Yet as the pandemic drove small businesses across the country to close their doors almost overnight, we wanted to do our part. That meant dramatically scaling up our capabilities to ensure we were ready to support a government-led response.

The effort involved thousands of colleagues, from every area of the business, working around the clock to design, build, test, launch, scale and serve to help small businesses that were struggling to stay afloat. And as the data shows, we helped make a difference. These loans, along with more than 4. The makeup of Citi's PPP loan portfolio demonstrates the great need that our small business services customers had for this critical lifeline. With eight out of 10 U. Services enable all economic sectors - from healthcare to manufacturing to agriculture - to be more productive, reach more consumers, and, ultimately, contribute to a better livelihood for Americans through job creation, higher wages and greater opportunities.

Similarly, Citi's PPP loans were concentrated in the markets where we have a branch footprint, including a high volume of loans in California, Florida, Illinois and New York, which were some of the states suffering most from the economic fallout. In fact, Citi's top sectors served - again based on total number of employees at the businesses that received loans - mirrored the hardest-hit sectors in the states where we funded the most loans. The correlation between where we made loans and the hardest-hit sectors occurred across each state where we had a significant number of PPP loans.

At its core, banking is about people and our dedication to enabling them to grow. Behind the numbers and statistics, there are stories - many of them moving - about the small business owners struggling to navigate a health and economic crisis unlike any we have seen before.

Retail Banking, "our all-out effort to support the Small Business Administration's PPP across the firm was one of the most meaningful highlights. The Institutional Clients Group strives to be the best banking partner for our clients by offering a broad spectrum of wholesale banking products and services, driven by our unique global footprint. Working together, we provide innovative solutions to corporations, financial institutions, public sector entities, investment managers and ultra-high net worth clients.

Our network-driven strategy allows us to service those clients who value our unmatched country presence and who require a financial services partner that can help them grow in any country where they do business. This includes multinationals that are expanding globally, particularly in the emerging markets, and emerging markets companies that are growing beyond their home market or region.

Our unmatched global footprint and innovative product set allow us to deliver responsible, objective advice and provide stellar execution to lead transformation for our clients. Banking, Capital Markets and Advisory listens, collaborates and problem solves, working tirelessly on behalf of our corporate, financial institution, public sector and sponsor clients to deliver a range of strategic corporate finance and advisory solutions that meet their needs, no matter how complex.

Dedicating ourselves to these relationships and ensuring our client experience stands above all else, we leverage the breadth of our unmatched global network to provide debt capital raising, equity-related strategic financing, and merger and acquisition solutions, as well as issuer services. By serving these companies, we help them grow, creating jobs and economic value at home and in communities worldwide.

Following the market dislocation last spring, Citi was integral in reopening both the debt and equity markets, leading on several large transactions. The issuance environment was very dynamic, with a rush to source liquidity during the first three months of the pandemic, turning to a more opportunistic and acquisition financing environment as the year progressed with markets steadily improving and ultimately rallying by year end. Citi was an early leader, providing significant balance sheet support for clients and guiding issuers that raised record amounts of liquidity from fixed income investors at the peak of the pandemic.

As markets improved, Citi helped countless clients achieve record-low coupons. The financing represents the first international green bond by a renewables portfolio under a project finance structure in Latin America, as well as the first private sector green bond in Central America and the Caribbean. The Notes' unique structure successfully monetized a five-year merchant tail post expiry of the power purchase agreements, thereby optimizing the projects' capital structure and operational flexibility, supported by their priority of dispatch as non-conventional renewables.

In equity capital markets, historic volatility drove waves of equity issuance. In addition to being the largest SPAC raised globally, the transaction garnered significant praise for the use of minority broker-dealers as co-leads on the deal. Citi advised Unilever on its transformational restructuring to create a simpler company with greater strategic flexibility and better positioning for future success.

This was one of the largest transactions of , bringing together two world-class organizations with unique and highly complementary products and cuttingedge innovation and technology. Citi Public Sector Group worked closely with governments and the public sector to find liquidity alternatives and advised on the issuance of social bonds to support countries in the emerging markets throughout the pandemic.

In this capacity, a team consisting of more than two dozen senior bankers across multiple business units, spearheaded by the Public Sector Group, is providing Gavi with expert advice on structures to mitigate sovereign, credit and operational risk as the COVAX Facility seeks to facilitate pooled procurement and equitable distribution of safe and effective COVID vaccines globally.

