Citigroup
Q2 2022 Earnings Call
Jul 15, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello and welcome to Citi's second quarter 2022 earnings review with 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 conference is being recorded today. If you have any objections, please disconnect at this time.
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 thank you, everyone, for joining us today. When we last spoke, we said the macro and geopolitical outlook was complex and uncertain. So in one sense, little has changed. However, the headwinds have certainly crystallized.
And it's against that backdrop that I'm proud of the results our team delivered this quarter as we execute on our strategy and transformation. There are mounting costs to the series of supply shocks we've experienced. And now we need to pay attention to an additional S in ESG, and that is security. In addition to energy and cybersecurity, food security has also come into sharper focus, threatening to spread the humanitarian cost of the war well beyond Europe.
Resiliency is the new priority for governments and corporates alike. And all of this is adding to inflationary pressures, which are in turn being met with a more hawkish response from the Fed and other central banks, all contributing to sharply lower U.S. consumer confidence. Higher rates and QT will keep volatility high.
That said, while sentiment has shifted, little of the data I see tells me the U.S. is on the cusp of a recession. Consumer spending remains well above pre-COVID levels with household savings providing a cushion for future stress. And as any employer will tell you, the job market remains very tight.