“All I would say to the competition is watch out, because we have this unique offering already from that global network, the history we’ve got, and now with this,” Fraser said to Bloomberg Television in Shanghai. 

After a five-year wait, the lender last month received a approval for the licence to run a securities business in mainland China, far later than many of its competitors. 

The firm’s path has been fraught with delays. Since applying in late 2021, the bank has had to navigate shifting Chinese data-security rules and scrutiny from US regulators. 

The license lets the bank raise capital, trade and get better access to investors, Fraser said. It also lets Citigroup connect investors between the world and China, she said.

Kaleem Rizvi, global co-head of corporate banking, said in an interview from Shanghai that the firm envisions hiring about 100 bankers over the next several years after it won approval for the licence. 

As for the AI market, Fraser said that last week’s selloff was a tad overdone, with hedge funds taking money off the table. She said the need for compute is not going away and called the AI buildout a multiyear effort, though not everyone will be a winner.

“When you have innovation at that speed, you need to have risk management at that speed,” Fraser said. 

Citigroup reported a record third quarter, Fraser said, with growth across its business lines. 

For 2027, she said the aim is to diversify the businesses for all seasons so the bank can support clients as they transform and grow. She said she would love a year a little more boring than 2026.

Uploaded by Liza Shireen Koshy