Citigroup Inc Q4 FY2025 Earnings Call

Hello, and welcome to Citi's fourth quarter 2025 earnings call. Today's call will be hosted by Jennifer Landis, Head of Citi Investor Relations. We ask that you please hold all questions until the completion of the formal remarks, at which time, you will be given instructions for the question and answer session. Also as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Miss Landis, you may begin.

Thank you, operator. Good morning, and thank you all for joining our fourth quarter 2025 earnings call. I'm joined today by our Chief Executive Officer, Jane Fraser, and our Chief Financial Officer, Mark Mason. I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com, may contain forward-looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our earnings materials as well as in our SEC filings. And with that, I'll turn it over to Jane.

Thank you, Jen. And good morning to everyone. This morning, we reported another strong quarter to close out what was a very good year of progress indeed. We accomplished a tremendous amount in 2025, and I am proud of our team. That said, and we've always been clear about this, we are on a multiyear journey. We remain focused on executing our strategy and transformation. I'm excited to update you on our progress in greater detail and to outline the next phase of our journey at our Investor Day on May 7. In terms of the quarter, excluding the impact of a notable item, our adjusted EPS was $1.81, and our adjusted ROTC was 7.7%. For the full year, our returns improved to 8.8%, a 180 basis point improvement after adjusting for Banamex and Russia, and adjusted net income surpassed $16 billion. With adjusted revenues up 7%, we delivered positive operating leverage in every one of our five businesses, as well as the firm overall for the second straight year. Each business had record revenues and improved their returns by between 250 and 800 basis points. Services continued to deliver with revenues up 8% and an ROTCE of over 28% for the year. Fee revenue grew by 6% and cross-border transaction value by 10% as we deepened client relationships and supported them across our global network. Security services assets under custody and administration grew 24% as a result of existing client growth and the onboarding of new client assets. We continue to innovate to provide our clients with always-on, cross-border multi-bank solutions. In 2025, we integrated Citi Token services with $24.07 US dollar tiering, launched in Hong Kong and Dublin, and added euro as a transaction currency. We also expanded our industry-leading Citi Payments Express to 22 markets, and it processed 40% of TTS's payments during the fourth quarter. In October, we began the journey to a unified custody infrastructure and enabling near real-time asset servicing by launching single event processing. All the investments we have made translated to growth and robust market share gains. Markets delivered record revenues even surpassing our 2020 performance. Combined with better capital efficiency, ROTCE increased to 11.6%. Fixed income was up 10% despite a challenging year for us in commodities. Equities revenues of $5.7 billion were also a record, with an over 50% increase in prime balances as that business continues to gain share. Banking had a record year, including the best quarter and year for M&A revenues in Citi's history, as we gained share in our target sectors as well as in leveraged finance and with sponsors, resulting in an 11.3% ROTCE. Citi had a role in 15 out of the 25 largest investment banking transactions of the year and advised Boeing, Pfizer, Nippon Steel, Mars, Johnson & Johnson, Blackstone, and TPG. This all drove a 30 basis point year-over-year increase in our investment banking wallet share. Overall, revenues were up 32% whilst keeping expenses flat, showing the discipline we are applying to this business. Wealth delivered another year of strong performance in 2025, including 14% revenue growth, 8% organic NNIA growth, and an ROTCE of over 12%. It's a direct result of the strategy we've executed over the past two years, attracting and retaining industry-leading talent and driving better operating efficiency that's allowed us to invest in key growth areas. That includes notable partnerships with industry leaders such as BlackRock, that have enhanced our open architecture platform and are elevating the client experience. The integration of the retail bank into wealth makes it easier to deepen share with existing clients and unifies our US deposit franchise. USPB's returns more than doubled for the year, reaching mid-teens driven by continued product innovation, solid customer engagement, and our high-quality card portfolio. Branded cards revenue grew 8% driven by robust engagement from customers in spend, borrowing, and new account acquisitions across our proprietary offerings, and our American Airlines and Costco partnerships. While retail services showed some revenue softness, businesses' returns remained solid. In terms of capital, we repurchased over $13 billion in common shares during the year, including $4.5 billion in the fourth quarter, as part of our $20 billion plan. Increasing our dividend resulted in a total capital return of over $17.5 billion, the most since the pandemic. We entered the year with a CET1 ratio of 13.2%, which is 160 basis points above our regulatory capital requirement. So we have ample capital to support our growth, and we will continue to return excess capital to our shareholders. We've reached some significant mass in terms of our simplification as we near the end of our international divestitures. We signed an agreement to sell our consumer business in Poland, and we are receiving final approvals to sell our remaining operations in Russia. Just three months after announcing it, we closed the sale of a 25% stake of Banamex to one of Mexico's most prominent investors. We have made significant progress in terms of our transformation. Over 80% of our programs are now at or nearly at our target state. While there is more work to do, I'm very pleased with how far we've come, as evidenced by the OCC's termination of Article 17 of the consent order in December. Combined with how we're deploying AI, this bank is being truly transformed in terms of its operational capabilities, its controls, and its tech infrastructure compared to five years ago. We're also building AI into the processes that move money, manage risk, and serve clients. Colleagues in 84 countries have now interacted with our proprietary tools over 21 million times, and we continue to see adoption increase. It's now above 70%. With much of our transformation behind us, we are shifting our focus to how we can use AI tools and automation to further innovate, reengineer, and simplify our processes beyond risk and controls to improve client experience whilst reducing expenses. We have started with just over 50 of the largest and most complex processes in the firm, ranging from KYC to loan underwriting. We're moving with speed to systematically implement modern and efficient solutions. Turning to the macro environment, the global economy has powered through many shocks over the past few years, creating optimism and confidence that economic growth is poised to continue. With inflation now at normal levels globally, almost every central bank is becoming more accommodating. While the labor market in the US has softened, capital investment remains strong, especially in tech. The combination of that CapEx, the health of the consumer, and the tax benefit from anticipated rate cuts should be enough to sustain growth. China's relying on exports to grow and compensate for slower domestic consumer demand. Europe has taken some steps to accelerate its anemic growth, and we're hopeful that Germany can create a meaningful stimulus. Our strategy can deliver results in different environments. Our corporate clients are in excellent financial shape and are predominantly investment grade in terms of credit quality. We are well positioned to help them navigate, whether through our balance sheet or expertise developed from being on the ground in almost 100 countries. We enter 2026 with visible momentum across the firm. You see it quarter after quarter in the business performance, improvement in our risk and control environment, innovation, our ability to attract top talent, and the pace of capital return. As I told our people at a town hall in December, this was the year we changed the conversation around Citi. We are now decidedly on the front foot. We aren't taking any victory laps. We are intensely focused on completing our transformation and maintaining our trajectory to deliver the 10 to 11% ROTC we have spoken about, as well as another year of positive operating leverage. Those are our top priorities for this year. We're looking forward to hosting you for Investor Day, where we will lay out how we will take our strategy forward and our path for improving our returns sustainably. As you'll see, we are just getting started in capturing the upside in front of us. Before I turn it over to Mark, I want to say a few things about him. This is Mark's last call as CFO, and he has done a fantastic job for us. As you all would agree, he helped guide the bank through the pandemic, provided continuity during my transition to CEO, and has driven a significant part of the remediation work for the consent orders. Throughout it all, he has been a reliable source of strength and wisdom. There are few people as responsible for where Citi stands today, especially in terms of its financial performance, as Mark. I wanted to take a moment to thank him for all he has done for our firm. Gonzalo has big shoes to fill indeed. With that, I will turn it over to Mark, and we will both be happy to take your questions.

