Podcast Summary: Citigroup and Barclays CEOs Talk AI and Financial Services

Podcast: Bloomberg Talks
Host: Bloomberg
Episode Date: October 28, 2025

Episode Overview

This episode features candid insights from Jane Fraser (CEO, Citigroup) and Venkat (CS Venkatakrishnan, CEO, Barclays) on the transformational impact of artificial intelligence (AI) and the evolution of private credit in the world of financial services. The conversation focuses on how banks and financial institutions are adopting AI, the opportunities and risks that come with it, and the emerging dynamics between traditional banks and new players in private markets.

Key Discussion Points & Insights

1. The Transformational Role of AI in Finance

Jane Fraser's Perspective [00:40]

• AI’s Three Main Impacts:
  • Operational Efficiency: AI is already delivering "bottom line benefits" by accelerating data movement, reducing manual tasks, and improving anomaly detection.
  • Revenue Model Shift: AI enables personalization, which brings new revenue opportunities and challenges the traditional notion that finance lacks empathy.
  • Risk Management: AI helps in better managing risks, but also introduces new ones.
• Execution is Critical:
  • Quote: "The bottom line for us all on AI is whether it's going to happen. It's how thoughtfully and well do we execute it in our businesses." [02:21]
• Rewiring the Economy: "We're just beginning to unleash the potential in AI at the moment, but it will be the rewiring of a lot of the global economy. It will be of financial services." [00:54]

2. The Evolving Landscape of Private Credit

Jane Fraser [01:38]

• Describes private credit as at an inflection point, where its intersection with AI will be particularly disruptive.
• Banks can choose whether private credit is "a tug of war or a team sport," and she favors collaboration over zero-sum competition.
• Quote: "Private credit, that one is happening pretty quickly. Right now we've got to decide, is this a tug of war or a team sport?" [01:54]
• Predicts significant change as banks structure new deals in private markets.

Venkat’s Perspective [03:21]

• Clarifying Private Credit: Defines private credit as lending that doesn't go through banks or public markets, but instead passes through non-bank entities like insurance companies and private credit funds.
• Team Sport Mentality: Advocates cooperation between banks and alternative lenders to expand credit availability.
• Regulatory Considerations: Notes that some credit activities may not be suitable for banks under current rules, emphasizing the role of partnerships.
• Quote: "I think it should be a team sport... The best way to get credit into the economy." [04:06]

3. AI and Workforce Transformation

Venkat [03:21]

• Opportunity and Risk in AI for Employees:
  • Opportunity: AI can create a "dynamic, enabled, empowered workforce" and help smooth transitions as job roles shift.
  • Risk: Failing to manage the transition could result in workforce divisions and greater disruption.
• Quote: “It’s an opportunity to create a much more dynamic, enabled, empowered workforce and help it manage the transition because some jobs will transition. It’s a risk because if you don’t pay attention to it, then you can end up with divisions in the workforce and more disruption than you’d like.” [03:35]

Notable Quotes & Memorable Moments

• Jane Fraser:

  • "The bottom line for us all on AI is whether it's going to happen. It's how thoughtfully and well do we execute it in our businesses." [02:21]
  • "Private credit, that one is happening pretty quickly. Right now we've got to decide, is this a tug of war or a team sport?" [01:54]
  • "Let's try and make this more of a team sport and as big a pie as possible. Let's not be complacent. There’s going to be winners and losers." [02:48]

• Venkat:

  • "AI represents obviously a great general purpose technology which can have a transformative effect not only in how we run ourselves, but how we present ourselves to our customers with empathy, hopefully equally, when we think about our workforce and our colleagues…" [03:22]
  • "The best way to get credit into the economy" is through collaboration between banks and private credit providers. [04:06]

Timestamps for Key Segments

• 00:29 - Interview starts: The dual transformation of financial services via AI and private credit.
• 00:40 – 03:13 - Jane Fraser discusses AI's three pillars, private credit, and the synergy between the two.
• 03:13 – 04:49 - Venkat on AI as an opportunity and risk, workforce transformation, and private credit as a "team sport."
• End Ad Breaks - Content concludes before [04:49].

Summary & Takeaways

• AI is increasingly central to both the operational and strategic future of banking, with major implications for efficiency, personalization, risk, and workforce dynamics.
• Private credit markets are rapidly expanding and their intersection with AI presents both new challenges and opportunities.
• Both CEOs embrace the idea of collaboration—between banks and alternative lenders, and between technology and human capital—to make financial ecosystems more resilient and adaptable.
• The tone is pragmatic, visionary, and emphasizes inclusive innovation: a "team sport" mentality over zero-sum competition.

This summary captures the central ideas, leadership perspectives, and vision outlined by the Citigroup and Barclays CEOs on how AI and private credit are poised to shape the next era of global financial services.