Citigroup CFO Mark Mason is speaking on the state of banking and with it the economy.
He says:
- Feels good about consumer corporate balance sheets
- Expect a soft landing with the decline in rates consumer payment rates are coming down
- Have seen a pickup and revolving credit and credit card customers
- Credit card customers are moving from discretionary to spending on staples
- He sees Q3 market revenue down -4% year on year and net interest income guidance looks modestly down YoY as well
The comments are sending the stock lower on guidance. Shares are trading down $0.53 or -0.83% at $58.59. The high price reached $60.67 earlier today
