Is A Recession Looming? Two Big Bank CEOs See It That Way

By Joey Solitro | Kiplinger Reports Recession is likely, Citi’s CEO told a Senate panel today, a sentiment echoed by JP Morgan’s chief executive last week. Citi expects a recession as a result of several macroeconomic factors, including persistent inflation in services and rising debt, CEO Jane Fraser said today, December 6, during testimony before a Senate Banking Committee hearing. “Although we don’t see a drastic downturn on the horizon, we do expect a recession as the result of a range of macroeconomic factors,” Fraser said in her opening remarks. “This includes persistent inflation in services, rising debt, a slowdown in global growth and two major conflicts in Europe and the Middle East.” Fraser, along with seven other banking and financial services executives including JP Morgan CEO Jamie Dimon and Bank of America CEO Brian Moynihan, were called to testify today during the Banking Committee’s annual oversight of Wall Street firms hearing. READ FULL ARTICLE >>