Citigroup Inc. (NYSE:C.PK) RBC Capital Markets International Monetary Establishments Convention March 8, 2023 3:20 PM ET
Firm Contributors
Mark Mason – CFO
Convention Name Contributors
Gerard Cassidy – RBC Capital Markets
Gerard Cassidy
Good afternoon, everyone. Thanks for becoming a member of us for our subsequent hearth chat with Citigroup, which actually would not want a lot of an introduction, however we do like to only level out among the knowledge on these firms which might be with us immediately. Additionally, we now have, after all, Mark Mason, the Chief Monetary Officer of Citigroup.
Citigroup has obtained property now about $2.4 trillion, a market cap of over $101 billion, and it is the worth of inventory buying and selling, as you already know, a reduction to guide, 56% of guide and 64% of tangible guide and about 8x subsequent 12 months’s earnings.
Now Mark has been the CFO since February of 2019. He joined Citi again in 2001, so he is a seasoned veteran, after all, of Citigroup, and had many roles inside Citigroup over time and has labored his manner as much as being CFO. So Mark thanks a lot.
Mark Mason
Thanks Gerard. It is nice to be right here with you. It has been a very long time since we have been in a position to do that in particular person.
Gerard Cassidy
Sure, it has. This was three years in the past.
Mark Mason
Sure.
Query-and-Reply Session
Q – Gerard Cassidy
Possibly what we would love to do a 12 months in the past, you of us held your Investor Day, and possibly you’ll be able to discuss to us out of your perspective, give us a breakdown on how Citi has fared since that point towards the objectives that you simply set?
Mark Mason
Sure, positive. It is a 12 months in the past virtually to the day, it was March 2 that we had our Investor Day. And at that time limit, Jane articulated a imaginative and prescient for Citi to be the preeminent banking companion for purchasers with international cross-border wants, proper? And within the articulation of that imaginative and prescient, we talked a few technique that included 5 interconnected companies.
Our Private Banking & Wealth Administration enterprise; two, the Markets enterprise, the Banking enterprise and our Providers enterprise, which has TTS in addition to safety providers. And so quick ahead, right here we’re a 12 months later, and rather a lot has transpired over the course of the previous 12 months, proper?
At that time limit, we have been possibly every week into the Ukraine-Russia conflict, proper? Our estimate for Fed fund charges on the finish of ’22 was 1.5%, proper? So we have seen an entire lot type of happen over the course of the 12 months. And I feel what 2022 has confirmed for us is that our technique is resilient, that we, actually, have a diversified set of companies which might be certainly interconnected. And I might have a look at 2022 and say we had an excellent 12 months of efficiency within the context of all the pieces that passed off, proper?
When you have a look at that — if you happen to have a look at 2022 and the highest line efficiency for our core underlying segments, so the ICG and PBWM, we had 5% prime line progress, proper? A few of it was price pushed, however a variety of it was not. A variety of it was an excellent consumer exercise and engagement. And while you look by their, comparable indicators, our TTS enterprise, the core of our international community, the a part of the enterprise that basically connects our purchasers world wide, we grew that enterprise 32%. Our Safety Providers enterprise that covers off the investor consumer base, 15%. These are quickly rising, excessive margin, excessive returning companies that we have been capable of proceed to get momentum out of.
And regardless of the pressures we noticed in funding banking, the place wallets have been down 60%, and even in Wealth Administration, in gentle of all the pieces occurring with fairness markets, regardless of that, our markets momentum in mounted revenue offset a variety of that drag. So once more, chatting with the resilience of the franchise, the diversification of the portfolio. And the ultimate level I might make on this as a result of, partly, ’22, and to a big extent, ’23, is about constructing or rebuilding credibility and belief with our traders, proper?
And so what actually, actually issues is whether or not we’re capable of ship on what we are saying we will do. And what we talked about in 2022 was prime line efficiency, excluding the divestiture — the affect from divestitures of low single digits, we achieved that. We talked about expense progress of seven% to eight%. It is rather a lot, however we now have to spend money on the franchise and bettering the operations.
We achieved that. We talked about constructing capital for among the exit headwinds which might be in entrance of us. A 13% CET1 in June of 2023. We obtained there on the finish of the 12 months. And so after I have a look at 2022 by that lens, I really feel like we have made good progress towards the technique that we talked about at Investor Day.
