Citigroup (C) official guidance

As it relates to credit, we continue to expect a total U.S. credit cards NCL rate between 4% and 4.5%, while the ACL will continue to be a function of the macroeconomic environment and business volumes.

We ended the quarter at 12.8% CET1 ratio under the binding standardized approach, approximately 120 basis points above the 11.6% regulatory capital requirement, as we continue to target a CET1 ratio around 12.6% under the existing rules and requirements.

To your last point on the buffer, I think, of course, we will wait until all three sets of rules are solidified to evaluate our position. For now, we're comfortable where we are and we're managing to around that target of 100 basis points that we mentioned before.

Sorry, final reminder, I guided earlier in the year that the full year target was $800 million of burn down of DTA, so we've done $500 million of the $800 million year-to-date.

As we've said before, we expect our full year efficiency ratio to be around 60% as we ramp up investments across the businesses in the second half and incur additional severance as we target future efficiencies.

Having said that, we continue to target an RoTCE of 10%-11% for the full year, supported by NII ex Markets growth of approximately 5%-6% and continued NIR ex Markets growth driven by momentum in services, banking, and Wealth, partially offset by USCC.

We expect the USCC NIR to remain in line with the second quarter's absolute level in the third and fourth quarters of this year.

Having said that, we continue to target an RoTCE of 10%-11% for the full year, supported by NII ex Markets growth of approximately 5%-6% and continued NIR ex Markets growth driven by momentum in services, banking, and Wealth, partially offset by USCC.

Having said that, we continue to target an RoTCE of 10%-11% for the full year, supported by NII ex Markets growth of approximately 5%-6% and continued NIR ex Markets growth driven by momentum in services, banking, and Wealth, partially offset by USCC.

As we look at NII ex-markets, and maybe just to refresh everybody's minds, what we guided for the year, and it's on the deck, it's 5%-6% NII ex-markets growth, and that is anchored by around mid-single-digit growth for both loans and deposits.

We have spoken about through the year. You would expect us to be coming down on headcount.

As we look at NII ex-markets, and maybe just to refresh everybody's minds, what we guided for the year, and it's on the deck, it's 5%-6% NII ex-markets growth, and that is anchored by around mid-single-digit growth for both loans and deposits.

We remain very much on track to deliver the 10-11% RoTCE target this year.

In terms of credit, we expect card NCLs to remain within the ranges that we gave for 2025.

And on the volume side, I'd expect to see loan growth in cards and Wealth, probably in the mid-single digits in terms of loans and deposit growth in services and Wealth, probably in the mid-single digits in the way of volume there as well.

If you wanted to try and parse it within that flat, I think your instincts are probably right that NII, I would forecast to be up within a total revenues of flat.

Following solid growth of nearly 6% in 2025, we expect NII ex-Markets to be up between 5% and 6% in 2026.

In addition to our outlook for NII ex-Markets and efficiency ratio, we expect continued fee momentum across the businesses to drive growth in NIR ex-Markets.

We expect our disciplined expense management, combined with top-line revenue momentum, will drive another year of positive operating leverage as we target an efficiency ratio of around 60% for the full year.

With that said, I think that one way to think about Markets is probably relatively flat year over year, subject to what the wallet is. Revenues should be somewhat flat year over year.

Given this uncertainty, we will be targeting a standardized CET1 ratio closer to 12.8%, which incorporates a two-year average SCB of 3.8%, as well as a 100 basis point management buffer.

You should expect the efficiency ratio for the full year to be consistent with the revenue and expense guidance that we've provided during the course of the year, which is slightly below 64%, excluding the impact of the goodwill impairment this quarter.

We now expect NII ex-markets to be up around 5.5% for the full year, incorporating stronger performance as well as the impact of FX relative to our previous expectations.

For NIR ex-markets, we expect continued momentum in underlying fee drivers.

Given what I just mentioned about revenues, full-year expenses will come in higher than we previously guided.

Now, with regard to the outlook, given the very strong year-to-date top-line revenue growth of 7%, we remain confident in our ability to exceed $84 billion in revenues for the year.

In markets, historically, we've seen revenues decline 15% to 20% from the third to fourth quarter. However, given the strong performance in the third quarter, the sequential decline could exceed that range this year.

Mike, I'd say it's a little bit under $3.5 billion in 2025.