Citigroup’s clients are shifting supply chains away from China in a trend that is likely to last for years, according to David Livingstone, the lender’s chief executive officer for Europe, the Middle East and Africa, reports Bloomberg.
The Wall Street giant remains positive on China but a recalibration of global supply chains that’s been underway since the COVID pandemic has accelerated following the war in Ukraine, Livingstone said in an interview with Bloomberg Television.
“That will be a multi-year, decadal type trend and we’re seeing places, like Mexico, like Vietnam and others benefiting very significantly, and that’s something which we can assist with wherever our clients go,” he said, predicting that chips will also move away from China.