Insight Session

Citi is committed to being the best bank in the

world for early career talent experiences.
That means intensive, best in industry training programmes, flexible continuous learning
opportunities, global mobility and a culture that create a solid framework for new hires to grow,
achieve and make progress.

Welcome to Citi
 One of the World’s Most Global Banks
Unparalleled Global Network Industry Leading Franchises Robust Capital & Liquidity

Who We Are
—————
Our Global
Footprint

Citi has over We serve clients We have the largest We have The largest
200,000 in over 160 proprietary global trading mover of
employees countries and network with a floors in money in the
worldwide jurisdictions presence in 80 world
98 countries markets

Physical Presence Serving Clients Trading Floors

https://www.citigroup.com/citi/investor/quarterly/2019/annual-report/
 Institutional Clients Group
• Banking, Capital Markets and Advisory
• Markets & Securities Services We serve ~90%
• Treasury and Trade Solutions of the Fortune
• Private Bank 500
• Commercial Banking
• Operations & Technology

Global Consumer Banking Facilitating

Who We Are • Retail Banking ~$4 trillion
————— • Citi Cards of flows daily
Our • Retail Services
Businesses

Enterprise And Corporate Functions

Citi employees
• Finance
speak more
• Compliance languages
• Risk than any
• Internal Audit other bank
• Human Resources in the world.
 We Lead The Industry

2 #1 #1 #2 #1
Who We Are
—————
Treasury Fixed Global Global
& Trade Income investment Credit
Our
Solutions Markets banking Card
Performance Franchise Franchise franchise Issuer
among clients
we cover

On average Citi We retuned $6.2 billion

of Capital to Common Shareholders Citi reported a net income of
moves $4 trillion
in Q4 2019 $5.0 Billion for Q4 2019.
of liquidity
Increased 15% from the prior-
through our
year period
platform

Fourth Quarter 2019 Results and Key Metrics

 Experience Exposure Education: Citi's Approach to
Connected Learning
What is Connected Learning?
Connected Learning identifies that your job and workplace are your principal development ground and
stresses the importance of informal, experiential and social learning. This is underpinned by
traditional/formal training and resources.

We learn mainly through ‘doing’. Most of which comes from our daily work – through new and
challenging experiences, through opportunities to practice, and through reflection. We also learn
through exchanging ideas and stories with others. Personal networks are critical in our learning and
development.

Why Connected Learning?

Work, business and technology are changing faster than ever before. So today, more than ever, your
Who We Are ability and willingness to learn from experience and from those around them is the foundation for
————— success.

The Three E’s Citi refers to this as Experience, Exposure, Education:

 Embracing diverse teams, ideas and possibilities helps us drive
growth and progress because it’s a key part of who we are and how
we thrive.

• Research and experience both confirm that when a company embraces diversity, the most
talented people are not just attracted to joining the company, but are also much more
productive and motivated to stay. Maintaining a truly diverse environment has been proven to
be a leading indicator of the quality of our culture in addition to being an effective way of
connecting to an equally diverse client base.

• At Citi, our employees reflect the remarkable range of cultures and perspectives of our clients
across the more than 160 countries and jurisdictions where we do business – a powerful
advantage that combines global insights with deep local knowledge. We recognize that unique
Who We Are individuals, collaborative teams and inclusive leaders have far-reaching impact and are the
engines of new ideas. It’s our willingness to embrace the richness of our diverse teams, ideas
—————
and possibilities that drives our growth and progress.
Diversity and
Inclusion
 Citi values a work environment where diversity is embraced, where
people are promoted on their merits, and where people treat each
other with dignity and respect as they work together to achieve more

Who We Are
—————
Diversity and
Inclusion
Business
Insights
 Capital Markets is also sometimes known as ECM (Equity Capital Markets) or DCM (Debt Capital Markets). CMO raises capital in
the financial markets for our clients – ranging from multinationals to institutions or public sector organisations that want to
expand their operations on a huge scale (across EMEA and beyond). We originate, structure and execute new issues of capital
(e.g. in an initial public offering or through bond issuance), manage existing liabilities and perform a variety of other related
services.
Capital Markets
BCMA –

Debt Capital Markets (DCM) DCM provides debt capital markets coverage for Financial Institutions, Corporates, Sovereigns
and Emerging Markets. DCM coverage also works with specific DCM product groups such as
Liability Management and Hybrid Capital.

