Citigroup 1Q17 Earnings Call Notes

posted in: Notes | 0

Mike Corbat – Chief Executive Officer

Positive about growth in the US economy

“We also continue to be positive about growth in general and the U.S. economy. While the details of potential policy changes in area such as tax code and infrastructure spending have yet to be worked out and will take a little longer than originally projected, we continue to believe that it’s a matter of when and not if these changes will occur. As that process unfolds and outcomes become clear, I expect business will react accordingly as sentiment shifts from optimism to confidence.”

Yet to have anyone tell me why it would be helpful to bring back Glass Steagall

“anytime I hear this term 21th century glassed eagle, I ask what it is and I have yet to have anybody really tell me what’s there. And as you can imagine that not just myself but I’m sure others have been involved in those conversations. And I would say that the administration is focused around trying to harmonize regulations, focus around trying to take things away that are either duplicative or don’t really add value. And I have yet to have anybody really explain to me what value there is in terms of either a reinstatement of glassed eagle, which in itself is strange or what 21th glassed eagle is. So we continue to ask about it but not necessarily be that focused on it. We think our business model is the right model.”

John Gerspach

Consumer confidence in Mexico appears to have come back

“Well, I do think that the Mexico economy, at the beginning part of the year, I’d say that there was somewhat of a decline in consumer confidence that did occur. I was in Mexico three weeks ago. My sense was that that had changed, it was beginning to come back. But there was definitely a drop in consumer confidence at the beginning of the year”