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The Citi Institute Podcast - Season 1

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Citi GPS Report

In this episode of The Citi Institute podcast, host Alex Miller is joined by Greg Ulrich, Chief AI and Data Officer, &nbsp;Mastercard and Sophia Bantanidis, Analyst, Future of Finance, Citi Institute to discuss the possibilities and challenges that come with creating AI systems, and to share their insights on Agentic AI technologies and innovations and what it might mean for industries, creativity, and society as a whole.Greg Ulrich, Chief AI and Data Officer, Mastercard provides an optimistic outlook on the sustainable and transformative impact of AI on commerce and society at large, the key drivers of growth, and the role of emerging technologies.Sophia Bantanidis highlights the different types of Artificial Intelligence, the need for investment &nbsp;in cyber technology, and how banks are responding to Agentic AI.Our guests reflect on the cost profile, the opportunities for commerce, and the need for ethical and responsible AI development.Citigroup (“Citi”), and Mastercard are not affiliated and are independent from each other. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

<ul><li>Agentic AI represents the next frontier in intelligence, unlocking innovation across industries, creativity, and society.</li><li>Its transformative power is redefining commerce, technology, and sustainable growth.</li><li>Ethical and responsible AI development is vital to ensure long-term societal benefit.</li></ul>

Greg Ulrich is the chief AI and data officer at Mastercard and a member of the company’s Management Committee. He leads Mastercard’s approach for leveraging and integrating AI and data across the business, commercializing both internal and external applications and overseeing enterprise-wide governance of these functions.Greg has been a key advisor to Mastercard’s executive team, helping shape the future trajectory of the company. Prior to assuming his new role in 2024, Greg served as an executive vice president of Corporate Strategy and M&amp;A, in which he led a global team tasked with developing the company's strategy, driving key growth initiatives, and executing on inorganic investments and acquisitions. In previous roles, Greg has been responsible for guiding Mastercard's Data &amp; Services strategy and innovation team, and he also served as the Data &amp; Services lead in North America.&nbsp;Greg has more than 25 years of experience helping organizations use data and insights to develop innovative and practical solutions to challenging problems, maximizing shareholder value.He originally joined Mastercard in 2015 when it acquired Applied Predictive Technologies (APT), a leading cloud-based analytics company. Greg guided the firm's Consumer Packaged Goods and Manufacturing vertical, and also served as the primary lead for its work in San Francisco, Australia and New Zealand.&nbsp;Prior to joining APT, Greg was a management consultant, initially with Marakon Associates before working with myriad organizations in the social and nonprofit sector.&nbsp;He holds a Master of Business Administration from the University of Pennsylvania's Wharton School, and a Bachelor of Science in Economics from Duke University.

Greg Ulrich, Chief AI and Data Officer, Mastercar

Sophia Bantanidis is an Analyst in the Future of Finance team within Citi Global Insights. She joined Citi’s Transaction Banking Business (TTS) as the EMEA Head of Regulatory and Market Strategy from Northern Trust where she managed a team as the EMEA Head of Regulatory Developments enabling the bank to commercialise regulatory change for clients as well as to comply with rules and regulations.&nbsp;She is on the Innovate Finance Women in FinTech Powerlist for 5 consecutive years 2021-2017, she is the Greek International Woman of the Year for Finance (awarded 2021) and was shortlisted as a finalist for the Women in Finance FinTech Champion of the Year (2018 and 2019) and Disruptor of the Year (2019) categories.&nbsp;Since joining Citi Sophia has been actively involved in the broader global FinTech ecosystem, influencing regulators as they formalise their innovation policy programmes, has been mentoring FinTech and RegTech firms, actively represents Citi externally at key conferences / industry events and regularly briefs clients on the intersection of innovation, regulation and technology.&nbsp;Sophia speaks 5 languages; she has worked at two financial services regulators (in France and in the UK), banks and asset managers in various business areas including derivative products strategic communications and risk. She has made a huge impact to financial services regulation and wrote the world’s first binding rules on bankers pay and bonuses which were issued by the UK Financial Services Authority- since renamed to Financial Conduct Authority (FSA Consultation Paper 09/10 and Policy Statement with final rules 09/15 http://187.191.71.192/expediente/8227/mir/19677/anexo/677525 - see page 4) which paved the way for rules at the EU level under the Capital Requirements Directive and standards at the Financial Stability Board (i.e. global level).&nbsp;In her early career she interned with Dow Chemical and Freshfields Bruckhaus Derringer in Germany. Sophia completed her European Baccalaureate in Karlsruhe (Germany) She holds an LLB in UK Law and German Law from University College London and from the University of Cologne as well as a Master’s Degree in European Business from ESCP Europe in Oxford and Paris.&nbsp;In her spare time and in addition to her role at Citi Sophia sits on the Advisory Board of a female-led fashion technology business P.S. Online Styling.

