(Bloomberg) -- Thasunda Brown Duckett, the chief executive officer of asset manager TIAA, said she expects an economic slowdown in the US by year-end.
“We do anticipate a mild recession in the latter part of the year going into the first quarter,” Duckett said Wednesday at the Bloomberg Invest conference in New York, citing accelerating inflation and rising rates.
The economic climate has led more Americans to reduce contributions to their retirement funds or dip into those savings — decisions that will have severe long-term consequences, she said.
Duckett joined the Jacksonville, Florida-based retirement provider and investment firm in 2021 after a 17-year career at JPMorgan Chase & Co., where she ran the company’s consumer-banking division. She is TIAA’s first female chief, and its third Black CEO ever.
The closely held firm, which was founded more than a century ago by Andrew Carnegie, had $1.2 trillion in assets under management as of March 31.
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