Citigroup Inc.
Explore Citigroup Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
Citigroup Inc.
Explore Citigroup Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Financial Performance
Revenue
$85.2B
Market Cap
$130.0B
Net Income
$12.7B
Employees
229,000
In 1998, Sanford 'Sandy' Weill — the relentlessly acquisitive Travelers Group chairman who had already rolled up Primerica, Smith Barney, Salomon Brothers, and Commercial Credit into a financial services conglomerate — engineered a $73 billion merger with Citicorp under CEO John Reed, creating the most valuable financial institution in the United States by market capitalization. The bank required $45 billion in emergency U.S. Treasury bailout funds under the Troubled Asset Relief Program — a larger direct injection than any other single financial institution received — and the federal government briefly held a 36 percent stake in Citigroup's common equity. Operating in more than 160 countries, the bank generates approximately $85.2B in annual revenues and serves multinational corporations, sovereign governments, institutional investors, and retail banking customers across five core business segments. Its Treasury and Trade Solutions division processes an estimated $4 trillion in daily transaction flows, making it the world's leading cross-border corporate payment network — a proprietary infrastructure asset that no competitor has fully replicated. Citigroup's revenue engine is organized, following the sweeping 2023 reorganization Jane Fraser announced in September of that year, around five distinct client-facing businesses that together generated approximately $85.2B in total revenues net of interest expense in fiscal year FY2025. Services, the crown jewel of Citigroup's institutional franchise, generated approximately $19.7 billion in revenues in fiscal year 2024 — the highest of any segment — and encompasses two distinct but complementary businesses: Treasury and Trade Solutions (TTS) and Securities Services. The business processes an estimated $4 trillion in daily payment flows for multinational corporations, sovereign governments, central banks, and institutional clients, providing cash management, liquidity pooling, trade finance, supply chain financing, and cross-border payment execution across more than 160 countries and jurisdictions. Securities Services, TTS's sister business within the Services segment, provides global custody, securities clearing, fund administration, transfer agency, and securities lending to approximately $24 trillion in assets under custody, serving asset managers, pension funds, hedge funds, insurance companies, and sovereign wealth funds that require global multi-asset-class settlement infrastructure. Markets, Citigroup's second major institutional business, generated approximately $19.6 billion in revenues in fiscal year 2024, making it one of the three largest fixed income and equities trading franchises on Wall Street alongside JPMorgan Chase and Goldman Sachs. Banking, the third institutional segment, generated approximately $6.9 billion in revenues in fiscal year 2024 and encompasses Investment Banking — advisory for mergers and acquisitions, equity underwriting, and debt underwriting — alongside Corporate Lending, which provides revolving credit facilities, term loans, and bridge financing to investment-grade and used corporate clients globally. US Personal Banking, the largest revenue contributor by absolute volume at approximately $20.9 billion in fiscal year 2024, encompasses four distinct consumer-facing businesses. Wealth, the fifth and most strategically forward-looking segment from Citigroup's medium-term perspective, generated approximately $7.2 billion in revenues in fiscal year 2024. Three channels compose the segment: Wealth at Work provides banking, investment, and retirement services to employees of institutional corporate clients through workplace banking relationships — an approach that uses Citigroup's corporate banking franchise as a distribution channel for personal financial services; the Citi Private Bank serves ultra-high-net-worth clients with investable assets generally above $25 million, offering investment management, estate planning, lending, and family office services through dedicated relationship teams in major financial centers globally; and Consumer Wealth provides investment advisory and wealth management services to mass affluent clients through retail banking channels, targeting individuals with investable assets typically between $250,000 and $25 million. Citigroup's Treasury and Trade Solutions business processes an estimated $4 trillion in daily payment flows. By 1998, it had grown into Citicorp, which merged with Travelers Group in a $73 billion deal that required Congress to actually repeal Glass-Steagall, the law separating commercial and investment banking since 1933. Citigroup required $45 billion in TARP capital — the largest single injection to any financial institution — and the government briefly held 36 percent of the company's common equity. The 2020 accidental $900 million wire transfer to Revlon creditors, followed by OCC and Federal Reserve consent orders on data management failures, made clear that the operational complexity of the post-merger entity had never been fully resolved. CEO Jane Fraser, who took over in 2021, announced a comprehensive reorganization in September 2023 — five client-facing business segments, 229,000 employees, $85.2B in FY2025 revenue. JPMorgan's domestic retail banking network — approximately 4,800 branches across the United States and a retail deposit base exceeding $1 trillion gathered at structurally low funding costs — provides an economic advantage in consumer banking that Citigroup's deliberately limited U.S. Branch network cannot replicate. Citigroup's revenue has grown steadily from $71.9 billion in 2021 to $85.2B in FY2025, a trajectory that looks modest against the massive restructuring effort but represents genuine progress in reducing drag from non-core assets and improving the TTS and Markets franchises. Net income of $12.7 billion in FY2025 on $85.2B in revenue — a 15.7% net margin — is below where the bank should be structurally. The $130 billion market cap against $12.7 billion in net income implies the market is pricing Citi at roughly 10x earnings — a discount to virtually every large-bank peer. The OCC accompanied its action with a $400 million civil money penalty — the largest the OCC had ever levied at the time — specifically citing the bank's failure to maintain adequate data quality infrastructure and its inability to generate accurate regulatory reports on demand. Citigroup has invested more than $10 billion in transformation spending since 2021 to address the underlying deficiencies, but regulators have consistently signaled that full remediation remains a multi-year undertaking that depends on complex technology implementation across dozens of geographic markets. TTS processes an estimated $4 trillion in daily flows — a figure that approaches four times the daily throughput of the Federal Reserve's Fedwire large-value payment system — and generates an estimated $19.7 billion in annual segment revenues with the highest predictability of any major component of Citigroup's franchise. Citigroup's medium-term financial trajectory is anchored to the specific targets Fraser articulated at the January 2024 investor day: a return on tangible common equity of 11 to 12 percent by 2026, an efficiency ratio approaching 60 percent, and total revenues in the range of $80 to $84 billion. 1812. The New York state legislature charters City Bank of New York with capital of $2 million, naming Samuel Osgood as its first president. The deal's scale — $73 billion, requiring Glass-Steagall's repeal — was a statement about the direction of global finance.