Sophia Bantanidis, Analyst, Future of Finance, Citi Institute

Check out the Citi GPS report on Agentic AI

Our guests reflect on the cost profile, the opportunities for commerce, and the need for ethical and responsible AI development.&nbsp;

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Agentic AI – The Autonomous Edge

In this episode of The Citi Institute podcast, host Alex Miller is joined by Shenwei Zhu, Managing Director, Investment Banking Division, Citi and Felix Zhang, CEO and Founder, Pudu Robotics to discuss the possibilities and challenges that come with the rapid advancements in the field of robotics, the rise of AI-powered robots that can see, learn, move, talk, and take actions, and what that means for the future.Shenwei Zhu, Managing Director, Investment Banking Division, Citi highlights the importance of data availability and techniques like virtual simulation to train physical AI models and the potential impact of robotics on the labour force.Felix Zhang, CEO and Founder, Pudu Robotics offers advice for aspiring robotics entrepreneurs, emphasising the importance of technology, long-term vision, customer collaboration, and global expansion.Our guests share insights on the growth of the robotics industry, emerging policy and regulatory considerations, including implications for the labour force.Citigroup (“Citi”), and Pudu Robotics are not affiliated and are independent from each other, Although Pudu Robotics is a client of the Banking sector. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

<ul><li>AI-driven robotics are revolutionizing how machines learn, act, and integrate into industry and daily life.</li><li>Virtual simulation and data-driven training are accelerating robotics innovation.</li><li>The discussion examines workforce impacts, policy shifts, and what drives success in global robotics ventures.</li></ul>

Felix Zhang is the founder and CEO of Pudu Robotics, the world's leading service robotics company. Felix studied mechanical engineering as an undergrad and attended Hong Kong University of Science and Technology's master's program for computer science. At the early age of 20, Felix placed first in a prestigious Asian-Oceanian college robot competition, and second overall in the APAC region. This was the catalyst for Felix to launch a series of startups including the leading tech news outlet in China (leiphone.com) and a home robotics company, as well as his current company, Pudu Robotics, in 2016. Under Felix's stewardship, Pudu grew into a global leader in the service robotics sector, with over 90,000 units deployed globally in 60+ countries and regions, over 800 employees, and over one billion yuan in funding from Tencent, Sequoia Capital China, and other top investors.

