“Despite the usual seasonality in the second half of the year, we feel very good about our ability to hit our 2026 return target.”

In context

“another competitive headwind. Above all these dynamics, we see real resiliency in our corporate clients who bring strong balance sheets and a proven adeptness of managing the complex environment. You have heard me say many times that city success will not follow a straight line. That the rigor and consistency with which we have executed the strategy we first laid out for you in 2022 and reinforced at our investor day in May has put City back in the game. And our people deserve enormous credit for getting us to this position. We have elevated Citi into a new growth mode, Our returns are improving, and the conversation around this firm has changed. We continue to do the things we said we would do, such as investing in the businesses whilst we take down our transformation and stranded costs. Despite the usual seasonality in the second half of the year, we feel very good about our ability to hit our 2026 return target. Target. And then to reach the targets we shared with you in May. And to be clear, if conditions stay constructive, we intend to take advantage of that. We will lean in, with additional investments and other actions to create value for our shareholders over the medium term. A stronger environment is not just upside to report. it is an opportunity we will put to work. And finally, as you are all aware, this is Jennifer Landis' final earnings call before she becomes our chief financial officer for markets. Jennifer came to Citi almost 5 years ago. Just after I became CEO. Over that time, she has reestablished trust and credibility with the investor community. And we built our investor relations team which is now recognized as 1 of the best on the street. You can see her fingerprints on our d”