Good morning.
Some 50 members of the Fortune CEO Initiative gathered for dinner at Aquavit in New York last night and shared thoughts on the challenges and opportunities facing business in the months ahead. First up was Citigroup CEO Jane Fraser, who offered her views on a variety of topics. Some excerpts:
On the economy:
“We are definitely seeing a lot of signs of softening. But I’m not sitting here stressed about this, because the consumers entering whatever this slowdown is are in good health. The corporate client is in very good health, on their balance sheets. There’s a handful of banks that were mismanaged, but largely, banks are in very strong health. So the typical amplifiers of a recession just aren’t in place.”
On China, which she visited last week:
“I think the next China is…China. They’re very clear they’ve got a lot of challenges. But still I think it’s tough to look at innovation in that economy and not feel they’ve got further to go.”
On funding oil companies while fighting climate change:
“I just don’t think energy security and this move to sustainability and to cleaner energy should be mutually exclusive. I think they are two things we have to solve together. I grew up in northern Scotland. I know what it’s like to be cold. It’s not fun.”
On the backlash against corporate ESG:
“You focus on what your company stands for. You focus on what it is your clients need. And you get on with the day job.”
On whether, as the first woman to head a major money center bank in the U.S., she leads differently than her predecessors:
“I hope so. I’m a Scotswoman who’s running an American bank, a global bank. I hope I bring some different things to the job…I talk about empathy a lot. I think it’s a hard skill. I see empathy as listening to your client and being in tune with your talent. I think that leads to a competitive edge. And I like to think it’s an easier skill for a woman.”
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Alan Murray
@alansmurray
alan.murray@fortune.com
