Citigroup Inc. (C): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the business model of a giant like Citigroup Inc. right now, especially as they push through that multi-year simplification effort. Honestly, looking at their Q2 2025 performance-like a $5.1 billion Markets revenue and a solid 13.5% Common Equity Tier 1 ratio-shows they are serious about the cleanup. This isn't just about their 70 million U.S. card customers; it's about how they connect global trade via Treasury and Trade Solutions across 160 jurisdictions while aiming for an $84 billion revenue guidance for the year, all while managing costs near that $53.4 billion expense target. So, let's dive into the nine blocks to see exactly how this structure is set up to deliver on that global promise.

Citigroup Inc. (C) - Canvas Business Model: Key Partnerships

You're looking at the ecosystem Citigroup Inc. relies on to drive innovation, manage infrastructure, and secure major revenue streams. These aren't just vendors; they are deep, strategic alliances.

Co-brand Credit Card Partners

The consumer finance segment is heavily anchored by major co-brand relationships. The partnership with American Airlines was recently extended for another 10 years, with Citigroup Inc. set to become the exclusive issuer of the AAdvantage portfolio in the U.S. starting in 2026, acquiring the portfolio from Barclays. For the 12 months ending in September 2024, American Airlines generated approximately $5.6 billion in revenue from these cards. The expectation is for this revenue to grow 10% annually, potentially reaching $10 billion per year, which is projected to increase annual pre-tax income by $1.5 billion.

The relationship with Costco remains a critical component of the card portfolio, though specific 2025 financial metrics for that specific partnership aren't immediately available for reporting here.

Fintech and Gen AI Startups via Citi Ventures for Innovation

Citi Ventures, the strategic investing arm, actively partners with startups to embed new capabilities. As of October 2025, the group has completed over 200 investments and achieved 30 successful exits. In the year leading up to October 2025, Citi Ventures made 26 investments, focusing heavily on AI and fintech infrastructure.

Key areas of partnership focus include:

• Fintech infrastructure, such as the investment in Plaid.
• Gen AI for safety and soundness, including an investment in LoRa.
• Regulatory Technology (RegTech) via companies like Norm AI.
• Knowledge management, with an investment in Glean.

The internal application of these technologies is scaling; copilot technologies have already been rolled out across several thousand software development professionals at Citigroup Inc. to drive productivity gains.

Multilateral Development Banks (MDBs) for Public Sector Finance

Citigroup Inc. uses its global footprint to facilitate development finance, often through programmatic lending solutions. The MDB Lending Solution underwrites local currency-denominated facilities at scale, allowing MDB partners to expand their operations in emerging markets while helping Citigroup Inc. manage excess local currency liquidity and reduce risk-weighted assets across its EM franchises.

Specific examples of collaboration include:

Technology Vendors for Core Infrastructure Modernization

Modernization efforts heavily involve strategic alliances with major cloud providers. Citigroup Inc. entered a multi-year agreement with Google Cloud to migrate multiple workloads and applications, utilizing the Vertex AI platform for generative AI capabilities across the firm. This simplification effort is a key driver for the CFO's $1.5 billion cost savings target.

The scale of infrastructure overhaul is significant:

• Applications retired year-to-date (as of late 2024 context): Over 450.
• Total applications retired since 2022: Over 1,250.
• Planned internal technology staff increase: From 48,000 in 2024 to 50,000 in 2025.
• Goal for external IT contractors reduction: From 50 percent to 20 percent of the IT workforce.

Financial Market Utilities and Exchanges

Citigroup Inc.'s engagement with Financial Market Infrastructures (FMIs) is centered on accelerating settlement and adopting digital technologies. A June 2025 survey by Citi Investor Services and ValueExchange included 537 market participants globally.

Key industry focus areas for 2025 include:

• Accelerated settlements, with 76% of survey respondents running T+1 projects.
• Digital assets, with expected turnover reaching 10% of global totals by 2030.
• Impactful changes cited by 85% of respondents across five core areas.
• Generative AI pilots running at 86% of firms overall.

Finance: draft 13-week cash view by Friday.

Citigroup Inc. (C) - Canvas Business Model: Key Activities

You're looking at the core engine room of Citigroup Inc. as of late 2025, focusing on the activities that drive its massive global operations. Honestly, a lot of what they do is about managing complexity and executing massive, multi-year clean-up projects while simultaneously growing the core businesses.

