We have articulated our goals and have the resources to meet them. While the macroeconomic picture requires flexibility, we are prepared for a range of operating environments.
We will remain true to our mission of enabling growth and progress and will continue to be true to our values as we serve our clients. As we have shown in 2018, our targets are achievable and we are committed to continuing to make steady progress toward them every day throughout 2019.
Michael L. Corbat
Chief Executive Officer, Citigroup Inc.
1 Citi’s results of operations, excluding the impact of Tax Reform, are non-GAAP financial measures. For a reconciliation to reported results, please see Appendix A.
2 ROTCE in 2018 excludes the impact of Tax Reform and is a non-GAAP financial measure. For a reconciliation to reported results, please see Appendix A.
3 Citi’s results of operations, excluding the impact of gains on sale in 2018 (approximately $250 million in Latin America Global Consumer Banking) and 2017 (approximately $580 million in the Institutional Clients Group), are non-GAAP financial measures. For a reconciliation to reported results, please see Appendix A.
Global Consumer Banking
Citi’s Global Consumer Bank (GCB), a global digital banking leader in credit cards, wealth management and commercial banking, serves more than 110 million clients in 19 countries.
With a strategic focus in the U.S., Mexico and Asia, the Global Consumer Bank’s segment-driven, client-led growth strategy continues to deliver solid results.
In 2018, the Global Consumer Bank strengthened its client-centric model, rapidly accelerated its digital transformation, gained momentum resolving legacy regulatory issues and continued to pace strategic investments in key growth areas.
GCB strengthened its client-centric model with a reorganization that created a regional structure in the U.S., similar to our franchises in Asia and Mexico, and brought together product leadership globally to unify strategy across products, segments and investments. In doing so, we are bringing together the full power of our franchise across Citi-branded products and client segments in the U.S., our largest market and opportunity, and driving greater value for clients and synergies across the franchise.
In digital, GCB’s mobile user base grew rapidly, up 26% globally. Industryleading capabilities, redesigned mobile experiences and market-first partnerships with leading digital and social platforms drove greater engagement, higher client satisfaction and new sources of growth. In the U.S., Citi announced its strategic intent to serve retail clients nationwide. In Mexico, our redesigned mobile app is driving double-digit user growth and the highest app store ratings in our history, while Asia continues to lead on digital partnerships and ecosystems. With a mobile first strategic focus, we are proud to have been recognized by Global Finance magazine with two global awards: Best Consumer Mobile Bank and World’s Best Digital Bank.
Critically, Citi continued to improve its overall control environment by introducing new digital monitoring and reporting capabilities; simplifying, streamlining and standardizing its processes and procedures; resolving several legacy issues; and driving accountability across the organization.
Across GCB, we continued to execute on investments in key growth areas — U.S. Cards, Mexico and technology. Strategic multi-year investments in new partners and products, network enhancements as well as machine learning capabilities, and new data approaches are starting to bear fruit, driving a superior experience for clients and value for Citi shareholders.
GCB operates 2,410 branches and generated $7.6 billion in pretax earnings. In 2018, the business held $307 billion in average deposits, had $423 billion in average assets and included $306 billion in average loans.
The world’s largest credit card issuer, Citi is a global leader in payments, with 142 million accounts, $534 billion in annual purchase sales, $160 billion in average receivables and premier partners 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 2018, Branded Cards generated annual purchase sales of $448 billion and had an average loan portfolio of $112 billion.
In the U.S., Citi continued to drive balance throughout its portfolio across proprietary and co-brand products and enhance its product offerings. We introduced the American Airlines AAdvantage MileUpSM Card, a new no-annual-fee credit card that turns everyday spending into exciting travel experiences for customers. In addition, Citi and American Airlines introduced enhanced benefits on the Citi®/ AAdvantage® Platinum Select® and the CitiBusiness®/AAdvantage® Platinum Select® World Mastercard®. As a result of customer feedback and usage, Citi also announced that it would be launching a new generation of benefits in early 2019 to ensure that the Citi Prestige® card, Citi’s premium rewards travel credit card, continues to reflect customers’ evolving needs and delivers in the areas they value most.
L.L.Bean and Citi Retail Services Launch New Co-brand Mastercard
Following the successful acquisition and conversion of the $1.5 billion L.L.Bean credit card portfolio, L.L.Bean, Citi Retail Services and Mastercard announced a new co-brand credit card for L.L.Bean customers with an enhanced rewards structure and suite of industry-leading benefits, including rewards that never expire.
With the new card, L.L.Bean Mastercard cardmembers now have the opportunity to earn more rewards on everyday purchases, which can be used for savings on L.L.Bean purchases online, in-store or by phone. In addition, cardmembers continue to enjoy exclusive L.L.Bean benefits, including free shipping, free return shipping and free monogramming.
