“So let me also just say for clarity's sake, at the firm level, our ROTCE targets for 2026 are still 10% to 11%.”

In context

“in the middle of facilitating that. So we expect to be very busy there along with the hedging and associated financing activity that goes with it because it's not just about TTS. This is about the bundle of different capabilities we bring to bear. And take some comfort. Look at what happened with the Ukraine war. We grew a lot in that time period. Equally, most of our business is very local. Think of what services is. It's payroll. It's supply management. It's liquidity. It's payables. It's receivables. And we're very deeply embedded into our clients' day-to-day operations in every market they work in as well as across market flows. And that's not going to change. It's not nearly as sensitive to tariffs. And I would say, I think all of us recognize the environment is very fluid right now. So let me also just say for clarity's sake, at the firm level, our ROTCE targets for 2026 are still 10% to 11%. The drivers behind them are the same. But the revenue mix might be different. We'll certainly know more as things get clearer as to how that plays out. I think, actually, the other thing you mentioned about nationalization, most of our clients have been clients for decades. I mean, a number of them have been clients for over a century. And it would not be an understatement to say that we are deeply embedded into them. I mean, it is extraordinary how deep we are. We've been on the ground for over a century, and we are viewed as quasi-local in most of these markets. Citi is not a bunch of suitcase bankers that fly in. We're not transactional. We're very unique in the footprint. And these factors do make us less vulnerable to the different geopolitical dynamics that are going on. Glenn Schor”