Felix Zhang, Founder and CEO of Pudu Robotics

Shenwei Zhu is a Managing Director in Citigroup's Investment Banking Division. Shenwei currently is based in New York covering Industrial Technology (with a focus on automation, robotics, machine vision, Industrial IoT, industrial safety, advanced mobility and hydrogen fuel cell) companies globally. Previously he was based in London, focusing on industrial M&amp;A across the EMEA region. Prior to that, Shenwei was part of Citi’s Global Industrials Investment Banking group in New York. &nbsp;Shenwei earned an MBA with honors from Cornell University, a Master of Mechanical and Aerospace Engineering with honors from Illinois Institute of Technology and graduated cum laude from the University of Notre Dame with a B.S. in Mechanical Engineering.Shenwei is a native Mandarin speaker.Shenwei has advised on over $50bn of M&amp;A, IPO and financing transactions, his transaction experiences include:<ul style="list-style-type:disc;"><li>Advisor to Symbotic on its $550mm acquisition of Walmart Advanced Systems and Robotics</li><li>Advisor to Nordic Capital on its ~$1bn sale of Consilium Safety Group to Antin Infrastructure Partners</li><li>Capital Markets Advisor to Nikola’s $900mm equity capital raise ($200mm private convertible + $600mm At-the-Market (ATM) equity offering +$100mm Follow-on)</li><li>Advisor to Softbank on its $5.5bn De-SPAC merger with Symbotic </li><li>Advisor to Nikola’s acquisition of Romeo Power</li><li>Capital Markets Advisor to FuelCell Energy’s At-the-Market (ATM) equity capital raise</li><li>Joint Bookrunner to AutoStore’s $2.45bn IPO on Oslo Stock Exchange</li><li>Advisor to SK Holdings on its $1.6bn Investment in Plug Power </li><li>Advisor to John Deere on its $250mm acquisition of Bear Flag Robotics</li><li>Lead Left underwriter to Mason Industrial Technology’s $500mm IPO on NYSE</li><li>Lead Left underwriter to Hennessy Capital Investment Crop V’s $345mm IPO on NASDAQ</li><li>Lead Left underwriter to Pivotal Investment Corp III’s $275mm IPO on NYSE</li><li>Advisor to Xerox on its $35bn public hostile takeover of HP (transaction terminated) </li><li>Advisor to Fortna on its $290mm sale to Thomas H. Lee Partners</li><li>Advisor to Xerox on its $7.7bn merger with Fujifilm and defense against shareholder activist Carl Icahn (transaction terminated) </li><li>Advisor to Korber on its acquisition of HighJump Software for an undisclosed amount</li><li>Advisor to Sibanye-Stillwater on its sale of gold and palladium streaming rights to Wheaton Precious Metals for $500mm</li><li>Advisor to Louis Dreyfus Company on its sale of Global Metals business to a consortium led by China Molybdenum for $450mm</li><li>Advisor to Sibanye Gold Limited on its acquisition of Stillwater Mining Company for $2.2bn</li><li>Lead Left underwriter to AquaVenture Holding’s $135mm IPO on NYSE</li><li>Joint lead bookrunner for the $3bn recapitalization of R.R. Donnelley’s spinoff of LSC Communications and DFS</li><li>Advisor to TE Connectivity on its sale of Circuit Protection Devices business to Littelfuse for $350mm </li><li>Advisor to TE Connectivity on its acquisition of Measurement Specialties for $1.7bn</li><li>Advisor to Eaton Plc on its sale of Aerospace Power Distribution and Cockpit Solutions business to Safran for $270mm</li><li>Advisor to R.R. Donnelley on its acquisition of Consolidated Graphics for $700mm</li></ul>

Shenwei Zhu, Managing Director, Investment Banking, Citi 

Our guests share insights on the growth of the robotics industry, emerging policy and regulatory considerations, including implications for the labor force.&nbsp;

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The Rise of AI Robots

In this special episode of the Citi Institute podcast, host Ronit Ghose is joined by Ryan Rugg, Head of Digital Assets for Treasury and Trade Solutions, Citi to discuss the possibilities and challenges that come with Tokenization, and to share their insights on 24/7 Finance and what it might mean for industries and society as a whole.Ryan Rugg, Head of Digital Assets for Treasury and Trade Solutions, Citi is optimistic that 2025 will mark broader institutional adoption of digital assets as global and U.S. clarity increases. Our guest reflects on tokenization, programmable finance, and global 24/7 infrastructure as transformative for the financial system — if built within a compliant, scalable framework. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results. &nbsp;

<ul><li>Tokenization and 24/7 finance are reshaping how value moves across markets, opening new possibilities for global commerce and industry.</li><li>Institutional adoption of digital assets is expected to accelerate in 2025 as regulatory clarity improves in the U.S. and globally.</li><li>Programmable finance and always-on infrastructure could transform financial systems — provided they are developed within secure, compliant, and scalable frameworks.</li></ul>

Ronit is the Head of Future of Finance for the Citi Institute team. Prior to this Ronit was Global Sector Head for Banks in Citi Research. He has been Head of the European Banks team since 2009. He is the lead analyst on HSBC, Standard Chartered, the GCC and Nordic Banks. Since joining Citi in 1997, Ronit has covered banks in the Benelux, Canada, Cyprus, France, Greece, Saudi Arabia, Scandinavia, Spain, UAE and the U.K. Ronit previously worked at the British Bankers’ Association and as a research assistant in Parliament for the former U.K. Prime Minister Sir Edward Heath. Ronit has an undergraduate degree in Modern History (University of Oxford), a postgraduate diploma in Economics (University of London), and is a CFA charterholder. &nbsp;