Revenue Trend Analysis
YoY Change
+5.1%
7-Year CAGR
+2.3%
Peak Year
2025
Trend
Consistent Growth
Citigroup Inc. has reported revenue across 8 fiscal years, compounding at +2.3% annually over 7 years. The most recent year saw a 5.1% increase versus the prior year. Revenue peaked in 2025 at $85.2B. Out of 7 reported periods, 6 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $85.2B | — | +5.1% |
| FY2024 | $81.1B | $12.7B | +3.3% |
| FY2023 | $78.5B | $9.2B | +4.2% |
| FY2022 | $75.3B | $14.8B | +4.8% |
| FY2021 | $71.9B | $22.0B | -4.8% |
| FY2020 | $75.5B | $11.0B | +1.6% |
| FY2019 | $74.3B | $19.4B | +2.0% |
| FY2018 | $72.9B | $18.0B | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Citigroup's $12.7 billion 2024 net income on $81.1 billion revenue represents 15.6% net margin, modest by major bank standards reflecting transformation execution costs, regulatory compliance investments, and various other operational pressures during strategic restructuring period. Return on tangible common equity (RoTCE) of approximately 7-8% lags target 11-12% reflecting continued execution challenges and various transformation costs. Profitability comparison to peer banks shows underperformance — JPMorgan Chase generated 17% RoTCE, Bank of America 13%, Wells Fargo 14%, while Citigroup's lower returns reflect both operational challenges and strategic restructuring impacts. Strategic improvement plan targets continued operational discipline, technology investment supporting efficiency, and various initiatives improving return generation. Future profitability depends on transformation completion, continued strategic execution, and various competitive dynamics affecting global banking industry.
Citigroup historically trades at significant discount to tangible book value (recently 0.6-0.7x TBV versus peers JPMorgan at 2.0x+, Bank of America 1.5x+) reflecting investor concerns about operational execution, transformation timeline, regulatory issues, and various other factors creating valuation discount. The discount reflects continued skepticism about Citigroup's ability to achieve return targets that justify higher valuation multiples, plus various risks including ongoing regulatory matters, transformation execution complexity, and various competitive challenges. Strategic management efforts focus on closing valuation gap through improved profitability, simplified operations, and various other initiatives demonstrating value creation. Activist investor pressure from various sources including Carl Icahn-type interventions has periodically advocated breakup or various other strategic alternatives that haven't been pursued. The persistent valuation discount represents both opportunity (if transformation succeeds) and challenge (continued investor skepticism) defining Citigroup's stock investment thesis.
Citigroup returns capital through dividends ($2.24 annual representing 3%+ yield) and share buybacks ($5-10 billion annually depending on regulatory approval and earnings performance), with capital returns supporting shareholder value through challenging transformation period. The capital return capacity depends on Federal Reserve's annual Comprehensive Capital Analysis and Review (CCAR) stress testing approval, with regulatory approval determining maximum capital return permitted relative to earnings and capital position. Recent CCAR results have generally supported continued capital returns though Fed pushback during high-stress scenarios has constrained some plans. Strategic priority of capital returns supports investor confidence during transformation period plus aligns with mature banking industry economics. Future capital returns depend on regulatory approval continuation and various operational performance factors supporting continued distributions.
Citigroup paid $400 million OCC penalty in October 2020 related to risk management and internal controls deficiencies, with consent order requiring extensive technology and operational infrastructure improvements addressing identified issues. The consent order has required billions of dollars in technology investment, extensive operational restructuring, and various compliance enhancements during 2020-2024 period, contributing significantly to operational expense increases and execution complexity. Strategic challenges include simultaneously transforming operations while complying with regulatory requirements, prioritising compliance investments versus various other strategic priorities, and demonstrating sustained compliance through ongoing regulatory examination. The consent order represents one of the most significant US banking regulatory enforcement actions in recent years, requiring multi-year remediation supporting various banking system improvements. Continued compliance progress supports Citigroup's continued operations and various strategic flexibility.
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CorpDigest. "Citigroup Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/citigroup/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Citigroup Inc. reported $85B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/citigroup/financials" target="_blank" rel="noopener">CorpDigest — Citigroup Inc. financials</a></div>