The headline figure for Citigroup's wealth business showed that the US lender ended 2024 on a strong note.

The wealth arm of Citigroup, which includes its private bank as well as the Wealth at Work and Citigold business lines, reported fourth-quarter 2024 net income of $334 million, up from $21 million a year before. For 2024, it stood at $1 billion, rising 139 per cent year-on-year.

Revenues at the wealth business rose 20 per cent year-on-year to $2 billion; in 2024, they rose 7 per cent to $7.512 billion, the New York-listed banking group said in a statement. 

Total operating costs fell 3 per cent to $1.57 billion on a year ago. Net credit losses fell 3 per cent to $30 million. 

Private bank revenues rose 9 per cent year-on-year to $590 million, mainly as a result of higher deposit spreads and higher investment fee revenues, partly offset by higher mortgage funding costs.  

Group results
Citigroup said group net income was $2.9 billion, reversing a net loss of $1.8 billion in the prior-year period, primarily driven by the higher revenues, lower expenses and lower cost of credit. 

Revenues rose by 12 per cent from the prior-year period, on a reported basis, driven by growth in each of Citigroup’s businesses and the smaller impact from the currency devaluation in Argentina, partially offset by a decline in certain other categories, excluding the impact of the Argentina currency devaluation and divestiture-related effects, rose 7 per cent. 

The bank had a Common Equity Tier 1 capital ratio – a bank’s “buffer” against shocks – of 13.6 per cent, up from 13.4 per cent a year before.

Jane Fraser, CEO, hailed the results for the group. 

“2024 was a critical year and our results show our strategy is delivering as intended and driving stronger performance in our businesses. Our net income was up nearly 40 per cent to $12.7 billion and we exceeded our full-year revenue target, including record years in services, wealth and US personal banking,” Fraser said. 

“We delivered expenses within our guidance and improved our efficiency ratio while concluding a significant reorganization of our firm. We returned nearly $7 billion of capital to common shareholders and our board of directors has authorized a program to repurchase $20 billion in common stock.

"We entered 2025 with momentum across our businesses and we continue to strengthen our ability to serve our clients. While we now expect our 2026 RoTCE [return on average tangible common equity] between 10 per cent and 11 per cent in order to make additional investments in our businesses and transformation, this level is a waypoint, not a destination. We intend to improve returns well above that level and deliver Citi's full potential for our shareholders,” Fraser concluded.