C
Citigroup
Bank / BV
★ Quality 27/100Price today
$137.72
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What this business is made of
The business
The pipes moving $5 trillion daily across corporate borders.
Citigroup is a global universal bank: corporate banking, markets, treasury services for multinationals, and U.S. consumer banking. Its crown jewel is Treasury & Trade Solutions, which moves $5 trillion daily for corporate clients in 90+ countries.
The real moat is in TTS: a cross-border network impossible to replicate without decades of banking licenses and corporate relationships. The rest of the bank competes without clear advantages against JPMorgan or Bank of America.
Revenue history
From $75.5B to $81.1B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $85.2B · FY2025
Of every $100 in sales, $83 goes to costs and operations; $17 is left as net profit (17% margin).
Catalysts and risks
The Fraser plan targets ROE 11-12% by 2026, up from 6.8% today.
Sale of Banamex (Mexico) frees up capital and simplifies the balance sheet.
Aggressive buybacks while trading below book value ($99 BV).
Bank turnarounds fail more often than they succeed; Fraser is the fourth CEO attempting it.
Regulatory fines for risk-control deficiencies keep surfacing.
A global recession hits trading, consumer credit, and corporate banking all at once.
Charlie's note
“Buying a mediocre bank below book value can work if management executes. We've spent 15 years waiting for Citi to execute — patience has an opportunity cost.”
Analysis · May 2026
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