Citigroup vs Wells Fargo: Revenue, Profit and Business Model
Citigroup reported $85.2B of revenue in FY2025 and $14.3B of net income. Wells Fargo reported $83.7B of revenue in FY2025 and $21.3B of net income.
Latest financial snapshot
Citigroup
- Latest revenue
- $85.2B (FY2025)
- Net income
- $14.3B
- Net margin
- 16.8%
- Revenue growth
- +2.1% a year, FY2016–FY2025
Wells Fargo
- Latest revenue
- $83.7B (FY2025)
- Net income
- $21.3B
- Net margin
- 25.5%
- Revenue growth
- -0.6% a year, FY2016–FY2025
Financial summary
Citigroup
Citigroup's revenue rose from $78.1 billion in 2023 to $80.7 billion in 2024 and $85.2 billion in 2025. Over the same years net income grew from $9.2 billion to $12.7 billion and then $14.3 billion. In 2025 the bank returned $17.6 billion to common shareholders. Momentum picked up in 2026. Q2 2026 revenue was $24.8 billion, up 14% year over year and the best quarter in a decade. Net income was $5.8 billion, up 45%, EPS was $3.15 and RoTCE was 13.0%. The efficiency ratio improved to 57.4% and the CET1 ratio was 12.8%, against an 11.6% requirement. Citi started a $30 billion multi-year buyback in Q2 2026 and planned a 12% dividend increase after passing the Fed's 2026 stress test. For full-year 2026, management guided to RoTCE of 10-11% and net interest income growth (excluding Markets) of 5-6%.
Wells Fargo
Wells Fargo reported FY2025 total revenue of $83.699 billion, up from $82.296 billion in 2024, and net income of $21.338 billion, up from $19.722 billion. In the second quarter of 2026, net income rose 17% year over year to $6.4 billion, or $2.00 per diluted share, on revenue of about $22.6 billion, up 9%. Average loans reached about $1.03 trillion, up 12%, and average deposits rose 10%, showing the effect of the asset cap removal. Headcount fell to about 197,000 by mid-2026, extending a multi-year run of reductions.
Revenue and profit by year
Citigroup
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $85.2B | $14.3B | 16.8% | +5.6% | Source |
| FY2024 | $80.7B | $12.7B | 15.7% | +3.4% | Source |
| FY2023 | $78.1B | $9.2B | 11.8% | +3.6% | Source |
| FY2022 | $75.3B | $14.8B | 19.7% | +4.8% | Source |
| FY2021 | $71.9B | $22B | 30.5% | -4.8% | Source |
| FY2020 | $75.5B | $11B | 14.6% | +0.6% | Source |
| FY2019 | $75.1B | $19.4B | 25.8% | +3.0% | Source |
| FY2018 | $72.9B | $18B | 24.8% | +0.6% | Source |
| FY2017 | $72.4B | -$6.8B | -9.4% | +2.3% | Source |
| FY2016 | $70.8B | $14.9B | 21.1% | — | Source |
Wells Fargo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $83.7B | $21.3B | 25.5% | +1.7% | Source |
| FY2024 | $82.3B | $19.7B | 24.0% | -0.4% | Source |
| FY2023 | $82.6B | $19.1B | 23.2% | +11.1% | Source |
| FY2022 | $74.4B | $13.7B | 18.4% | -6.1% | Source |
| FY2021 | $79.2B | $22.1B | 27.9% | +6.6% | Source |
| FY2020 | $74.3B | $3.4B | 4.5% | -14.5% | Source |
| FY2019 | $86.8B | $19.7B | 22.7% | +0.5% | Source |
| FY2018 | $86.4B | $22.4B | 25.9% | -2.2% | Source |
| FY2017 | $88.4B | $22.2B | 25.1% | +0.1% | Source |
| FY2016 | $88.3B | $21.9B | 24.9% | — | Source |
Where the revenue comes from
Citigroup
- Markets
~28% (Q2 2026)
Fixed income, currencies, commodities and equities trading for institutional clients. Revenue was $7.0 billion in Q2 2026, up 17%, with Equities up 45%.
- Services (Treasury and Trade Solutions, Securities Services)
~26% (Q2 2026)
Cash management, cross-border payments, trade finance and custody for multinationals and institutions. Record revenue of $6.4 billion in Q2 2026, up 18%.
