Bank CEOs Predict Impending Recession

Citigroup CEO Jane Fraser, along with other bank CEOs, warns of a potential recession due to factors such as persistent inflation in services, rising debt levels, a slowdown in global growth, and conflicts in Europe and the Middle East. Fraser also notes that consumer spending is pulling back, aligning with recent government data, while customers with low credit scores are taking on high levels of debt. Bank of America CEO Brian Moynihan suggests that consumers are in decent shape, and JPMorgan Chase CEO Jamie Dimon urges Americans to prepare for a recession. Fraser also publicly acknowledges a Consumer Financial Protection Bureau investigation into allegations of illegal discrimination against Armenian Americans by Citigroup.