⚠ Paying 2.57% for DepositsModerate threat

Citigroup (C) — threat to the moat

Citi pays about three-quarters of a point more for deposits than its biggest rivals, a gap worth about $10 billion a year.

1. ReportedIts total deposits cost 2.57% on average in 2025, including non-interest-bearing balances, after 3.06% in 2024 and 2.72% in 2023.
   Citigroup Form 10-K for fiscal 2025 - deposits: average balances and rates, institutional deposit composition, deposits by office and interest-rate sensitivity. — FY2025 · publ. 20 February 2026 · source ↗
2. ReportedJPMorgan's cost 1.80% and Bank of America's about 1.74%; the pages on those banks cover their deposit books.
   JPMorgan Chase Form 10-K for fiscal 2025 - average total deposits of $2,506,565 million at a cost of 1.80%. — FY2025 · publ. February 2026 · source ↗
3. ReportedJPMorgan's cost 1.80% and Bank of America's about 1.74%; the pages on those banks cover their deposit books.
   Bank of America Form 10-K for fiscal 2025 - interest on interest-bearing deposits of $34,513 million on average interest-bearing deposits of $1,469,705 million and non-interest-bearing deposits of $514,477 million. — FY2025 · publ. February 2026 · source ↗
4. Moat Explorer calcJPMorgan's cost 1.80% and Bank of America's about 1.74%; the pages on those banks cover their deposit books.
   Moat Explorer calculation from Citigroup and peer figures ($ millions unless stated). Deposit cost: Bank of America 34,513 / (1,469,705 + 514,477) = 34,513 / 1,984,182 = 1.74%; Citi non-interest-bearing share 202,705 / 1,363,051 = 14.9%, about 15%; gap to JPMorgan 2.57% - 1.80% = 0.77 points; 0.0077 x 1,363,051 = 10,495, about $10.5 billion a year; 10,495 / 19,828 pre-tax income = 53%, more than half; JPMorgan average deposits 2,506,565 / 1,363,051 = 1.84 times. Market value: JPMorgan 911.91 / Citi 225.24 = 4.05, about four times; Citi / JPMorgan 225.24 / 911.91 = 0.247, about a quarter, about 0.25. Card partners: 12% x 85,225 = 10,227, roughly $10.2 billion. Institutional deposits 934 / 1,403.6 = 66.5%, about two-thirds, about 67%; other deposits 1,403.6 - 934 = 469.6. Banamex stake sold 25% + 22.6% = 47.6%. Shares: period-end common shares 1,747.5 / 1,903.1 - 1 = -8.2%, about 8%; average diluted shares 1,873.1 / 3,007.7 - 1 = -37.7%, about 38%. Market value over tangible common equity at year end ($bn): 2018 127.14 / 151.078 = 0.84; 2019 174.42 / 148.809 = 1.17; 2020 128.37 / 153.389 = 0.84; 2021 119.83 / 157.077 = 0.76; 2022 87.60 / 158.151 = 0.55; 2023 98.45 / 164.025 = 0.60; 2024 133.13 / 167.698 = 0.79; 2025 208.79 / 169.618 = 1.23. Trailing twelve months to June 2026: net income 14,306 - 8,083 + 11,616 = 17,839; revenue 85,225 - 43,264 + 49,399 = 91,360; diluted EPS 6.99 - 3.92 + 6.21 = 9.28; P/E 225,250 / 17,839 = 12.6; P/S 225,250 / 91,360 = 2.47. Year-end P/E and P/S (market value over net income and revenue): 2015 154.16 / 17.242 = 8.94, 154.16 / 77.277 = 1.995; 2016 169.36 / 14.912 = 11.36, / 70.797 = 2.392; 2017 196.74 / 73.693 = 2.670 (net loss); 2018 127.14 / 18.045 = 7.05, / 74.036 = 1.717; 2019 174.42 / 19.401 = 8.99, / 75.067 = 2.324; 2020 128.37 / 11.047 = 11.62, / 75.501 = 1.700; 2021 119.83 / 21.952 = 5.46, / 71.574 = 1.674; 2022 87.60 / 14.845 = 5.90, / 