NEW YORK – Citigroup Inc executives are confident about the Mexico economy and their Citibanamex subsidiary because the country's low labor costs will make it competitive in global exports regardless of potential changes by the U.S. government in trade agreements.
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"There is a lot to like about Mexico," Chief Financial Officer John Gerspach said in a conference call with fixed-income investors, some of whom asked about consequences of President Trump's stated intention to rewrite trade agreements. A weak Mexico peso would help exports from the country where Citigroup has a large consumer bank, Gerspach added.
(Reporting by David Henry in New York)