On Friday, 3rd June 2022, Jane Fraser, chief executive officer of Citigroup Inc. said, Europe had been more likely to slip into a recession than the United States of America, as the CEO of Citigroup joined the other global bank CEOs for warning about the health of the global economy.
Jane Fraser has recently returned from a world tour with the stops in the continents such as Europe, the Middle East and Asia, where she said that, the conversations were based on “the three Rs”. While speaking at an investor conference in New York, the United States, she said, the three Rs are rates, Russian and recession.
In Europe, she said, the energy side had really been having an impact on a number of companies in the certain industries that are not even competitive in the current scenario. She also said that, due to the increasing cost of the electricity and the cost of the energy, some of the companies are closing down the operations. Hence the continent of Europe has definitely felt more like to hit recession than they see in the United States.
In the United States, she said, the question has been more about the interest rates than the recession and she also added that, certainly, it has not been their based case that it is going to be but it is not easy to avoid or ignore either.