Thanks, Jane, and good morning, everyone. I'm going to start with the firm-wide fourth quarter and full-year financial results, focusing on year-over-year comparisons unless I indicate otherwise. Then review the performance of our businesses in greater detail, and close with our current expectations for 2026. This quarter, we reported net income of $2.5 billion, EPS of $1.19, and an ROTCE of 5.1% on $19.9 billion of revenues, generating positive operating leverage for the majority of our five businesses. On an adjusted basis, which excludes the notable item consisting of the impact of the held-for-sale accounting treatment of Citi's remaining operations in Russia, we reported net income of $3.6 billion, EPS of $1.81, and an ROTCE of 7.7%. Total revenues were up 2%, driven by growth in banking, services, USPB, and wealth, primarily offset by a decline in all other. Adjusted for the Russia notable item, revenues were up 8%. Net interest income excluding markets was also up 8%, driven by services, USB B, legacy franchises, wealth, and banking, partially offset by a decline in corporate other. Noninterest revenues, excluding markets, were down 17%. However, adjusted for the Russia notable item, noninterest revenues, excluding markets, were up 23%, driven by better results in banking and all other, partially offset by declines in services, USPB, and wealth. Total markets revenues were down 1%. Expenses of $13.8 billion were up 6%, driven by increases in compensation and benefits, tax charges, legal expenses, and technology, partially offset by productivity savings and lower deposit insurance expense. Cost of credit was $2.2 billion, primarily consisting of net credit losses in US cards. For the full year, we generated positive operating leverage for the firm and each of our five businesses, with $14.3 billion of net income up 13%, with an ROTCE of 7.7% on a reported basis. Adjusted for the Russia notable item this quarter, as well as the goodwill impairment related to Banamex in the third quarter, we delivered $16.1 billion of net income up 27% versus the prior year, with an ROTCE of 8.8%. This year, we reported revenue of $85.2 billion. Adjusted for the Russia notable item and excluding divestiture-related impacts, revenues of $86.6 billion were up 7%, our strongest growth in over a decade. Each of our businesses achieved record revenues, demonstrating another year of our investments in the franchise driving solid top-line growth. Over the past five years, we've invested significantly in the transformation and technology to modernize our infrastructure, simplify and automate our processes, and enhance and streamline our data. We've seen productivity savings and revenue growth contributing to an improvement in our firm-wide efficiency ratio to 63% on an adjusted basis. Our reserves continue to incorporate an eight-quarter weighted average unemployment rate of 5.2%, which includes a downside scenario average unemployment rate of nearly 7%. At the end of the quarter, we had over $21 billion in total reserves, with a reserve to funded loan ratio of 2.6%. We continue to maintain a high credit quality card portfolio with approximately 85% of consumers having FICO scores of 660 or higher, and a reserve to funded loan ratio in our card portfolio of 7.7%. It's worth noting that across our US cards portfolios, delinquency and NCL rates continue to perform in line with our expectations. Turning to our current expectations for 2026, following solid growth of nearly 6% in 2025, we expect NII ex markets to be up between 5-6% in 2026. As mentioned earlier, we will continue to prioritize returning capital to shareholders through buybacks, as evidenced by the $4.5 billion of buybacks in the fourth quarter and over $13 billion for the year, against our $20 billion buyback program. As we consider the trajectory of our expense base, we expect to continue investing in our businesses to support continued top-line revenue growth and expect higher volume and other revenue-related expenses, with capacity generated from productivity savings from our prior investment, reduction of transformation expenses, continued reduction in stranded cost, as well as a lower level of severance versus 2025. During this earnings call, I want to take a moment to express how grateful I am for the time I have spent at Citi and the incredible team I have had the privilege to work with. From my heart, I appreciate your support and engagement throughout the years. Looking ahead, I remain fully committed to supporting Jane, Gonzalo, and the broader leadership team as the firm continues its path towards achieving its ROTCE target of 10 to 11% this year and delivering higher returns over time. So I am leaving the role not at the peak for Citi, but on the upswing, with nothing but upside from here. And with that, Jane and I would be happy to take your questions.

