Citigroup Inc. (NYSE: C)

Citigroup is the most global of the major US banks, operating in 160+ countries with a presence in more markets than any competitor. The bank serves institutional clients (investment banking, trading, treasury services), wealthy individuals (Citi Private Bank), and consumers (primarily outside the US). CEO Jane Fraser has been simplifying the sprawling organization since taking over in 2021 u2014 the first woman to lead a major US bank.

Institutional banking (trading, investment banking, treasury and trade solutions) generates the majority of revenue. Services (treasury management, securities services) is the most valuable business u2014 it's sticky, high-margin, and growing. Consumer banking is being scaled back to focus on wealth management. Citi is exiting retail banking in multiple countries. Annual revenue exceeds $78 billion.

Citigroup was formed from the 1998 merger of Citicorp and Travelers Group u2014 a $70 billion deal that required the repeal of Glass-Steagall. The bank nearly collapsed during the 2008 crisis and received $45 billion in TARP bailout funds. The US government briefly owned 34% of Citi. The bank has been in perpetual restructuring mode for over a decade. Fraser became CEO in 2021 and launched a major simplification effort.