The following is a summary of the Citigroup Inc. (C) Q4 2023 Earnings Call Transcript:

Financial Performance:

Negative EPS of $1.16 in Q4, primarily due to reserve build related to transfers and devaluation of the Argentine currency.
Revenues fell short of expectations, failing to reach the $78 billion mark due to the same Argentine devaluation.
Despite setbacks, CET1 ratio increased to 13.3%, tangible book value per share grew by 6% to $86.19 and $6 billion capital was returned to shareholders via dividends and buybacks.
Q4 reported a net loss of $1.8 billion with a net loss per share of $1.16 on $17.4 billion of revenue.
Full year revenue was at $77.1 billion and net income at about $13.1 billion yielding an RoTCE of 7.3%.
Citigroup plans to reduce expenses to $51-$53 billion, leading to net run rate savings of $2-$2.5 billion in the medium term.

Business Progress:

Restructuring included cutting personnel by 5000 roles, aiming for over $1 billion in rate savings.
Divestitures completed for nine out of 14 international consumer franchises and nearly 70% of retail loans and deposits wound down in Russia, Korea, and China.
Significant upgrades made in talent and the bank consolidated their trading and reporting platforms, retiring 6% of their legacy applications for the second year.
The bank plans to reduce headcount over the medium term as part of its organizational simplification efforts, aiming for a 4-5% revenue CAGR and achieving a RoTCE of 11% – 12% in the medium term.
The bank predicts a rise and peak in Net Credit Loss rates for their branded cards and retail services portfolios in 2024.
The company continued to invest in technology, spending around $12 billion in 2023 in areas like cloud, cybersecurity, and digital innovation.
Significant progress in US Personal Banking division, and the Investment banking revenues saw a 27% YoY growth.
The firm expects revenues ex-divestitures to grow by 4% to 5% over the medium term.