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Citi CFO: Our Economists Say Odds Of Recession Are 50% Before 2023 End

07/15/2022 | 12:15pm EST

July 15 (Reuters) - Citigroup Inc:

* CITI CEO JANE FRASER SAYS LITTLE OF THE DATA SHE SEES SUGGESTS U.S. IS ON THE VERGE OF RECESSION

* CITI CEO: LENDING HAS INCREASED AS CORPORATE CLIENTS RELY LESS ON DEBT MARKETS

* CITI CEO: LENDING HAS INCREASED AS CORPORATE CLIENTS RELY LESS ON DEBT MARKETS

* CITI'S CFO SAYS CARD LOSSES ARE VERY LOW, 50% OF NORMAL LOSS RATE THROUGH ECONOMIC CYCLE

* CITI'S CFO SAYS EXPECT TO SEE CONTINUED GROWTH IN LOANS, PARTICULARLY ON THE CARDS SIDE - CONF CALL

* CITI'S FRASER: SECOND QUARTER PERFORMANCE IS 'VALIDATING' OUR RESTRUCTURING STRATEGY

* CITI CEO JANE FRASER SAYS VOLATILITY CAN BE AN OPPORTUNITY FOR OUR TRADING DESKS BUT A HEADWIND FOR WEALTH MANAGEMENT

* CITI CEO: EXPECT CITI TO HAVE 'AN OVERABUNDANCE OF CAPITAL' AFTER MEETING NEW REQUIREMENTS, EXITING BUSINESSES

* CITI CEO: CONTINUING TO INVEST IN INVESTMENT BANKING BUSINESS DESPITE RECENT SLOWDOWN; 'STRATEGIC ADVICE' IS CENTRAL TO STRATEGY

* CITI'S FRASER SAYS STILL EARLY DAYS IN DISPOSING OF MEXICO BUSINESS BUT PLEASED WITH PROGRESS

* CITI CFO SAYS U.S. IS IN BETTER POSITION TO 'WITHSTAND' RECESSION DUE TO HEALTH OF CONSUMER, TIGHT LABOR MARKET

* CITIGROUP CFO SAYS HIGH PROBABILITY AROUND IMMINENT RECESSION DUE TO INFLATION, RATES

* CITIGROUP CFO: OUR ECONOMISTS SAY ODDS OF RECESSION ARE 50% BEFORE 2023 END

* CITIGROUP CFO SAYS WE WILL STILL BE ABLE TO GROW OUR OPERATING DEPOSITS WITH TRADE & TREASURY SOLUTIONS UNIT

* CITI'S MASON SAYS BANK TOOK $126 MLN WRITEDOWN IN LEVERAGED FINANCE BUSINESS

* CITI'S MASON SAYS 'FEEL GOOD ABOUT' DEALS PIPELINE

* CITIGROUP CFO SAYS SALE OPTIONS ON RUSSIA IS COMPLICATED, EXPLORING ALL SCENARIOS TO EXIT

* CITI'S MASON SAYS 'DON'T SEE ANY SIZEABLE CONCERN' AS RELATES TO CARD DELINQUENCIES

* CITI CFO SAYS HAVE BUILD RESERVES BECAUSE THERE IS OBVIOUSLY THE PROSPECT OF A DOWNTURN

* CITI CFO MASON SAYS CONSUMER 'SPEND LEVELS CONTINUE', MORE SPEND ON TRAVEL AND DINING

* CITIGROUP CFO SAYS THERE'S BROAD WORRY AROUND INFLATION AND RATE INCREASES AND WHAT THAT COULD MEAN FOR THE PROSPECT OF A RECESSION IN THE US, EUROPE AND MORE BROADLY

* CITIGROUP CFO MASON SAYS 'APPROPRIATELY RESERVED' FOR POSSIBLE PENALTY RELATED TO GOVERNMENT PROBE INTO UNAPPROVED ELECTRONIC MESSAGING CHANNEL

* CITIGROUP CFO SAYS THE STRATEGY HAS NOT CHANGED IN TERMS OF STRATEGIC INVESTMENTS IN INVESTMENT BANKING WITH A FOCUS ON A HIGHER GROWTH SECTORS

* CITI CFO SAYS CITI IS ASSESSING CLIENT RELATIONSHIPS, BUT NOT EXITING 'LARGE SWATHES OF CLIENTS' AS BANK REVIEWS RISK-WEIGHT ASSETS

* CITIGROUP CHIEF FINANCIAL OFFICER MARK MASON SAYS WE WILL PAUSE OUR BUYBACKS 'AS WE PLAY THROUGH THE UNCERTAINTY' IN BROADER ENVIRONMENT

* CITIGROUP CHIEF FINANCIAL OFFICER MARK MASON SAYS EXPECTS 'CONTINUED UPLIFT' FOR NET INTEREST INCOME GROWTH AS RATES RISE Further company coverage:


ę Reuters 2022
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