Citi Retail Services’ partnership with this iconic American lifestyle brand enables cardmembers to explore their passion for the outdoors with the advanced technologies that let them pay when, how and wherever their adventures take them through worldwide acceptance.
Internationally, Citi launched a redesigned mobile app and introduced enhanced mobile features in Asia Pacific, including mobile lending on Cards, a first for Citi globally. With mobile lending, clients can, for example, convert purchases into installment payments directly on the app. We also made further progress on our partnership, data and open banking/API strategy in the region. Citi was the first to launch full-fledged API partnerships in Hong Kong, introducing a total of nine such partnerships in the year. Using APIs, we launched a pilot with our regional Bancassurance partner AIA in Malaysia, enabling secure real-time connectivity between Citi and AIA’s platforms. We also launched several digital partnerships, including a partnership with Spotify allowing Citi customers in Asia to Pay with Points for their Spotify subscription.
Citi’s award-winning entertainment access program Citi® Private Pass®, and its live music platform Citi Sound Vault®, continued to provide exclusive access to extraordinary music experiences. In 2018, Citi continued its partnership with Live Nation and offered access to more than 12,000 events with many of the world’s biggest artists globally.
Citi Retail Services
Citi Retail Services is one of North America’s largest providers of private label and co-brand credit cards for retailers, serving 86 million accounts for iconic brands, including Best Buy, ExxonMobil, Macy’s, Sears, Shell and The Home Depot.
In 2018, Citi Retail Services strengthened its portfolio of leading brands with new partner agreements, strategic renewals and new, industryleading products.
Citi Retail Services signed agreements with preeminent American retailer L.L.Bean and Caterpillar Financial Services Corporation, a leading provider of financing solutions to Cat® dealers and customers for Cat machinery and engines, Solar® gas turbines and other equipment, and marine vessels. Citi Retail Services also renewed its nearly two-decade partnership with Shell, launching new Shell Fuel Rewards credit cards, and signed an agreement with Sears, another long-standing partner, which secured Citi’s rights to certain portfolio assets.
In 2018, Citi Retail Services saw purchase sales of $87 billion, and a loan portfolio ending the year at $53 billion.
With a high-touch, segment-driven relationship model that serves clients across the full spectrum of consumer banking needs, Citibank serves as a trusted advisor to its retail, small business and wealth management clients at every stage of their financial journey.
In the U.S., Citi’s retail bank transformation made significant progress. With its new client-centric model in the U.S., Citi is focused on expanding our relationship banking model, leveraging the strength of our brand, the national scale and quality of our credit card franchise and our leading wealth management capabilities to deepen and acquire client relationships.
Citi continued to provide a range of products, services and leading digital capabilities to its individual, small business and wealth management clients. The Access Account, a checkless bank account with no or low monthly fees, no overdraft fees, ability to link to a savings account, and access to Citi’s digital, retail and ATM channels, is one of Citibank’s fastest-growing products. In addition to convenience and simplicity, the account is a unique offering that allows customers to waive a monthly service fee in one of three easy ways, providing customers greater control over their finances. Introduced in 2014, the account addresses the needs of a range of customers, particularly first-time and younger consumers, as well as often overlooked portions of the U.S. market, including low-income individuals, senior citizens and immigrants, by reducing the risks of overdrawn accounts and coinciding fees.
Across the U.S., Citi continued to finance the growth of small businesses, through retail bank and small business credit card lending, as well as supply chain financing through its institutional bank. In 2018, Citi invested more than $11.6 billion in small business lending in the U.S. and also financed over $6 billion in affordable housing projects.
Through its Citigold®, Citigold Private Client and Citi Priority client offerings, Citi provides institutional grade, personalized wealth management services, including dedicated bankers, fund access and a range of exclusive privileges, preferred pricing and benefits to clients around the globe.
Over the past two years, Citi has intensified its focus on enhancing our Citigold wealth management offering and deepening relationships with its existing wealth management clients in the six priority markets where it has a physical presence, leveraging our success in Asia. In 2018, growth in Citigold households increased more than 18% year-over-year, and Citi continued to enhance its network of Citigold Wealth Centers, opening its first in San Francisco.
We continue to introduce new digital capabilities, enabling our customers to bank anytime, anywhere, on their channel of choice, which is increasingly mobile. In the U.S., we rolled out a set of enhanced capabilities in our mobile app on iOS, including the ability for customers to view and analyze their full financial position across Citi and other banks and, in an industry first, opened the app to non-Citi customers to use as well. We also rolled out an enhanced account opening and deposit capture capability through mobile channels on iOS.