Executing the multi-year transformation and regulatory remediation

This is a non-negotiable activity, consuming significant resources to meet regulatory demands and simplify the firm's structure. You see the costs reflected in the numbers, even as the underlying business improves. For instance, in Q3 2025, the reported net income was $3.8 billion, but if you strip out the goodwill impairment of $726 million tied to the Banamex stake sale, the underlying net income was a much stronger $4.5 billion. This transformation effort has been ongoing; back in Q4 2024, operating expenses dropped by 18% on a reported basis, partly because of savings from organizational simplification. Still, the regulatory pressure remains, evidenced by a $136 million penalty imposed in mid-2024 for failing to meet compliance targets from a prior $400 million order. The commitment to technology investment to support this is clear; Citigroup spent over $12 billion on technology in 2023 alone.

Global transaction processing via Treasury and Trade Solutions (TTS)

TTS is the backbone for global corporations, and it continues to deliver solid results. In Q3 2025, TTS revenues hit $3.9 billion, marking a 7% increase year-over-year, driven by a 14% jump in net interest income. This business consistently ranks high; as of Q2 2025, TTS maintained its #1 market ranking for four consecutive quarters. Looking at activity drivers from Q2 2025, the cross-border transaction value was up 9%, and U.S. dollar clearing volume increased by 6%. Even earlier in the year, Q1 2025 TTS revenues were $3.6 billion, up 4%.

Market making and trading in Fixed Income and Equities

Markets activity thrives on client flow and volatility, and the numbers from 2025 show they capitalized well. For Q3 2025, Markets revenues reached $5.6 billion, a 15% increase from the prior year. Fixed Income markets specifically brought in $4.02 billion, up 12% year-over-year, while Equity markets revenues were $1.54 billion, surging 24% year-over-year. This followed a very strong Q2 2025 where total Markets revenue jumped 16% to $5.9 billion, with Fixed Income markets revenues up 20%. However, by September 2025, the CFO indicated Q3 trading revenues were trending up by percentage points in the mid-single digits compared to the year prior.

Investment banking advisory and underwriting services

The Banking division, which houses Investment Banking, showed explosive growth in the third quarter of 2025. Total Banking revenues surged 34% in Q3 2025. The segment total, including Investment Banking and Corporate Lending, was $2.18 billion in Q3 2025, a 30% increase from Q3 2024. This momentum followed Q2 2025, where Investment Banking revenues rose 15% year-over-year. Despite this strong performance, the September 2025 forecast for Q3 investment-banking fees was for growth in the mid-single digits year-over-year. To give you a sense of the prior year's activity, Q4 2024 saw Citigroup's investment banking fees climb 35% to $925 million.

Scaling wealth management and client acquisition

Scaling wealth management is clearly a priority, evidenced by strong asset growth and revenue performance across its channels. In Q3 2025, the Wealth segment reported record Net New Investment Assets (NNIA) of $18.6 billion for the quarter, with revenues at $2.16 billion. This builds on Q2 2025, where wealth revenues were $2.2 billion, a 20% increase from the year before, and client investment assets rose 17% year-on-year to $635 billion at the end of June. Earlier in the year, Q1 2025 wealth revenues rose 24% to $2.1 billion, with client investment assets at $595 billion, up 16% from Q1 2024. While newer client acquisition numbers are sparse, older data from mid-2023 showed the Private Bank newcomer client count was up 40% year-over-year, and Wealth at Work saw nearly a 60% increase in new clients.

Here's a quick look at the revenue snapshot for the key client-facing businesses in Q3 2025:

Citigroup Inc. (C) - Canvas Business Model: Key Resources

You're looking at the core assets Citigroup Inc. (Citi) relies on to execute its global strategy. These aren't just line items on a balance sheet; they are the engines driving its institutional and wealth management franchises.

The physical and operational reach of Citi remains a massive resource. It is structured to be the preeminent banking partner for institutions with cross-border needs, which requires a footprint that few can match. This network is critical for its Services and Markets businesses, especially for cross-border payments and custody services.

Here's a snapshot of that scale, which is a key differentiator:

• Global operational presence in more than 180 countries and jurisdictions.
• Services segment reported $28 trillion in assets under custody as of Q2 2025.
• Average loans increased by 15% driven by continued global demand for trade loans in Q2 2025.

