WEBVTT - Citigroup CEO Jane Fraser Talks Turnaround Plan, Future

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>I'm here with Jane Fraser, the CEO of City Group,

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<v Speaker 2>and she is joining us, of course to speak about women,

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<v Speaker 2>money and power in the future of finance. And for you, Jane,

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<v Speaker 2>what is going to be the biggest ground shift in

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<v Speaker 2>the world of finance.

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<v Speaker 1>Over the next five years.

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<v Speaker 3>I think that geopolitics is probably going to be the

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<v Speaker 3>biggest ground shift that occurs in the world of finance.

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<v Speaker 1>We've seen, and I mean world.

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<v Speaker 3>From the global perspective, We've seen so many shifts in

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<v Speaker 3>the lanes. I see technology flows changing, where they're going

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<v Speaker 3>and the nature of them, particularly with AI, data centers.

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<v Speaker 1>Energy flows to support them.

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<v Speaker 3>We've seen food, We've seen the green transition, and energy

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<v Speaker 3>flows changing. So there's an enormous amount happening anyway. Geopolitics

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<v Speaker 3>is of the unknown, but is certainly going to be

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<v Speaker 3>a big differentiator. And then you have technology and that

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<v Speaker 3>will both be exciting, but it could have some risks

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<v Speaker 3>associated to it too in an AI world.

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<v Speaker 2>To that end, what role is AI going to play

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<v Speaker 2>in the future of finance.

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<v Speaker 3>We don't know exactly what role AI will play, but

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<v Speaker 3>we know it's going to be a big and important one,

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<v Speaker 3>and we're learning at the moment. We're that phase of

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<v Speaker 3>how do we learn, how do we move fast enough

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<v Speaker 3>with it so that we're adapting, We're seeing what it

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<v Speaker 3>can do. It's impacting productivity largely at the moment, but

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<v Speaker 3>I'm sure it will be affecting competitive edge, it will

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<v Speaker 3>be affecting the configuration and the nature of some businesses.

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<v Speaker 3>You also don't want to go too fast because you

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<v Speaker 3>want to make sure that you've got the right risk

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<v Speaker 3>mitigance in place, because there are risks associated with this

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<v Speaker 3>for consumers, for investors, for ourselves. So it's a fine

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<v Speaker 3>balance and we're all learning how to do it, but

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<v Speaker 3>it is exciting.

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<v Speaker 2>You mentioned geopolitical rest being one of the biggest risks

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<v Speaker 2>in the future. You ramble the most global US bank,

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<v Speaker 2>How does that give.

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<v Speaker 1>You a different view than perhaps your rivals.

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<v Speaker 3>Oh, we operate in one hundred and sixty different countries.

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<v Speaker 3>We're on the ground as a local bank in almost

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<v Speaker 3>one hundred of them, many of them for a century.

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<v Speaker 3>So we're not talking suitcase bankers here. We're talking about

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<v Speaker 3>really seasoned individuals and a network that.

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<v Speaker 1>Has extraordinary flowers.

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<v Speaker 3>We have almost two thousand trillion dollars of flows go

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<v Speaker 3>through our pipes every year for five thousand multinationals. What

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<v Speaker 3>it means when you've got a network of that scale

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<v Speaker 3>and capability is you're helping clients with growth, You're helping

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<v Speaker 3>them navigate volatility, You're helping them be able to move

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<v Speaker 3>different parts of their operations to different places in the.

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<v Speaker 1>World as these flows occur.

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<v Speaker 3>So it really gives us a unique opportunity here to

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<v Speaker 3>differentiate ourselves.

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<v Speaker 2>Given the world is changing so quickly, where is the

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<v Speaker 2>most promise over the next five years and what regions

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<v Speaker 2>of the world do you see as lagging well.

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<v Speaker 3>I always like to about bright spots first, so I

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<v Speaker 3>think the bright spots is America.

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<v Speaker 1>If you talk about a lot.