74.982 = 1.168; 2023 98.45 / 9.228 = 10.67, / 78.066 = 1.261; 2024 133.13 / 12.682 = 10.50, / 80.722 = 1.649; 2025 208.79 / 14.306 = 14.59, / 85.225 = 2.450. More: end-of-period deposits 1,493 / 1,403.6 - 1 = 6.4%, about 6%; Markets average loans 176 / 794 total loans = 22.2%, about 22%; JPMorgan deposit-cost gap 2.72 - 1.70 = 1.02 points (2023), 3.06 - 2.08 = 0.98 points (2024), about 1.0 point; Bank of America non-interest-bearing share 514,477 / 1,984,182 = 25.9%, about 26%; Services old-basis average deposits 935 / 1,422 = 65.8%, about 66%; AO Citibank assets 13.5 / 2,657.2 = 0.51%, about 0.5%; loss 1.2 / 13.5 = 8.9%, about 9%. Card partners against the card segment: 10,227 / 18,258 = 56%, more than half. Return improvement to target: 14.5 - 8.8 = 5.7 points, roughly six. Forecast extrapolation: 2026 revenue 49,399 x 2 = 98,798; 2026 EPS 134.28 / 11.58 = 11.60; revenue growth (85,225 / 78,066)^(1/2) - 1 = 4.5% a year. — FY2015-Q2 2026 · publ. September 2026 · source ↗
   Method: Arithmetic on figures reported in Citigroup's Forms 10-K and 10-Q, JPMorgan's and Bank of America's Forms 10-K, and market data from stockanalysis and companiesmarketcap; operands shown in the source line.
5. ReportedNon-interest-bearing deposits were $202,705 million of Citi's $1,363,051 million average in 2025, about 15%.
   Citigroup Form 10-K for fiscal 2025 - deposits: average balances and rates, institutional deposit composition, deposits by office and interest-rate sensitivity. — FY2025 · publ. 20 February 2026 · source ↗
6. Moat Explorer calcNon-interest-bearing deposits were $202,705 million of Citi's $1,363,051 million average in 2025, about 15%.
   Moat Explorer calculation from Citigroup and peer figures ($ millions unless stated). Deposit cost: Bank of America 34,513 / (1,469,705 + 514,477) = 34,513 / 1,984,182 = 1.74%; Citi non-interest-bearing share 202,705 / 1,363,051 = 14.9%, about 15%; gap to JPMorgan 2.57% - 1.80% = 0.77 points; 0.0077 x 1,363,051 = 10,495, about $10.5 billion a year; 10,495 / 19,828 pre-tax income = 53%, more than half; JPMorgan average deposits 2,506,565 / 1,363,051 = 1.84 times. Market value: JPMorgan 911.91 / Citi 225.24 = 4.05, about four times; Citi / JPMorgan 225.24 / 911.91 = 0.247, about a quarter, about 0.25. Card partners: 12% x 85,225 = 10,227, roughly $10.2 billion. Institutional deposits 934 / 1,403.6 = 66.5%, about two-thirds, about 67%; other deposits 1,403.6 - 934 = 469.6. Banamex stake sold 25% + 22.6% = 47.6%. Shares: period-end common shares 1,747.5 / 1,903.1 - 1 = -8.2%, about 8%; average diluted shares 1,873.1 / 3,007.7 - 1 = -37.7%, about 38%. Market value over tangible common equity at year end ($bn): 2018 127.14 / 151.078 = 0.84; 2019 174.42 / 148.809 = 1.17; 2020 128.37 / 153.389 = 0.84; 2021 119.83 / 157.077 = 0.76; 2022 87.60 / 158.151 = 0.55; 2023 98.45 / 164.025 = 0.60; 2024 133.13 / 167.698 = 0.79; 2025 208.79 / 169.618 = 1.23. Trailing twelve months to June 2026: net income 14,306 - 8,083 + 11,616 = 17,839; revenue 85,225 - 43,264 + 49,399 = 91,360; diluted EPS 6.99 - 3.92 + 6.21 = 9.28; P/E 225,250 / 17,839 = 12.6; P/S 225,250 / 91,360 = 2.47. Year-end P/E and P/S (market value over net income and revenue): 2015 154.16 / 17.242 = 8.94, 154.16 / 77.277 = 1.995; 2016 169.36 / 14.912 = 11.36, / 70.797 = 2.392; 2017 196.74 / 73.693 = 2.670 (net loss); 2018 127.14 / 18.045 = 7.05, / 74.036 = 1.717; 2019 174.42 / 19.401 = 8.99, / 75.067 = 2.324; 2020 128.37 / 11.047 = 11.62, / 75.501 = 1.700; 2021 119.83 / 21.952 = 5.46, / 71.574 = 1.674; 2022 87.60 / 14.845 = 5.90, / 74.982 = 1.168; 2023 98.45 / 9.228 = 10.67, / 78.066 = 1.261; 2024 133.13 / 12.682 = 10.50, / 80.722 = 1.649; 2025 208.79 / 14.306 = 14.59, / 85.225 = 2.450. More: end-of-period deposits 1,493 / 1,403.6 - 1 = 6.4%, about 6%; Markets average loans 176 / 794 total loans = 22.2%, about 22%; JPMorgan deposit-cost gap 2.72 - 1.70 = 1.02 points (2023), 3.06 - 2.08 = 0.98 points (2024), about 1.0 point; Bank of America non-interest-bearing share 514,477 / 1,984,182 = 25.9%, about 26%; Services old-basis average deposits 935 / 1,422 = 65.8%, about 66%; AO Citibank assets 13.5 / 2,657.2 = 0.51%, about 0.5%; loss 1.2 / 13.5 = 8.9%, about 9%. Card partners against the card segment: 10,227 / 18,258 = 56%, more than half. Return improvement to target: 14.5 - 8.8 = 5.7 points, roughly six. Forecast extrapolation: 2026 revenue 49,399 x 2 = 98,798; 2026 EPS 134.28 / 11.58 = 11.60; revenue growth (85,225 / 78,066)^(1/2) - 1 = 4.5% a year. — FY2015-Q2 2026 · publ. September 2026 · source ↗
   Method: Arithmetic on figures reported in Citigroup's Forms 10-K and 10-Q, JPMorgan's and Bank of America's Forms 10-K, and market data from stockanalysis and companiesmarketcap; operands shown in the source line.
7. Moat Explorer calcPaying 0.77 percentage points more than JPMorgan on $1.36 trillion of average deposits costs about $10.5 billion a year, more than half of Citi's 2025 pre-tax income of $19,828 million.
   Moat Explorer calculation from Citigroup and peer figures ($ millions unless stated). Deposit cost: Bank of America 34,513 / (1,469,705 + 514,477) = 34,513 / 1,984,182 = 1.74%; Citi non-interest-bearing share 202,705 / 1,363,051 = 14.9%, about 15%; gap to JPMorgan 2.57% - 1.80% = 0.77 points; 0.0077 x 1,363,051 = 10,495, about $10.5 billion a year; 10,495 / 19,828 pre-tax income = 53%, more than half; JPMorgan average deposits 2,506,565 / 1,363,051 = 1.84 times. Market value: JPMorgan 911.91 / Citi 225.24 = 4.05, about four times; Citi / JPMorgan 225.24 / 911.91 = 0.247, about a quarter, about 0.25. Card partners: 12% x 85,225 = 10,227, roughly $10.2 billion. Institutional deposits 934 / 1,403.6 = 66.5%, about two-thirds, about 67%; other deposits 1,403.6 - 934 = 469.6. Banamex stake sold 25% + 22.6% = 47.6%. Shares: period-end common shares 1,747.5 / 1,903.1 - 1 = -8.2%, about 8%; average diluted shares 1,873.1 / 3,007.7 - 1 = -37.7%, about 38%. Market value over tangible common equity at year end ($bn): 2018 127.14 / 151.078 = 0.84; 2019 174.42 / 148.809 = 1.17; 2020 128.37 / 153.389 = 0.84; 2021 119.83 / 157.077 = 0.76; 2022 87.60 / 158.151 = 0.55; 2023 98.45 / 164.025 = 0.60; 2024 133.13 / 167.698 = 0.79; 2025 208.79 / 169.618 = 1.23. Trailing twelve months to June 2026: net income 14,306 - 8,083 + 11,616 = 17,839; revenue 85,225 - 43,264 + 49,399 = 91,360; diluted EPS 6.99 - 3.92 + 6.21 = 9.28; P/E 225,250 / 17,839 = 12.6; P/S 225,250 / 91,360 = 2.47. Year-end P/E and P/S (market