Citi's chief executive Jane Fraser reviews touts simplicity and agility of bank in reorganization and issues an economic forecast for a soft landing.
“” It feels more like a normal environment again, and we are paying attention to the lower FICO consumer where there are cracks and we saw that in the Fed numbers savings are down. They’re very low at the moment. And I think some of the excess savings from the Covid years are getting close to depletion….All the numbers right now would suggest you’re in for a soft landing.””
Fraser also commented on her reorganization underway at Citigroup C, +0.28% and said estimates on headcount reductions and cost savings will be revealed by the time the bank provides its fourth-quarter earnings results in January. Overall, consumer spending is still good, she said, but it’s come off of the double-digit percentage rises it had in recent quarters, as demand softened in September.
Citigroup is seeing growth in its services franchise, and new-client acquisitions, as well as taking aim at an uptick in capital markets activity in the bond market as well as some initial public offerings in its investment banking businesses.
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