Citigroup
Q3 2022 Earnings Call
Oct 14, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello, and welcome to Citi's third quarter 2022 earnings call with the chief executive officer, Jane Fraser; and chief financial officer, Mark Mason; today's call will be hosted by Jen Landis, head of Citi investor relations. [Operator instructions] Also as a reminder, this call is being recorded today. [Operator instructions] Ms. Landis, you may begin.
Jen Landis -- Head of Investor Relations
Thank you, operator. Good morning, and thank you all for joining us. I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com may contain forward-looking statements, which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our SEC filings.
With that, I'll turn it over to Jane.
Jane Fraser -- Chief Executive Officer
Thank you, Jen, and thanks, everyone, for joining us today. Well, we are certainly still living through interesting times. And overall, I am pleased with how our bank is navigating through them. As you'll hear from me shortly, we continue to focus intensely on executing our strategy and our transformation as we outlined at Investor Day, while supporting our clients in this complex environment.
So before I get into the quarter, let me highlight some observations about what we see going on around the world, given our unique vantage point. The global macro outlook that we shared with you over the last couple of quarters has been borne out. There is accumulating evidence of slowing global growth, and we now expect to experience rolling country-level recession starting this quarter. The severity and timing of these recessions depend where in the world you are.
Although persistently high inflation is driving a global softening of consumer demand for goods. In the Eurozone in the U.K., the supply shocks are most severe. Growth prospects have deteriorated sharply, and headline inflation is running at nearly 10%. All eyes are on this winter's weather forecast and the energy supply.
The U.S. economy, however, remains relatively resilient. So while we are seeing signs of economic slowing, consumers and corporates remain healthy as our very low net credit losses demonstrate. Supply chain constraints easing, the labor market remains strong.