David Jaffe P’24, ’26, ’30 Shares Insights on Banking, Macroeconomics, and the Chemicals Sector

David Jaffe P'24, '26, '30, Managing Director and Head of Citi Chemicals Corporate Banking at Citibank, recently spoke to students from Ricky Kamil's P’15 Advanced Studies Economics Class and the BFI Club (Business, Finance, and Investment) about the dynamic forces shaping the banking sector and the broader economy. His session offered both a high-level macroeconomic perspective and practical insights into a career in corporate banking.

Mr. Jaffe began by framing the discussion within the context of global macroeconomic developments. He highlighted the lingering effects of COVID-19, explaining how the pandemic shifted consumption from goods toward services and how economies are now experiencing supply chain adjustments. He explored the impact of rising mortgage rates on the housing sector, the multiplier effect of spending patterns, and the ongoing challenges facing Europe due to the war in Ukraine, high energy costs, and tariffs.

China’s chemicals sector drew particular attention, as Mr. Jaffe examined how global demand and production trends in this market influence corporate banking activity. He also shared perspectives on GDP trends, interest rate fluctuations, and consumer spending patterns, connecting these developments to the real-world operations of banks and their clients.

The session also provided students with an inside look at corporate banking. Mr. Jaffe clarified the differences between corporate banking, investment banking, and other financial product areas, explaining the responsibilities of first-year analysts and how they contribute to client relationships and deal execution. He emphasized the importance of understanding global developments, speaking the “language of business,” and staying informed about sectors such as chemicals, housing, and energy.

Beyond technical knowledge, Mr. Jaffe encouraged students to approach networking thoughtfully and to explore career paths with curiosity and diligence. His advice underscored the importance of connecting classroom learning with real-world financial developments and industry trends.

Students left the session with a richer understanding of how macroeconomic forces, sector-specific trends, and day-to-day banking operations intersect—and how aspiring professionals can position themselves for success in a rapidly evolving global economy.