Citigroup has been testing its loan book against a wide array of economic scenarios, including ones where unemployment reaches 15 per cent and US growth contracts by as much as 40 per cent, said Chief Financial Officer Mark Mason. — AFP pic
But results from Citigroup, Bank of America and Goldman Sachs highlighted that they clearly are preparing for a US recession. Goldman Sachs Chief Executive David Solomon is telling clients “to hope for the better, but plan for the worst,” he said during a conference call with analysts. “We would imagine those would be severe-type scenarios,” Mason told reporters on a conference call, “but we’re in touch across our firm to make sure we can manage that.”
Mason said the bank could delay some spending, such as marketing for credit cards, depending on how conditions evolve. About 16 per cent of Bank of America’s small business clients have sought deferrals accounting for nearly one-third of the balances for that program, the bank said in an investor presentation.
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