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<v Speaker 3>Of roads leading here, fantastic entrepreneurship, I mean, this country

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<v Speaker 3>is incredible.

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<v Speaker 1>I love how Japan it's turning.

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<v Speaker 3>Up focused on returns, moving from savings to investment. Entrepreneurs

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<v Speaker 3>also on the front foot there, so that's exciting most

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<v Speaker 3>of Asium as well, really adapting and adopting a lot

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<v Speaker 3>of new technologies. The Middle East is a different Middle East.

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<v Speaker 3>As a woman, I find it really exciting to go

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<v Speaker 3>there and see how quickly it has changed, and the

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<v Speaker 3>female population is being unleashed in many of these.

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<v Speaker 1>Countries in a very positive way.

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<v Speaker 3>And I wouldn't forget Brazil and Mexico as areas where

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<v Speaker 3>we're also seeing tremendous innovation. So I think those are

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<v Speaker 3>you know, that's pretty broad group of winners there. Europe

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<v Speaker 3>has a tougher time. They've got some more structural challenges.

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<v Speaker 3>Labor market is not as flexible, they don't have the

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<v Speaker 3>scale that the States has, and they've got some challenges

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<v Speaker 3>in terms of competitiveness. So that would be a quick

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<v Speaker 3>walk round the world of the highs.

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<v Speaker 2>While the world is changing, so too is the world

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<v Speaker 2>of finance. Yes, in particular, you've seen for many years

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<v Speaker 2>now the banks seed some share to the non banks.

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<v Speaker 2>And you made a lot of news this year when

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<v Speaker 2>you struck a partnership with Apollo, twenty five billion dollar

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<v Speaker 2>partnership in order to provide more private credit.

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<v Speaker 1>To your clients. Where do you see the private markets

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<v Speaker 1>going At.

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<v Speaker 3>The end of the day, when you look at a

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<v Speaker 3>transaction and a partnershipp like the one we have with Apollo,

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<v Speaker 3>you're looking at a win win, And as we look

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<v Speaker 3>at it, we're marrying our string in origination and some

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<v Speaker 3>of their power on their balance sheet in areas that

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<v Speaker 3>we can't compete with them on and put it together

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<v Speaker 3>in one plus one equals three for our clients because

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<v Speaker 3>we're still giving our clients choice. And I think that's

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<v Speaker 3>what we see the private market as in non investment

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<v Speaker 3>grade clients in particular companies, is giving them an additional

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<v Speaker 3>market to tap into some points, the private and public market,

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<v Speaker 3>there's no arbitration between the two. Last couple of years

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<v Speaker 3>you saw the private market advantaged.

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<v Speaker 1>The goal here from.

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<v Speaker 3>Our perspective give the client as much choice as possible. Again,

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<v Speaker 3>what does it mean? I come back to America as

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<v Speaker 3>a proud immigrant. What you see here is the depth

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<v Speaker 3>and breadth of capital market. We have fifty percent of

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<v Speaker 3>the world's capital market. We keep innovating. The scale and

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<v Speaker 3>specialization it affords is really tremendous. You just don't see

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<v Speaker 3>that as much in the rest of the world. And

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<v Speaker 3>that I think it means. Why does the US keep

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<v Speaker 3>being the winner in the global financial and capital markets?

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<v Speaker 1>It is because it deserves to be.

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<v Speaker 2>At that end, to what is the biggest risk to

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<v Speaker 2>the industry over the next five years? Where do you

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<v Speaker 2>have to look around the corner.

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<v Speaker 1>The most.

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<v Speaker 3>The piece that keeps me up at night is always

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<v Speaker 3>cyber risk. And I think when we think about fraud,

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<v Speaker 3>AI and cyber and the sort of convergence of those

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<v Speaker 3>capabilities and the speed with which activity can be done

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<v Speaker 3>now and that computer is going, that definitely continues to

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<v Speaker 3>keep me awake at night the most. I think that

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<v Speaker 3>is the larger threat the end of the day, This

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<v Speaker 3>industry is about trust, and so I think all of

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<v Speaker 3>the larger institutions are putting a lot of resources to

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<v Speaker 3>make sure that we can protect our institutions and our clients.