Capital strength is another non-negotiable resource, especially after the recent stress tests. This buffer allows Citi to return capital to shareholders while funding necessary modernization. You saw this reflected clearly in the recent capital reporting.

The bank returned approximately $3.1 billion to common shareholders in Q2 2025 and followed that up by returning about $6.1 billion in Q3 2025 through repurchases and dividends. That's capital deployment powered by that strong capital base.

Underpinning the global operations is a significant investment in proprietary technology and data infrastructure. This isn't just about keeping the lights on; it's about deploying AI to drive efficiency across its five interconnected businesses. The transformation efforts are heavily weighted here.

Consider the tech investment and deployment:

• Citi spent almost $12 billion on technology in total in 2024.
• The Citi Stylus Workspaces genAI system connects to around 100 business applications and data repositories.
• As of October 2025, around 175,000 staff were given training in how to write effective AI prompts.

This technology stack supports the highly-skilled talent pool, which is the human capital resource. Citi's ability to execute complex transactions in Markets and Banking, and manage vast client assets in Wealth, depends on these people. While the 2024 employee count was around 229,000, the focus is clearly on upskilling the existing workforce in new domains like AI.

Finally, the intangible assets carry significant weight, especially for an institution of this age and scope. The regulatory licenses are hard-won and allow Citi to operate in sensitive, high-value jurisdictions. The brand itself is a recognized global asset, even as the firm refines its focus.

Key intangible markers include:

• Position as one of the eight global investment banks in the Bulge Bracket.
• Ranked #24 in the Forbes Global 2000 in 2023.
• The firm's Services business is central to its self-description as the world's most global bank.

Finance: draft 13-week cash view by Friday.

Citigroup Inc. (C) - Canvas Business Model: Value Propositions

You're looking at the core value Citigroup Inc. (C) delivers to its distinct customer groups right now, based on their late 2025 performance metrics. This isn't about strategy talk; it's about the hard numbers that back up their claims.

Seamless cross-border transaction services for multinational corporations

Citigroup Inc. supports global operations across its network spanning more than 180 countries and jurisdictions. The Services segment, which houses much of this capability, posted revenues of $5.4 billion in the third quarter of 2025, marking a 7% increase year-over-year. A key indicator of this cross-border strength is the 10% increase in cross-border transaction value reported for the same period. Furthermore, their role in global financial plumbing is underlined by Assets Under Custody and Administration (AUA) growing 13% to nearly $30 trillion as of the end of September 2025.

Access to global capital markets and liquidity solutions

The Markets division delivered its best third quarter ever in Q3 2025, with revenues climbing 15% year-over-year to $5.6 billion. This was supported by Equity markets revenues surging 24%, while prime balances saw continued momentum, increasing approximately 44%. The Banking segment, which includes investment banking fees, saw revenues grow 34% year-over-year in Q3 2025, reflecting strong activity in dealmaking.

Comprehensive wealth management for high-net-worth clients

The Wealth segment generated revenues of $2.2 billion in Q3 2025, an 8% increase from the prior year. Client asset gathering was strong, with the business reporting a record $18.6 billion in Net New Investment Assets (NNIA) for the quarter. Total client investment assets stood at $660 billion at the end of September 2025, representing a 14% gain. The Citigold business specifically saw revenues rise 14% to $1.3 billion.

Leading U.S. branded credit card products and rewards

Citigroup Inc.'s U.S. Personal Banking (USPB) segment, which includes branded cards, has shown consistent operational strength, achieving positive operating leverage for the 12th consecutive quarter. While Q3 2025 data focuses on revenue, prior period data shows the scale of the card business: branded credit card spending volumes reached $135 billion in the fourth quarter of the previous year, with average loans in that segment at $113 billion, up 6% year-on-year.

Institutional stability and a diversified global balance sheet

The bank's foundational strength is evident in its balance sheet metrics as of the third quarter of 2025. You can see the scale and capital position clearly here:

The reported Return on Tangible Common Equity (RoTCE) for Q3 2025 was 8.0%, though excluding the notable goodwill impairment, it reached 9.7%.

The core offerings driving these numbers are:

• Services revenues up 7% (Q3 2025)
• Markets revenues up 15% (Q3 2025)
• Wealth NNIA of $18.6 billion (Q3 2025 record)
• Citigold revenues up 14% (Q3 2025)
• Banking revenues up 34% (Q3 2025)

Finance: draft 13-week cash view by Friday.

