From Fortune · Sydney Lake · · 1m 10s
Citi's Fraser: next phase is beating the best
After five years of heavy lifting, Citi's CEO says the bank must now compete at the highest level while managing AI risk at speed.
In brief
After five years of heavy lifting, Citi's CEO says the bank must now compete at the highest level while managing AI risk at speed. Citigroup posted its best third-quarter revenue in a decade under CEO Jane Fraser, who says the next phase requires beating competitors in every business while deploying AI carefully…
Citi posts best quarter in a decade
Citigroup reported its best third-quarter revenue in a decade, marking another success for CEO Jane Fraser's ongoing turnaround of the major Wall Street bank.
Fraser: now we have to beat the best
Fraser told Fortune's Most Powerful Women Summit that Citi has completed the heavy lifting of restructuring.
“if we are going to be the best in the businesses we're in, we have to beat the best”
Five years of restructuring behind her
Since becoming CEO in twenty twenty-one, Fraser reorganized Citi into five core businesses, cut management layers, and started exiting consumer banking in fourteen markets outside the U.S.
AI offers three paths to value
Fraser said AI's effects on Citi are threefold: it can help earn money, save money, and secure the bank.
“We have to move fast and retain trust”
Managing AI risk at the same speed
Fraser said Citi requires AI training for one hundred seventy-five thousand employees, focusing on writing prompts.
“When you're innovating at speed, you have to manage risk at the same speed”
The headline
Citigroup posted its best third-quarter revenue in a decade under CEO Jane Fraser, who says the next phase requires beating competitors in every business while deploying AI carefully.