In Mortgage, Citi continued to simplify its operations, continuing its exit from direct servicing and intensifying its focus on originations. In 2018, Citi signed dual agreements to integrate its full suite of U.S. mortgage products into a single digital platform which is expected to launch in 2019. CitiMortgage, which provides loans for home purchase and refinance transactions in the U.S., originated $9.9 billion in new loans in 2018.
In Asia, where Citi is a pan-regional leader in wealth management, Citi continued to enhance the client experience. Following its successful launch in India, Citi expanded Virtual Remote Engagement, an in-app audio, chat and video banking platform with an option for screen sharing for portfolio reviews and discussions that enables wealth management customers to converse with their Relationship Managers, to Hong Kong and Singapore. The service is set to be introduced to a total of 15 markets. The bank also unveiled a revitalized Citigold proposition in China, offering a range of preferred benefits as well as international banking and personalized services.
Citi Showcases Technology Talent at Grace Hopper Celebration
In 2018, 100 female technologists from Citi joined more than 20,000 attendees from all over the world at the Grace Hopper Celebration (GHC), the world’s largest gathering of women technologists, produced by AnitaB.org. Citi’s investment at GHC demonstrates our focus and commitment to diversity and career advancement for women in technology.
GHC is an inspiring event, in part because of the caliber and passion of the speakers, many of whom are industry pioneers. The year’s speakers included Priscilla Chan, co-founder of the Chan Zuckerberg Initiative; Poet of Code Joy Buolamwini and Professor Anita Hill. Citi’s Yasaman Hadjibashi, Head of Data and Analytics in Citi’s Global Consumer Bank, was selected to present ways companies can use big data for social good.
The gathering is an opportunity to experience the latest innovations from top companies, keep skills up to date and expand one’s network. Featured programming ranged from workplace diversity and effective management coaching to non-traditional paths into a tech career and the role humans play in the evolution of machine learning.
After GHC concluded, inspired attendees kept the celebratory spirit alive throughout the year by encouraging colleagues to volunteer for new opportunities and to continuously learn.
In Mexico, where Citi is one of the country’s premier financial institutions with top brand recognition and a vast retail banking network, Citi continues to invest in technology, modernize its branch and ATM network, and digitize its products and client base. Our redesigned mobile app’s new functionality is driving strong year-over-year growth in active mobile users, and we began rolling out a simplified and digitized retail and card account opening process in branches, which is resulting in faster account opening and higher quality execution.
Through two strategic distribution agreements, Citibanamex continued to expand access to best-in-class products and offerings for its clients. In an agreement with Chubb Seguros Mexico, an affiliate of Chubb Limited, Citibanamex clients will have access to a broad range of non-life insurance products, including property and casualty coverage for auto, home, individuals and small to mediumsized enterprises, accident and health insurance products, as well as commercial property and casualty coverage for larger businesses. Through a distribution agreement with BlackRock, Citibanamex will offer BlackRock’s investment funds to its 21 million banking clients, backed by BlackRock’s world-class investment and risk management platforms.
Citi Commercial Banking provides global banking capabilities and services to mid-sized, trade-oriented companies within Citi’s footprint. As many of these clients expand internationally, Citi is in a unique position to support their growth by providing access to Citi’s full range of wholesale banking solutions.
In 2018, Citi Commercial Bank experienced sustained revenue and profit growth while continuing to implement several digital solutions to transform the client experience.
Citi and The Wharton School Celebrate Third-Year Anniversary of Global Executive Education Program amid Expansion
This year, Citi and The Wharton School of The University of Pennsylvania marked the third anniversary and continued expansion of the Citi Wharton Global Wealth Institute, a first-of-its-kind global executive education program for wealth advisors.
The Citi Wharton Global Wealth Institute demonstrates Citi’s commitment to both professional development and exceptional client service. Citigold attracts many of the best Financial Advisors in the industry, and our collaboration with one of the best business schools in the world positions Citi to continue deepening that talent pool for years to come.
Since its launch in October 2015, more than 1,000 Citi Financial Advisors and Relationship Managers have participated in the program. Initially launched in Philadelphia and Beijing, the program has since expanded to Mexico City, San Francisco and Cambridge. This past year, the Citi Wharton Global Wealth Institute added another exciting program.
“When we first announced this program back in 2015, our goal was to create a custom executive training experience that combined our institutional expertise with Citi’s vision for the future of client-manager relationships. The global scale of this program, and its continued expansion, reflects our commitment to provide the best wealth management education to executives worldwide.”
— Wharton School Dean Geoffrey Garrett
Over the course of three years and 28 sessions, the Citi Wharton Global Wealth Institute has educated Financial Advisors and Relationship Managers — both on campus and online — to be able to deliver best-in-class services to Citi clients worldwide. Building on this success, in May 2018, Citi and Wharton introduced Excellence in Sales Leadership, a new curriculum and set of courses for the team leaders of Citi Financial Advisors and Relationship Managers.