Ronit Ghose, Head of Future of Finance, Citi Institute

Ryan is currently the Head of Digital Assets for Citibank's TTS business. The TTS team helps enable their global clients by simplifying the management of treasuries, payments and commerce on a day-to-day basis.Recently, Ryan and the team announced Citi Token Services, which is a solution that enables clients to transfer liquidity between Citi branches on a 24/7 basis. The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities.In Ryan's last role she was responsible for IBM’s America's blockchain team, helping to enhance client’s solutions and capabilities for building Digital Ecosystems. She provided strategic guidance for; operational and governance considerations, technology roadmaps, and services infrastructure to help clients focused on TIPS (Tokenization, Identity, Provenance &amp; Sustainability).In addition, her team helped build New York’s Excelsior Pass (Digital Wallet for Vaccinations &amp; PCR tests), which was groundbreaking with millions of users and will help serve as a framework to aid in the development and implementation of digital health credentials and beyond. The blueprint will help as a guide to assist other states, territories, and entities in the expansion of credential systems to advance economic development efforts nationwide.Prior to that Ryan was the Global Head of Industry at R3 (Fintech Startup), where she sat at the forefront of blockchain innovation across multiple industries. She was responsible for the strategic direction of R3’s key verticals, helping industry leaders capture the full benefits of blockchain for their businesses. &nbsp;Ryan also launched the Centre of Excellence for distributed ledger technology (DLT) in cooperation with ACORD (Association for Cooperative Operations Research and Development).Ryan believes in Delivering Through Diversity; diversity in management positions increases profitability. &nbsp; Over the course of her career, Ryan has spearheaded several efforts to further diversity and retention across financial services. In her previous role at Morgan Stanley, Ryan co-led a diversity initiative to increase female analyst representation. Ryan continues her mission towards greater diversity in senior management, investing her time in mentoring to improve leadership skills and build proactive career development plans to empower them to executive level.

Ryan Rugg, Head of Digital Assets Citi’s Treasury and Trade Solutions

In this special episode of the Citi Institute podcast, host Ronit Ghose is joined by Ryan Rugg, Head of Digital Assets for Treasury and Trade Solutions, Citi to discuss the possibilities and challenges that come with Tokenization, and to share their insights on 24/7 Finance and what it might mean for industries and society as a whole. &nbsp;

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Tokenization and the Shift to 24/7 Finance

Transcript 

In this episode of the Citi Institute podcast, host Alex Miller is joined by Candi Wolff, Citi’s Head of Global Government Affairs, and Nathan Sheets, Global Chief Economist at Citi. They discuss the rationale for the current U.S. tariff regime and share their insights on the administration's ongoing trade negotiations and the global impact.Candi Wolff, highlights the importance of understanding the political processes and key decision-makers (such as the president) in shaping US trade policy.Nathan Sheets, Global Chief Economist at Citi provides an overview of the different trade corridors (China, USMCA, and the rest of the world) and the varying degrees of difficulty in negotiating tariff deals within each.Our guests reflect on the broader geopolitical and technological disruption, with AI and digital transformation accelerating amid the trade tensions.This podcast was recorded on 28 April 2025.&nbsp;The speaker's views are their own may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

<ul><li>The episode explores U.S. tariff strategies and their global economic implications.</li><li>Political drivers and decision-makers are key to understanding trade policy shifts.</li><li>Global trade dynamics, from China to USMCA, reflect growing geopolitical and technological complexity.</li></ul>