value over net income and revenue): 2015 154.16 / 17.242 = 8.94, 154.16 / 77.277 = 1.995; 2016 169.36 / 14.912 = 11.36, / 70.797 = 2.392; 2017 196.74 / 73.693 = 2.670 (net loss); 2018 127.14 / 18.045 = 7.05, / 74.036 = 1.717; 2019 174.42 / 19.401 = 8.99, / 75.067 = 2.324; 2020 128.37 / 11.047 = 11.62, / 75.501 = 1.700; 2021 119.83 / 21.952 = 5.46, / 71.574 = 1.674; 2022 87.60 / 14.845 = 5.90, / 74.982 = 1.168; 2023 98.45 / 9.228 = 10.67, / 78.066 = 1.261; 2024 133.13 / 12.682 = 10.50, / 80.722 = 1.649; 2025 208.79 / 14.306 = 14.59, / 85.225 = 2.450. More: end-of-period deposits 1,493 / 1,403.6 - 1 = 6.4%, about 6%; Markets average loans 176 / 794 total loans = 22.2%, about 22%; JPMorgan deposit-cost gap 2.72 - 1.70 = 1.02 points (2023), 3.06 - 2.08 = 0.98 points (2024), about 1.0 point; Bank of America non-interest-bearing share 514,477 / 1,984,182 = 25.9%, about 26%; Services old-basis average deposits 935 / 1,422 = 65.8%, about 66%; AO Citibank assets 13.5 / 2,657.2 = 0.51%, about 0.5%; loss 1.2 / 13.5 = 8.9%, about 9%. Card partners against the card segment: 10,227 / 18,258 = 56%, more than half. Return improvement to target: 14.5 - 8.8 = 5.7 points, roughly six. Forecast extrapolation: 2026 revenue 49,399 x 2 = 98,798; 2026 EPS 134.28 / 11.58 = 11.60; revenue growth (85,225 / 78,066)^(1/2) - 1 = 4.5% a year. — FY2015-Q2 2026 · publ. September 2026 · source ↗
   Method: Arithmetic on figures reported in Citigroup's Forms 10-K and 10-Q, JPMorgan's and Bank of America's Forms 10-K, and market data from stockanalysis and companiesmarketcap; operands shown in the source line.
8. ReportedPaying 0.77 percentage points more than JPMorgan on $1.36 trillion of average deposits costs about $10.5 billion a year, more than half of Citi's 2025 pre-tax income of $19,828 million.
   Citigroup Form 10-K for fiscal 2025 - selected financial data: revenue, net income, EPS, RoTCE, efficiency ratio, deposits, capital ratios and requirements, repurchases and capital returned. — FY2021-FY2025 · publ. 20 February 2026 · source ↗
9. ReportedCiti paid 3.36% on interest-bearing deposits in U.S. offices in 2025 and 2.66% on those outside the U.S..
   Citigroup Form 10-K for fiscal 2025 - deposits: average balances and rates, institutional deposit composition, deposits by office and interest-rate sensitivity. — FY2025 · publ. 20 February 2026 · source ↗
10. ReportedAmerican demand deposits cost 3.72%, the rate of a bank paying institutions close to market prices for their cash.
    Citigroup Form 10-K for fiscal 2025 - deposits: average balances and rates, institutional deposit composition, deposits by office and interest-rate sensitivity. — FY2025 · publ. 20 February 2026 · source ↗
11. ReportedNon-interest-bearing deposits averaged $202,736 million in 2023, $200,319 million in 2024 and $202,705 million in 2025, while interest-bearing deposits cost 3.21%, 3.61% and 3.01%.
    Citigroup Form 10-K for fiscal 2025 - deposits: average balances and rates, institutional deposit composition, deposits by office and interest-rate sensitivity. — FY2025 · publ. 20 February 2026 · source ↗
12. ReportedYear-end deposits were $1,284,458 million in 2024 and $1,403,573 million in 2025, about 9% more, bought at a market rate.