In addition, drawing on Citi's global reach with physical presence in nearly countries and territories and the capability to serve nearly 60 additional countries, Citi's Corporate Bank served as a critical partner to large multinationals in COVIDaffected industries throughout , providing new lines of credit and shoring up balance sheets for many blue chip corporations.

Citi Commercial Bank puts years of experience to work for midsized, globally oriented companies by delivering actionable insights and ideas, comprehensive banking solutions and a truly global network. We provide high-quality financial advice, helping businesses prosper and grow in domestic markets, as well as internationally. Our distinctive approach puts the client at the center of everything we do. By understanding their industries and learning their business priorities, our Relationship Managers bring our clients insights designed to help them succeed.

Whether providing capital to fund growth or refinancing debt, Citi Commercial Bank offers solutions that support the right capital structure to meet companies' short- and long-term financing needs. With the full spectrum of Citi's capabilities and access to our global network, we are able to deliver tailored solutions to meet our clients' unique goals and objectives.

In the past year, Citi Commercial Bank enhanced our core client and internal applications and significantly improved our processes, reducing client friction and digitizing more of the client experience. We also participated in a number of other governmentsupported programs outside the U.

Markets and Securities Services relies on global breadth and product depth to provide an enhanced client experience. Our sales and trading, distribution and research capabilities span a broad range of asset classes, providing customized solutions that support the diverse investment and transaction strategies of investors.

In , Citi retained our ranking as the World's Largest Fixed Income Dealer for the fifth straight year, according to Greenwich Associates' Annual Benchmark Survey, which polled more than 3, fixed income investors around the world. Citi's leading market position is driven by our strength in both Rates and Emerging Markets, ranked 1, respectively, along with the top spot in Municipal Bonds.

In addition to the distinction of being overall share leader, Citi ranked 1 in Overall Quality, Sales Quality, Trading Quality and e-Trading market penetration. Citi was also named Largest Affordable Housing Lender in the country for the 11th year in a row in Affordable Housing Finance magazine's annual survey of affordable housing lenders. Partnering with developers, nonprofits and local governments, Citi has helped create or preserve nearly , affordable housing units over the past decade.

Citi closed a unique financing for Bryant, a project designed to help confront the growing problem of homelessness. Citi played multiple roles in the effort: Low Income Housing Tax Credit investor; construction loan administrator; and Letter of Credit provider guaranteeing construction completion. Supportive services for the residents include intensive case management with ongoing, consistent tenant engagement that includes individualized health and wellness plans, eviction prevention, crisis intervention and on-site mental health services.

Photo credit: David Baker Architects. Nearly , Institutional Clients spread over almost countries use Citi Velocity on a regular basis across all asset classes. In addition to pricing millions of derivative instruments and supporting half a billion data interactions, Citi Velocity made a big push into the audiovisual content and mobile space.

While Citi Velocity was laser focused on being the best digital product for our clients, it was also used to offer clients and colleagues some respite from the year's events. Citi Velocity streamed two concert series in , in partnership with the London Philharmonia, which became the most popular video content of the year.

Proxymity's services include a digital, real-time and fully transparent proxy voting platform, providing post-meeting vote confirmation and giving investors up to nine additional days per meeting to research and vote. Proxymity also offers a shareholder disclosure platform that automates shareholder ID requests and eliminates the need for any manual handling.

The idea for Proxymity was formulated in by two Markets and Securities Services colleagues as a way for issuers to better communicate with investors. As the idea for the platform evolved, D10X, an internal strategic growth model that enables employees to take new business ideas from concept to launch, helped Proxymity iterate and evaluate its vision to improve the proxy voting system. From there, the Citi Innovation Lab in Tel Aviv developed Proxymity into a market-ready offering in less than two years using a Lean team model and rapid, agile development.

Citi is incredibly proud of what Proxymity has been able to achieve thus far and looks forward to continuing to support the platform as a member of the consortium. Connecting to Aladdin Provider, Citi will provide outsourced middle-office services directly on a client's instance of Aladdin for seamless integration with the front office, from trade confirmation to post-settlement reconciliation.

In addition to funds managed by BlackRock, Citi provides custody services to many asset managers on the Aladdin platform. Joining the Aladdin Provider network will allow Citi to optimize our operating model to support not only BlackRock's asset management business but to provide an enhanced level of service to members of the broader Aladdin community.

The Private Bank is dedicated to helping the world's wealthiest individuals, families and law firms protect and responsibly grow their wealth. Clients enjoy a highly customized experience, with access to a comprehensive range of products and services spanning investments, banking, lending, custody, wealth planning, real estate, art, aircraft finance and lending, and more. In everything we do, we emphasize personalized advice, competitive pricing and efficient execution.

