Citigroup Inc. (NYSE:C) Q3 2023 Earnings Conference Call October 13, 2023 11:00 AM ET

Company Participants

Jen Landis - Head, IR

Jane Fraser - CEO

Mark Mason - CFO

Conference Call Participants

Mike Mayo - Wells Fargo

Glenn Schorr - Evercore

Erika Najarian - UBS

Jim Mitchell - Seaport Global

Ryan Kenny - Morgan Stanley

Steven Chubak - Wolfe Research

Ebrahim Poonawala - Bank of America

Matt O'Connor - Deutsche Bank

Gerard Cassidy - RBC

Vivek Juneja - JPMorgan

Saul Martinez - HSBC

Operator

Hello, and welcome to Citi's Third Quarter 2023 Earnings Call. Today's call will be hosted by Jenn Landis, Head of Citi Investor Relations. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session. Also as a reminder, this conference call is being recorded today. If you have any objections, please disconnect at this time.

Ms. Landis, you may begin.

Jen Landis

Thank you, operator. Good morning, and thank you all for joining our third quarter earnings call.

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 earnings materials as well as in our SEC filings.

And I'm joined today by our Chief Executive Officer, Jane Fraser; and our Chief Financial Officer, Mark Mason.

Now let me pass it over to Jane.

Jane Fraser

Thank you, Jen, and good morning to everyone.

I should touch briefly on the macro environment before reviewing the quarter and last month's organizational announcement. The global macro backdrop remains the story of desynchronization.

In the U.S., recent data implies a soft landing, but history would suggest otherwise, and we are seeing some cracks in the lower FICO consumers. In the euro area and the U.K., the picture has turned distinctly more negative. The summer weakness in industrial economies is spreading fast and the weight of structurally higher labor and energy costs, suggest a more enduring competitiveness challenge for that region.

China's economy may have reached a cyclical bottom supported by the government's modest stimulus efforts, but it still has to work through weak sentiment, youth unemployment, and the pain in its property market. All of these macro dynamics have clearly impacted client sentiment.