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<ul><li>AI's transformative influence on the global job market is a key focus with historical patterns indicating technology ultimately enhances productivity and generates new employment opportunities</li><li>Citi's economic analysis projects AI will drive substantial productivity and real GDP growth, potentially exceeding the internet revolution's impact necessitating significant capital investment</li><li>While AI may reshape skill requirements and impact entry-level positions it is poised to foster novel job creation and potentially mitigate wage and experience disparities</li></ul>

Rob Rowe, U.S. Regional Director of Research, sits down with Global Chief Economist Nathan Sheets to discuss AI and how it will impact productivity and labor markets. As they note, economic transformations driven by new technologies aren't new, but always come with profound questions about their effects on people's jobs and lives.This podcast contains thematic content and is not intended to be investment research, nor does it constitute financial, economic, legal, tax, or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information, and although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. Copyright 2026, Citigroup Global Markets, Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup, Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe is the Head of Citi Research’s Global Strategy &amp; Macro Group (GSMG) as well as Head of Research for the Americas. GSMG unites all of Citi’s Economists with Fixed Income, FX, Equity and Commodities strategists to create a common team providing research on the world’s major economies and asset classes. Rob has been with Citi for 35 years in various capacities. He originally joined Smith Barney, Harris Upham &amp; Company in 1989 working in investment banking, fixed income sales, and research. In addition to his overall responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. Rob is a graduate of Hartwick College with a BA in European History and the Theatre. He is also a graduate of the American Academy of Dramatic Arts.

Robert Rowe, U.S. Regional Director of Research, Citi

Nathan Sheets, Ph.D., is Global Chief Economist at Citi Research. In this role, Nathan leads Citi’s surveillance and forecasting of the global economy and directs the analysis of the firm’s economics team. He interacts closely with Citi’s major institutional clients and internal risk takers, and publishes research on cross-cutting themes shaping the global economy and financial markets.&nbsp; Most recently, Nathan was Chief Economist and a member of the senior investment team at PGIM Fixed Income. He also has served as Under Secretary of the U.S. Treasury for International Affairs, representing the U.S. government on international economic issues. Previously, he held positions with Citigroup, as Global Head of International Economics, and with the Federal Reserve Board, as Director of the Division of International Finance and FOMC Economist. In addition, Nathan was a senior advisor to the U.S. Executive Director of the International Monetary Fund and a visiting fellow at the Peterson Institute for International Economics. He joined Citi in October 2021.

  Nathan Sheets, Global Chief Economist, Citi Research

Rob Rowe, U.S. Regional Director of Research, sits down with Global Chief Economist Nathan Sheets to discuss AI and how it will impact productivity and labor markets. As they note, economic transformations driven by new technologies aren't new, but always come with profound questions about their effects on people's jobs and lives.

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E75: The Ripple Effect of AI on the Global Job Market

<ul><li>The private credit market is navigating rising default rates and significant disruption from AI's rapid infiltration across various sectors impacting company performance and liquidity</li><li>Citi's Stress Indicator offers crucial insights into potential defaults and liquidity conditions enabling better navigation of market opaqueness and evolving financial landscapes</li><li>Companies must strategically adapt to AI's long-term impact on business models and capital raising as its influence will continue to unfold over several quarters</li></ul>

Rob Rowe, Citi's Global Head of Research, sits down with Michael Anderson, Head of Global Credit Strategy, to discuss the state of private credit, which is beset by concerns ranging from potential defaults and geopolitical uncertainties to the impact of AI and the prospects of higher rates.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2026 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe is the Head of Citi Research’s Global Strategy &amp; Macro Group (GSMG) as well as the Global Head of Citi Research. GSMG unites all of Citi’s Economists with Fixed Income, FX, Equity and Commodities strategists to create a common team providing research on the world’s major economies and asset classes. Rob has been with Citi for 35 years in various capacities. He originally joined Smith Barney, Harris Upham &amp; Company in 1989 working in investment banking, fixed income sales, and research. In addition to his overall responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. Rob is a graduate of Hartwick College with a BA in European History and the Theatre. He is also a graduate of the American Academy of Dramatic Arts. &nbsp;

Rob Rowe, Global Head of Research, Citi

Michael Anderson heads the Global Credit Strategy team at Citi Research and is based in New York. In addition to managing the team, he is the firm’s High Yield and Leveraged Loan Strategist. Michael rejoined Citigroup in 2017, having previously served as Citi’s High Yield and Leveraged Loan Strategist from 2010 to 2015. From 2015 to 2017, he was employed at Blackstone’s GSO Capital Partners and led the firm’s Relations and Market Strategy (IRMS) team. He served as the firm's strategist, helping in asset allocation as well as portfolio construction. Further he marketed the firm's institutional and retail products. Prior to 2010, Michael was a senior strategist at Lehman Brothers and at Barclays, following Lehman's bankruptcy. Prior to being a strategist, he worked in the Index Products team at Lehman Brothers. He began his career at BlackRock Inc in 1994. As a sell side analyst, Michael has been consistently ranked on the Institutional Investor All America Fixed-Income Research Team. Michael received a Bachelor of Science in Systems Engineering and a Bachelor of Science in Economics from the University of Pennsylvania and an MBA from the University of Texas at Austin.

 Michael Anderson, Global Credit Strategy Head, Citi

Rob Rowe, Citi's Global Head of Research, sits down with Michael Anderson, Head of Global Credit Strategy, to discuss the state of private credit, which is beset by concerns ranging from potential defaults and geopolitical uncertainties to the impact of AI and the prospects of higher rates.

