Citi continued to advance its transformation, including, among other things, making key investments to consolidate and modernize its infrastructure, retiring legacy applications and automating high-priority manual reconciliations.

As part of its strategic refresh, Citi continued to make progress with the wind-downs of its Korea consumer banking operations and its overall operations in Russia, as well as the preparation for a planned initial public offering (IPO) of its consumer banking and small business and middle-market banking operations in Mexico (Mexico Consumer/SBMM (Banamex)).

Wealth revenues of $2.1 billion increased 24%, driven by growth across the Private Bank, Citigold and Wealth at Work. Net interest income of $1.3 billion increased 30%, driven by growth in deposit spreads, partially offset by lower deposit balances.

Citi and its five reportable operating segments each achieved positive operating leverage. This is the fourth consecutive quarter of positive operating leverage for Citi at the company-wide level.

Citi returned $2.8 billion to common shareholders in the form of dividends ($1.1 billion), as well as share repurchases ($1.75 billion) under its multiyear $20 billion common stock repurchase program.

Banking expenses of $1.0 billion decreased 12%, largely driven by lower compensation, reflecting the benefits of prior repositioning actions.

The increase in total provisions for credit losses was largely driven by a higher net build in the allowance for credit losses (ACL) related to uncertainty and deterioration in the macroeconomic outlook in the current quarter relative to the prior-year period.

Subject to continued evolving macroeconomic conditions, Citi expects to continue to experience an elevated net credit loss rate for full-year 2025 in line with 2024, with higher loss rates in the first half of the year in Branded Cards and Retail.

Various macroeconomic, geopolitical and regulatory factors have contributed to economic uncertainty in the U.S. and globally. In April 2025, the U.S. administration announced a 10% baseline tariff on imports from nearly all U.S. trading partners.

Wealth revenues increased 24% driven by growth across Private Bank, Citigold and Wealth at Work. Net interest income increased 30% driven by growth in deposit spreads, partially offset by lower deposit balances.

Banking revenues increased 12%, driven by growth in Investment Banking as well as the impact of mark-to-market on loan hedges, partially offset by a decline in Corporate Lending.

Markets revenues increased 12%, driven by an 8% increase in Fixed Income Markets and a 23% increase in Equity Markets. The increase in Fixed Income Markets was driven by growth across rates and currencies, as well as spread products and other fixed income.

Citi's operating expenses of $13.4 billion decreased 5% from the prior-year period. The decrease included divestiture-related impacts of $34 million and an FDIC special assessment of $20 million in the current quarter.

Banking expenses of $1.0 billion decreased 12%, largely driven by lower compensation, reflecting the benefits of prior repositioning actions.

All Other (managed basis) expenses of $2.2 billion decreased 17%, primarily driven by a smaller FDIC special assessment and the absence of a restructuring charge versus the prior-year period, as well as the reduction from closed exits and wind-downs and the impact of Mexican peso depreciation.

Significantly expanding adoption of Generative Al tools, increasing efficiency and productivity across Citi. Logged 385,000 utilizations of two enterprise-wide tools (document intelligence and virtual assistant).

Completed approximately 220,000 automated code reviews in the Generative Al developer tool, considerably increasing coding capacity.

Launched Agent Assist, Citi's first USPB Generative Al customer service tool.

Citi returned $2.8 billion to common shareholders in the form of dividends ($1.1 billion), as well as share repurchases ($1.75 billion) under its multiyear $20 billion common stock repurchase program.

Citi's Common Equity Tier 1 (CET1) Capital ratio under the Basel III Standardized Approach was 13.4% as of March 31, 2025, approximately 130 basis points above its current required regulatory minimum.

For the second quarter of 2025, Citi is targeting a similar level of common share repurchases as the first quarter of 2025, subject to market conditions and other factors.

The provided 10-Q filing does not contain any specific information regarding Environmental, Social, and Governance (ESG) initiatives undertaken by Citigroup.

Various macroeconomic, geopolitical and regulatory factors have contributed to economic uncertainty in the U.S. and globally, including, but not limited to, those related to policies and actions of the U.S. administration.

Uncertainty regarding the final imposition of tariffs and impacts on global trade flows has resulted in heightened market volatility and raised concerns about the near-term impact on inflation, unemployment and economic growth.

The above risks could adversely affect Citi's clients, customers, businesses, funding costs, cost of credit and overall results of operations and financial condition during the remainder of 2025 and future years.