Citi continued to make progress with the wind-downs of the Korea and China consumer banking businesses and the Russia consumer, local commercial and institutional businesses, as well as the separation involving Citi's consumer banking and small business and middle-market banking operations in Mexico.

Citi is preparing for a planned initial public offering of its consumer banking and small business and middle-market banking operations in Mexico in 2025.

Banking revenues reflected a recovery of the global investment banking wallet, Services revenues were driven by higher revenues in both Treasury and Trade Solutions (TTS) and Securities Services and USPB revenues benefited from strong loan growth in cards.

Citi returned $1.5 billion to common shareholders in the form of dividends ($1.0 billion) and share repurchases ($0.5 billion).

Citi's Common Equity Tier 1 (CET1) Capital ratio under the Basel III Standardized Approach was 13.5% as of March 31, 2024 (compared to 13.4% as of March 31, 2023).

As previously announced, Citi expects to incur additional repositioning costs during the remainder of 2024.

Various geopolitical, macroeconomic and regulatory challenges and uncertainties continue to adversely affect economic conditions in the U.S. and globally, including, among others, continued elevated interest rates and inflation, and economic and geopolitical challenges related to China, the Russia-Ukraine war and escalating conflicts in the Middle East.

These and other factors have negatively impacted global economic growth rates and consumer sentiment and have resulted in a continued risk of recession in various regions and countries globally.

In addition, these and other factors could adversely affect Citi's customers, clients, businesses, funding costs, cost of credit and overall results of operations and financial condition during the remainder of 2024.

Banking revenues of $1.7 billion increased 49%, driven by growth in Investment Banking and Corporate Lending, as well as lower losses on loan hedges. Excluding the losses on loan hedges, Banking revenues of $1.8 billion increased 35%.

Markets revenues of $5.4 billion decreased 7%, driven by a 10% decrease in Fixed Income markets, partially offset by a 5% increase in Equity markets.

Services revenues of $4.8 billion increased 8%, largely driven by continued momentum across TTS and Securities Services.

Banking expenses of $1.2 billion decreased 4%, primarily driven by benefits from repositioning actions and other actions to lower the expense base, partially offset by business-led investments.

Services expenses of $2.7 billion increased 11%, largely driven by continued investments in technology, other risk and controls and product innovation.

Markets expenses of $3.4 billion increased 7%, largely driven by the absence of a legal reserve release in the prior-year period.

Continued investments in technology were noted in the Services, Wealth and USPB segments, focused on risk and controls, platform enhancements, and product innovation.

The filing does not provide specific details on R&D investments or new technology developments.

The filing does not provide specific details on Citigroup's intellectual property position.

Citi returned $1.5 billion to common shareholders in the form of dividends ($1.0 billion) and share repurchases ($0.5 billion).

Citi will continue to assess common share repurchases on a quarterly basis given uncertainty regarding regulatory capital requirements.

Board authorized an additional $5B share repurchase program, bringing total authorization to $7.5B.

The filing does not provide specific information on environmental commitments and progress.

The filing does not provide specific information on social responsibility initiatives.

The filing does not provide specific information on governance practices.

Various geopolitical, macroeconomic and regulatory challenges and uncertainties continue to adversely affect economic conditions in the U.S. and globally, including, among others, continued elevated interest rates and inflation, and economic and geopolitical challenges related to China, the Russia-Ukraine war and escalating conflicts in the Middle East.

These and other factors have negatively impacted global economic growth rates and consumer sentiment and have resulted in a continued risk of recession in various regions and countries globally.

New data privacy regulations in EU and Asia expected to impact growth by 2-3% in FY24. Company has allocated $50M to compliance initiatives and established dedicated regulatory response team.