Citigroup (C) Barclays 24th Annual Global Financial Services Conference summary

Corporate and market environment

• Strong financing activity continues, with capital markets open across equities and bonds, especially in technology, AI, shipping, and energy sectors, while auto and consumer sectors face margin pressure.

• The global and U.S. economies have adapted well to market dislocations, with ongoing monitoring of geopolitics, inflation, and labor market equilibrium.

Consumer and credit trends

• U.S. consumer spending remains resilient, with 6% year-on-year spend momentum and stable credit performance; delinquencies and losses are down year-on-year.

• Over 85% of the portfolio is prime and above, with continued focus on inflation-wage dynamics and labor market stability.

Financial performance and guidance

• Year-to-date performance is strong, with expectations to exceed the top end of the 10%-11% ROTCE guidance for the full year.

• Markets business is seeing mid-single-digit year-on-year growth, driven by equities, derivatives, and strong FX and currency franchises.

• Investment banking is expected to deliver low single-digit revenue growth year-on-year, with ECM activity strong and DCM healthy but moderated.