Citigroup Inc. (C) - Canvas Business Model: Customer Relationships

You're looking at how Citigroup Inc. structures its interactions with clients across its simplified, five-core-business model as of late 2025. It's all about targeted service intensity, from dedicated human touchpoints to scaled digital efficiency.

Dedicated relationship managers for institutional clients

For the Institutional Clients Group, the relationship model centers on deep, cross-border expertise. The Services division, which includes Treasury and Trade Solutions (TTS) and Securities Services, acts as a preeminent banking partner for institutions needing global reach. Citigroup operates in more than 180 countries and jurisdictions to support these relationships. In Q2 2025, the firm's cross-border transaction values within TTS grew by 9% year-over-year, reflecting strong client engagement in transaction services. The scale of custody and administration handled by Securities Services reached $28.2 trillion in Q2 2025.

High-touch, advisory services for Citigold Private Client

The Citigold Private Client tier is explicitly designed for an elevated, high-touch relationship. To qualify for this tier, clients must maintain a minimum combined average monthly balance of at least $1 million in eligible linked deposit, retirement, and investment accounts. This relationship includes access to a Dedicated Wealth Team, comprising a Wealth Advisor and Portfolio Consultants, offering professional guidance and advanced financial planning. The focus on this segment is yielding results; the Wealth business reported revenues of $2.2 billion in Q2 2025, a 20% increase year-over-year, with client investment assets standing at $635 billion. The pre-tax margins for the Wealth business hit 29% in Q2 2025.

Here's a quick look at the entry requirement for this relationship level:

Digital self-service and mobile banking for U.S. consumers

For U.S. consumers in the Personal Banking and Wealth Management segment, the relationship leans heavily into digital self-service. The bank converted 4 million retail banking customers to its new banking platform in the U.S. The active mobile user base for these consumers saw an 8% increase. In the Branded Cards business, which is a key part of the consumer offering, interest-earning balances grew by 5% year-over-year in Q3 2025. The spending volumes on branded credit cards reached $135 billion in the period ending early 2025.

'One Citi' cross-selling across five core businesses

The 'One Citi' concept drives the relationship strategy, ensuring clients can access the firm's full global network across its five core businesses. This strategy is supported by the active exit from 14 non-core international consumer markets to focus capital and resources. The firm's vision is to deliver this integrated service by being the premier partner for institutions with cross-border needs, a global leader in wealth management, and a valued personal bank in the U.S. home market.

Personalized digital experiences via AI integration

Citigroup Inc. is embedding Artificial Intelligence to personalize and streamline client interactions. The firm armed 30,000 developers with AI tools to write code and launched two AI platforms to boost efficiency for its 143,000 colleagues. This focus extends to institutional processes; in a June 2025 survey of market participants, 86% reported piloting GenAI for post-trade functions. Furthermore, 67% of institutional investors are using GenAI specifically for post-trade reconciliation, reporting, and clearing/settlements.

Here are the reported AI adoption statistics from industry surveys:

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Citigroup Inc. (C) - Canvas Business Model: Channels

You're looking at how Citigroup Inc. (C) actually gets its value proposition to its customers, which is a mix of massive global scale and targeted digital precision as of late 2025. The channel strategy is clearly bifurcated between its Institutional Clients Group (ICG) and its Personal Banking and Wealth Management (PBWM) segments.

The sheer geographic reach is a key differentiator. Citigroup Inc. (C) maintains a physical presence in 94 markets globally, allowing it to connect and do business in nearly 180 countries and jurisdictions where it serves clients. This physical footprint supports its institutional and private bank offices, with 77 markets specifically hosting trading floors.

For the retail and wealth side, the focus is on high-value physical hubs supported by digital scale. Singapore is one of four global wealth hubs, alongside Hong Kong, UAE, and London. The flagship hub in Singapore at 268 Orchard Road has hosted 32,500 engagements with clients since its opening in late 2020.

The digital channels are seeing significant adoption, especially in the consumer space. The active mobile user base reached 20 million as of January 2025, marking an 8% increase. This digital push supports the PBWM segment, which generated $5.3 billion in U.S. Personal Banking revenue in Q3 2025. The commercial side leverages CitiDirect Commercial Banking, which supports over 57% of the total commercial banking client base globally and is live in 8 key locations including the U.S., Hong Kong, and Singapore. Furthermore, the Citi Payments Express online bill payment offering is live in 18 countries, having converted 4 million retail banking customers in the U.S..

