Citi's Global Consumer Bank (GCB) is a global leader in banking and wealth management, the world's largest credit card issuer and a partner of choice globally to the world's most iconic brands and digital leaders. The Global Consumer Bank serves more than 110 million clients in the U.S., Mexico and Asia, spanning 19 markets.

In 2020, the Global Consumer Bank continued to execute a digital-first, client-led growth strategy while pivoting swiftly to provide value, service and support to clients and communities impacted by the COVID-19 pandemic.

The GCB's model is distinct: digital-first capabilities complemented by a light physical footprint in leading urban markets. Our relationship banking model serves clients across the full spectrum of their needs as they borrow, pay, save, invest and protect and is supported by global assets and capabilities that are deployed locally. With a high-quality, highly digitally engaged customer base and one of the most dynamic partner ecosystems in the industry, the franchise is well positioned for where the world is headed.

Throughout the pandemic, Citibanamex colleagues continued to provide warm and professional service to clients in branches while following guidelines to ensure their well-being.

In a rapidly changing landscape, the GCB intensified its focus on three strategic priorities to position the franchise for long-term growth: winning in wealth management; leading in consumer payments and lending; and driving scale through digitization and partnerships. With digital at the core of our strategy, GCB delivered double-digit growth in deposits, enhanced value propositions and provided an array of digital capabilities, garnering industry accolades for client experience. Citi was named Best Digital Bank in Asia (Euromoney), Best Digital Bank in Mexico (Global Finance) and Bank with the Most Desirable Mobile Banking Digital Money Management Features in the U.S. (Insider Intelligence).

At the onset of the COVID-19 pandemic, Citi responded quickly, enabling thousands of colleagues to work from home in a matter of weeks, with requisite training, technology and onboarding, while retaining servicing for customers.

We launched assistance programs in markets worldwide, the first large bank to do so in the U.S., while also facilitating free cashing of U.S. government stimulus checks for non-customers. We continued to serve clients safely in branches, introducing new safety measures and cleaning protocols, as well as innovative ways to serve clients remotely, such as video banking in Asia and the U.S. As COVID-19 made mobile capabilities, high-touch digital services and the human touch critical, Citi introduced new and enhanced digital and mobile capabilities and evolved product benefits across our credit card portfolios to ensure value, utility and relevance to customers.

As of December 31, 2020, Citi had assisted more than 5 million customers and small businesses worldwide with a range of assistance measures, including fee waivers and deferral of credit card minimum payments. In the U.S., as part of the Small Business Administration's Paycheck Protection Program (PPP), Citi funded more than $3 billion to U.S. small businesses, many in the areas hardest hit by COVID-19. Net profit earned through participation in the PPP was donated to the Citi Foundation to support community economic recovery efforts.

The GCB operates approximately 2,300 branches and generated $1.1 billion in pretax earnings in 2020. At year end, the business had $345 billion in deposits, $282 billion in loans and $222 billion in assets under management.

Credit Cards

Citi is a global leader in payments, with 132 million accounts and $505 billion in annual purchase sales, and has unrivaled partnerships with premier brands across Citi Branded Cards and Citi Retail Services. At year-end 2020, card receivables were $153 billion.

Citi Branded Cards

Citi Branded Cards provides payment, credit and lending solutions to consumers and small businesses, with 54 million accounts globally. In 2020, Citi Branded Cards generated annual purchase sales of $427 billion and ended the year with a loan portfolio of $107 billion.

In 2020, we continued to evolve our value propositions, expand co-brand partnerships and provide new digital capabilities to make purchases faster, convenient and more rewarding.

In the U.S., as part of a more integrated, multi-product relationship model, we expanded our lending partnership with American Airlines, our partner of more than three decades, to include the Citi Miles AheadTM Savings Account, a new deposit product exclusively for American Airlines co-brand cardholders who reside within the U.S. but outside locations where Citi has a retail branch presence. The account provides the ability to earn more miles on everyday purchases, as well as relationship-based offers.

