Citigroup: 2024 to resemble 2023 macro trends with possible recession

By Devika Patel

Knoxville, Tenn., Jan. 18 – Citigroup‘s top executive believes 2024 will have similar macro trends to last year’s with a possible recession as well.

“2024 looks to be similar to 2023 in terms of the macro environment with moderating rates and inflation,” chief executive officer Jane Fraser said on the company’s fourth quarter and year ended Dec. 31 earnings conference call on Wednesday.

“We expect to see growth slowing globally with the U.S. well positioned to withstand a run-of-the-mill recession should one materialize,” Fraser said.

Fixed-income results were disappointing towards the end of last year.

“Our fourth quarter fixed-income results were disappointing as we saw a significant slowdown in December,” Fraser stated in a Jan. 12 press release.

“Fixed-income revenues decreased by 25% largely driven by rates and currencies on lower volatility and a significant slowdown in December as well as the impact of devaluation,” chief financial officer Mark Mason said on the call.

The bank has met the new capital requirements, growing its CET1 ratio by about 30 basis points last year.

“We ended the quarter with a 13.3% CET1 capital ratio, approximately 100 bps above our regulatory capital requirement of 12.3%,” Mason said.

“We’ve grown our CET1 ratio by approximately 30 bps over the course of the year,” Mason said.

Citigroup is a New York-based bank.

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