At this time, we will open the floor for questions. If you would like to ask a question, please press 5 on your telephone keypad. You may remove yourself at any time by pressing 5 again. Please note you will be allowed one question and one follow-up question. Again, that is 5 to ask a question. And we'll pause just a moment. Your first question will come from Glenn Schorr with Evercore. Your line is now open. Please go ahead.

Hi, thank you. And Mark, you're the best. You deserve a sit on the beach for a little while.

Thank you, Glenn. Not yet. Not yet. But exhale at some point. Thank you.

Okay. I have a question in markets, and I feel like markets is one of the big pieces of the puzzle to get to improved returns. It could be just one quarter, but I see the flattish revenues in the quarter. You talked about a tough year-on-year comp. Let's more focus on the interesting PV balances up around 50%, allocated capital about the same. Trading assets are up like, 23%. Loans are up a bunch. I'm curious on how those things are growing while allocated capital is the same. And yet, the ROTC in the quarter is like 6%. So this is just a couple of things that make my head scratch a little bit, so I just need a little help there.

Thanks. Yeah. Look. I'd point to a couple of things. So first of all, you can see the top-line revenue for the full year up 11% for market. So very strong performance. The fourth quarter was very strong last year, so it was a tough year-over-year comp. But we're seeing particular momentum over the course of the year and parts of the franchise, you know, like spread products where we've been doing more around financing and lending activity and that is a very optimal use of RWA. It's very high returning, low RWA for us. Similarly, that momentum, you know, in equities is supported by prime with equities up 13 for the full year. A lot of the action that we see in 2025 is on the heels of having spent a lot of time optimizing RWA in the prior years. Ensuring that we're deploying it where we get the highest return for it. We come into the year with lower levels of capital. We set that once for the year. We've allocated more GSIB capacity towards the business. Allocated more higher returning use of balance sheet towards lending activity, and those things have contributed to the higher ROTCE that we see here for all of '25. So a combination of optimization of balance sheet and deploying balance sheet in higher returning areas of the franchise.