Gerard Cassidy
Nice. And that lens, what’s attention-grabbing, you are in a singular place to present us a view possibly on the worldwide financial system. A lot of the banks do not have, clearly, the worldwide footprint you of us have. What are you seeing across the globe, the China reopening that we’re listening to about? What’s your sense of what is going on on?
Mark Mason
Sure. Once more, when you consider the previous couple of years, we have been — the world has been coping with a large amount of uncertainty, proper? And you’ll decide your macro issue, however we have all been speaking currently about inflation, proper? And what inflation means for the prospect of upper charges for longer. And I feel based mostly on what we have heard yesterday from [technical difficulty], it is seemingly that, that is going to be the case, proper?
And in reality, if you happen to look again over prior instances the place international locations have handled such excessive ranges of inflation, I feel it is in all probability arduous to seek out an occasion the place you did not have to expertise some kind of discount in output as a way to attain that.
So we all know that the Fed goes to be very resolute about persevering with to regulate charges as a way to convey inflation right down to 2%. We’re more likely to see some kind of gentle recession. We expect it is going to seemingly be gentle within the again half of the 12 months. Europe, I feel, to a big extent, is already experiencing — is simply too experiencing excessive ranges of inflation, however was in all probability spared a bit with a milder winter, agreed, proper?
Nevertheless it’s nonetheless coping with the vitality scenario and disaster there. To your level, China seems to be prefer it’s opening up and that — and China is giant and is significant to the world in some ways. And in order that market opening again up will seemingly assist to stabilize issues somewhat bit, definitely in Asia and certain have an effect extra broadly. So we see continued uncertainty, however extra essential than that, as we have a look at Citi, we’re ready for nevertheless this performs out, proper?
We run stress assessments on a regular basis. We now have, I feel, a really high-quality guide in relation to our exposures. We’re very effectively reserved. And so we’re ready for nevertheless the state of affairs performs out. And once more, the diversification of the companies and purchasers that we serve, I feel, place us to handle by it.
Gerard Cassidy
The following query actually has to do with what has transpired to your level, over the past 12 months. Everyone knows the Fed funds price has gone up far more than any of us thought as you simply identified initially of ’22. And what’s fascinating is — I do not know what your ideas are, however this cycle hasn’t had the identical type of penalties than different cycles have had once we’ve seen charges go up that quick. So while you type of take into consideration this cycle, what has stunned you that — and we’re not out of it. So I am not…
Mark Mason
Sure. We’re not, sure.
Gerard Cassidy
However has something — what are the surprises?
Mark Mason
I imply, look, a variety of what we have all skilled to some extent, has been considerably of a shock beginning with the pandemic, proper? And positively, the availability chain — supply-demand dynamics that performed out from that and so forth and so forth. So there are many surprises there. I feel what we’re seeing here’s a mixture of central banks with the ability to react swiftly.
We’re seeing purchasers and shoppers with the ability to stand up to a few of these pressures with very robust steadiness sheets. We’re seeing the banking establishments within the banking trade in a a lot stronger place than 10 years in the past, proper? I have a look at our — I discussed our capital already, our CET1 ratio at 13, the liquidity assets we now have, almost $1 trillion, proper?
So the banks are in a a lot stronger place, safer, sounder and capable of be a part of the answer type of as we handle by the uncertainty right here. And I feel these have been essential components. However once more, I really feel superb about how we’re positioned particularly and our skill to serve our purchasers as they proceed to handle by the uncertainty.
Gerard Cassidy
Sure. Talking of rates of interest and possibly we might discuss somewhat bit about what is going on on on this quarter. And also you have a look at your internet curiosity revenue, clearly, the trade and yourselves have benefited from the great transfer in charges. How is that trending to date this quarter? What are among the impacts from this price atmosphere on that?
Mark Mason
Sure. So I gave steering at fourth quarter earnings of about $45 billion for 2023, excluding markets for NII. And I am not altering the steering at this stage. We’re seeing, as everybody else is, the chance that charges coming larger than what was anticipated. And that ought to play to some upside for us, however there are places and takes by all of this, proper? So we additionally noticed, in direction of the top of final 12 months, notably within the U.S., company betas type of reached their terminal ranges. proper?
And so which means we will need to move on the industries like we will move on price will increase as they proceed to play by. In our case, we now have a mixture of U.S. greenback and non-U.S. greenback, proper? And so we predict there’s extra upside as charges proceed to extend for non-U.S. greenback price, proper? And so we aren’t — for instance, once we have a look at our rate of interest publicity and the disclosure we put out within the 10-Ok, we present for a 100-basis-point transfer parallel shift, a few $1.8 billion or so improve in NII associated to that. About 90% of that may be non-U.S. greenback associated, proper? In order that’s type of offers you a way for the combination and type of the betas which might be beneath that.
