Citigroup Inc. (NYSE:C) Q4 2018 Earnings Conference Call - Final Transcript

Jan 14, 2019 • 10:00 am ET

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Citigroup Inc. (NYSE:C) Q4 2018 Earnings Conference Call - Final Transcript

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Q & A
Analyst
Vivek Juneja

what is the dollar amount of your wealth management revenues in Asia in for 4Q'18 and what was it in 4Q'17 because you gave us the last 12 months but it's hard to get a real sense of what the revenues actually what that in year-on-year without the actual number for the quarter?

Executive
John Gerspach

Yeah -- I don't have that number in front of me. I'll have to -- Susan will have to get back to you with something if it's there.

Executive
Susan Kendall

We're working on, John.

Executive
John Gerspach

Yes.

Analyst
Vivek Juneja

Okay. And lastly LatAm consumer, what do you need to do to get back to positive operating leverage year-on-year, which wasn't the case this quarter?

Executive
John Gerspach

Taking a look at operating leverage quarter-to-quarter, that's...

Analyst
Vivek Juneja

No, year-on-year, yes.

Executive
John Gerspach

That is hard -- I think if you take a look at on our full year basis that's a much better gauge of what you're doing in a business, because you're going to have quarters like this where you have a slight decline in the retail revenue. So I would look at the business on a full year basis and we've been pretty consistent with positive operating leverage coming out of Mexico in particular and we would expect to have positive operating leverage in Mexico in 2019 as well. So it's a one quarter.

Analyst
Vivek Juneja

But if I look at, John full year 2018 and like X the gain on the sale of the asset management business, it was essentially revenue growth and expense growth or given the rounding numbers and constant dollars, I sense kind of the same.

Executive
Susan Kendall

Yeah.

Analyst
Vivek Juneja

That would say no positive operating leverage...

Executive
John Gerspach

It's the fact -- well it's the fact that we knew that that gain is coming and so we paced our investment spending to take advantage of the fact that we had the gain and so for the full year, we were still managing the positive operating leverage. Just as I'm sure that you want -- if we knew that there was a large loss coming your expectation would be that we would manage those expenses down somewhat in order to produce a better efficiency ratio and operating leverage ratio, right.

Analyst
Vivek Juneja

Okay. All right, thank you and good luck, John.

Executive
John Gerspach

Thanks a lot, Vivek.

Analyst
Vivek Juneja

Bye-bye.

Operator
Operator

There are no further questions. Are there any closing remarks?

Executive
Susan Kendall

Thank you all for spending the time with us this morning. As always, is there a follow up questions, please reach out to me and my team in Investor Relations. Thank you.

Operator
Operator

This concludes today's earnings call. You may now disconnect.