During an unprecedented year marked by the pandemic, we actively engaged with cardholders to ensure we met their evolving needs. In the U.S., for example, we introduced relevant points offers on the Citi Prestige® Card and expanded the $250 travel credit to include supermarket and restaurant purchases through 2021. Similarly, we introduced relevant accelerators to the Citi Premier Card, including increased rewards for supermarket and restaurant purchases, including takeout and curbside pickup. In addition, we introduced a temporary point-redemption option for U.S. cardholders by providing them with the choice to redeem cash rewards and ThankYou Points to pay the minimum due on their credit card.

We teamed up with World Central Kitchen, a nonprofit organization that uses the power of food to heal communities and strengthen economies in times of crisis and beyond, on a program to support hunger relief efforts during COVID-19 while further encouraging digital banking adoption among clients. In addition, we joined with Mastercard and a nonprofit organization called Start Small Think Big to help small businesses. As a long-time partner of Global Citizen, we supported its global broadcast and digital special, One World: Together at Home, in support of the World Health Organization and regional charities working to meet immediate COVID-19 needs locally.

With physical cards rapidly digitizing, we continued to expand digital lending capabilities and point-of-sale solutions to give customers ease, convenience and choice in payments.

In the U.S., we introduced our proprietary Citi Flex Pay capabilities to American Airlines co-brand cardholders and on Amazon. Citi Flex Pay enables customers to finance purchases by converting eligible purchases into a fixed payment plan. Citi Flex Loan, a digital lending solution introduced in 2019 that enables customers to convert a portion of their credit line into a fixed rate personal loan, continued to perform well, with the average balance more than doubling.

In Asia, more than 60% of personal loans were made digitally through its Citi Quick Cash, Citi PayLite and Citi Flexibill solutions. A seamless, self-service mobile application journey, coupled with data-enabled real-time triggers, helped meet customers' borrowing needs, with lending volumes in the mobile app up 67% despite a challenging environment. Innovation remains at the forefront of our business, with the recent expansion of our Grab partnership that allows customers to obtain personal loans on the Grab app via application programming interfaces (API).

In Mexico, Citibanamex is a leader in credit cards, with strong market share, compelling value propositions, including our reward programs (ThankYou® Rewards and Premia), and market-leading promotions such as Buen Fin, which included more than 40,000 exclusive agreements with retailers and businesses.

Retail Services

Citi Retail Services is one of North America's largest and most experienced retail credit solution providers of private label and co-brand credit cards for retailers. The business serves 78 million customer accounts for iconic brands, including Best Buy, Exxon, Mobil, L.L.Bean, Macy's, Sears, Shell, The Home Depot and Tractor Supply Company.

In 2020, Citi Retail Services announced private label and co-brand credit card agreements with two exciting new partners - Meijer and Wayfair. Meijer is a privately owned and familyoperated Midwestern retailer with more than 250 supercenters and grocery stores throughout the Midwest. Wayfair is one of the world's largest online destinations for the home, offering millions of items across home furnishings, décor, home improvement, housewares and more. Today, Citi is the consumer credit card provider to half of the top 10 U.S. ecommerce companies.

In 2020, Citi Retail Services generated purchase sales of $78 billion and ended the year with a loan portfolio of $46 billion.

A NEW WAY TO BANK NATIONWIDE ON GOOGLE PAY

Alongside the launch of the redesigned Google Pay in the U.S., then-Citi President and current CEO Jane Fraser shared a sneak preview of the Citi® Plex™ Account by Google Pay in 2021.

Today, customers want an integrated experience where their relationship with money operates at the same speed as the rest of their life. At Citi, we want to empower them with an account that provides smart - very smart - financial services built from the ground up with financial wellness and mobile functionality at its core.

The Citi Plex Account is a new digital checking and savings account built to make managing money simpler, smarter, safer and more rewarding, with financial wellness and mobile functionality at the core of the design. Consumers will open and manage these accounts through the Google Pay app on both Android and iOS.