- U.S. Personal Banking (mainly U.S. consumer cards)
~18% (Q2 2026)
Citi-branded and retail-services credit cards plus U.S. retail banking. U.S. Consumer Cards revenue was $4.5 billion in Q2 2026, up 1%.
- Wealth
~13% (Q2 2026)
Private Bank, Citigold and Wealth at Work, with $727 billion of client investment assets. Revenue was $3.2 billion in Q2 2026, up 13%.
- Banking
~8% (Q2 2026)
Investment banking advisory, equity and debt underwriting, and corporate lending. Revenue was $1.9 billion in Q2 2026, up 34%, with investment banking up 44%.
Wells Fargo
No segment breakdown is published.
Business model and strategy
Citigroup
How it makes money
Citigroup makes money from net interest income on loans and deposits and from fees on payments, trading, advisory and wealth services. It reports five businesses. Services (Treasury and Trade Solutions plus Securities Services) moves cash, finances trade and holds custody assets for multinational companies, banks and governments.
Growth strategy
Jane Fraser's strategy has three parts: simplify, invest and return capital. In 2023-2024 she removed the regional CEO layer, cut management layers and reorganized Citi into five reporting businesses. In January 2024 the bank announced about 20,000 job cuts by 2026. Headcount fell from roughly 226,000 at the end of 2025 to about 219,000 by mid-2026, with $800 million of severance in the first half of 2026.
Competitive advantage
Citi's main advantage is its physical global footprint. It has banking licenses and local clearing in more countries than any other U.S. bank. A multinational that needs local payroll, collections, FX and liquidity across dozens of markets can run it through one Citi platform.
Wells Fargo
How it makes money
Wells Fargo earns money in two ways: net interest income, the spread between what it earns on loans and securities and what it pays on deposits and other funding, and noninterest income from fees, wealth management, investment banking, trading, cards, and mortgage banking. In FY2025, net interest income was $47.484 billion and noninterest income was $36.215 billion.
Growth strategy
Wells Fargo's strategy after the asset cap is to grow loans and deposits, expand corporate and investment banking and markets, deepen wealth-management relationships, invest in technology and AI for efficiency, and keep reducing headcount and expenses where possible.
Competitive advantage
Wells Fargo's advantages are its national branch and deposit franchise, long-standing consumer and middle-market commercial relationships, a large wealth-management platform through Wells Fargo Advisors, and, since mid-2025, the freedom to grow its balance sheet again.
Questions about Citigroup vs Wells Fargo
Which company has higher revenue — Citigroup Inc. or Wells Fargo?
Citigroup Inc. reported $85.2B (FY2025), while Wells Fargo reported $83.7B (FY2025). By last reported revenue, Citigroup Inc. is the larger business, with Wells Fargo reporting a smaller revenue base.
What is the market cap of Citigroup Inc. vs Wells Fargo?
Citigroup Inc.'s market capitalisation stands at $221.3B, while Wells Fargo's is $225.0B. Wells Fargo carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Citigroup Inc..
Which is more financially efficient — Citigroup Inc. or Wells Fargo?
Citigroup Inc. generates $389k / employee in revenue per employee, while Wells Fargo generates $408k / employee. Wells Fargo shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Citigroup Inc. and Wells Fargo make money?
Citigroup Inc. and Wells Fargo generate revenue in fundamentally different ways. Citigroup Inc.: Citigroup makes money from net interest income on loans and deposits and from fees on payments, trading, advisory and wealth services. Wells Fargo: Wells Fargo earns money in two ways: net interest income, the spread between what it earns on loans and securities and what it pays on deposits and other funding, and noninterest income from fees, wealth management, investment banking, trading, cards, and mortgage banking.
Which company is valued higher relative to revenue — Citigroup Inc. or Wells Fargo?
On a price-to-sales (P/S) basis, Citigroup Inc. trades at 2.6x P/S and Wells Fargo at 2.7x P/S. Wells Fargo commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Citigroup Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Citigroup Inc. bigger than Wells Fargo?
By last reported revenue, Citigroup Inc. ($85.2B (FY2025)) is the larger company compared to Wells Fargo ($83.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Citigroup vs Wells Fargo overview