Institutional Clients Group
The goal of Citi’s Institutional Clients Group (ICG) is to be the best banking partner for our clients by offering a full spectrum of wholesale banking products and services in all of the markets in which we operate. To be the best in our clients’ eyes, we have to offer a superior value proposition, deliver differentiated client experiences and maintain a reputation for excellence and integrity that spans everything we do.
Through our unmatched, worldwide proprietary network with a physical presence in 98 markets, Citi is uniquely positioned to take advantage of evolving global trends and provide large, multinational corporations, public sector entities, ultra high-net-worth households and investment managers with a full suite of integrated products and services.
A trusted advisor and lender to our institutional clients, supporting innovation and growth for corporations, Citi provides cash management and trade solutions to 90% of Global Fortune 500 companies to help them conduct daily operations, to hire, to grow and to succeed. In the public sector, Citi helps build sustainable infrastructure, housing, transportation, schools and other vital public works for the future. With trading floors in approximately 80 markets, clearing and custody networks in 63 markets and connections with 400 clearing systems, Citi maintains one of the largest global financial infrastructures and facilitates approximately $4 trillion of flows daily on average. This is what enables Citi to serve its core clients with distinction.
Utilizing a disciplined approach that has allowed us to deliver industryleading efficiency and returns while investing in our talent, we have created a culture that is committed to enabling growth and progress through responsible finance.
Banking, Capital Markets and Advisory
Citi’s Banking, Capital Markets and Advisory division provides comprehensive relationship coverage and a full suite of products and services in an effort to be the best possible financial partner to its institutional clients. Citi leverages the breadth of its unmatched global network to meet clients’ debt capital raising needs and to provide merger and acquisition and equity-related strategic financing solutions. From inaugural issuances and exchanges to cross-border transactions and first-of-their-kind landmark structures, our track record of successfully executing transactions in both buoyant and challenging market conditions is a testament to Citi’s unwavering commitment to provide the highest quality service to clients. By serving these companies, we help them grow, creating jobs and economic value at home and in communities worldwide.
In 2018, Citi executed several landmark transactions for clients. Citi acted as financial advisor to Dell Technologies in connection with the exchange of Dell Technologies Class V tracking stock and as listing advisor to Dell in connection with the listing of the company’s Class C common stock on the NYSE and provided committed financing in connection with this $14 billion transaction. Citi also served as joint lead financial advisor and corporate broker to NEX Group plc on its $5.4 billion merger with CME Group, bringing together a unique combination of cash and futures products and related OTC services. Citi served as financial advisor to Time Warner on AT&T’s $85 billion acquisition of Time Warner in a stock and cash transaction. Citi was joint financial advisor to Ant Financial on its $14 billion Series C private placement, the largest single raise ever by a private company. Citi acted as joint global coordinator on Naspers sale of $10.6 billion of shares in Tencent Holdings, the largest global accelerated equity offering to date. Citi also served as active joint bookrunner on Nestlé Holdings Inc.’s $8 billion six-tranche bond offering, its first U.S. dollar private placement.
Citi acted as co-debt financial advisor, co-placement agent and sole ECA arranger on GIP III Jupiter’s ca. £3.6 billion financing package. GIP III Jupiter is a special purpose vehicle fully owned by Global Infrastructure Partners to acquire a 50% stake in the Hornsea Offshore Wind Project One, a 1,218 megawatt U.K. offshore wind farm being developed and constructed by Ørsted. This is the largestever project financing in the global renewable sector, and once constructed, the project will be the world’s largest offshore wind farm.
Markets and Securities Services
Citi’s Markets and Securities Services business provides world-class financial products and services as diverse as the needs of the thousands of corporations, institutions, governments and investors that Citi serves. Citi works to enrich the relationships, products and technology that define its marketmaking presence. The global breadth, product depth and strength of Citi’s sales and trading, distribution and research capabilities span a broad range of asset classes, currencies, sectors and products, including equities, futures, FX, emerging markets, rates, credit, commodities, securitization, municipals, prime brokerage and research, providing customized solutions that support the diverse investment and transaction strategies of investors and intermediaries worldwide.
Our online portal, Citi VelocitySM, gives unprecedented access to capital markets intelligence and execution. Clients in 130 countries count on CitiVelocity.com to help them make their trading and investment decisions. Through our web, mobile and trading applications, clients can find proprietary data and analytics, Citi research and market commentary; fast, seamless and stable execution for FX and rates trades; and a suite of sophisticated, post-trade analysis tools. Citi Velocity uses cuttingedge technology to give clients comprehensive, customizable access to our global reach and local expertise.
