December 08, 2022 at 11:26 pm
Jane Fraser, CEO of Citigroup.
[Rapporto sul mercato globale]Citigroup CEO Jane Fraser said the global economy is in a recession environment and the US could enter the second half of next year.
Citigroup is particularly concerned about Europe, which Fraser says has plunged into a recession and that European countries are suffering from an energy crisis that could take years to emerge.
Speaking at an investor conference hosted by Goldman Sachs on Wednesday, Fraser said the US economy is clearly weakening, but when you compare it to the rest of the world, the US is doing well.
Many bank executives in the US said that although the economy is close to decline, the US consumption situation is still stable.
Fraser also said Wednesday that Citigroup’s fourth-quarter trading revenue is on track for a 10% year-over-year increase as market turmoil continues to spur client activity on Wall Street. The trading unit is expected to help deliver previously promised “low-single-digit” revenue growth this year, with improved trading revenues this quarter expected to offset a 60% decline in investment banking revenues.