Candida “Candi” P. Wolff is Citigroup’s Executive Vice President and Head of Global Government Affairs. She is responsible for the company’s government affairs globally, including U.S. Federal and State government relations and international government relations. Ms. Wolff has over 20 years of government relations experience. In addition to Citi, she served six years in the White House, including three years as the Assistant to President George W. Bush for Legislative Affairs. As the principal liaison to Congress, Ms. Wolff was responsible for formulating and advocating the president’s legislative agenda, as well as advising the president and his cabinet on legislative strategy regarding economic, domestic, and national security issues.&nbsp;Ms. Wolff also worked for Vice President Cheney as his head of legislative affairs, and spent eight years working in the U.S. Senate in senior leadership roles including Deputy Staff Director for the Senate Republican Policy Committee and as tax counsel to former Senator Malcolm Wallop (R, WY). Prior to Citi, Ms. Wolff was a partner at the law firm of Hogan Lovells where she represented clients in legislative matters before the Congress and the Administration. Wolff was also a Partner at Washington Council Ernst &amp; Young and an Associate at Akin, Gump, Strauss, Hauer &amp; Feld.&nbsp;Ms. Wolff was named by National Journal as one of the Top 25 Most Influential Women in Washington in 2012. She was also named a “Woman to Watch” by the American Banker Magazine in 2012 and 2013. Ms. Wolff serves on the Boards of the Bipartisan Policy Center Advocacy Network, Easter Seals of the Washington, Maryland and Virginia Region, and the Washington Tennis and Education Foundation. Ms. Wolff earned her B.A in mathematics and political science from Mount Holyoke College and her J.D. from the George Washington University School of Law.

Candi Wolff, Head of Global Government Affairs, Citi 

Nathan Sheets, Ph.D., is Chief Economist at Citi. 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.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 has a bachelor’s degree in Economics from Brigham Young University and a Ph.D. from the Massachusetts Institute of Technology.

Nathan Sheets, Chief Economist, Citi

Read the related Citi GPS report Invest USA

Our guests reflect on the broader geopolitical and technological disruption, with AI and digital transformation accelerating amid the trade tensions. &nbsp;

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Invest USA – Global Trade in Focus

In this episode of the Citi Institute podcast, host Alex Miller is joined by Chayce Horton, Wealth Management Team at Cerulli and Chuck Cavanaugh, Citi U.S. Consumer Wealth Management to discuss The Great Wealth Transfer - the $124 trillion expected to be transferred from baby boomers and older generations to younger generations such as Gen X and millennials by 2048, and to share their insights on proactive financial planning, education, and relationship-building between advisors and the inheriting generations to help ensure a smooth and prudent transfer.Chayce Horton, Wealth Management Team at Cerulli highlights some common misconceptions about the wealth transfer, such as the assumption that all millennials will benefit equally.Chuck Cavanaugh, Citi U.S. Consumer Wealth Management emphasizes the importance of comprehensive estate planning, tax-efficient wealth transfer strategies, and proper beneficiary designations for the older generation.Our guests reflect on the some of the challenges and misconceptions and highlight the importance of open communication and transparency within families. &nbsp;Citigroup (“Citi”), and Cerulli are not affiliated and are independent from each other. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results. Citigroup Inc. and its affiliates do not provide tax or legal advice.

<ul><li>The $124 trillion wealth shift from boomers to younger generations is reshaping financial planning.</li><li>Generational wealth gaps highlight the need for realistic planning and open communication.</li><li>Estate planning and tax efficiency are essential for a smooth and responsible transfer.</li></ul>

Chayce is a member of the Wealth Management team at Cerulli and contributes primarily to the U.S. Private Banks and Trust Companies and U.S. High-Net-Worth and Ultra-High-Net-Worth Markets annual reports. His analysis covers the wealth and asset management industries that serve high-net-worth (HNW) investors and families. Chayce also provides analyst support to strategic consulting projects in the wealth management space and contributes to The Cerulli Edge series.Previously, Chayce has experience working in enterprise data governance, government affairs, and business banking at multiple global financial institutions.Education: Bentley University, Economics and Finance major, Political Science minor