At a click, clients can execute trades, download research, read desk commentary, see live markets, monitor breaking news, watch videos from Citi trading floors around the world and even personalize their pages. In 2018, Citi Velocity added a data API to give clients unparalleled access to Citi’s extensive proprietary data and content library.
In order to ensure that Markets and Securities Services is completely fluent in technology, directly implementing solutions and becoming more conversant, and allowing for more efficient engagement with technology partners, Citi rolled out a pilot training that offered fundamental and advanced Python and data science skills. Both sessions were oversubscribed, with a long wait list of Markets employees from varying businesses and levels. In 2019, the goal is to provide resourcing for those who have completed the initial training and are interested in expanding their skill sets, as well as offer additional learning opportunities.
Citi also has retained its ranking as the World’s Largest Fixed Income Dealer, according to Greenwich Associates’ annual benchmarking study, which marks the fourth year running that Citi has secured the top spot. In addition to the distinction of being overall leader, Citi ranked #1 in sales quality, trading quality and e-trading, according to the study.
Citi successfully closed the sixth edition of the e for Education campaign, raising a record $7 million through 2018. Launched in 2013 by Citi’s Foreign Exchange and Local Markets division, the initiative has raised $30 million over the past six years in support of several key projects focused on youth education and literacy. More than 300,000 students have been supported by the campaign through various initiatives spanning 28 countries worldwide, including the development of 500 new schools serving 20,000+ students in the U.S., the support of college fees for over 900 children of fallen patriots in the U.S., the creation of schools providing college preparatory education to almost 25,000 U.S. students from underserved communities, and the support of thousands of U.K. pupils affected by mental health issues, as well as education programs supporting efforts to breaking down the barriers which are keeping 130 million girls globally out of school and helping them gain access to a quality education.
Citi Private Bank
Citi Private Bank is dedicated to helping the world’s wealthiest individuals and families protect and grow their wealth. Our unique business model enables us to focus on fewer, larger and more sophisticated clients, who have an average net worth above $100 million. Clients enjoy a highly customized experience, with access to a comprehensive range of products and services spanning investments, banking, lending, custody, wealth planning, real estate, art, aircraft finance and lending, and more.
In everything we do, we emphasize personalized advice, competitive pricing and efficient execution. As part of ICG, the Private Bank is able to connect clients’ businesses to banking, capital markets and advisory services, as well as to Citi’s other institutional resources.
Because our clients are increasingly global in their presence and in their financial needs, our unrivaled Global Client Service enables them to have dedicated local bankers in as many regions of the world as they require. They are, therefore, able to enjoy seamless, cross-border service from a worldwide team working together as one.
Our offering is continuously evolving in order to address and anticipate our clients’ changing needs. Included among our latest innovations is Investing with Purpose, our philosophy and methodology for sustainable and impact investing, reflecting clients’ desire to align their investments and personal values.
Citi retained the top ranking in Affordable Housing Finance magazine’s annual survey of affordable housing lenders. This milestone marks the eighth consecutive year that Citi has received this designation. Citi Community Capital provided $125 million in construction financing to renovate a 722-unit public housing portfolio that represents New York City Housing Authority’s Baychester and Murphy Houses. This public-private partnership will reimagine and modernize the properties while preserving affordability of the apartments for the long term.
Serving more than 1,400 Family Office clients around the world, we have extensive experience with the challenges that families and their Family Office executives regularly face. We address their needs by combining the personalized service of a private bank with sophisticated cross-border strategies that are typically reserved for major institutions.
We are committed to helping our clients preserve their wealth for themselves, for the family and for future generations. As well as working with their other advisors to create appropriate structures and strategies, we help prepare their heirs for their future responsibilities as wealth owners and leaders of the family business.
Treasury and Trade Solutions
Citi’s Treasury and Trade Solutions (TTS) business provides integrated cash management, working capital and trade finance solutions to multinational corporations, financial institutions and public sector organizations around the globe. With the industry’s most comprehensive suite of digitally enabled platforms, tools and analytics, TTS leads the way in delivering innovative and tailored solutions to its clients. Specific offerings include payments and receivables, liquidity management and investment services, commercial card programs, and trade services and trade finance. Based on the belief that client experience is the driver of sustainable differentiation, TTS has focused its efforts on transforming its business to deliver a seamless, end-to-end client experience through the development of its capabilities, client advocacy, network management and service delivery across the entire organization.
TTS continues its pursuit of delivering the best possible experience to its clients, launching leading-edge solutions, co-creating with clients and extending its innovation practice. Based on the foundation of the industry’s largest proprietary network with banking licenses in 98 countries and globally integrated technology platforms, TTS offers a comprehensive range of digitally enabled treasury, trade and liquidity management solutions. In 2018, TTS was named Best and Most Innovative Corporate/Institutional Digital Bank by Global Finance.