Okay. Well, all helpful and good perspective. And then this is a small one. But on the expense and efficiency, slide 20, and correct me if I'm wrong, I thought the last look was efficiency ratio below 60%, and now it's we're targeting around 60. It's in the grand scheme of the Citi story, I don't think it's a big deal. I'm just curious if it changed, if it meant to change, or am I reading that wrong?

No, you're reading it right, Glenn. I think, look, I think a couple of things. Your last point is well taken as well. In the grand scheme of Citi, like, what are we talking about? But let me make the bigger point, which is in '26, as you know, we are focused on ensuring we deliver on the 10% to 11% return. Right? That means top-line momentum, good expense discipline. But in that expense discipline, is both creating capacity through greater productivity, bringing down our transformation cost, etcetera, and investing in the business. Right? That investing in the business point is a really important one because Jane has said a number of times now, that 2026 is just a waypoint. In order for us to ensure we're delivering greater returns in '27, '28, etcetera, we have to continue to invest in the franchise. So what you highlighted as a less than 60 moving to an around 60 is giving us the flexibility to ensure that where we see the opportunities to invest beyond '26, that we're taking advantage of those. Does that make sense?

Yeah. Yeah. It makes sense, and I appreciate it. Yeah. Thanks.

Your next question will come from Mike Mayo with Wells Fargo. Line is now open. Please go ahead.

Hi. Jane, if you could elaborate on the new data point that over 80% of your progress with transformation is at the target state or near the target state, what remains and out of what remains, how much of that relates to safety and soundness? Thank you.

Thanks, Mike. While we have some more work to do, let me just say I do feel really good about where we are. The audit mainly revolved around four areas: compliance, risk, controls, and data. We're operating at almost as our target state. These are the Citi defined ones for compliance, risk, and controls. In data, we've significantly accelerated progress over the past year, and some of that has been helped by AI as well. We're seeing this translate quickly into both outcomes, and that's including the detailed accuracy of our most critical regulatory reports and in the modernization of our underlying data. We're focused on completing the work, and we have a finely tuned execution machine that's delivering on time and at the appropriate quality. I am highly confident in our ability to get the remaining work done. We all took it as a positive sign that our regulators are also seeing demonstrable improvement in Citi's safety and soundness, publicly evidenced by the OCC's termination of the July 24 amendment. The timing's up to the regulators. Getting the work completed is just the beginning of the end. We need to get comfortable that the work's delivered desired outcomes. It needs to get validated by our independent audit function. Then the regulators go through their assessment and closure process. That all takes time. From the shareholder perspective, we're beginning to see the benefits of the investments we've made in our transformation. We're becoming more efficient, as you can see on the back of many of these investments with far better control. As we complete each body of work, we're beginning to bring our expenses down. To Mark's point earlier, that creates the capacity for additional investments. It creates capacity for higher returns in 2026 and beyond. It also frees up some management mindshare for growth and innovation.

And correct if I'm wrong. I think you were at the end stage for risk and compliance, but now you're saying controls are mostly there. If that's the case, how long does it take you to validate your internal?

I wouldn't go quite as far as you've jumped to. We still do have some work to do. We're very focused around it, and we're making good accelerated progress with it. We have to get the work done, validate it, and then hand it over to the regulators in the process we talked about. Those things have to happen.

Got it. Thank you.

Your next question will come from Ebrahim Poonawala with Bank of America. Good morning.

Good morning. Maybe two questions. One, Jane, just following up beyond the regulatory piece, what would you say? I think one of the concerns investors have is Citi was behind the curve in terms of franchise investments. You've done a tremendous job over the last five years. Where do you see that there is a gap between Citi and best-in-class peers? When we think about investment banking, capital markets, etcetera, how would you size that gap and what is needed, and how long to narrow that gap? Or if in fact eliminate that?

