Citigroup’s Fraser Says Return-to-Office Trends Drive Property Fears
Jane Fraser speaks during the Milken Institute Global Conference in Beverly Hills, California on May 1.
Photographer: Patrick T. Fallon/AFP/Getty Images
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Pockets of commercial real estate, such as the area east of Third Avenue in Manhattan, are likely to come under stress as landlords continue to struggle to refill towers in the aftermath of Covid-19, Citigroup Inc. Chief Executive Officer Jane Fraser said.
For her part, Fraser said she’s most worried about real estate with debt that’s been packaged into lower-rated commercial mortgage-backed securities.