Citi Private Bank's close partnership with Citi's Institutional Clients Group means we can connect clients' businesses to banking, capital markets and advisory services, as well as to Citi's other institutional resources. A growing number of our clients seek to align their investments with their personal values. Investing with Purpose is what we call our approach to sustainable and impactful investing.

We help clients articulate their sustainability goals and objectives, provide them with comprehensive advice and offer in-house investment management that incorporates environmental, social and corporate governance principles. We also partner with third-party asset managers to deliver relevant themes and strategies. In , we transformed our flagship annual Family Office Leadership Program - often described by participants as "the Davos for family offices" - into a virtual summit.

Sessions this year covered vital topics that include sustainable investing, advances in family healthcare practices, future of energy and the building of resilient families. We also launched the Direct Private Investments business to identify opportunities for family offices and private investment company clients to actively invest in direct private deals. Treasury and Trade Solutions TTS provides integrated cash management, working capital and trade finance solutions to multinational corporations, financial institutions and public sector organizations around the globe.

With the industry's most comprehensive suite of digitally enabled platforms, tools and analytics, TTS leads the way in delivering innovative and tailored solutions to clients. Based on the belief that client experience is the driver of sustainable differentiation, TTS has focused its efforts on transforming its business to deliver a seamless, end-toend client experience through digital capabilities, client advocacy, network management and service delivery across the entire organization.

Citi's digital channels remain pivotal in helping clients with operational resiliency while continuing to operate in remote or continuity-of-business modes. Digital Onboarding enabled clients around the world to set up accounts using eSignatures and overcome major obstacles due to the pandemic.

The initiative was designed to contribute to a fast economic recovery and to create a more resilient society, as well as to reduce structural societal inequalities exacerbated by such crises. More than startups from 59 countries entered the challenge, and three winners were provided the opportunity to access mentoring and events, technology tools and acceleration services from the companies, including Citi, which supported the challenge.

Restarting Together is an excellent representation of Citi's ongoing commitment to our mission of enabling growth and economic progress, as we seek to find new ways to solve problems. With an ambitious road map to continue to expand our footprint and capabilities, we are very well positioned for another exciting and successful year in In October , in support of U.

Through our business, we address some of society's greatest challenges - an imperative stated in our mission and an idea that shapes our decisions every day. The need for action grew in urgency and scope in with the onset of the COVID pandemic and a movement toward racial equity and systemic change in the U. This section highlights our continued efforts as a bank, an employer and a philanthropist to address these societal issues and many others.

Citi has the scale and capability to finance and support the institutions - governments, corporations, nonprofits and aid organizations - that can contribute to the future that we want and the future that our communities deserve. In the midst of the global pandemic, we launched our new Sustainable Progress Strategy to address another global crisis: climate change.

Our new strategy, which had been in the works well before COVID began its catastrophic spread, is aimed at driving the transition to a sustainable, lowcarbon future in an environmentally responsible way that serves society's economic needs. COVID became an accelerant for our work, illustrating the deep interconnections of systemic racism and societal, physical and environmental health.

Once a niche topic for investors, Environmental, Social and Governance ESG performance today is an essential part of our firm-wide strategy - deeply integrated into our business - and we continue to evolve our approach to managing ESG issues and opportunities.

The climate crisis is one of the most critical challenges facing our global society and economy. The science is irrefutable, and the world's climate scientists agree that urgent action must be taken to address the current and potential impacts of climate change. Since the onset of COVID, we have been continually reminded of the inextricable links between our health, economic success and the environment. Amid the pandemic, we launched our Sustainable Progress Strategy to accelerate our work in addressing the climate crisis, with the ambition to play a leading role in driving the transition to a low-carbon economy.

As a global financial institution, we recognize the opportunity and obligation to drive capital to where it can have the most positive impact. This is an ambitious target that represents a commitment two-and-ahalf times larger than our prior goal, and which we aim to achieve in half the time.

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We are Citi, the global bank — an institution connecting millions of people across hundreds of countries and cities. We protect people's savings and help them make the purchases — from everyday transactions to buying a home — that improve the quality of their lives.

We advise people on how to invest for future needs, such as their children's education and their own retirement, and help them buy securities such as stocks and bonds. By lending to companies large and small, we help them grow, creating jobs and real economic value at home and in communities around the world.

We provide financing and support to governments at all levels, so they can build sustainable infrastructure, such as housing, transportation, schools and other vital public works.