Clients will now have the opportunity to securely log in to CitiDirect BE on their desktops by using fingerprint or facial recognition via the CitiDirect BE app on their smartphones.
Citi announced several new products in 2018, including Citi® Payment Insights launched in more than 70 markets that provides real-time payments visibility, including processing status, processing timelines, charges deducted across correspondent banks, amount credited to the beneficiary and ability to action payments on-demand via its electronic banking platform, CitiDirect BE®. Additionally, TTS launched Citi Smart Match, which was created in partnership with HighRadius Corporation using artificial intelligence and machine learning technology, which will dramatically increase the efficiency and automation of the cash application process of matching open invoices to payments received for corporate clients. Citi also launched Citi Virtual Card Accounts in China, a nextgeneration global electronic payment solution designed to provide corporates with greater security, flexibility and control over their organizational expenses. Citi is the first bank to launch this market-leading solution in China, in line with the Shanghai Free Trade Zone’s focus on embracing innovative and digital solutions.
Citi continues to put the client at the center of everything we do as we invest in our future and lead the way in offering a comprehensive range of digitally enabled treasury and trade solutions.
Euromoney awarded Citi World’s Best Investment Bank, World’s Best Bank for Financing and Emerging Markets Bond House of the Year, in addition to a number of regional and country awards.
Citi was awarded Financial Times’ The Banker and PWM Global Private Banking Awards for Best Global Private Bank and Best Private Bank for Customer Service.
Citi was named Best Bank for Cash Management Globally and Best White Label Systems Provider Globally from Global Finance as part of its Treasury and Cash Management Awards. Global Finance also named Citi Global Best Bank for Export Finance in its Trade Finance Provider survey.
Citi claimed the top ranking in Global Fixed Income Market Share for the third straight year, according to Greenwich Associates’ annual benchmarking survey, which polled 3,500 fixed income investors around the world. Citi also ranked #1 in sales quality and trading quality, as well as #1 in e-trading.
For the second consecutive year, Citi ranked #1 in Institutional Investor’s All-America Rising Stars list for equity research.
Global Finance released its annual World’s Best Foreign Exchange awards rating providers in 114 countries across seven regions. Citi was named Best Global Bank in Foreign Exchange and Overall Best Bank Foreign Exchange Platform for Citi Velocity.
GlobalCapital named Citi Derivatives Clearing Bank of the Year.
Citi Community Capital continued its reign as #1 in Affordable Housing Finance magazine’s annual survey of affordable housing lenders for the eighth consecutive year.
CitiDirect BE® was ranked #1 by Greenwich Associates’ digital banking benchmarking study, claiming the top rank for the 12th consecutive year.
At Citi, we take action to effect positive and meaningful change in our communities through our core business and the Citi Foundation, which often work in tandem to increase our overall impacts. From our focus on infrastructure to affordable housing, jobs and financial inclusion, sustainability to climate risk disclosure, we are helping to build more inclusive and resilient communities.
Our impact and reach would not be possible without the commitment, expertise and resources of partner organizations — from our clients and suppliers to non-governmental organizations, the public sector and other stakeholders. These partnerships enable us to understand and stay on top of the changing environmental, social and economic landscape globally and, together, identify and implement solutions that help address the world’s toughest challenges.
We continually look for ways to more effectively achieve our mission of enabling growth and progress by serving as collaborative problem solvers in addressing environmental and social challenges that impact our work today and extend into the future. In alignment with the United Nations Sustainable Development Goals (SDGs), we believe this approach to corporate citizenship is fundamental to the long-term success of the communities where we operate, our clients and our own company.
Issues core to our Citizenship efforts include:
At Citi, we recognize the critical role our bank can play in financing a low-carbon economy, which includes championing sustainable finance activities. We have been outspoken in our support of the Paris Agreement, the international plan to address climate change and accelerate action and investments needed for a sustainable future. In 2018, we signed the We Are Still In declaration as part of our ongoing commitment to supporting climate change solutions and global collaboration. We furthered our commitment to help drive investment in clean energy and climate resilience as we joined the U.S. Alliance for Sustainable Finance as a founding member, part of the global network of Financial Centres for Sustainability convened by UN Environment. Our progress from 2014–2018 toward our $100 Billion Environmental Finance Goal has resulted in $95.3 billion in environmental solutions in partnership with our clients, which will help address climate change and benefit society. For example, Citi recently issued its first green bond, €1 billion 3-year fixed rate notes, which will fund renewable energy, sustainable transportation, water quality and conservation, energy efficiency and green building projects financed as part of the $100 Billion Environmental Finance Goal. The bond and the $100 Billion Goal contribute to our efforts to help achieve the SDGs.
