Citigroup said it believes the United States likely will fall into a “shallow” recession in the fourth quarter of this year due to multiple “uncertainties” in the economy amid continued inflation, rising interest rates, and the recent banking turmoil. Jane Fraser, the CEO of the investment bank, made the comments during an earnings call on April…
Citigroup Expects the US to Fall Into a Recession in the Fourth Quarter
Citigroup Beats Estimates on Higher Income From Loans; Shares Rise
April 14, 2023
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Citigroup Inc.’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23 percent to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according to its results reported on Friday. Citigroup…
Citigroup CEO Says, ‘This Is Not a Credit Crisis,’ After Three US Bank Failures
March 24, 2023
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The head of Citigroup denied that there was a credit crisis despite three U.S. bank failures and the collapse of Credit Suisse this month. Citigroup CEO Jane Fraser stated that she had sound confidence in American banking system after the series of closures caused investors to panic, sparking chaos in financial markets worldwide. “The banking…
Citigroup Expects ‘Less Hard’ Landing for Global Economy This Year
February 22, 2023
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Citigroup economists on Wednesday raised their global growth forecast slightly and see a “less hard” landing but still expect the world’s economy to grow at the slowest pace in 40 years. The Wall Street brokerage now sees global growth slowing this year to about 2.2 percent, 0.25 percent higher than their previous estimate due to…
Citigroup Stopped From Underwriting $3.4 Billion Texas Bond for ‘Discriminating’ Against Gun Industry
Citigroup was dropped from plans to underwrite Texas’ largest ever municipal bond—a $3.4 billion plan to raise investment in the state’s natural gas industry—over its oppositional stance to the firearms industry. Citigroup was initially included among the list of firms that could underwrite the $3.4 billion bond. On Thursday, the board of the Texas Natural…
Citigroup Misses Profit Estimates on Provision Hike, Dealmaking Slowdown
January 13, 2023
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Citigroup Inc. reported a 21 percent fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity. Fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth…
Citigroup Profit Falls on Higher Loan-Loss Reserves, Weak Dealmaking Activity
Citigroup Inc. reported a 25 percent drop in third-quarter profit on Friday as the most global of U.S. banks set aside funds to cover soured loans from a potential economic downturn, while its investment bank struggled with a slump in global dealmaking. The U.S. Federal Reserve’s aggressive actions to stamp out decades-high inflation have triggered…
Wall Street Experts Split on Stock Market Trajectory
July 11, 2022
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With the world grappling with inflation, political tensions stemming from the Russia–Ukraine war, and worries about an impending recession, stock market experts are now split on where Wall Street is heading for the rest of 2022 after declining for the first half of the year. Citigroup Inc. is in the camp that is expecting a…
Probability of Global Recession Nearing 50 Percent: Citigroup Economists
Citigroup economists have forecast the chance of a global recession nearing 50 percent as central banks hike interest rates and consumer demand for goods drops off. “The experience of history indicates that disinflation often carries meaningful costs for growth and we see the aggregate probability of recession as now approaching 50 percent,” economists led by Nathan…
Citigroup Says Human Error Caused ‘Flash Crash’ Hit to European Shares
Citigroup Inc. said on May 2 that a so-called “flash crash” in European stock markets occurred when one of its traders made an error. The acknowledgment came just hours after the stock market experienced an extremely rapid decline in the price of a number of assets, something that traders often refer to as a “flash crash” and which…
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