And so — after which there’s somewhat little bit of an offset too as effectively. So we now have price improve. We now have the affect of betas type of reaching the next ranges and that dynamic is enjoying out. Within the U.S. market, for shoppers, you have got a dynamic the place shoppers are shifting from out of type of noninterest-bearing deposits into interest-bearing deposits and CDs and the like. So you have got that dynamic is considerably offsetting the rise in charges.
After which you have got the legacy — in our case, the legacy companies. In order we exit sure markets and international locations that we have already declared, we’re making nice progress on that, that is going to be a drag on NII. That NII goes to go away with that sale. And in order that dynamic, once more, suggests places and takes which might be more likely to play out. However once more, no change to the steering at this level.
Unidentified Analyst
[indiscernible]?
Gerard Cassidy
Can we get some assist, some safety, please, Mark? Can we get some safety?
Unidentified Analyst
[indiscernible]?
Mark Mason
I respect your perspective, however now it is in all probability not the appropriate time.
Gerard Cassidy
Can we get safety in right here, please. The place is safety? Can we get safety, please?
Unidentified Analyst
[indiscernible]?
Gerard Cassidy
You have guided the mid-single-digit income progress earlier within the — while you launched your fourth quarter outcomes. Possibly you’ll be able to share with us what is going on on in markets this quarter? After which individually, after all, the funding banking enterprise?
Mark Mason
Positive. Sure. So in markets, I feel you must type of suppose again to 2022 only for a second to your year-over-year comparability. And it wasn’t once more till late February once we had type of the Ukraine-Russia conflict breakout. And so we had a really robust 12 months in markets final 12 months. As I take into consideration the best way the quarter is enjoying out, the consensus view at this level has us down within the excessive single digits, and I might anticipate — I feel that is in all probability an affordable estimate for the place we’re more likely to find yourself for the quarter recognizing there are a few…
Gerard Cassidy
12 months-over-year.
Mark Mason
12 months-over-year, recognizing there are a few weeks left to the quarter, proper?
Gerard Cassidy
Proper. When you consider the funding that you simply talked about earlier, the pockets in 2022 was down…
Mark Mason
Sure. All of us do not forget that, sure.
Gerard Cassidy
And might you share with us what you are seeing within the developments immediately for funding banking? Any indicators of sunshine — inexperienced shoots because the…
Mark Mason
Sure, we did. And I did speak about it at earnings, the thought of a rebound enjoying out someday in 2023. I might say a variety of this, and you already know this, a variety of this depends upon type of how the geopolitical and macro atmosphere type of performs out, proper? And the trajectory of the rebound is basically going to rely on that to some extent. After I have a look at the quarter, the inexperienced shoots I am seeing are extra so within the debt capital market area, proper? And, to some extent, that performs by our favor, notably as a result of I am seeing it within the investment-grade phase of that capital markets, which is nice.
And as purchasers begin to see some conviction across the route of charges, albeit there are conversations which were going over the previous couple of days. And so after I have a look at how issues are more likely to pattern for us, I might say the pockets quarter-to-date might be down 40%, and we’re more likely to be in line with the pockets. Possibly somewhat bit softer than that or higher than that, I ought to say, given the DCM, debt capital markets momentum that I discussed earlier.
Gerard Cassidy
And the 40% is year-on-year…
Mark Mason
12 months-over-year, sure.
Gerard Cassidy
Okay. And…
Mark Mason
Effectively, that is the quarter-to-date quantity. We’ll see the way it developments within the steadiness of the 12 months.
Gerard Cassidy
Precisely, sure.
Mark Mason
And the pipeline and the conversations and dialogue, the purchasers are nonetheless very wealthy, very [technical difficulty].
Gerard Cassidy
If you discuss to the funding bankers and Citi, how do they persuade fairness — firms, non-public equities companies could personal that bear in mind valuations again in ’21 being terribly excessive and issues have come down. How arduous is it to persuade them to go public? Any ideas on that?
Mark Mason
Once more, I imply, once more, it is — sooner or later, these firms will come to market, proper? And I feel that the dialog now could be round all the pieces occurring world wide, proper? It is once more the geopolitical atmosphere, it is the macro atmosphere, the uncertainty round inflation, the route charges are moving into, the dynamic we’re seeing with unemployment. So there’s nonetheless a variety of uncertainty that makes it arduous to get the momentum and that exercise that we would all wish to see in the best way of a rebound.
