Citigroup is betting big on artificial intelligence, giving nearly a quarter of a million staff access to new tools as CEO Jane Fraser predicts the technology will fundamentally change how banks operate.
In a Bloomberg interview, Fraser says she thinks AI would fundamentally transform productivity at Citi.
The executive says AI is already boosting productivity across the organization, with early use cases spreading from coding to compliance. She adds that the rollout is broad-based, affecting almost all of Citi’s global workforce.
“We have a set of tools that almost all of our 240,000 employees have, around the world access, to. I use it myself every day. I’m helping with summarization and helping me be more productive. And that’s helping our coders. It’s helping compliance. It’s helping with HR queries. But then you’ve also got a lot of top-down use cases.”
Fraser says AI will ultimately move beyond incremental productivity improvements once banks adopt more advanced systems.
“I think the future is agentic, though. That is when we’re going to really see the game-changer, and we’re just scratching the surface there.”
Last month, Cognition AI chief executive Scott Wu said its artificial intelligence engineer Devin is now being used by companies big and small across the world.
“Yeah, so Devon is deployed in thousands of companies all over the world. We work with some of the biggest banks in the world, like Goldman and Citibank, all the way down to startups with two or three people.”