Citigroup Inc. (NYSE:C) Q1 2024 Earnings Conference Call April 12, 2024 11:00 AM ET

Company Participants

Jennifer Landis - Head of IR
Jane Fraser - CEO
Mark Mason - CFO

Conference Call Participants

Mike Mayo - Wells Fargo
Glenn Schorr - Evercore
Betsy Graseck - Morgan Stanley
Jim Mitchell - Seaport Global
Ebrahim Poonawala - Bank of America
Erika Najarian - UBS
John McDonald - Autonomous Research
Ken Usdin - Jefferies
Vivek Juneja - JPMorgan
Scott Siefers - Piper Sandler
Gerard Cassidy - RBC Capital Markets
Matt O'Connor - Deutsche Bank
Saul Martinez - HSBC
Chris Kotowski - Oppenheimer
Steven Chubak - Wolfe Research

Operator

Hello and welcome to Citi's First Quarter 2024 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 is being recorded today. If you have any objections, please disconnect at this time. Ms. Landis, you may begin.

Jennifer Landis

Thank you, operator. Good morning and thank you all for joining our First Quarter 2024 Earnings Call. I am joined today by our Chief Executive Officer, Jane Fraser and our Chief Financial Officer, Mark Mason. 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 with that, I'll turn it over to Jane.

Jane Fraser

Thank you, Jenn, and good morning to everyone. Today, I'm going to touch on the macroeconomic environment before I update you on the progress we're making, and then I'll discuss the quarter. While global economic performance was surprisingly [desynchronized] (ph) last year, the overall story has been consistent of late, one of economic resiliency supported by tight labor markets and the consumer.

Growth this year looks poised to slow in many markets, and conditions are generally disinflationary. We're already seeing some Central Banks in the emerging markets starting to cut rates. In the U.S., a soft landing is viewed as increasingly, likely. But we continue to see a tale of two Europe's, with Germany hurt by the weak demand for goods, while southern European countries such as Spain and Greece benefit from stronger demand in services.