However once more, I feel that over the steadiness of the 12 months, we’ll begin to see a few of that decide up. What’s essential now could be that we’re staying engaged with purchasers. We’re recognizing that, sooner or later, they are going to wish to come to market a method or one other fairness capital markets, debt capital, M&A exercise.
And we have been investing in elements of the funding banking platform and sectors the place we wanted to type of actually strengthen our presence. And I feel that is going to bode effectively for us because the atmosphere turns.
Gerard Cassidy
Sure. One of many messages that we have heard, it was from the banks is credit score high quality is basically robust. And, possibly, I do not know, I imply, you guys are one of many largest bank card issuers on this planet. What developments are you guys seeing each in our branded playing cards and the retail playing cards, something to name out?
Mark Mason
Sure. So I might say a few issues. So we proceed to see — common interest-earning steadiness is rising, proper? And that is an excellent factor. That is on the heels by the best way of getting invested in new acquisitions from a card standpoint. In order that common – that is going to drive mortgage progress. That is going to drive NII, which is nice. We’re seeing cost charges begin to taper a bit.
So, once more, you’d anticipate that to assist with the mortgage progress. We’re beginning to see a pickup in NCLs, internet credit score losses, notably within the decrease FICO rating phase, proper? And so we do anticipate loss charges to begin to normalize. They’re nonetheless effectively beneath pre-COVID ranges, proper? However we’re beginning to see that normalization happen. However once more, we are likely to play on the upper finish of the shopper base in each branded in addition to retail providers.
Gerard Cassidy
And talking of simply credit score, when you consider CECL and its lifetime of mortgage losses, as everyone knows, what are among the financial assumptions that you simply guys are utilizing for the CECL? And it looks as if — and I do know you do not have to make use of Moody’s, you have got your individual economics crew, however every quarter final 12 months, the financial system obtained worse, however this quarter, so solely by February, it is type of [indiscernible]. And so what do you guys ?
Mark Mason
We’re nonetheless operating — we will run evaluation for CECL by the top of the quarter as you’d think about. However I feel I might say a few issues. First, I might begin with the truth that we have got about $19 billion of reserves, not only for shopper, however our total portfolio. So about 2.6% by way of a reserve to funded mortgage ratio, proper? That is a wholesome proportion of reserve, so we’re effectively ready for a way this performs out.
As you already know, once we do our CECL evaluation, we have got a number of situations. So we have got a base case, we have got an upside. We have a draw back state of affairs. The bottom case consists of type of a light recession as implicit in it, proper? And once we run, for CECL functions, the weighted common of these three situations, we might be — we’re an unemployment price over the 8-quarter interval of about 5%, proper? So you have obtained — that is type of in your common by way of what we’re assuming there. We have elevated our disclosure within the Ok to supply some sense for a way does one sensitize that, proper?
And what we present within the Ok this quarter is what a 100% draw back state of affairs would recommend as in comparison with the weighted common that we have used on this case within the fourth quarter, proper? And so in that state of affairs, that 10% assumes principally a 6.9% unemployment price and about 2.4 proportion factors by way of contraction in U.S. GDP. So a considerably worse draw back relative to the common. And that may equate to about somewhat bit over $4 billion, I feel it was $4.2 billion of further reserves in that hypothetical state of affairs, proper, of 100% weighted in direction of the draw back.
So that offers you somewhat little bit of a way to the sensitivity. However once more, to your level, after I have a look at what we had within the fourth quarter in the best way of value of credit score and take into consideration the best way issues are trending within the first quarter, I might anticipate our value of credit score to be — we had — by the best way, we had 1.8 or so in This autumn — 1.7, someplace round there. I might anticipate it to be about that to barely up, proper, within the first quarter right here in 2023?
Gerard Cassidy
And that 100% hypothetical?
Mark Mason
Sure. Hypothetical.
Gerard Cassidy
Nevertheless it reveals the capability of what you guys can deal with.
Mark Mason
Sure. And that is why I highlighted what it means for unemployment, proper? And relative to type of what we see immediately, important change in that. After which that does not — that $4.2 billion would not assume any changes to administration changes that we now have and the like, proper? So we’re very effectively reserved, really feel superb about that.