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<v Speaker 2>Mean, where do you see City Group in five years

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<v Speaker 2>will have embarked on this massive transformation.

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<v Speaker 1>What is your greatest ambition?

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<v Speaker 3>Oh, my ambition is to be a high returning, high

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<v Speaker 3>quality earnings, modern, simpler institution that continues to play a

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<v Speaker 3>shaping role in the global financial system. We are truly

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<v Speaker 3>privileged to be as in as many locations as we are,

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<v Speaker 3>with a talent base, with such a global mindset and an.

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<v Speaker 1>Ambition about it.

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<v Speaker 3>So I think about we've got the right strategy and

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<v Speaker 3>vision we're executing with the right organization, We've got getting

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<v Speaker 3>making sure we've got the right talent and culture in

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<v Speaker 3>the firm, and that we're a simpler, well controlled, modern organization.

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<v Speaker 1>We'll have got the job done.

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<v Speaker 2>If you could give yourself a grade, yeah, and theer

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<v Speaker 2>a structuring plan, what would you give yourself?

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<v Speaker 3>Oh, we aren't done yet, so I can't give ourselves

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<v Speaker 3>a grade yet. I've always said that this is a

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<v Speaker 3>multi year journey. We're going to be very disciplined about

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<v Speaker 3>making sure that we don't take shortcuts. And the problem

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<v Speaker 3>with grading yourself along the way is it becomes too

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<v Speaker 3>tempting to do a quarter by quarter grade as opposed

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<v Speaker 3>to we're just very very focused and accountable for delivering

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<v Speaker 3>what the end product looks like.

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<v Speaker 2>Speaking of the end product, you've set out a goal

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<v Speaker 2>to bring returns on tangible common equity closer to eleven

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<v Speaker 2>to twelve percent in the medium term and beyond after

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<v Speaker 2>so Bloomberg Consensus this year has city groups return on

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<v Speaker 2>tangible common equity at six point eight percent. What do

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<v Speaker 2>you say to critics that feel like you're not getting

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<v Speaker 2>there fast enough.

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<v Speaker 3>Oh, that we have undertaken a multi year major transformation

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<v Speaker 3>of an institution. We are working with ambition, with accountability,

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<v Speaker 3>and with urgency.

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<v Speaker 1>So We've already divested.

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<v Speaker 3>All but one of our international consumer franchises and wound

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<v Speaker 3>down those.

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<v Speaker 1>That we couldn't.

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<v Speaker 3>We've undertaken a massive reorganization of a company of two

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<v Speaker 3>hundred and forty thousand employees in six months. Such a

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<v Speaker 3>fifty thousand people have a different manager than had six

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<v Speaker 3>months ago. It's been major change. We're being bold, we're ambitious.

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<v Speaker 3>We're holding ourselves very much to account, to deliver on

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<v Speaker 3>the outcomes we should do. And I say, look at

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<v Speaker 3>the proof. You know we're delivering and we're determined to

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<v Speaker 3>keep on doing so.

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<v Speaker 2>Now you've set out to cut twenty thousand jobs, it

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<v Speaker 2>was a sizeable, It was a sizeable restructuring. Can you

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<v Speaker 2>rule out the need to cut more jobs in order

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<v Speaker 2>to meet more expensive return targets.

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<v Speaker 3>Look, we're transforming the organization. So as I look at

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<v Speaker 3>the modernization agenda right now, it's really going to be

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<v Speaker 3>focused on process simplification and efficiency. And I get back

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<v Speaker 3>to AI as an example. We see AI as a

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<v Speaker 3>tool that will help augment our people. And as I

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<v Speaker 3>talk to clients across the board when they talk about

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<v Speaker 3>their technology teams, they're not looking about shrinking them. They're

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<v Speaker 3>looking about how can they do more with them and

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<v Speaker 3>help support them. So really, for me, the main transformation

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<v Speaker 3>on our people from is going to be how do

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<v Speaker 3>we make sure that we're giving them jobs that they

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<v Speaker 3>feel are rewarding, increasing their productivity and their effectiveness, and

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<v Speaker 3>trying to get rid of other areas of bureaucracy or clutter.

