Citigroup is a large global bank whose core business is serving institutional clients — multinational corporations, financial institutions, and governments — across nearly 160 countries. Citi's institutional franchise is built around two pillars: Services and Markets. Services, Citi's highest-returning business, includes Treasury and Trade Solutions (TTS), which helps multinationals manage cash, payments, and trade finance globally, and Securities Services, which provides custody and post-trade administration to institutional investors. Markets provides sales, trading, and prime brokerage to institutional clients, with fixed income as the dominant component. Citi also operates a sizable U.S. credit card business under its Personal Banking segment, issuing both proprietary cards and co-brand cards for retailers and airlines. A smaller Wealth segment serves high-net-worth and ultra-high-net-worth clients across roughly 20 countries. Citi earns revenue through net interest income on loans and deposits and non-interest revenue from trading, investment banking fees, and transaction fees. Citi has been executing a multi-year transformation since 2021, exiting 14 international consumer banking markets, remediating regulatory consent orders related to data quality and risk management, and modernizing its technology infrastructure. The largest remaining divestiture is Banamex, Citi's Mexican consumer banking operation. Citi's medium-term target is an ROTCE of 10-11% for FY26, up from a lower base, with management describing this as a waypoint toward further improvement.