December 08, 2022 at 23:26 PM
Citigroup CEO Jane Fraser.
[Global Market Report]Jane Fraser, CEO of Citigroup, said that the global economy is in a recession environment, and the United States may enter in the second half of next year.
Citigroup is particularly concerned about Europe, which Fraser said has fallen into recession and that European countries are suffering from an energy crisis that may take years to emerge.
Speaking at an investor conference hosted by Goldman Sachs on Wednesday, Fraser said the U.S. economy is clearly softening, but if you compare it to the rest of the world, the U.S. is doing just fine.
Many bank executives in the United States said that although the economy is close to a decline, the consumption situation in the United States 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 across Wall Street. The trading unit should help deliver previously promised “low-single-digit” revenue growth this year, with an improvement in trading revenue this quarter expected to offset a 60 percent drop in investment banking revenue.