The Markets division relies heavily on its electronic execution platforms, which drove Q3 2025 Markets revenues to $5.6 billion. The Equity markets portion specifically generated $1.54 billion in Q3 2025, supported by record prime balances that were up approximately 44% year-over-year in that quarter.

Co-brand partner channels are a vital part of the credit card business, where Citigroup Inc. (C) is the third-largest issuer of credit cards in the U.S.. The Global Co-branded Credit Card Market size was expected to reach $16.00 billion in 2025. Citigroup Inc. (C) maintains private-label and co-brand cards with major retailers such as Macy's Inc. and Wayfair Inc.. The bank is also actively managing its key airline partnerships, securing full control over the American Airlines portfolio from Barclays Bank starting in 2026.

Here is a summary of the scale across these key channels as of late 2025:

The U.S. Personal Banking revenue, which flows through its digital and branch network, was $5.3 billion in Q3 2025. Also, the Wealth Management segment generated $2.2 billion in revenue for Q3 2025, driven partly by $18.6 billion in record Net New Investment Assets for that quarter.

• U.S. Branded Cards interest-earning balances grew 5% year-over-year in Q3 2025.
• The bank is the third-largest credit card issuer in the U.S..
• The Banking segment saw revenues of $2.13 billion in Q3 2025.
• Investment Banking revenue reached $1.15 billion in Q3 2025.

Citigroup Inc. (C) - Canvas Business Model: Customer Segments

You're looking at the core groups Citigroup Inc. serves across its global footprint as of late 2025. Honestly, the client base is split into two massive buckets: the Institutional Clients Group and Personal Banking and Wealth Management.

For the institutional side, you're talking about multinational corporations and financial institutions. These clients rely on Citigroup Inc. for cross-border needs, which is a huge part of their value proposition. The Services division, which houses Treasury and Trade Solutions (TTS) and Securities Services for these clients, posted revenues of $5.1 billion in the second quarter of 2025. Also, the Banking division, which serves corporate clients, saw revenues increase by 18% in Q2 2025.

Governments and public sector entities are another key segment, leaning on Citigroup Inc.'s global network for banking and capital markets support. The bank does business in more than 180 countries and jurisdictions, which is essential for serving sovereign clients.

The wealth management tiers target high-net-worth and ultra-high-net-worth individuals, plus the affluent and mass-affluent. The wealth revenues showed strong growth, increasing 24% in the first quarter of 2025 across all three client segments. Client investment assets in the wealth segment hit $595 billion as of Q1 2025.

The U.S. consumer base is anchored by its credit card operations. While the firm has been simplifying its consumer footprint globally, the U.S. remains a core market. For instance, average loans in the branded card segment were $113 billion year-over-year as of the end of 2024.

Here's a quick look at how some of these segments stacked up with the latest figures we have:

You can see the focus on scaling wealth management and maintaining strength in institutional services. The consumer segment is clearly defined by its card base, which is substantial:

• Multinational corporations and financial institutions
• Governments and public sector entities
• High-net-worth and ultra-high-net-worth individuals
• Affluent and mass-affluent U.S. consumers (Citigold, Citi Priority)
• U.S. consumer card members (over 70 million customers)

The firm is definitely targeting market share gains across these areas, especially wealth management, as part of its 2025-2026 priorities. Finance: draft 13-week cash view by Friday.

Citigroup Inc. (C) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Citigroup Inc.'s operational spending as of late 2025. Honestly, managing these costs is central to hitting their return targets.

Transformation and technology investment costs remain a significant outlay. Citigroup Inc. made significant progress on its multi-year restructuring plan, with many programs at or mostly at the target state by Q2 2025, including the end-to-end risk management lifecycle and the Compliance Risk Management framework. Still, higher investments in Citi's transformation and technology were noted as a driver for higher expenses in the second quarter of 2025.

Compensation and benefits expenses saw an increase in Q2 2025. This was driven by higher severance of approximately $400 million, primarily tied to the realignment of the technology workforce. Productivity savings and stranded cost reductions partially offset these continued investments in the businesses.