We work with companies to optimize their daily operations, whether they need working capital, to make payroll or export their goods overseas. These capabilities create an obligation to act responsibly, do everything possible to create the best outcomes, and prudently manage risk. If we fall short, we will take decisive action and learn from our experience.

We strive to earn and maintain the public's trust by constantly adhering to the highest ethical standards. We ask our colleagues to ensure that their decisions pass three tests: they are in our clients' interests, create economic value, and are always systemically responsible.

When we do these things well, we make a positive financial and social impact in the communities we serve and show what a global bank can do. In billions of dollars, except per-share amounts, ratios and direct staff. Totals may not sum due to rounding. Dear Fellow Shareholders:. In , Citi delivered our most profitable year since We continued to make progress toward the financial targets we have laid out. Most importantly, we closed out on a high note, with a Return on Tangible Common Equity of These results reflect how well our model can perform, even in an uncertain environment.

Coming out of a tough fourth quarter of for the markets and our industry, we entered amid widespread predictions of a global recession and potential turn of the business cycle. Against that backdrop, the growth we drove came - as we said it would - from working collaboratively and creatively with clients to manage and grow their businesses in an increasingly complex environment characterized by trade routes shifting and supply chains realigning. We again proved the value of our global client network and unmatched ability to connect people and businesses to opportunities worldwide.

The year concluded with several economic storm clouds lifting. The U. At Citi, we emerged in a strong competitive position in terms of capital, liquidity, technology and, importantly, talent. Our positive position across all of those areas permitted us to realize the benefits of investments we have made over the past several years in high-growth, high-return areas across the franchise. We also continued to invest in our infrastructure and culture of compliance and controls, in light of the enduring need to be an indisputably strong and stable institution.

We are targeting a significant opportunity to redefine scale not according to the traditional metrics of assets and footprint but with digitally driven experiences. Two-thirds of our digital deposit sales came from outside our physical footprint, and half came from our card customers with no prior retail banking relationship with us.

We also expanded our relationship with American Airlines to offer a new savings account designed to deepen relationships from cards-only customers to multi-relationship clients. And we announced a partnership with Google to explore launching a new checking account on Google Play in , aimed at expanding the reach and breadth of our customer base.

In Asia, we entered into new credit card partnerships with digital leaders Grab, Lazada and Indian e-commerce juggernaut Paytm. In Mexico, we continued to leverage Citibanamex's extraordinary prestige and leading market position to deliver double-digit growth in earnings before taxes even in a muted market environment.

Our industry-leading Treasury and Trade Solutions TTS business is the backbone of our institutional franchise because our global client network makes Citi the first call to manage cash, process payments and create solutions to supply chain challenges and provides opportunities for clients in multiple markets and currencies. TTS has established itself within our firm and industry as a pioneer in steering the shift from analog to digital platforms and processes.

In partnership with fintech firms, including Feedzai, HighRadius and Cachematrix, TTS is actively exploring artificial intelligence, machine learning and blockchain applications to automate cash management, foreign exchange and fraud protection to consolidate its position as the premier global commerce banking platform. Our Markets and Securities Services business continues its strong performance having topped the Greenwich Associates' Global Fixed Income Dealer rankings for the fourth consecutive year.

Securities Services grew deposit balances versus the prior year through new mandates and organic growth from existing clients. Citi Private Bank retained the award for the Best Global Private Bank from the Financial Times for the second year, finishing with year-over-year growth across product areas. To enhance how we serve midsized companies that value our global reach, we realigned our organizational structure to have Citi Commercial Bank report into the Institutional Clients Group globally.

This new alignment leverages the full breadth of solutions provided by our client network and gives us new opportunities to continue to build and develop our top talent. Our increased share shows how we can deliver a full suite of services to clients who rely on us to sustain steady transactional flow. BCMA fulfilled its mandate by executing on an even higher share of the year's significant deals.

We were financial advisor to U. We were lead financial advisor to Raytheon on its all-stock merger with United Technologies' aerospace unit. In , the expectations of consumer and institutional clients continued to converge.

Both groups want simple, seamless experiences that are not just best of bank but best in life, prompting us to allocate substantial resources and mindshare to exceeding our clients' evolving expectations of engaging with Citi on their channel of choice. Our strategy to capture the abundant opportunities inherent in this trend is threefold. First, we partner with startups that value our model, global client base and brand to test and deploy new technologies at scale. Second, we invest in firms with demonstrable growth potential and ability to create solutions that deliver real benefits to our firm and clients.

And third, we develop proprietary solutions through our internal D10X incubation program and network of Innovation Labs. Regardless of source, our intent is the same: tapping technology to eliminate client pain points and frustrations, streamline our processes, and deliver holistic, integrated products and services to customers and clients of all sizes and sectors more seamlessly and efficiently than peers.