$100 Billion Environmental Finance Goal: Financial Highlights, 2014-2018
Citi was a founding member of the Green Bonds Principles and has been a leading arranger and underwriter in the green bonds market, helping our clients finance sustainability initiatives with innovative green and sustainability bond structures. Our role supporting and evolving this burgeoning market is just one reflection of our ongoing efforts to incorporate sustainability into our business.
Our inaugural green bond was truly a collaborative effort across the firm, as teams from Treasury, Capital Markets, Legal, Environmental and Social Risk Management, Sustainability and ICG and Corporate Communications worked together on this important step in our journey. As we move forward, these teams will collectively engage with businesses across the company to identity even more projects that could meet our green bond criteria.
We have also made significant progress toward our ambitious goal to source renewable power for 100% of our global energy needs by 2020, with 62% renewable energy under contract.
For more information on our sustainability efforts, please visit citi.com/citi/sustainability.
Jobs and the Next Generation
Citi and the Citi Foundation are committed to preparing young people for today’s competitive and rapidly changing job market through our Pathways to Progress initiative.
Through its three-year, $100 million global commitment, the Foundation aims to increase youth employment by partnering with community organizations and municipal leaders to connect 500,000 low-income youth around the world to jobs, internships, business and leadership training by 2020. Citi is also leveraging the time and talents of 10,000 Citi employee volunteers to serve as mentors and coaches and provide career guidance to help young people move toward their goals.
Together with our nonprofit partners across the globe, we have reached more than 400,000 young people and helped them gain employability skills and connect to new or first job opportunities.
Over 7,000 Citi employees have volunteered to support the economic aspirations of young people globally by directly sharing their time and talent.
In 2018, the Citi Foundation applied the lessons of Pathways to Progress to provide adult job seekers in the U.S. the full range of services needed for long-term employment. While prevalent among young people, the skills gap is also causing unemployment and underemployment among adults. In 2018, the Foundation provided a $10 million funding to the Local Initiatives Support Corporation’s Bridges to Career Opportunities initiative to help connect unemployed and underemployed Americans to jobs in growth industries that need trained workers, including healthcare, transportation, technology, construction and other industries facing a shortage of skilled workers.
Through an expanded network of sites across the U.S., job seekers have access to a range of services designed to increase their income, improve their credit and raise their standard of living. In addition to skills training and career development, services include personal finance coaching, continuing education courses to strengthen math and reading skills, and resources to help job seekers secure child care and housing arrangements.
Many of the new sites are located in areas that have been designated as an Opportunity Zone, a federal incentive to increase investments in low-wealth communities as part of the Tax Cuts and Jobs Act of 2017.
Local governments and community organizations are often on the front line of complex challenges like strained infrastructure, affordable housing shortages and unemployment, particularly in low-income areas. But local leaders, in both the public and nonprofit sectors, are continually facing budget and resource shortages. Increased collaboration and investment in innovative, efficient solutions can help address old problems in new ways.
Some of these efforts include supporting integral parts of a thriving community, including small businesses and affordable housing. In 2018, Citi invested more than $11 billion in small business lending in the U.S. We also financed over $4.7 billion in affordable housing projects during the year.
Since 2014, the City Accelerator, an initiative of the Citi Foundation and Living Cities, has gathered municipal leaders from cities of all sizes to share learnings and try new approaches for sustainable and equitable urban growth. For example, recognizing an opportunity to rethink existing procurement processes, the city of Charlotte launched AMP UP Charlotte, a sevenmonth, in-person technical assistance program for minority business owners seeking city contracts. And the city of Milwaukee worked to build awareness of contracting opportunities and inclusion programs after a survey of small and minority-owned businesses revealed a lack of awareness.
In 2018, five more U.S. cities were included in the initiative — Atlanta, El Paso, Long Beach, Newark and Rochester — bringing the total to 22 cities since the program’s inception. Through Living Cities, these five cities are working together on projects that support the growth of local minorityowned businesses and, in their communities, recognizing untapped potential and creating high-quality jobs.
Citi and the Citi Foundation also work with community organizations to amplify their impact. Through the Community Progress Makers Fund, the Citi Foundation is helping to build vibrant, sustainable cities that offer economic opportunities for low-income residents. Based on the success of those first 40 participating organizations, we renewed the Fund and announced 40 new grantees in 2018. To date, Community Progress Makers has helped more than 31,700 low-income people secure financial assets, placed more than 11,500 people in affordable housing, strengthened over 1,300 small businesses and connected over 2,600 people to new jobs in their communities.
