Citigroup Inc. (C) Presents at Barclays 21st Annual Global Financial Services Conference (Transcript)

Citigroup Inc. (NYSE:C) Barclays 21st Annual Global Financial Services Conference Call September 13, 2023 10:30 AM ET

Company Participants

Jane Fraser - Chief Executive Officer
Mark Mason - Chief Financial Officer

Conference Call Participants

Jason Goldberg - Barclays

Jason Goldberg

Great. Thank you everyone for your patience. A Global Financial Services Conference would not be complete without having Citigroup here. With us, very pleased to have Jane Fraser, Chief Executive Officer; and Mark Mason, Chief Financial Officer. So Mark, Jane, thank you for being here today.

Mark Mason

Thank you. Good morning.

Jane Fraser

Good morning, everyone.

Question-and-Answer Session

Q - Jason Goldberg

Jane, maybe to start with you, big announcement this morning, maybe if you could just walk us through some of the changes you are making, how this fits into the plan you presented at the 2022 Investor Day?

Jane Fraser

So the changes that we announced this morning are the most consequential changes to how Citi will be organized and run that we have made in almost 20 years. When I became CEO, we began immediately with refreshing our strategy, laying out the new vision for the firm in order to transform Citi into a simpler bank and to unlock the full value potential and to deliver higher returns in the medium term. And as part of that Investor Day, I had a very clear-eyed assessment of exactly where we stood versus our peers, but also the issues that have held us back over the years. And Mark and I and the management team committed to addressing those issues. Over the last 2 years, we have taken bold and decisive action to transform the bank and we have done so under a very swift timetable. And along the way, there were various headwinds for the industry whether geopolitical, some of the regulatory frameworks, others in terms of the macro environment