    Citigroup Form 10-K for fiscal 2025 - selected financial data: revenue, net income, EPS, RoTCE, efficiency ratio, deposits, capital ratios and requirements, repurchases and capital returned. — FY2021-FY2025 · publ. 20 February 2026 · source ↗
13. Moat Explorer calcYear-end deposits were $1,284,458 million in 2024 and $1,403,573 million in 2025, about 9% more, bought at a market rate.
    Moat Explorer calculation from Citigroup segment and Investor Day figures ($ millions unless stated). Firm: PPNR 30.1 / 24.0 - 1 = 25.4%, about 25% ($bn). Services: operating expenses 10,813 / 7,682 - 1 = 40.8%, about 41%; revenue 22,636 / 12,539 - 1 = 80.5%, about 81%; TTS net interest income 12,238 / 5,963 = 2.05 times; TTS non-interest revenue 4,408 / 3,224 - 1 = 36.7%, about 37%; quarterly Services net interest income 4,050 / 3,317 - 1 = 22.1%, about 22%; Securities Services net interest income 2,763 / 903 = 3.06 times, about three times; Securities Services non-interest revenue 3,227 / 2,449 - 1 = 31.8%, about 32%; interest share 2,763 / 5,990 = 46.1%, about 46%; North America 6,907 / 3,744 - 1 = 84.5%, about 84%; international 15,729 / 8,795 - 1 = 78.8%, about 79%; international share 8,795 / 12,539 = 70.1% (2021) and 15,729 / 22,636 = 69.5% (2025); TTS non-interest revenue quarterly 1,182 / 1,049 - 1 = 12.7%, about 13%; cross-border value quarterly 115.2 / 90.7 - 1 = 27.0%, about 27%; share of Citi average deposits Q2 2026 1,017 / 1,504 = 67.6%, about 68%; assets under custody 31.4 / 24.0 - 1 = 30.8%, about 31%; quarterly Securities Services revenue 1,787 / 1,271 - 1 = 40.6%, about 41%; average Services deposits 935 / 808 - 1 = 15.7%, about 16%. Markets: net interest income share 6,072 / 19,108 = 31.8%, about 32% (2021), 9,687 / 22,409 = 43.2%, about 43% (2025); average loans 141 / 111 - 1 = 27.0%, about 27%; average assets 1,203 / 941 - 1 = 27.8%, about 28%; average trading assets 533 / 340 - 1 = 56.8%, about 57%; rates and currencies 11,749 / 11,735 - 1 = 0.1%; equities 5,664 / 3,969 - 1 = 42.7%, about 43%; spread products 4,996 / 5,386 - 1 = -7.2%, about 7% below; Q4 2025 revenue 4,609 / 6,075 - 1 = -24.1%, about 24% below. Banking: international share 2,977 / 6,384 = 46.6%, about 47%; equity underwriting 699 / 2,152 - 1 = -67.5%, about two-thirds less; loan hedges -140 + 307 - 443 - 180 - 118 = -574; advisory 390 / 649 - 1 = -39.9%, about 40%. Wealth: net interest income share 7,582 / 11,272 = 67.3%, about 67%; international 4,243 / 3,382 - 1 = 25.5%, about 25%; North America 7,029 / 5,949 - 1 = 18.2%, about 18%; North America 7,029 / 5,878 - 1 = 19.6%, about 20%; operating expenses 9,455 / 9,374 - 1 = 0.9%, about 1%; revenue 11,272 / 9,733 - 1 = 15.8%, about 16%; international share 4,243 / 11,272 = 37.6%, about 38%; Private Bank 2,676 / 2,970 - 1 = -9.9%, about 10% below; Private Bank Q2 2025 excluding the gain 731 - 80 = 651, 769 / 651 - 1 = 18.1%, about 18%; Citigold and Retail Banking quarterly 2,010 / 1,502 - 1 = 33.8%, about 34%; Wealth at Work 930 / 691 - 1 = 34.6%, about 35%; average loans 199 / 182 - 1 = 9.3%, about 9%; client deposits 413 / 438 - 1 = -5.7%, about 6% lower. U.S. Consumer Cards: average loans 170 / 125 - 1 = 36.0%, about 