Implementing the TCFD Recommendations
Urgent action is needed to reduce global warming and mitigate the potential impacts of climate change. The Intergovernmental Panel on Climate Change Special Report, Global Warming of 1.5°C, and the U.S. Fourth National Climate Assessment warn that the impacts and costs of climate change are already affecting many industries and regions and are expected to grow as the world continues to warm.
Citi continues to support the Paris Agreement and was an early supporter of the Task Force on Climate-related Financial Disclosures (TCFD) which promotes greater understanding of climate-related risks and opportunities through better climate disclosures. Our adoption of the TCFD recommendations builds on over two decades of work promoting sustainability. Climate change is a central focus of Citi’s Sustainable Progress Strategy and we take action through strong governance, environmental financing, consideration of climate risks in environmental and social risk management, and transparent reporting on climate-related metrics and targets.
To pilot climate scenario analysis, one of the TCFD’s key recommendations, Citi worked jointly with 15 other banks and the UN Environment Finance Initiative to develop new methodologies and tools for the assessment of transition and physical risks and opportunities within banks’ lending portfolios. Citi piloted the transition risk methodology on our North American oil and gas exploration and production portfolio and the transition and physical risk methodologies on our U.S. utilities portfolio. We shared our process and findings in our first climate disclosure report, Finance for a Climate-Resilient Future, published in November 2018. We are proud to be the first major U.S. bank to issue a TCFD report. By voluntarily adopting the TCFD framework, Citi is working to better understand our own climate risks and help navigate the transition to a low-carbon economy.
Thirteen percent of the world’s tea exports are grown by over 600,000 small-scale tea farmers in Kenya. Until recently, they were paid in a variety of inefficient ways, causing delays and errors that made it hard for them to plan ahead.
The Kenya Tea Development Agency, which represents the farmers, turned to Citi for help. Thanks to its global scale and innovative technology solutions, Citi was able to deliver fast and reliable mobile payments. Now KTDA farmers can count on a steady flow of cash to buy supplies, pay school fees and medical expenses, and prepare for their family’s future.
For over 200 years, Citi has enabled growth and progress for people and communities around the world.
Appendix A — Adjusted Results Reconciliation
In millions of dollars, except ratios and earnings per share
|2018||2017||2018 vs. 2017
|Reported Net Income (Loss)||$18,045||$(6,798)|
|Impact of Tax Reform1||94||(22,594)|
|Adjusted Net Income Excluding the Impact of Tax Reform||$17,951||$15,796||14%|
|Less: Preferred Dividends||1,173||1,213|
|Adjusted Net Income to Common Shareholders||$16,778||$14,583|
|Reported Diluted Earnings Per Share (EPS) Excluding the Impact of Tax Reform||$6.68||$(2.98)|
|Impact of Tax Reform1||0.03||(8.31)|
|Adjusted Diluted EPS Excluding the Impact of Tax Reform||$6.65||$5.33||25%|
|Reported End of Period (EOP) Tangible Common Equity (TCE)||$151,078|
|Impact of Tax Reform1||94|
|Adjusted EOP TCE||$150,984|
|Adjusted 2018 Average TCE||$153,224|
|Adjusted 2018 Return on TCE||10.9%|
|2018 Average Common Equity||$179,497|
|2018 Return on Common Equity||9.4%|
|Average Assets (in billions of dollars)||$1,876|
|Reported ROA (Reported Net Income/Average Assets)||(0.36%)|
|Adjusted ROA (Adjusted Net Income/Average Assets)||0.84%|
|Common Stock Repurchases||14,533|
|Reported Total Payout Ratio (Net Income less Preferred Dividends/Total Payout)||(214%)|
|Adjusted Total Payout Ratio (Adjusted Net Income less Preferred Dividends/Total Payout)||117%|
|Reported Global Consumer Banking (GCB) Revenues||$33,777||$32,838|
|Impact of Foreign Exchange Translation||-||(132)|
|Less: Gain on Sale of a Mexico Asset Management Business||250||-|
|Adjusted GCB Revenues||$33,527||$32,706||3%|
|Reported Institutional Clients Group (ICG) Revenues||$36,994||$36,474|
|Less: Gain on Sale of a Fixed Income Analytics Business||-||580|
|Adjusted ICG Revenues||$36,994||$35,894||3%|
Citigroup common stock is listed on the NYSE under the ticker symbol “C” and on the Mexico Stock Exchange. Citigroup preferred stock Series J, K and S are also listed on the NYSE.
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As of January 31, 2019, Citigroup had approximately 70,194 common stockholders of record. This figure does not represent the actual number of beneficial owners of common stock because shares are frequently held in “street name” by securities dealers and others for the benefit of individual owners who may vote the shares.
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