Citigroup CEO Has A Message On AI And Jobs: Every Bank Must Win These Two Races

Artificial intelligence is bringing new avenues to the world but it is also one of the biggest reasons for job losses in the past few years. While many tech leaders continue to reject the notion that AI is taking away jobs, some are now being vocal about the impact of AI on the economy and sectors like banking. Citi CEO Jane Fraser reportedly believes that the financial industry is now competing in two crucial AI races: one to grow business and another to stay ahead of rising sophisticated cyber threats.Speaking in an interview with the South China Morning Post, Fraser said the banking industry is currently focused on two major AI challenges. She reportedly believes that AI is changing banking faster than many expected and financial institutions

can no longer afford to sit on the sidelines. She said, “There are two races in AI at the moment. One is to apply AI to the business models, which we all have to do as that will help drive revenue growth.”While AI is helping banks to grow, Fraser reportedly highlighted that it is equally important to use the technology to defend the financial system from evolving threats. She described the second AI race as a defensive one, focused on protecting customers, financial institutions and the wider banking ecosystem. As per Fraser, the bank believes enterprise demand for AI is accelerating, with businesses rapidly adopting AI-powered applications and agentic systems that can automate workflows.

“AI Will Change Jobs”

Reportedly, Fraser acknowledged that AI will reshape the workforce. While some existing roles may disappear, she believes new opportunities will emerge as companies adapt. “There will be job dislocations. The nature of many jobs is going to change. The challenge is going to be the puts and takes. I really do see a lot of AI augmenting human beings, but there will be some dislocations as well.,” she asserted.Fraser’s comments come at a time when Citigroup reportedly reduced its technology workforce in mainland China last year, layoff nearly 3,500 employees as part of a wider global effort to simplify operations. What lies ahead is that AI may not replace every banker, but it is expected to reshape what banking jobs look like in the years ahead. Fraser acknowledged that some positions will be lost while others are created, making reskilling and adaptability more important than ever.