You're right. Over the past five years, we've been investing not only in technology and the transformation but also in innovations and making sure that we are positioned to drive our growth, returns, and competitive position. In terms of services, we are the leading firm in a number one position. We've been building out digital asset capabilities and expanding product innovations. We're investing in scaling our security services platform and broadening capabilities. You saw the huge growth in the assets under custody and management this year that we've achieved as a result. Services are in a very strong position. Markets are where we've been investing as we continue filling product capability gaps. We're improving capacity, reducing latency, increasing resiliency to support the 11% growth that you saw this year, particularly in prime, which had huge growth of 50%. We'll continue to bring in top talent to fill remaining gaps. To be the leading player, top three, or top one in all of the businesses is very important to us. It’s crucial that we invest for the long term and not just look at this year-by-year.

No. That's helpful. And maybe, Mark, one for you. Appreciate you moving away from revenue guidance. But maybe help us fill in the blanks a little bit around fee growth. We look at 2025. Just how should we think about fee revenue growth embedded in your expectations around that 60% efficiency ratio? Any color on markets NII of at least what the puts and takes should be in terms of delta versus the $10 billion-ish that we saw in 2025?

Sure. We did have good fee growth this year. We expect that to continue as we think about 2026. The 2026 banking wallet was north of $100 billion, and we expect a constructive wallet. We'll see what that looks like, but we also expect continued share gains against that constructive wallet. We've got a rich pipeline as we go into the beginning of the year. As Jane mentioned, we've been investing in key parts of the franchise that will continue to pay dividends for us in '26 and beyond. That will be a positive contributor to fees. We've seen good growth in client assets and NII, and that momentum is expected to continue in '26. Our services business will continue to see strong activity and engagement.

That's great color. Thank you, Mark, and all the best. And with the next adventure. Bye.

Thank you. Thank you so much.

Your next question will come from Betsy Graseck with Morgan Stanley.

Hi. Good morning.

Good morning.

Hi. Good morning, Betsy. I had a question for you on the NII outlook. Coming into this print, I think you were looking for a slowdown in NII growth from 2025 levels of 5.5%. But you actually increase the NII outlook to 5% to 6%. What drove that better NII outlook?

Yeah. Look, the NII guidance that we gave last year, we came in a lot better than that in 2025. That was in part due to the higher loan volumes we saw throughout the year. In fact, that is what is informing the five to six percent ex-markets NII guidance that I've given for 2026. We'd expect loan volume to continue. Good loan growth on the wealth side, particularly in security-based lending type activity. We're expecting to see that continue, and that's a big driver of the NII momentum. Overall, it'll be a combination of those and the way we've been managing the investment portfolio.

Okay. Great. And then just on the actions to reduce that sensitivity, does that play into this at all? Or what actions did you take?

We’ve been managing the portfolio in a very dynamic way. We've been taking a number of actions to reduce the asset sensitivity given that we know that rates are likely going down. Most of that sensitivity is in the non-US dollar portfolio.

Awesome. Okay. Thank you so much, Mark, and congratulations from me as well, and enjoy your 2026 into '27.

Thank you so much.

Your next question will come from Jim Mitchell with Seaport Global.

Good morning. And, Mark, I think everyone appreciates your efforts over the years. Good luck with your new chapter.

Thank you, Jim. Appreciate that.

Yep. You're welcome. Just maybe on the capital return side, you're 160 bps above your minimum CET one. I guess, are you still targeting a buffer around 100 bps? How quickly are you looking to get there?

We are still targeting a 100 basis point management buffer and are working towards a twelve-six capital ratio. We're not giving guidance on buybacks quarter to quarter as you know. But as you look at what we've done this year at $13 billion, you can expect that we would look to do more in 2026.

Okay. That's helpful. And just maybe on just the deposit growth and service, it has been very strong. Can you dive into a little bit more on the drivers why you think that should be sustainable going forward?

The team has done a really good job in TTS and security services ensuring that our clients appreciate the breadth of our offering. There's been a focus on how we work with clients around the world and ensuring that they can manage their cash and liquidity needs effectively. That focus has manifested itself as more growth in operating deposits for our business, especially this year.

Okay. Got it. Thank you.

Your next question will come from Erika Najarian with UBS.

Hi. Thank you for taking my question. I didn't plan to ask this question, but BILT just unveiled credit cards capped at 10%. Can you share your thoughts on this and its impact on access to credit?

Let's start with the focus on affordability. While many Americans are managing escalating costs, we believe in collaborating to put in place more effective solutions that expand accessible credit to those who need it most. Today, we provide our card customers with lower cost products. A rate cap could restrict credit access for those who need it most. We’ve seen in other countries that enforced caps have led to fewer consumers accessing credit. Therefore, rather than restricting it, we aim to expand it.