"Just over a year ago, we set out on a journey with Google to create an experience that is 100% digital, and different, in banking," said Anand Selva, CEO of the U.S. Consumer Bank and incoming CEO of the Global Consumer Bank. "The Citi Plex Account is designed to give customers an always-on, friction-free, personalized experience at their fingertips."

The collaboration is the first of its kind in the U.S., bringing together Citi's banking know-how with Google's bestin-class user experience and technology to drive a stream of new services and capabilities. It aligns seamlessly with our U.S. Consumer Bank strategy, giving us a platform to drive significant scale in our Retail Bank by unlocking the power of our respective ecosystems to deepen our existing relationships and serve a larger and new generation of customers.

The Citi Plex Account is Citi's first-ever bundled checking and savings account solution. With extensive user experience and account management features powered by Google, the Citi Plex Account is designed to integrate seamlessly within Google Pay to deliver a richness of insights and capabilities to empower consumers with a simple, convenient and personal banking experience.

We are excited about the possibilities this collaboration creates for our clients and feel a tremendous sense of pride in helping to create a truly new and unique way to bank nationwide.

Retail Banking

With our high-tech, high-touch relationship model, Citibank serves as a trusted advisor to our retail, wealth management and small business clients at every stage of their financial journey.

Through Citi's Access Account, Basic Banking, Citi Priority, Citigold® and Citigold Private Client, we offer an array of products, services and digital capabilities to clients across the full spectrum of consumer banking needs worldwide.

In the U.S., Citi continued to digitize our retail bank model to drive national scale. Citi Accelerate Savings and Citi Elevate® Checking, digital high-yield savings and checking accounts for customers outside Citi's branch footprint, helped drive robust digital deposit sales, while Citi's Access Account, a checkless bank account with no or low monthly fees, no overdraft fees and access to Citi's digital, retail and ATM channels, continued to be one of our fastestgrowing products.

Citi also gave consumers a sneak preview of the Citi Plex Account by Google Pay, a new digital checking and savings account launching on Google Pay in 2021, and announced Mastercard as our network partner for the account (see the Google Plex section above for more information).

In the U.S., small business lending again exceeded $10 billion in addition to more than $3 billion administered through the Small Business Administration's Paycheck Protection Program, while in Mortgage, the low rate environment drove strong origination and refinancing activity. In the U.S., Citibank, N.A. originated $24 billion in new loans in 2020.(see the Citi Supports U.S. Small Business section below for more information)

ENABLING PROGRESS: CITI LAUNCHES CHOSEN NAME FEATURE ON BRANDED CREDIT CARDS

In October, Citi was proud to announce a new initiative offering transgender and non-binary people the ability to use their chosen name on eligible credit cards. The launch, in conjunction with Mastercard, provides eligible U.S. branded credit card customers with the option to use their self-identified chosen first name on credit cards.

With a recent survey by the National Center for Transgender Equality showing that one-third of transgender people reported suffering harassment or denial of service after showing ID with a name or gender marker that didn't match their appearance, the initiative is a step toward helping customers feel recognized, accepted and empowered to be their true selves.

Today, eligible existing credit cardmembers are able to request new credit cards that display their chosen name. Further, customers are able to be serviced by their chosen name when they call into customer service and also across online and mobile access points.

The response has been tremendous to date, with thousands of customers updating their cards with their chosen first name and feedback from customers such as the following: "I wish that there had been something like this when I began my transition. This will remove one of the many worries that we all have had when we were introducing our true selves to the world."

And this initiative really is an extension of the bank’s ongoing commitment to the LGBTQ+ community. Not only is Citi an active advocate for LGBTQ+ equality - most recently signing an amicus brief urging the Supreme Court to prohibit workplace discrimination on the basis of sexual orientation and gender identity in the U.S. and a letter to the Prime Minister advocating for trans equality in the U.K. - but we are committed to helping create an equitable and inclusive culture where we all recognize and respect how our identity affects our experiences. Also, for 16 consecutive years, Citi has received a perfect score on the Human Rights Campaign Foundation's Corporate Equality Index, a national survey that benchmarks corporate policies and practices for LGBTQ+ workplace equality.

