The bank maintained a number five wallet ranking in 2024’s league tables, with a 5% wallet share, gaining 56 basis points versus 2023 overall. This momentum came as Citi grew wallet share across debt capital markets, equity capital markets and M&A advisory whilst top-tier competitors lost ground.
Citi’s approach centres on deep, long-term client engagement that proved particularly valuable during market disruption. “We have made a conscious effort to cultivate close relationships with our clients, prioritising long-term partnerships and our integration with our clients is deeper than ever before,” explains Jens Welter, head of North America investment banking coverage.
This client-focused strategy enabled Citi to execute landmark transactions including Mars’s $35.9 billion acquisition of Kellanova – the largest M&A transaction of 2024 globally. The bank served as exclusive financial adviser to Mars and joint bookrunner on the $29 billion bridge loan financing.
Market leadership through strategic focus
“The investment bank’s positive momentum stems from continuous investment in key capabilities that are most critical to our clients’ success, including M&A, leveraged finance, sponsors and private credit,” says Welter.
In debt capital markets, Citi maintained a number three wallet ranking in investment grade bonds and loans, growing wallet share by 79 basis points. The bank ranked second in overall debt capital markets on volume and fourth in overall syndicated loans. Notable transactions included serving as bookrunner on the seven largest investment grade issuances in 2024, including AbbVie’s $15 billion offering and Bristol-Myers Squibb’s $13 billion offering.
The bank pioneered the market’s return in technology and growth IPOs, underwriting five high-profile technology offerings
During periods of extreme market volatility, Citi provided continuity for clients when competitors stepped back. “Citi’s distinguishing characteristic is our unwavering dedication to supporting our clients, especially during periods of extreme market volatility,” emphasises Welter.
The bank’s resilience showed particularly in leveraged finance, where it provided advisory services and financing for three substantial leveraged buyout transactions during market disruption triggered by tariff discussions and geopolitical developments.
In equity capital markets, Citi gained 46 basis points of wallet share whilst maintaining a number five ranking. The bank pioneered the market’s return in technology and growth IPOs, underwriting five high-profile technology offerings including ServiceTitan, OneStream, Rubrik, Ibotta and Reddit.
Technology and talent development
The bank’s M&A performance showed particular strength, with wallet share growing 64 basis points from 2023, while the top three peers lost cumulatively around 190 basis points. On volume, Citi ranked fourth in announced transactions and second on announced buyside transactions.
“We’re seeing strong momentum in cross-border deals, particularly in emerging markets where we continue to expand our footprint,” says Kevin Cox, vice chairman of banking and global head of M&A. “We’re deepening our sponsor relationships as elevated levels of dry-powder and pressure to return capital to limited partners are expected to keep financial sponsors active in the M&A market through the rest of 2025.”
The bank also launched innovative financing solutions, including an exclusive agreement with Apollo for a $25 billion private credit, direct lending programme that combines Citi’s client reach with Apollo’s scaled capital base.
Looking ahead, the bank’s technology focus within investment banking is on modernising and simplifying existing systems and processes for enhanced efficiency, explains Achintya Mangla, head of financing. “To balance short-term gains with long-term vision, we are prioritising technology integrations that offer both current benefits and align with our overall strategic goals.”
The bank has deployed gen-AI tools for employees across 11 markets in all business lines, including banking. “These tools help them make faster decisions, automate repetitive tasks and increase productivity and efficiency,” notes Mangla.
Citi’s 2024 performance demonstrates how sustained client focus, strategic investment in key capabilities, and operational resilience during market volatility can drive market share gains in North America’s competitive investment banking landscape.