And bear in mind, I discussed the standard of the guide on the buyer aspect. On the company aspect, we’re 80% funding grade, proper? And internationally, we’re of the same stage, if not larger, by way of the grading for our exposures with multinationals or their subsidiaries, proper? So high-quality guide.
Gerard Cassidy
Bought it. Good. If you have a look at the complete 12 months 2023. You have been very clear on the steering for income while you gave it earlier within the 12 months. I feel it was $78 billion, $79 billion. Any — effectively, a few issues. One are the massive drivers, and any replace on that quantity?
Mark Mason
Sure. So no — so I haven’t got any change to the steering for the complete 12 months, $78 billion, $79 billion on the highest line. The about $54 billion is what I mentioned. I might level to a few issues for 2023. One, a vital 12 months, proper?
A vital 12 months as a result of bear in mind what I mentioned earlier, that ’22, we delivered on among the issues we mentioned we have been going to do. And that for us, that is about constructing credibility with our traders, proper? So once more, one other 12 months to place proof factors on the board that we will ship on the highest line efficiency on the bills that we’re focusing on for the 12 months.
By way of what I am centered on and making an attempt to realize that’s execution, execution, execution, proper? And it is execution of the technique, these 5 interconnected companies with the ability to reap the benefits of the aggressive place we now have in treasury and commerce options. Meaning doing extra with the present prospects that we now have, the big multinationals world wide who’re all considering what their provide chains must appear like and enthusiastic about how they wish to transfer money world wide and the FX wants that they’ve. So extra deeply penetrating their wallets.
We’re making an attempt to develop in our business center market phase. This can be a consumer phase that’s effectively outfitted to make use of the present providing that we now have from a Treasury and Commerce Options standpoint that, frankly, is untapped for us, and we’re getting after that in earnest. There’s alternatives, clearly, for our safety providers enterprise that grew 15% final 12 months. We introduced on $1.2 trillion in property underneath custody.
Because the market turns, there’s upside there with current and new purchasers. Clearly, with wealth, it was a troublesome 12 months final 12 months, however one factor we proceed to do is construct out our funding advisers and produce on new purchasers in that area. So once more, because the market turns, anticipate to see some momentum there after which playing cards within the restoration I already spoke to.
So there are a selection of issues which might be concerned within the execution of the enterprise technique, that is one. The second factor is the continued execution of transformation, proper, and constructing out and overhauling our operations, proper? And this can be a 12 months the place we will push in direction of ensuring we proceed to see some outcomes on that. It is not about designing and planning. That is about execution as we undergo ’23. Exiting the market, so we did 5 — we exited — closed 5 transactions, 5 international locations in 2022. We simply closed two extra final week, India and Vietnam. We have a pair extra within the queue for this 12 months, making good progress.
In order that continued execution is essential, not simply because it frees up capital for us, nevertheless it additionally creates a simplification alternative for a way we take into consideration the complete group and org design there, proper? So execution, execution, execution. After which I might be remiss if I did not say the continued deal with bills.
So we will be disciplined about how we spend this improve and equally disciplined round the place the productiveness alternatives are, each within the 12 months and within the coming years to make sure that we’re on tempo for this 11% to 12% RoTCE after which capital, proper? And to capital, we have got to attend somewhat bit and see how the CCAR outcomes play out, however we’re keenly centered on persevering with to optimize capital. Take into consideration the work we have been doing in market.
Gerard Cassidy
Positive. It is attention-grabbing, one among your actually robust merchandise is treasury providers, after all. And I used to be considering of you as the worldwide giant company, however your center market remark is basically attention-grabbing, is that going to start out right here within the States? Or when you consider the potential progress there?
Mark Mason
Really, we have got — so we have got a footprint globally there, proper? We have presence in a number of international locations world wide. We have been bringing on entrance finish. That is actually about constructing out the entrance finish in some ways, proper? As a result of once more, we have got the merchandise that is a platform that we’re capable of leverage with TTS, proper? That is bringing on bankers that cowl this consumer phase and might convey the breadth of metropolis to bear. And we’re punching effectively underneath our weight by way of share, however once more, we really feel like we have got a lot of upside there. We noticed actually robust progress final 12 months in that phase.
Gerard Cassidy
When you consider the CET1 ratio at 13%, which is a lot larger than the place it was, to your level, and for the trade as effectively, is that the comfy vary? Or do you suppose simply based mostly on all of the regulatory adjustments we’re listening to about we’ll need to gravitate larger? Or what’s your enthusiastic about particularly if you happen to derisk the steadiness sheets and your RWAs come down?