Regulatory and compliance expenses are reflected in expense movements compared to prior periods. For instance, Q2 2025 operating expenses benefited from the absence of tax- and legal-related expenses seen in the prior-year period, and the absence of civil money penalties in the prior-year period also lowered the reported expense base.

Here's a look at the key expense figures and targets we have for 2025:

General operating expenses, which include items like real estate and marketing, are embedded within the total expense figures. The firmwide expense discipline is being maintained even as they invest. The full-year 2025 expense target is projected to be slightly below $53.4 billion, though management noted that if revenues come in at the higher end of the range, around $84 billion, expenses could track commensurately higher.

The cost structure is being actively managed through several levers:

• Transformation expenses are expected to trend down over time.
• Productivity savings are being realized, some enabled by AI integration.
• Continued reduction in severance costs is expected following the Q2 2025 realignment.
• Stranded costs are actively being reduced, with about $1.2 billion remaining to be brought down.

The Q2 2025 reported expense increase of 2% on a reported basis was largely offset by lower tax and deposit insurance costs.

Citigroup Inc. (C) - Canvas Business Model: Revenue Streams

You're looking at how Citigroup Inc. actually makes its money right now, late in 2025. It's a mix of traditional lending income and high-fee institutional services, so let's break down the numbers you need to see.

Net Interest Income (NII) from lending and deposits

Net Interest Income (NII) is the core spread between what Citigroup Inc. earns on its assets, like loans, and what it pays out on its liabilities, like customer deposits. For the third quarter of 2025, total NII came in at $14.9 billion. This was up 12% year-over-year, driven by growth across most segments. Management had previously guided for Net Interest Income excluding Markets to grow by approximately 4% for the full year 2025, but by October, they revised that outlook upward, expecting NII ex-markets to advance about 5.5% for the full year. That's a solid beat on the initial expectation, showing the benefit of higher deposit balances and spreads.

Here are some key components contributing to that NII:

• Deposits by TTS customers reached $726.4 billion at the end of June 2025, up 11% from 2024.
• End-of-period loans increased to $734 billion in Q3 2025 from $725 billion in Q2 2025.

Non-interest revenue from investment banking fees

Investment banking fees are a key part of the non-interest revenue, coming from advisory, underwriting, and other deal-related services. In the second quarter of 2025, investment banking revenues rose 15% year-over-year, hitting $981 million. By the third quarter, the total Banking revenue, which includes these fees, reached $2.18 billion, with investment banking fees specifically up 17% year-over-year for that quarter. CFO Mark Mason noted in September that they were seeing good momentum across all investment-banking products.

Service fees from Treasury and Trade Solutions (TTS)

The Treasury and Trade Solutions (TTS) business generates revenue from service fees related to cash management, trade finance, and liquidity solutions. In the second quarter of 2025, TTS revenue was $3.67 billion. For the third quarter of 2025, TTS revenues were $3.9 billion, marking a 7% increase year-over-year. Non-interest revenue for TTS, which is where service fees primarily sit, saw a 15% increase compared to the first quarter of 2025.

Trading revenue from Markets (Q2 2025 Markets revenue: $5.1 billion)

The Markets division captures revenue from fixed income, currencies, and equities trading activities. As you noted, the second quarter of 2025 Markets revenue was reported at $5.1 billion. To be fair, other reports place Q2 2025 Markets revenue slightly higher at $5.88 billion, up 16% year-over-year. The third quarter showed continued strength, with Markets revenues hitting $5.6 billion, a 15% increase year-over-year.

Full-year 2025 revenue guidance of approximately $84 billion

Citigroup Inc. raised its full-year 2025 revenue guidance to approximately $84 billion, putting it at the high end of its previous range. However, by mid-October, management indicated that the full-year revenue expectation was now trending to be higher than $84 billion, including the impact of foreign exchange translation.

Here's a quick look at the reported quarterly revenue components we have data for:

You can see the momentum across the segments, which is what drives that full-year guidance update. If onboarding takes 14+ days, churn risk rises, but here, the revenue momentum is defintely positive.

The key revenue drivers for Citigroup Inc. as of late 2025 include:

• Strong growth in Net Interest Income, revised up to a 5.5% increase for NII ex-markets for the full year.
• Record third-quarter revenue across all five core business segments.
• Markets delivered its best third quarter ever with revenues up 15% year-over-year.
• Banking revenues were up 34% in Q3 2025 compared to Q3 2024.

Finance: draft 13-week cash view by Friday.