That strategy is showing results, and Citi's digital leadership has been recognized in each region. The statement said simply that companies should take the interests of all stakeholders - including shareholders, colleagues, clients, suppliers and communities - into account when making decisions.

With every action we take, we strive to demonstrate the value we contribute and the values we uphold. Ultimately, taking stakeholder interests into account benefits our shareholders.

We have been on this journey for some time and welcome the actions companies are taking to hold themselves accountable to higher environmental, social and governance standards. We also see this as a positive development because these expectations arise from the higher levels of trust and credibility businesses have built, notably with their own people. Research reveals that a global majority do not trust the media or government to do the right thing for them or for society. Still, three out of four believe their own employer will.

As colleagues and clients want to work for, and do business with, companies that affirmatively reflect their own priorities and principles, more firms intent on attracting and retaining top talent are rising to the challenge. As for Citi's concrete commitments, our businesses seek out opportunities to address challenges that impact our clients and communities.

Our government clients around the world urgently need infrastructure. Citi's Public Finance team is playing its part by financing, among other critical projects, the two largest airport public-private partnerships in U. We also financed the construction of new subway systems in Panama and Peru, helping two fast-growing metropolises in dynamic emerging economies reduce traffic and carbon emissions.

In the communities we serve, one particular infrastructure gap is increasingly pressing: affordable housing. As urban populations soar and cities become less affordable for many, what has long been an acute shortage is becoming a crisis.

In , Citi ranked first among U. In partnership with developers, nonprofits and governments, our Citi Community Capital team has helped to create or preserve nearly , affordable units over the past decade. We have been on the front lines and in charge of leading our industry with our sustainability strategy since joining the United Nations Environment Programme Finance Initiative in and co-founding the Equator Principles in That is the first framework developed by responsible financial institutions to assess and manage the environmental and social risks associated with project finance.

In , we were a founding signatory of the Poseidon Principles, a voluntary framework aimed at reducing the carbon emissions of maritime shipping. There are few areas where the gap between the scale of the need and of the progress to date is wider than in the field of inclusive finance. With the world's unbanked population estimated at 1. The Citi Foundation's Pathways to Progress program, which started in in 10 cities and went global three years later, has helped prepare more than , youth for the jobs of today through paid internships, mentorship, workforce training and leadership development.

The financial results we reported and the positive economic and social impact that we and our model have on our clients and communities have never been more closely connected.

The Mission and Value Proposition at the front of this report describes not just what we do but how and why we do it. As we prepare to host our second Investor Day, in , I have never felt better about our financial strength and competitive position, as measured by all the relevant metrics: revenues, returns, income and capital. I have also never felt better or more confident about who we are, what we stand for, and the lasting value of the many things we do for our clients, our communities, our shareholders, our people and all of our stakeholders worldwide.

While there is no shortage of challenges ahead, I am confident in our ability to continue to rise and meet them. Sincerely, Michael L. For a reconciliation of revenues in constant dollars to reported results for Citi's consumer business GCB and institutional business Institutional Clients Group , see Slide 31 of Citi's Fourth Quarter Earnings Review available on Citi's investor relations website. As used throughout, Citi's results of operations in constant dollars and excluding the gains on sale are non-GAAP financial measures.

For a reconciliation to reported results, see Slide 31 of Citi's Fourth Quarter Earnings Review available on Citi's investor relations website. Citi's Global Consumer Bank GCB , a global leader in banking, credit cards and wealth management, is a critical growth engine for Citi. With a strategic focus on the U. In , the Global Consumer Bank successfully executed its strategy to drive growth.

It demonstrated the power and potential of its new, integrated client-centric operating model in the U. With the full power of the franchise together for the first time in GCB's largest market, U. Consumer Banking implemented a strategy to deepen relationships across Cards and Retail and provide seamless experiences to customers nationwide.

Capitalizing on our distinct model, we launched an array of new products and digital capabilities, forged new and expanded partnerships, and introduced new value propositions to grow and retain multi-relationship clients. Globally, we continued to introduce industry-leading digital capabilities, redesign the client experience, and embed our services in the most popular social and e-commerce platforms, enabling customers to bank anytime, anywhere, on their channel of choice.

Clients and the industry took note. We generated double-digit growth in digital and mobile users globally, and client engagement and satisfaction meaningfully improved. Business Insider Intelligence. Importantly, Citi continued to execute strategic multi-year investments in key growth areas — U.