Citigroup (C) Morgan Stanley US Financials, Payments & CRE Conference 2025 summary

Strategic transformation and leadership

• Leadership has focused on simultaneous remediation and business growth, leveraging global scale and reach.

• Transformation efforts have strengthened the institution, with a focus on integrating strategy across markets, banking, and wealth.

• The leadership team has prioritized building blocks for long-term success and resilience.

Market share gains and business drivers

• Market share in investment banking rose from 4% pre-2024 to 5.3% in the latest quarter, driven by high-grade bond issuance and acquisition financing.

• Historically underrepresented in sponsor and leveraged finance, recent efforts have improved rankings and deal flow in these segments.

• Recent high-profile advisory and financing roles include deals with KKR, Silver Lake, Boeing, and Thoma Bravo.

Private credit and partnership strategy

• Private credit has become a mainstream, essential part of the capital stack, with abundant liquidity but limited supply.

• The Apollo partnership enables origination and supply for private credit without requiring significant capital commitment.

• Expectation of increased collaboration between private and public credit markets, extending beyond sponsors to corporates.