Citigroup
33 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Energy and commodities sector
insures or lends to · $46,282 millionnamed as a riskAs of December 31, 2025, Citi’s total exposure to these energy-related entities was approximately $4.4 billion, of which approximately $1.7 billion consisted of direct outstanding funded loans.Market risk (Item 7A)
Transportation and industrials sector
insures or lends to · $153,721 million; 19%Citi’s corporate credit portfolio is diversified by industry.Market risk (Item 7A)
Suppliers
Federal Home Loan Bank (FHLB)
depends on · $164 billionunused borrowing capacity from available assets not already accounted for within Citi’s HQLA to support additional advances from the Federal Home Loan Bank (FHLB) and the Federal Reserve Bank discount window ($164 billion).Market risk (Item 7A)
Cloud service providers
depends onnamed as a riskFor example, operational incidents can arise due to failures by third parties with which Citi does business, such as failures by internet, mobile technology and cloud service providers or other vendors to adequately follow procedures or processes, safeguard their systems or prevent system disruptions or cyberattacks.Risk factors (Item 1A)
Also named by ALLY, BAC, BX, EFX, HLT, IDXX, LNC, MSCI and 5 more
Partners and platforms
Co-branding and private label credit card partners (Costco, American Airlines, The Home Depot, Best Buy, Macy's)
earns from · approximately 12% of Citi's revenues in 2025named as a riskThe five largest relationships across both businesses constituted an aggregate of approximately 12% of Citi’s revenues in 2025 (see “U.S. Personal Banking” above).Risk factors (Item 1A)
Other companies
Grupo Financiero Banamex (Banamex)
CTA loss of approximately ($9) billionnamed as a riskFor example, during the quarter in which a deconsolidation of Banamex occurs, Citi would incur a CTA loss of approximately ($9) billion, attributable to Banamex and its consolidated subsidiaries as of December 31, 2025, recognized through earnings, although the cumulative impact of the CTA would be regulatory capital neutral (for additional information, see “All Other” above).Risk factors (Item 1A)
Renaissance Capital (RenCap)
approximately $1.5 billionnamed as a riskOf this $12.5 billion, approximately $1.5 billion is owed to Citi by RenCap based on the December 31, 2025 amounts.Market risk (Item 7A)
U.S. federal deferred tax assets / U.S. taxable income
$29.5 billion net DTAs; $13.1 billion deductednamed as a riskCiti’s ability to realize its DTAs will primarily be dependent upon its ability to generate U.S. taxable income in the relevant reversal periods.Risk factors (Item 1A)
Fitch Ratings, Moody's Ratings and S&P Global Ratings
approximately $0.2 billionnamed as a riskIn total, as of December 31, 2025, Citi estimates that a one-notch downgrade of Citigroup Inc. and Citibank across all three major rating agencies could result in increased aggregate cash obligations and collateral requirements of approximately $0.2 billion, unchanged from September 30, 2025.Market risk (Item 7A)
Places
Russia
operates in · $1.2 billion ($1.1 billion after-tax) loss on salenamed as a riskRussia-related notable item: revenues included a $1.2 billion ($1.1 billion after-tax) loss on sale related to the held-for-sale accounting treatment related to Citi’s plan to sell AO Citibank in Russia (which was sold on February 18, 2026)Business (Item 1)
Also named by ALSN, ATR, AVY, AXP, BKR, BSX, CDNA, CEG and 50 more
China
operates in · $19.7 billionnamed as a riskeconomic and geopolitical challenges related to China, including weak economic growth, related policy actions, challenges in the Chinese real estate sector, banking and credit markets, trade restrictions, and tensions or conflictsRisk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Argentina
operates in · approximately $1.3 billionnamed as a riskAs of December 31, 2025, Citi’s net investment in its Argentine operations, inclusive of associated reserves, was approximately $1.3 billion (compared to $1.4 billion at September 30, 2025).Market risk (Item 7A)
Also named by BALL, ECL, FISV, GMED, INGR, JNJ, KMB, MDLZ and 6 more
Ukraine
operates in · $1.9 billion of direct exposuresnamed as a riskAs of December 31, 2025, Citi had $1.9 billion of direct exposures related to Ukraine (compared to $1.7 billion at September 30, 2025).Market risk (Item 7A)
Also named by CL, DKNG, JLL, LKQ, LSTR, MDLZ, MSFT, NUE and 4 more
Emerging markets
earns from · approximately 25% of Citi's total revenuesnamed as a riskDuring 2025, emerging markets revenues accounted for approximately 25% of Citi’s total revenues.Risk factors (Item 1A)
Also named by ABT, AVY, BEN, BGC, EMR, FIS, MDLZ, SWK and 1 more
United Kingdom
earns from · approximately $7.6 billionTotal revenues for the U.K. were approximately $ 7.6 billion, $ 6.7 billion and $ 6.9 billion for 2025, 2024 and 2023, respectively.Business (Item 1)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, CACI and 59 more
Poland
operates in · approximate $186 million losssigned an agreement to sell the Poland consumer banking business, which is expected to close by mid-2026, subject to regulatory approvals and other customary closing conditionsBusiness (Item 1)
Six key U.S. metropolitan areas (New York, Los Angeles, San Francisco, Chicago, Miami, Washington, D.C.)
