Investment Thesis
Citigroup spans global markets, services, U.S. personal banking, and wealth management while exiting subscale consumer markets to boost efficiency.
- Services Engine: Treasury and trade solutions deliver resilient fee growth and deposits.
- Restructuring: Multi-year simplification should improve efficiency ratios and RoTCE.
- Capital Strength: CET1 and reserve levels support buybacks once transformation milestones are met.