Citigroup is seeing countries around the world roll into recessionary environments, with the US economy on track to follow them in the second half of next year, said chief executive officer Jane Fraser.
The New York-based bank is worried in particular about Europe, which Fraser said has already entered a recession. It may take years for countries across the region to recover from the energy crisis they were plunged into following Russia’s invasion of Ukraine earlier this year, she said. “Obviously, things are softening,” in the US as well, Fraser said on Wednesday during the second day of an investor conference in New York hosted by Goldman Sachs Group.One by one, US bank executives said this week that, for now, the American consumer remains healthy, though many warned the economy is approaching a slowdown.
“The consumer is still healthy, still spending money, still sits on cash balances well above pre-COVID levels, but I believe we’re at a bit of an inflection point,” US Bancorp chief executive officer Andy Cecere said at the conference on Wednesday. “Things are good today. However, that cash balance and that cushion, so to speak, is going to start to dissipate, and I think that will create a change in behaviours and a slowdown.
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Source: FinancialReview - 🏆 2. / 90 Read more »