Leveraged Finance The Leveraged Finance team structures, arranges and underwrites non-investment grade debt
financings for Corporates and Financial Sponsors.
Investment Grade (IG) Loans The Investment Grade Loans team arranges debt financing for clients. Loans are a cornerstone of
most of Citi’s corporate client relationships and they are often used in conjunction with various
other products, especially in M&A situations.
Global Head:
Manolo Falco Structured Finance Securitisation provides corporates and banks with an additional funding tool and the opportunity
& Tyler to diversify and potentially lower their cost of funding.
Dickson

EMEA Head: Equity Capital Markets (ECM) ECM is the bridge between Banking (Primary) and Equities (Secondary), originating and executing
Philip Drury equity business.
 Citi’s Corporate Banking teams service the needs of the world’s largest corporations, financial institutions and governments.
Corporate bankers build close relationships with their clients in order to develop a comprehensive understanding of the complex
financial issues they face. As a result they can deliver a full array of tailored solutions, from capital markets, loans and derivatives
to cash management, foreign exchange and trade finance. We solve clients’ domestic and cross-border needs using our global
network to deliver solutions right down to local levels.

EMEA offices
Corporate Banking

Typical tasks for a Corporate Banking Analyst

BCMA –

Helsinki
Oslo
Stockholm

Copenhagen

Dublin Amsterdam
London
Frankfurt
Brussels
Paris Vienna
Zurich

Milan

Global Head:
Manolo Falco &
Tyler Dickson Madrid
Lisbon
EMEA Head:
Philip Drury
 Our Investment Banking teams work with major businesses, financial institutions and governments the world over. They provide
in-depth strategic and financial advice acquisitions and disposals and debt and equity capital-raising. By enabling clients to reach
their financial goals we can drive industry change and influence the evolution of local, regional and global economies.

Our Investment Bankers deliver the highest quality strategic advice and ideas to our clients in M&A, capital raising (equity + debt)
and business development
Investment Banking
BCMA –

Industry Teams Country Coverage

 UK
 Financial Institutions
 Italy
 Industrials
 France
 Consumer
 Germany/ Austria
 Healthcare
The Team  Iberia
 Energy and Power
 Nordics
 Technology, Media and Telecom
Global Head:
 Russia
Manolo Falco  Alternative Assets Group Industry and Country Bankers come
& Tyler together to offer a comprehensive  Switzerland
Dickson  Public Sector Group offering to our clients
 CEEMEA
EMEA Head:
Philip Drury  Benelux
 The quality and quantity of financial products and services in Markets and Securities Services are as sophisticated and diverse as
the corporations, institutions, governments and investors we serve. In Sales and Trading, we advise clients on the best
investment opportunities in a range of markets, including equities, commodities, credit, futures and FX, and we also buy, sell and
structure their investments for them.
Markets and Securities Services

Sales Trading Structuring

• Builds + manages client

relationships • Pricing / market making for • Generate trade + product ideas
Description of clients • Support sales on price requests
role • Understand clients’ needs
through clear + frequent • Risk management • Create best client structures
communication
Global Head:  Quick with numbers  People-oriented + able to build  Enjoy working in teams +
Paco Ybarra  Instant decision makers, trusted relationships with clients problem-solving
People who able to manage  Work well under pressure  Detail-oriented and precise
EMEA Head: enjoy the complexity  Good at problem solving and  Effective communication skills
Leonardo role/excel in  Work well under time brainstorming on the spot  Analytic
Arduini role.. pressure  Are detail-oriented + precise  Innovative spirit
 Like to look at the
broader picture
 Citi offers an integrated suite of cash management, trade services and finance solutions to multinational corporations, financial
institutions and public sector organisations across the globe. Our industry-leading offerings enable clients to streamline business
processes, manage working capital more effectively, reduce financing costs, secure timely transaction payments and commercial
flow proceeds, and expand into new markets, all while minimising associated risks.
Treasury and Trade Solutions

Description Key product lines

• Receivables
Optimise Working • Payments
Cash
Capital, Mitigate Risk • Cards
Management & Enhance EPS • Liquidity and Investments
Treasury • Channel & Enterprise Services
and Trade
Solution • Trade Services
Finance Commercial • Trade Finance
Flows, Mitigate Risk & • Working Capital Finance
Trade
Optimise Working
Capital • Export and Agency Finance
• Commodities Financing

On the ground On average Citi

Global Head: experts in 95 moves $4 trillion
Naveed Sultan countries of liquidity
EMEA Head:
through our
Mark Smith platform
 Through 60 offices in 25 countries, Citi Private Bank provides ultra-high-net-worth clients ($25MM net worth/$5MM liquid
assets) with sophisticated, exceptionally personalised wealth management expertise.

