Bank CEOs Caution Looming Recession, Apologize for Discrimination Amid Senate Grilling
• Citi CEO Jane Fraser warns a recession could result from persistent inflation, rising debt levels, slowing global growth and conflicts in Europe and Middle East
• Bank of America CEO Brian Moynihan says consumer spending is leveling out but consumers remain in decent shape overall
• JPMorgan Chase CEO Jamie Dimon recently urged Americans to prepare for a recession that could result from rising interest rates
• Fraser acknowledges Citi illegally discriminated against Armenian Americans on credit cards based on surnames; apologizes
• CEOs of Citi, BofA, JPMorgan Chase, Wells Fargo, State Street, BNY Mellon, Goldman Sachs and Morgan Stanley testifying at Senate hearing