36%; operating expenses 6,755 / 5,693 - 1 = 18.7%, about 19%; revenue 18,258 / 13,209 - 1 = 38.2%, about 38%; general-purpose spend 152.4 / 125.6 - 1 = 21.3%, about 21%; private-label spend 13.9 / 16.7 - 1 = -16.8%, about 17% less; rewards and partner payments 12,075 / 9,096 - 1 = 32.7%, about 33%; interchange 9,718 / 7,521 - 1 = 29.2%, about 29%; other fees 427 / 229 = 1.86 times, nearly double; Q4 over Q1 2025 rewards 3,215 / 2,821 - 1 = 14.0%, about 14%, interchange 2,526 / 2,285 - 1 = 10.5%, about 11%; 2025 acquisitions general-purpose 1,696 + 1,704 + 1,872 + 2,115 = 7,387 thousand, private-label 1,144 + 1,551 + 1,339 + 1,572 = 5,606 thousand; general-purpose average loans 138.6 / 95.2 - 1 = 45.6%, about 46%; private-label 29.8 / 27.3 - 1 = 9.2%, about 9%; net credit losses over net interest income 2,856 / 14,518 = 19.7%, about a fifth (2021), 7,457 / 19,243 = 38.8%, about 39% (2024), 7,290 / 20,169 = 36.1%, about 36% (2025). All Other: Asia consumer 812 / 3,871 = 21.0%, about a fifth; operating expenses 8,698 / 9,628 - 1 = -9.7%, about 10% less; managed revenue 4,442 / 9,491 = 0.47, down more than half; allocated tangible equity 39.2 / 27.7 - 1 = 41.5%, about 42%. Expenses ($bn): five businesses and Corporate/Other 49.1 / 43.2 - 1 = 13.7%, about 14%. Latest-quarter pass: Markets first-half revenue 7,246 + 7,007 = 14,253 against 6,075 + 5,980 = 12,055, up 18.2%, about 18%; Markets first-half net income 2,595 + 2,387 = 4,982; Banking 304 + 350 = 654; equities 2,080 + 2,301 = 4,381, and 4,381 / 5,664 = 77.3%, about 77%; investment banking 1,326 + 1,548 = 2,874, and 2,874 / 4,781 = 60.1%, about 60%; fixed income 16,745 / 14,115 - 1 = 18.6%, about 19%; equities 5,664 / 4,993 - 1 = 13.4%, about 13%; Markets expenses 13,253 / 12,450 - 1 = 6.4%, about 6%; Services North America share 1,339 / 5,043 = 26.6%, about 27% (1Q24), 1,939 / 6,272 = 30.9%, about 31% (4Q25); year-end deposits 1,403,573 / 1,284,458 - 1 = 9.3%, about 9%; Services average deposits 1,017 / 961 - 1 = 5.8%, about 6%; Cards first-half revenue 4,757 + 4,521 = 9,278 against 4,567 + 4,471 = 9,038, up 2.7%, about 3%; general-purpose loans 143.2 / 139.0 - 1 = 3.0%, about 3%; American Airlines 6.6 / 177 = 3.7%, about 4%; private-label 29.8 / (138.6 + 29.8 + 3.9) = 29.8 / 172.3 = 17.3%, about 17%; Wealth expenses 9,721 / 8,061 - 1 = 20.6%, about 21%; Wealth first-half net income 432 + 583 = 1,015 against 191 + 385 = 576, nearly double, and 639 + 511 = 1,150 in the first half of 2021; Citigold 2,181 / 3,177 = 68.6%, about 69%; Private Bank 757 / 664 - 1 = 14.0%, about 14%; Wealth at Work 246 / 268 - 1 = -8.2%, about 8% lower; U.S. non-interest-bearing deposits 121,610 / 734,662 = 16.6%, about 17%; tangible book value per share 100.89 / 97.06 - 1 = 3.9%, about 4%; JPMorgan, Bank of America and Wells Fargo 911.91 + 396.48 + 250.90 = 1,559.29, and 1,559.29 / 225.24 = 6.9, nearly seven times; Wealth expenses over revenue 2,377 / 3,177 = 74.8%, about 75% (Q2 2026). — FY2021-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's recast historical supplement, its Q2 2026 earnings release and its 2026 Investor Day presentation; operands shown in the source line.

• Citigroup Form 10-K, FY2025