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.
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Citigroup Inc. published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 13:11:22 UTC.