On a constant dollar basis, we grew our revenues by 3 percent, while keeping our core operating expenses essentially flat, and grew our loans and deposits in our core franchise each by 5 percent.
Our performance was driven by the discipline we applied to managing our core businesses. Even in a challenging economic environment, we achieved each of those objectives last year. Going into 2015 we set three goals for ourselves: to generate top-line growth, deliver modest positive operating leverage on our core expense base and significantly reduce the drag on earnings due to legal and repositioning costs. We have shrunk our branch network by nearly 30 percent and eliminated 182 operations centers, as part of our effort to establish shared service centers and mine the efficiency opportunities in our business model. In just the last three years we have strengthened our core businesses while reducing our headcount by 28,000, assets by over $130 billion, and legal entities by over one-third. Putting that number in context, we generated strong earnings operating as a smaller company, with a lower headcount, more focused footprint, and dramatically different mix of businesses and assets from what Citi was a decade ago. 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.įrom a net income perspective, the over $17 billion we earned in 2015 made it our best year since 2006. 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. We strive to earn and maintain the public's trust by constantly adhering to the highest ethical standards. If we fall short, we will take decisive action and learn from our experience. These capabilities create an obligation to act responsibly, do everything possible to create the best outcomes, and prudently manage risk. 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. 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 work with companies to optimize their daily operations, whether they need working capital, to make payroll or export their goods overseas.
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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.
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 are Citi, the global bank - an institution connecting millions of people across hundreds of countries and cities. We have 200 years of experience helping our clients meet the world's toughest challenges and embrace its greatest opportunities. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients. What You Can Expect From Us & What We Expect From OurselvesĬiti's mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress.
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