We meet their exclusive banking and investment needs, offering top lending advice and acting as trusted advisers to the most
successful families and leaders in industry, finance and culture.
Private Banking

Global Head:
Peter
Charrington

EMEA Head:
Luigi Pigorini
 Technology gives our bank a competitive advantage, whether in the complex, international multimillion-dollar trades we
conduct every second, or the intricate trading strategies of the individual investor portfolios we support across the globe.
By advancing our technological capabilities, we aim to deliver seamless services and build systems that will define the
digital bank of tomorrow.
Markets and Securities Services

Typical tasks for a Technology Analyst

Application Development Production Support

Technology

A development analyst will be involved in building Provide the first line of assistance to the
Description of or improving upon fundamental programming business by analysing and resolving live
role skills in either C# or Java. They will be able to bugs found in applications. A support
design and build technology software solutions to analyst gains a hands on learning
meet business requirements approach while obtaining an
understanding of capital markets

• Daily team update meetings known as Scrums • Monitoring system health and managing
Typical day to • Fixing bugs in code live issues in systems
day tasks • Coding new features • Responding to issues raised by users such
• Peer reviewing code that your colleagues have as unexpected behaviour in systems
written • Liaising between development and the
• Regularly delivering business requirements for business for problem resolution
system releases • Coordinating releases with development
teams

• Following guidelines on team wide coding best • Problem solving skills

Global Head: People who practises • Effective communication with key
Stuart Riley enjoy the • Analytical and logical thinkers stakeholders
role/excel in • Delivering solutions to deadlines • In depth knowledge of how the systems
role.. • Enthusiastic team player are built and used
• Contributing innovative ideas • Working under time pressure
Jargon
Jargon
Buster
Buster
 Jargon Buster A-C
A
Acquisition The act of one corporation acquiring control of another corporation or asset.
Entry level position typically filled by graduates or lateral hires in a U.S. investment bank. Usually 2-3 years until
Analyst
promotion to Associate.
Position above an Analyst and below a Vice President. Typically filled by Analysts promoted after 2-3 years of
Associate
experience, lateral hires or MBA graduates
B
Bonds A long-term loan certificate issued by governments and organizations in order to raise capital. The capital is repaid
with interest. A bond issued by a foreign institution is known as a bulldog in the UK, a yankee in the USA, a samurai
bond in Japan and so on.
BCMA Banking, Capital Markets and Advisory. Citi leverages the breadth of its unmatched global network to meet clients’
debt capital-raising needs and to provide merger and acquisition and equity-related strategic financing solutions.
From inaugural issuances and exchanges, to cross-border transactions and first-of-their-kind landmark structures,
our track record of successfully executing transactions in both buoyant and challenging market conditions is a
testament to Citi's unwavering commitment to provide the highest quality service to clients. By serving these
companies, we help them grow, creating jobs and economic value at home and in communities worldwide.
C
Capital Money put into a business by its shareholders.
Chinese wall The physical and regulatory separation between the public and "inside" areas of a bank.
Physical items such as oil, gold or grain. Commodities are traded for spot (trade date plus two business days) and
Commodities
also for future delivery. There also exist options to buy and sell commodities.
Credit and Rates Loans and the interest charged on the loan.

A credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a
fixed periodic coupon for the specified life of the agreement. The other party makes no payment unless a credit
event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a
payment to the first party, and the swap will terminate. The size of the payment is usually linked to the decline in
Credit Default Swap (CDS) the reference asset's market value following the determination of the occurrence of a credit event. Thus it is a type
of insurance. If you go long CDS, you are a protection buyer and have to pay the premium (e.g. 100bp on notional)
up-front to the counterparty. In case of a credit event, leading to the default of the underlying security, the swap
counterparty compensates you for your losses and you are protected. The higher the risk, the higher the CDS level,
the higher the "insurance" premium.
 Jargon Buster D –F

D
Debt Money owed to creditors or lenders or buyers of debt securities.
Debt Capital Markets Markets where capital funds (i.e. debt) are traded. This includes private placement as well as organized markets
(DCM) and exchanges.
An instrument whose market price depends on the value of an underlying security such as a share or a bond. A
Derivative
derivatives market is a market in which derivative securities are traded.
Collective noun for financial contracts between buyers and sellers of commodities and capital. Includes futures,
Derivatives
options and swaps.

Dividend A payment by a company to shareholders of its stock, usually as a way to distribute profits to shareholders.

