Mario Tama/Getty Images News
Citigroup (NYSE:C) finance chief Mark Mason said he expects a soft landing for the economy as interest rates are anticipated to fall.
It is widely expected that the Federal Reserve will cut interest rates at this month’s meeting.
Mason, speaking at the 2024 Barclays Global Financial Services Conference, added consumers are reducing their discretionary spending.
The company’s FY24 net interest income guidance is expected to be modestly down on a year-on-year basis, Mason said.
Mason, however, said the company is confident that it will meet its 2024 revenue outlook of $80B-$81B.
The company expects about $2.7B cost of credit in the third quarter, Mason said, adding
The company would want to be “smart” about any share buyback plans, said Mason, adding the firm will continue to grow its equities business.
Citigroup (C) also erased its gains during the conference, and was down 0.7% at 11:14 am ET.