Thank you, Jane. My real question is about the progress in the consent order amendment getting lifted. You talked earlier about as you hit your end state, your target state expenses come off. Is the consent order listing a gradual savings, or is there more of a giant chunk that could be reinvested?

We begin to see the benefits of the investments we've made. What creates the additional investment capacity will help drive returns. It’s not a cliff at the end of the consent order; it takes time. But we are beginning to bring down our expenses. The focus will be on the longer-term trajectory that encompasses not just efficiency but also returns.

One point to add is that the long-term goal is to maintain a strong return on equity while managing efficiency. We have made good progress and have a clear plan moving forward, needing to balance both profitability and investment.

Thanks for the color.

Your next question will come from John McDonald with Truist.

Hi. Yes, thanks. Just to follow-up on the efficiency journey. Fair to say that you have plenty of expense flex to deliver the efficiency improvement to 60 this year? Also that the 60 is a waypoint itself, not a destination.

Yes. We have the flexibility. If revenues come in softer, we will dial back expenses accordingly. Importantly, we need to focus on driving returns forward. We’ll balance investments with efficiencies as we continue to build the firm and the business.

You're hearing from us the confidence in our ability to drive efficiency while still investing for growth. We're excited about the opportunities ahead.

Thank you. That's fair. Then one quick follow-up. Mark, could you give a little more color on the outlook for the card NCLs?

To answer your question, as we look at delinquency, we're not seeing anything unexpected. The ranges provide coverage around potential macroeconomic uncertainties. We believe we have a strong handle on the portfolios.

Got it. Okay. Great. Thank you.

Your next question will come from Ken Usdin with Autonomous Research.

Thanks. Just one for me. Mark, the services deposits last year were just really strong. Can you tie that into the broader macro economy and rates? Are you continuing to expect that that part of the business can still generate down that level of deposit growth?

For deposits, we expect mid-single digits. TTS has been up about 6% year-over-year, and security services were up about 12%. I expect to continue seeing that strength despite navigating macroeconomic headwinds. Our growth in operating deposits reflects the effectiveness of our approach.

Your next question will come from Gerard Cassidy with RBC.

Thank you. Hi, Mark. You've done a great job moving the ball down the field in divesting your presence in Mexico. Can you share where we are with the regulatory approvals?

We had a great outcome with the accelerated closing of the sale of the 25% stake to Fernando Chico Pardo. The Mexican government has been supportive of both our path forward and Fernando as the anchor investor. We're focused on next steps in the exit process, and timing will be guided by market conditions.

Very good. Just a quick follow-up on markets. What was the weakness in the cash equities business?

It was more of a year-over-year comparison. Strong fourth quarter last year impacted our revenues this time around.

We had a couple of very big alpha trades last year. If you strip that out, it looks much more in line with expectations.

Your next question will come from Saul Martinez with HSBC.

I just have one, and I'll give you some love as well, Mark. The best of luck, and we will miss you on these calls.

Thank you, Saul.

The wealth business, net interest NIR was down 1%. Can you explain how you're feeling about the progress there? Your level of confidence that you're on track to continue to drive higher operating leverage?

We had a good quarter in Wealth capped off a year of continued improvement. Our revenues are up 14%, and the ROTCE is over 12%. At Investor Day, we'll be outlining the clear path and KPIs that will support our growth, focusing on being the lead investment adviser for our clients.

Your question around margins is relevant. Our medium-term EBIT margin goal for the business is about 20%, with the longer term aiming for 25% to 30%. We still have some headway to make.

Your final question will come from Chris McGratty with KBW.

No pressure. Related to Investor Day, does the level of profitability or the timing to which you get there carry more weight?

Both are important. Clearly, 10% to 11% is not sufficient. We're clear-minded that when we're creating value, we want to set returns above our cost of equity. So, both profitability and timing are crucial.

That's right. We want to have our cake and eat it too. But we’re focused on balancing growth and returns.

There are no further questions. I will turn the call over to Jennifer Landis for closing remarks.

Thank you for joining the call. But before we wrap up, I just wanted to briefly echo what Mark shared earlier about Citi. Thank him for his leadership as the CFO of Citi. His focus on transparency, performance, and long-term value creation has set a very high standard for Citi. I personally want to thank Mark for his mentorship and guidance over the years. Thank you. Thank you all for joining, and I'm sure I will talk to you this afternoon.

This concludes the Citi fourth quarter 2025 earnings call. You may now disconnect.