concentrated in · 655 branchesRetail Banking branches are concentrated in six key metropolitan areas: New York, Los Angeles, San Francisco, Chicago, Miami and Washington, D.C.Business (Item 1)
Hazards
Commodities and inputs
Euro
exposed to its price · approximately $1.7 billion, or 1.0%named as a riskThis reduction in the TCE would be primarily driven by depreciation of the euro, Mexican peso and Singapore dollar.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Commercial real estate
insures or lends to · $78.4 billionnamed as a riskAs of December 31, 2025 and 2024, Citi’s total credit exposure to commercial real estate (CRE) was $78.4 billion and $65 billion, including $6.3 billion and $6 billion of exposure related to office buildings, respectively.Market risk (Item 7A)
Also named by AFL, APO, AUB, BAC, CFR, FSUN, GBCI, JPM and 11 more
Regulators
Office of the Comptroller of the Currency (OCC)
subject to · $75 millionnamed as a riskCitigroup’s nationally chartered subsidiary banks, including Citibank, are regulated and supervised by the Office of the Comptroller of the Currency (OCC).Business (Item 1)
Also named by ADP, AMP, AXP, BAC, BLK, CASH, CFG, COF and 22 more
Federal Reserve Board (FRB)
subject to · approximately $61 millionnamed as a riskIn 2024 the FRB entered into a Civil Money Penalty Consent Order with Citigroup in the amount of approximately $61 million, having found that Citigroup had ongoing deficiencies related to its data quality management program and inadequate measures for managing and controlling its data quality risks; and the OCC entered into a Civil Money Penalty Consent Order with Citibank, a wholly owned subsidiary of Citigroup, in the amount of $75 million, having found that Citibank had failed to make sufficient and sustainable progress toward achieving compliance with the OCC’s 2020 Consent Order.Business (Item 1)
Also named by ALLY, AMP, BPOP, CFG, CFR, CME, COMP, CUBI and 9 more
Central Bank of Argentina (BCRA)
subject tonamed as a riskThe Central Bank of Argentina (BCRA) has generally maintained certain capital and currency controls that have broadly restricted Citi’s ability to access USD in Argentina and remit earnings from its Argentine operations.Market risk (Item 7A)
Also named by MELI
Commodity Futures Trading Commission (CFTC)
subject toCitibank, CGMI, Citigroup Energy Inc., Citigroup Global Markets Europe AG (CGME) and CGML are also registered as swap dealers with the CFTC (see below).Business (Item 1)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, CBOE and 35 more
U.K. Financial Conduct Authority and Prudential Regulation Authority
subject toCiti conducts similar securities activities outside the U.S., subject to local requirements, through various subsidiaries and affiliates, principally Citigroup Global Markets Limited in London (CGML), which is regulated principally by the U.K.Business (Item 1)
Laws and programs
OECD Pillar 2 global minimum tax
subject to · 15%named as a riskUnder these rules, Citi will be required to pay a “top-up” tax to the extent that Citi’s effective tax rate in any given country is below 15%.Business (Item 1)
FRB CCAR / Stress Capital Buffer and GSIB surcharge
subject to · CET1 Capital ratio was 13.2%named as a riskCiti is required to hold regulatory capital buffers, including a Global Systemically Important Bank (GSIB) surcharge and a Stress Capital Buffer (SCB) based upon the results of the annual CCAR process required by the FRB.Risk factors (Item 1A)
U.S. tariffs
named as a riskFor example, substantial new import tariffs and a significant increase in the U.S. effective tariff rate occurred in 2025.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
GENIUS Act
subject tonamed as a riskThe U.S. administration and Congress have been supportive of the growth and use of digital assets, including passing legislation such as the GENIUS Act and pursuing a more favorable regulatory approach, although the legal and regulatory landscape remains highly uncertain.Risk factors (Item 1A)
Also named by AUB, CFR, COF, COIN, CUBI, EWBC, FCNCA, FISV and 15 more
FRB and OCC 2020 Consent Orders
subject tonamed as a riskAlthough there are no restrictions on Citi’s ability to serve its clients, the OCC Consent Order requires Citibank to obtain prior approval of any significant new acquisition, including any portfolio or business acquisition, excluding ordinary course transactions.Risk factors (Item 1A)
U.S. credit card interest rate cap (proposed)
subject tonamed as a riskpotential changes to U.S. laws or regulations with respect to credit cards, including a possible cap on interest ratesRisk factors (Item 1A)
Dodd-Frank Act Title I resolution planning
subject tonamed as a riskEvery two years, Title I of the Dodd-Frank Act requires Citi to prepare and submit a plan to the FRB and the FDIC for the orderly resolution of Citigroup (the bank holding company) and its significant legal entities under the U.S. Bankruptcy Code in the event of future material financial distress or failure.Risk factors (Item 1A)