/rcs/citigpa/storage/public/Episode-76-TRANSCRIPT-4-24-26.pdf

E76: Private Credit: What Goes Up, Must Come Down

Rob Rowe, Global Head of Research, explores FinTech frontiers with Peter Christiansen, Citi's U.S. FinTech and Digital Assets analyst, and Alex Saunders, Citi’s' Decentralized Finance analyst and Global Macro Quant head. Their discussion ranges from evolving use cases in digital financial technology to agentic commerce and how these developments could affect the dominance of the U.S. dollar.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2026 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Rob Rowe is the Head of Citi Research’s Global Strategy &amp; Macro Group (GSMG) as well as the Global Head of Citi Research. GSMG unites all of Citi’s Economists with Fixed Income, FX, Equity and Commodities strategists to create a common team providing research on the world’s major economies and asset classes. Rob has been with Citi for 35 years in various capacities. He originally joined Smith Barney, Harris Upham &amp; Company in 1989 working in investment banking, fixed income sales, and research. In addition to his overall responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. Rob is a graduate of Hartwick College with a BA in European History and the Theatre. He is also a graduate of the American Academy of Dramatic Arts.

Robert Rowe, Global Head of Research, Citi

Alex Saunders is a Director with Citi Research and heads the Quantitative Global Macro and Asset Allocation team. Prior to joining Citi in 2021 he spent more than 15 years on the buy side as a researcher and portfolio manager for quantitative investment strategies. His most recent position covered asset allocation and US credit for Itau Asset Management. Before that, he worked for QS Investors and Deutsche Asset Management across a variety of asset classes. Alex holds an MA degree in Economics from London Metropolitan University and a BSc from the University of Liverpool.

Alex Saunders Decentralized Finance & Global Quant Macro Strategy, Citi

Peter Christiansen is an Analyst at Citi Research, covering FinTech Services with a focus on FinTech Info Services, LendTech, and Digital Assets. Prior to joining Citi in 2016, Peter worked at UBS for four years covering IT Hardware and Services. Previously, Peter had been with BofA Merrill Lynch for 12 years working in several roles including Equity Derivatives Research and covering the Alternative Energy space. Peter earned a Bachelor’s in Business Administration from Villanova University in 1999 and has achieved the Chartered Market Technicians (CMT) and Chartered Financial Analyst (CFA) designations.

Peter Christiansen U.S. FinTech and Digital Assets Analyst, Citi

Rob Rowe, Global Head of Research, explores FinTech frontiers with Peter Christiansen, Citi's U.S. FinTech and Digital Assets analyst, and Alex Saunders, Citi’s' Decentralized Finance analyst and Global Macro Quant head. Their discussion ranges from evolving use cases in digital financial technology to agentic commerce and how these developments could affect the dominance of the U.S. dollar.

/rcs/citigpa/storage/public/fintech-frontiers-research-citi-podcast-episode-77-transcript.pdf

E77: FinTech Frontiers, Digital Dollars & Disruption

Transcript 

<ul><li data-list-item-id="ebdf45a22afba1458033f5fe2a710a006">Global supply chains have shown remarkable resilience and adaptability successfully navigating significant disruptions from the pandemic evolving trade dynamics and geopolitical shifts emerging from a three-year freight recession</li><li data-list-item-id="e9318bade015bb27b4716b8d345b8b265">Companies are strategically leveraging digital transformation including technology and data analytics to evolve supply chains from cost centers into sources of competitive advantage ensuring operational flexibility and efficiency</li><li data-list-item-id="e3f3301223e590092d7fd377f889682ff">The future of global supply chains will be driven by continuous innovation focusing on data-driven insights automation and localized trading to enhance resilience and foster sustainable growth in a dynamic environment</li></ul>

Elise Badoy, Citi’s Head of UK, Europe, Middle East and Africa Research, joins Transportation analysts Kaseedit Choonnawat and Ariel Rosa to discuss how the world’s supply chains are evolving in response to geopolitics, tariffs, fuel costs and technological change.This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2026 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Elise Badoy is a Managing Director and Head of Equity Research in EMEA. Elise joined Citi in February 2010 and is a member of the Global Research Executive Committee. Prior to Citi, Elise worked at Goldman Sachs from 1999 to 2009, initially on the buy-side at GSAM and from 2001 in GS's Global Investment Research division covering the Consumer Staples sector. Prior to joining Goldman Sachs, she worked at Daiwa Securities in Equity Capital Markets and at ING Barings in Investment Banking.

Elise Badoy, Head of UK, Europe, Middle East & Africa Equity Research

Kaseedit Choonnawat is Director on Citi’s APAC Transportation team. Prior to joining Citi Research in 2017, Kaseedit was an Equity Analyst at Phatra Securities covering Thai Transportation. Kaseedit has held a variety of roles in the transportation industry with Qatar Airways, Lufthansa Consulting and Macquarie Securities.

Kaseedit Choonnawat, APAC Transportation Research

Ariel (Ari) Rosa is a Director covering the Transportation and Logistics sector at Citi Research. He joined Citi in August 2024 after three years at Credit Suisse/UBS covering transportation and diversified multi-industrials. He has also worked at Bank of America Merrill Lynch, where his team was consistently ranked among the top analysts on Wall Street in the Institutional Investor survey in the category of Airfreight &amp; Surface Transportation.&nbsp;

Ariel Rosa, Transportation and Logistics Research

Elise Badoy, Citi’s Head of UK, Europe, Middle East and Africa Research, joins Transportation analysts Kaseedit Choonnawat and Ariel Rosa to discuss how the world’s supply chains are evolving in response to geopolitics, tariffs, fuel costs and technological change.

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