Lower-end consumers have shifted buying patterns to save money as their bank accounts dwindle in size, according to Citigroup CEO Jane Fraser.
The third-largest U.S. bank by assets has been monitoring its credit card customers for signs of distress, Fraser told CNBC's Sara Eisen on Friday in an interview.
When asked what other CEOs are telling her about the state of the economy, Fraser said that besides comments on AI and labor tightness, corporate leaders have told her that demand is softening, she said.
"Particularly [for] the bottom end of the consumer, that's the one that we're starting to see cracks, you're seeing some shift in the buying patterns to lower categories in the spend," Fraser said.
The scope of job cuts and expense savings triggered by the reorganization will be disclosed with fourth quarter earnings, Fraser said.
Persons:
Jane Fraser, Fraser, CNBC's Sara Eisen
Organizations:
Citigroup, U.S, Fair Isaac Corp