Citi CEO draws attention to the strategic renewal of the bank
In her speech at the bank’s annual meeting, Citigroup CEO Jane Fraser drew attention to the strategic renewal of banks, saying that US consumers are more cautious.
Citigroup CEO Jane Fraser told shareholders that U.S. consumers are being more cautious with their spending and making smaller purchases.
Borrowers earning lower incomes in the U.S. are increasingly having trouble meeting loan payments, causing banks to be more cautious about offering credit cards and car loans.
Speaking at the bank’s annual meeting, Fraser said consumers remain healthy and resilient: “We are seeing customers being more cautious in the US and being more selective in their spending patterns.” said.
Fraser also said that wealthy customers accounted for almost all of the spending increase, while consumers with lower credit scores spent less.