Citi spent 2025 doing what custodians talk about and rarely deliver: rebuilding the plumbing while the business was growing fastest. Securities services revenue rose 15% on a reported basis to $5.88 billion for the year, and assets under custody and administration reached $31 trillion, up 24% year-on-year. Doing that in a year when the bank also began replacing the core of its asset servicing infrastructure underpins the rationale for this award.
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