Citi’s 2025 fixed income activity in North America was shaped by a focus on deeper client financing, stronger electronic execution and targeted investment in areas where it saw room to scale. The bank’s regional franchise was supported by broader improvements across spread products, rates, technology and capital efficiency.
North America is a defined part of Citi’s commodities proposition, with the 2025 offering spanning power and gas, precious metals and financing. Citi directed investment into North America power and gas trading, making the region one of the clearest examples of targeted fixed income expansion. The build-out sits within a broader commodities platform covering power and gas, metals, oil and index products, giving corporate and institutional clients access to trading and financing rather than a narrowly defined execution service. In practical terms, this deepened Citi’s ability to serve energy and commodities clients with both market access and balance sheet solutions.
Financing becomes more central to spread products
The North American offering also benefited from a wider shift in Citi’s spread business towards financing. At franchise level, financing accounted for 76% of spread revenues in 2025, up from 57% in 2021. The underlying activities include secured lending against mortgage and asset-backed collateral and structured transaction solutions, while the loan portfolio spans commercial real estate, residential real estate, commercial and consumer credit, and corporate credit. The portfolio was mostly A-rated or better, underlining the emphasis on expanding financing within a defined risk framework.
In rates, Citi continued to invest in the speed and breadth of its electronic trading capabilities, including work on reducing e-trading latency
This change in mix coincided with a marked improvement in economics. Spread products’ return on tangible common equity (RoTCE) rose to 14.2% in 2025 from 8.3% in 2023, while net income increased to $2.0 billion from $1.2 billion over the same period. Although the figures are reported for Citi’s overall spread franchise rather than North America alone, they provide the financial backdrop to the financing-led approach supporting clients in the region.
Rates and execution infrastructure
In rates, Citi continued to invest in the speed and breadth of its electronic trading capabilities, including work on reducing e-trading latency, alongside the bank’s work serving financial sponsors and infrastructure clients. The rates franchise covers government bonds, interest rate options, swaps and futures, providing a broad set of hedging and risk management instruments.
The investment agenda extended beyond individual products. Fixed income was one of the user groups for XiNG, Citi’s single-risk architecture, a cloud-native platform supporting valuations, market and credit risk, stress testing and value-at-risk calculations through a common framework. This gave the trading business a more unified infrastructure for pricing and risk management as volumes and product complexity grew.
Capital discipline underpinning growth
Citi also prioritised tighter capital management. Markets revenue relative to risk-weighted assets reached 6.1% in 2025, from 4.3% in 2021, moving above the 5.5% target established at the bank’s 2022 Investor Day. A dedicated capital team, daily granular analytics for global systemically important bank and risk-weighted asset management, and work with clients on more capital-efficient structures supported that improvement.
At the broader fixed income level, the business generated $5.4 billion of net income in 2025 and an RoTCE of 13.1%.
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