Mark Mason
Sure. I feel you hit the nail proper on the top, proper? So at Investor Day, we talked about, within the medium time period, getting nearer to an 11.5% to 12% by way of a CET1 stage and that feeling about the appropriate stage. We have been working very arduous to make sure that we’re optimizing the steadiness sheet the place it is sensible to try this, made a variety of progress in markets final 12 months on that, have absorbed various headwinds already like SACR and issues of that kind.
There are some issues, as you already know, which might be nonetheless into consideration from a regulatory standpoint by way of capital required, Basel IV, FRTB and the like. And we’ll need to see how these issues play out, and what they imply for the trade, and subsequently, how one has to regulate, proper? And changes can are available any variety of methods by way of how we prioritize merchandise, how we prioritize purchasers, how we take into consideration pricing if we find yourself in a scenario the place we’re holding extra capital for sure merchandise or purchasers.
And so there is a little bit of a have to attend and see on a few of these regulatory adjustments or necessities. However we nonetheless consider that the trade has about the correct amount of capital, proper? And it is much more than it was three, 4, 5 years in the past, proper? And actually, to ensure that us to play the position that we needs to be enjoying and guaranteeing that markets keep open and we’re capable of facilitate consumer exercise and the like, I feel all of us have to be aware of that.
Gerard Cassidy
Sure, completely. If you have a look at your RoTCE targets, medium-term targets, What are among the actual drivers? I imply while you have a look at your completely different enterprise segments, what is going on to drive these 11% to 12% kind of targets?
Mark Mason
Sure. So once more, that is our medium-term goal. It is a multiyear journey in getting there, proper? There’s some clear high-returning companies, I feel, in our platform, in our enterprise. And one is clearly, Treasury and Commerce Options. Like I mentioned, quickly rising, excessive returning. Safety Providers, Wealth Administration when it will get type of in a traditional a part of the cycle, our vehicles portfolio, branded vehicles, particularly, excessive returning a part of the franchise. And lots of of those companies are interconnected. That business banking enterprise, excessive returning a part of the franchise.
In order that prime line progress goes to be fueled by various these companies. It would even be topic to the restoration within the markets a bit, after which I might anticipate for that to play out. However prime line progress goes to be key. Attending to the goal would require continued self-discipline on expense administration. And we obtained to — and I wish to be clear on that. Meaning each persevering with to take a position as a result of that funding brings each prime line efficiency to help that progress, proper? And preserve our aggressive place, however that funding additionally improves our operations, and over time, reduces our structural value, proper?
So take into consideration the entire guide exercise that goes on in giant banks and establishments and with the ability to automate that, proper? That takes out an entire lot of inefficiency in that value construction. And so sustaining that funding in order that we will get to the improved ranges of value and expense is basically, actually essential. And what our 11% to 12% prices for is us attending to an working effectivity of lower than 60%, proper, and constructive working leverage.
And so we’re on that journey. That is about constructing credibility. So proof factors, doing what we have mentioned we have been going to do, demonstrating how these companies are interconnected. And in reality, that their key efficiency indicators recommend that we’re on the appropriate path. And I consider that as we proceed to try this, we’ll see the price-to-book worth and that a number of enhance, proper, and our inventory value enhance as effectively.
Gerard Cassidy
No, completely. We have run out of time, however I wish to go over somewhat bit. The final wrap-up query is, how has the senior administration crew embraced because the Investor Day. Clearly, you and Jane, talked to you guys on a regular basis. Is there a pace of core? What is going on on?
Mark Mason
This can be a nice query. So all week, this week, we introduced collectively our prime 200-or-so consumer leaders.
Gerard Cassidy
And we took you away from that?
Mark Mason
All over the world. Sure. It was ended, ended at midday, proper? However the prime 200 leaders world wide, we had them collectively at 388 and we talked in regards to the significance of driving consumer excellence. That was the entire theme for the final name. We had purchasers in. We had traders in, we had companions in, and we talked in regards to the significance of delivering the agency holistically to these purchasers, proper?
And we talked in regards to the significance of hitting these aims that we have set for ourselves as a way to proceed to construct credibility with our traders. The complete group was totally engaged. I feel the group left extremely charged to go and execute on the imaginative and prescient and the technique that Jane has put collectively for the agency.
Gerard Cassidy
That is nice. Thanks a lot for becoming a member of us. We actually respect it.
Mark Mason
Thanks, Gerard. Nice to see you. Thanks.