Throughout the pandemic, Citi worked tirelessly to ensure that customers and small businesses felt confident that as an essential service, we were available to help them navigate this challenging time. To educate customers on the ease and convenience of digital banking, Citi introduced education campaigns, highlighting tools and capabilities available for customers to self-service as they complied with stay-at-home orders. By providing customers with quick links to set up online access, shortcuts to key digital tools and howto videos on key features, we issued a steady stream of communications reinforcing the quick, easy nature of digital banking. These communications were incredibly well received by our customers, and we saw significant digital adoption and engagement among clients. Since the onset of COVID-19, the percentage of Retail Bank accounts opened digitally has risen to nearly 60% globally as has the use of mobile check deposits in the U.S.

In December, Citi opened its largest global wealth hub in Singapore. Designed to enhance a visitor's connectivity to nature, the Citi Wealth Hub embodies biophilic design and is LEED certified.

In Wealth Management, we continued to enhance our capabilities and invest in our offerings and digital tools to meet a wider spectrum of customer needs.

In the U.S., we launched Citi Wealth Builder, an easy-to-use, low-cost digital investment platform targeted to Citi Priority (emerging affluent) and Citigold® (affluent) clients, and introduced Citigold Private Client, a value proposition for clients with a minimum of $1 million in assets under management. Together, Citigold and Citigold Private Client clients enjoy personalized wealth management services, including dedicated wealth teams, digital planning tools, fund access, and a range of exclusive privileges, preferred pricing and benefits to affluent clients around the globe.

In Asia, investment revenues were the highest in a decade, with record net new money driven by steadfast client engagement, remote advisory services and accelerated client adoption of digital platforms throughout the pandemic. We continued to enhance the client experience, opening our largest wealth hub globally in Singapore dedicated to Citigold and Citigold Private Client clients. With more than 30,000 square feet across four floors, the Citi Wealth Hub has over 30 client advisory rooms for clients to engage with Relationship Managers, access a team of specialists, and enjoy facilities for customized lifestyle events and investment seminars.

In Mexico, Citibanamex is one of the leading and historically significant financial institutions in the country, with top brand recognition, leading market share and an extensive retail branch network complemented by rapid digital and mobile user growth.

In 2020, in a first-of-its-kind partnership, Citibanamex teamed with PepsiCo Alimentos Mexico and Amigo PAQ to advance financial inclusion by enabling access to digital financial tools and lines of credit for shopkeepers to use the CoDi® electronic payment platform, offered by Banco de México, in the Transfer Citibanamex app. The partnership is poised to redefine the way in which collections and payments are made in Mexico for small and medium-sized companies, which represent about 50% of Mexico's gross domestic product.

CITI SUPPORTS U.S. SMALL BUSINESSES THROUGH THE PANDEMIC

Through our participation in the Small Business Administration's Paycheck Protection Program, one of the largest federal lending programs in history, we are proud to have served so many of our small business customers where and when they needed it most.

As a smaller lender to small businesses due to our light branch footprint, our service model has been built on individual relationships, pairing our clients with dedicated support from a tight-knit team of experts. 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.

In 2020, Citi funded more than $3 billion in PPP loans to more than 30,000 businesses across the country that collectively employ more than 300,000 people. These loans, along with more than 4.5 million loans disbursed by thousands of our fellow lenders, have helped small businesses - the backbone of our economy - retain or rehire employees who may have lost their job in this crisis as economic activity slowed to contain the health crisis.

The makeup of Citi's PPP loan portfolio demonstrates the great need that our small business services customers had for this critical lifeline. Roughly 86% of Citi loans in this Small Business Administration program went to small businesses in the services sector, such as healthcare and professional services. With eight out of 10 U.S. jobs in services, the services sector is the lifeblood of the U.S. economy.

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. To tell them, we created a video series with stories that span the country, found on the Citi Blog under "A Moving Year in Moving Pictures: A Small Business Video Series."

"When I reflect on the year," said David Chubak, Head of U.S. Retail Banking, "our all-out effort to support the Small Business Administration's PPP across the firm was one of the most meaningful highlights."