By far the best-kept performance secret at Citi is its Global Transaction Services business, powered by Diane Reyes, Elyse Weiner, Julie Monaco, and Claudia Slacik. Its total assets as of the second quarter were $79 billion, up one percent over the same period a year earlier (to improve capital ratios, Citi intentionally reduced assets in the group); net-interest revenue was $1.2 billion, up 30 percent; non-interest revenue was $1.2 billion, up 29 percent; net income jumped 36 percent, from $516 million to $701 million; the efficiency ratio was down seven percent, to 57 percent, and the group's profit margin rose 10 percent over the second quarter.

If GTS is the best kept secret, then Global Wealth Management is the biggest weapon in Pandit's arsenal. The business, led by chief executive Sallie Krawcheck, is a compelling one, and the numbers-even in bad times-tell the story: total client assets are $1.7 trillion; return on risk capital is 39 percent; return on invested capital is 15 percent; net-interest revenue is $2.3 billion; non-interest revenue is $11.3 billion; net income is $1.7 billion and the unit's profit margin was 13 percent, as of the second quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.