1) Financial Performance Highlights
- Net income for Q3 2026 was $5.2 billion, with an EPS of $2.85 and an ROTCE of 11.5%.
- Revenues increased by 8% YoY, marking the best third quarter revenue in a decade.
- Positive operating leverage achieved with expense growth limited to 3%, excluding notable items from the previous year.
- ROTCE improved by 180 basis points YoY, with net income up 17%.

2) Business Segment Results
- Services: Revenues surged by 15%, driven by growth in deposits and commercial card spend. ROTCE reached 31.2%.
- Markets: Revenues rose 6%, with equities up 14% and fixed income up 4%. ROTCE was 12.3%.
- Banking: Revenues increased 6%, particularly strong in ECM with a 77% growth. ROTCE stood at 19.2%.
- Wealth: Revenues grew 15%, with ROTCE over 14%. Net new investment assets reached $38 billion, up over 100% YoY.
- US Consumer Cards: Revenues were flat due to higher partner payments, but general purpose loans grew 6%. ROTCE was 21.8%.

3) Strategic Initiatives and Investments
- Continued investment in high-quality talent and technology, with a focus on structural efficiencies and AI deployment.
- Launched new offerings like Citi Token services and Custody Plus to enhance client capabilities.
- Preparing for the deconsolidation of Banamex, with 49% of the stake already divested.
- Expect to exceed ROTCE targets of 10-11% for the year, aiming for 11-13% in the near term.

4) Challenges and Market Outlook
- Facing headwinds from higher energy prices and tighter monetary policies, but the global economy remains resilient.
- Anticipating a typical seasonal decline in market revenues in Q4, potentially around 20%.
- Credit metrics remain strong with low delinquency rates and a high-quality loan portfolio.

5) Guidance and Future Outlook
- Full-year ROTCE expected to be above 11%, with continued focus on expense discipline and capital return to shareholders.
- Capital return included $3 billion in share buybacks this quarter, with a CET1 ratio of 12.8%, well above regulatory minimums.
- Future capital allocation will depend on evolving regulatory requirements and market conditions, with a glide path to 13.1% CET1 by January 2028.

Bottom line: Citi's strong Q3 performance reflects effective execution of its strategy, with robust growth across key segments and a commitment to maintaining high returns while navigating market challenges. The outlook remains positive, with continued investments in technology and talent expected to drive future growth.