Citigroup (C) official guidance

As it relates to credit, based on the strong performance we have seen so far this year and our expectations for the fourth quarter, we now expect a full-year total U.S. Consumer Cards NCL rate of around 4%, the low end of the range we provided previously, while the ACL will continue to be a function of the macroeconomic environment and business volumes.

At Investor Day, we gave a directional target of 13.1%. That gives you a sense of the direction of travel.

Second, as we have shared previously, as part of the deconsolidation process, we expect to recognize an approximate $9 billion CTA-related loss through the P&L in early 2027.

Given this outlook for revenue, combined with our continued focus on expense discipline, we expect our full year efficiency ratio to be below 60%.

We expect to deliver an ROTCE above 11% for the full year, supported by NII ex markets growth in the mid to high 6% range, and continued NIR ex markets growth driven by fee momentum in services, banking, and wealth, partially offset by USCC.

We expect to deliver an ROTCE above 11% for the full year, supported by NII ex markets growth in the mid to high 6% range, and continued NIR ex markets growth driven by fee momentum in services, banking, and wealth, partially offset by USCC.

In Markets, we expect a typical seasonal decline in the fourth quarter around the same magnitude as last year, which was 20%, or possibly a bit more given the strong performance so far this year.

We expect to deliver an ROTCE above 11% for the full year, supported by NII ex markets growth in the mid to high 6% range, and continued NIR ex markets growth driven by fee momentum in services, banking, and wealth, partially offset by USCC.

The near-term targets for returns, just as a reminder for everyone, are 11%-13% into the 2027 and 2028 time period.

We returned over $4 billion to common shareholders while continuing to invest in growth and prepare for an AI-driven future. We expect to exceed this year's return target, even as we pull forward investments toward our 11-13% near-term goal —the next waypoints on our path to sustainable returns of 14-15%,” Ms. Fraser concluded.

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.

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.

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.