E
Developing countries with fledgling capital markets. Banks make loans to emerging markets nations and also assist
Emerging markets
them in issuing bonds and other debt securities.
Equities Shares - certificates that represent a part ownership in a corporation.
Equity The risk-sharing part of capital.
Equity Capital Markets Markets where capital funds (i.e. equity). This includes private placement as well as organized markets and
(ECM) exchanges.
Equity Default Swaps are contracts structured to provide the buyer with protection (typically for five years) against
Equity Default Swaps
a severe decline in the price of a company's stock.

F
Financial instruments Collective noun for established financial contracts (securities and derivatives).
Fixed Income Debt securities or bonds.
The number of shares available for trade in the market times the price. Generally speaking, the bigger the float,
Float
the greater the stock's liquidity.
An interest rate that is benchmarked to other rates (such as the rate paid on U.S. Treasuries) that allows the
Floating rate
interest rate to change with market conditions.
The Foreign Exchange Market. This market deals in foreign currency, specifically the exchange of one currency for
FOREX or FX another. In global markets, the underlying reference currency is generally the US Dollar, but "crosses" may be
traded with different currencies.
 Jargon Buster F – M

Front office The function of a bank which is revenue-generating; e.g. Sales & Trading and Corporate Finance.
The Financial Times Stock Exchange 100 stock index, a market cap weighted index of stocks traded on the London
FTSE
Stock Exchange.
H
Holding two contrary positions in two or more financial instruments in order to offset a loss in one by a gain in the
Hedge
other.
A strategy that eliminates a risk through the post sale of the risk or through a transaction in an instrument that
Hedging represents an obligation to sell the risk in the future. The goal is to ensure that any profit or loss on the current
sale or purchase will be offset by the loss or profit on the future purchase or sale.
I
Organisations with large amounts of assets, who together make up well over half of the assets traded in the stock
Institutional Clients
markets. Examples include: governments, banks, insurance companies, central banks, and pension funds.
Something of value that cannot be physically touched, such as a brand, franchise, trademark, or patent. Goodwill
Intangible Asset
created during an M&A transaction is an intangible asset.
IPO Initial Public Offering - a company's first issuance of shares in the market.
L
Leverage A company's debts relative to its equity capital. Usually expressed as a percentage.
Finance which takes advantage of the ratio between a company’s debt and equity, often associated with relatively
Leveraged Finance high risk and return. Usually it takes the form of loans or high-yield bonds, like junk bonds. It is also the term of an
area of in an investment bank which provides advice on these opportunities.
The ease with which a financial asset can be exchanged for good without the holder incurring financial loss. A
Liquidity
currency like sterling is liquid; a life-insurance policy is not.
London Interbank Offered LIBOR is a benchmark rate that some of the world's leading banks charge each other for short-term loans. serves
Rate (LIBOR) as the first step to calculating interest rates on various loans throughout the world
M
Acronym for Mergers and Acquisitions, also known as Advisory. This is the department of an investment bank
M&A
which provides transaction advice and its execution to large corporations.
 Jargon Buster P – Z

P
A collection of investments (can be shares, bonds, convertibles, cash, convertibles, derivatives, property, art, etc)
Portfolio held by an individual or institutional investor. The purpose of a portfolio is to reduce risk by diversifying
investments (i.e. holding many and spreading out the risk.)
People with significant personal assets (cash, company stock, art, shares) requiring professional investment
Private clients
management.
Sometimes known as merchant banking or venture capital. Investment in illiquid shares in new companies - high
Private Equity
risk, high return.
R
Risk management The measurement of the possibility of losing or not gaining value
S
Securities Collective noun for bonds and shares.
The replacement of conventional ways of raising finance (e.g. loans) by instruments like Euronotes; the process
Securitisation
whereby un-tradable assets become tradable.
A certificate issued by a company for general purchase entitling the holder to dividends from any profits the
Shares
company may make.
Stockbroker Member of the Stock Exchange advising those buying/selling securities.
Also known as equities or shares, stocks represent ownership of a corporation and claims to its assets and
Stocks
earnings.
A contract between two parties to make a cash flow exchange now or at a point in the future. The two borrowers
Swaps
agree to pay the interest on each other's debt; under a currency swap, they may also repay the capital.
T
The section of a bank or business involved in the financial management of the organization's liquidity through
Treasury
dealing and borrowing.
U
The function performed by investment banks when they help companies issue securities to investors. Technically,
Underwriting the investment bank buys the securities from the company and immediately resells the securities to investors for a
slightly higher price, making money on the spread.