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<v Speaker 3>Whilst we improve the risk and controls and modernize the

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<v Speaker 3>infrastructure of the bank.

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<v Speaker 1>We'll do what we need to on that front.

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<v Speaker 2>There are some areas you've also targeted for a lot

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<v Speaker 2>of progress and as a growing part of city group

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<v Speaker 2>wealth in particular services as well. You have said to

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<v Speaker 2>us that people have been very excited lately to be

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<v Speaker 2>working for the services business, even more than even some

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<v Speaker 2>other parts. How do you see those parts of the

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<v Speaker 2>business being a larger part of the city story.

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<v Speaker 3>So when they took over CEO, is very clear to

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<v Speaker 3>me that we needed to grow our fee revenues and

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<v Speaker 3>our fee businesses. We were underweight in that and as

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<v Speaker 3>I looked at the full global businesses to fit together wealth, services,

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<v Speaker 3>banking and markets, there are a lot of synergies there,

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<v Speaker 3>but we were just underweight and underplaying what we should

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<v Speaker 3>be doing.

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<v Speaker 1>On that front.

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<v Speaker 3>So Wealth Andy has laid out super strategy.

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<v Speaker 1>It's very clear it's really delivering.

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<v Speaker 3>We're seeing it this quarter with some major proof points

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<v Speaker 3>that came through. The goal here is the investment revenues.

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<v Speaker 3>We have five trillion dollars of assets under management that

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<v Speaker 3>our clients have that they don't have with the bank.

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<v Speaker 3>We need to be capturing our fair share of that

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<v Speaker 3>by focusing on having a great investment platform and then

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<v Speaker 3>making sure that our people are going out and helping

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<v Speaker 3>our clients create wealth. I don't think of us as

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<v Speaker 3>much as our wealth franchise for retirees as a helping

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<v Speaker 3>the world's wealth creators outside the States. In doing that

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<v Speaker 3>be at our commercial bank, our wealth franchise, our banking franchise.

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<v Speaker 3>So those are the areas that we really see exciting

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<v Speaker 3>promise and that Andy and the team are really delivering on.

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<v Speaker 3>I'm pleased with them, but we've got more to go.

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<v Speaker 2>We've talked before about also a new head of investment

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<v Speaker 2>banking and ambitions to gain more share in investment banking.

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<v Speaker 2>Where do you see this going? How much further can

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<v Speaker 2>you push to gain share?

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<v Speaker 3>I think again, Viz who joined us fairly recently and

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<v Speaker 3>a gintier, and the team really married him well.

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<v Speaker 1>With our existing team.

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<v Speaker 3>We've been investing for a few years in technology, in

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<v Speaker 3>healthcare in different areas that frankly, we were underweight in

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<v Speaker 3>from our talent, and we're now really starting to see

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<v Speaker 3>the proof coming through of those investments as that team

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<v Speaker 3>more than gels but builds enduring relationships with our clients

0:12:58.960 --> 0:13:02.440
<v Speaker 3>as trusted a vice is us and you can see it.

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<v Speaker 3>We've had revenue share gains in all these different areas

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<v Speaker 3>and in banking overall. Our intention is just to keep

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<v Speaker 3>going and building that through. I don't expect wallet will

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<v Speaker 3>grow enormously over the cycle. We will certainly see it

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<v Speaker 3>in the short term, so we're not hanging our hats

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<v Speaker 3>on an enormous wallet expansion over the long term, but

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<v Speaker 3>we are going to hang the hats on the market

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<v Speaker 3>share and wallet share gains that we are and will

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<v Speaker 3>continue delivering