Chayce Horton, Wealth Management Team, Cerulli 

In his current role, Chuck Cavanaugh oversees the financial planning and annuity distribution teams.With over 30 years of experience in the financial services industry, Chuck is a seasoned wealth management strategist who has spent most of his career supporting Wealth Advisors in helping clients achieve their financial goals. He has also been a guest speaker throughout the United States on retirement income strategies, financial planning and estate planning.Most recently, Chuck helped develop the strategy and lead the expansion of Citi Wealth’s U.S. financial planning, insurance and annuity specialist teams. These teams support our Wealth Advisors and Wealth Relationship Manager in providing clients with the best possible financial planning experience.Prior to joining Citi, Chuck served in key executive roles, such as National Sales Manager, Chief Operating Officer, Chief Marketing Officer and Head of Product Development at major financial services firms, including Morgan Stanley, Lincoln Financial and Merrill Lynch, over the course of 20+ years.Chuck has a Juris Doctorate (JD) degree from Western New England University School of Law, with a concentration in tax law, and a Bachelor of Science degree in Biological Sciences from the University of Maryland, where he graduated Phi Beta Kappa. In addition, Chuck holds Series 7, 66 and 24 licenses through the Financial Industry Regulatory Authority (FINRA).

Chuck Cavanaugh, Head of Financial Planning, Citi Wealth Management 

In this episode we discuss The Great Wealth Transfer - the $124 trillion expected to be transferred from baby boomers and older generations to younger generations such as Gen X and millennials by 2048, and to share their insights on proactive financial planning, education, and relationship-building between advisors and the inheriting generations to help ensure a smooth and prudent transfer.

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The Great Wealth Transfer

In this special episode of The Citi Institute Podcast, host Ronit Ghose is joined by Prag Sharma, Global Head, Artificial Intelligence Centre of Excellence (AI CoE) to discuss the potential use cases for Agentic AI in finance and business, addressing the impact on the workforce and what it might mean for Leaders.Prag highlights important considerations for organizations looking to implement Agentic AI, such as defining use cases, governance and risk management, and integrating it with existing tools and infrastructure.Our guest reflects on potential benefits for clients, and provides insights on the rapid pace of AI development and the need for the right governance, risk controls, and up-skilling of employees to work effectively with the technology.&nbsp;The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

<ul><li>Agentic AI is transforming finance, leadership, and the future workforce.</li><li>Successful adoption requires clear use cases, governance, and strong risk management.</li><li>Leaders must balance innovation with responsibility to maximize organizational value.</li></ul>

Prag leads Citi’s Global Artificial Intelligence Centre of Excellence (“AI CoE”). The AI CoE enables Citi to use Artificial Intelligence in a way that supports Citi to innovate responsibly by ensuring appropriate levels of governance and risk management across the entire organization. The purpose of the AI CoE is to set standards and policies for AI and develop best practices, support infrastructure and tooling and enable state-of-the-art AI design, development and use at Citi across all its businesses.Prior to this role, Prag led Citi’s Innovation Lab's Emerging Technologies Group. The focus of the group was on developing Artificial Intelligence (AI) and Blockchain-related thought-leadership and strategy, internal and client-facing partnerships, business development &amp; lead-generation, information dissemination, R&amp;D and engineering activities.Prag has enjoyed a 15-year career which includes hands-on management experience in R&amp;D and experimental design &amp; development with emerging technologies in both business and academic environments with start-ups and multinationals.&nbsp;

Prag Sharma, Global Head, Artificial Intelligence Centre of Excellence (AI CoE)

Ronit is the Head of Future of Finance for the Citi Global Insights team. Prior to this Ronit was Global Sector Head for Banks in Citi Research.&nbsp;He has been Head of the European Banks team since 2009. He is the lead analyst on HSBC, Standard Chartered, the GCC and Nordic Banks. Since joining Citi in 1997, Ronit has covered banks in the Benelux, Canada, Cyprus, France, Greece, Saudi Arabia, Scandinavia, Spain, UAE and the U.K. Ronit previously worked at the British Bankers’ Association and as a research assistant in Parliament for the former U.K. Prime Minister Sir Edward Heath. Ronit has an undergraduate degree in Modern History (University of Oxford), a postgraduate diploma in Economics (University of London), and is a CFA charterholder. &nbsp;

Ronit Ghose, Global Head, Future of Finance, Citi Institute

Our guest reflects on potential benefits for clients, and provides insights on the rapid pace of AI development and the need for the right governance, risk controls, and up-skilling of employees to work effectively with the technology.&nbsp;

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What Agentic AI Means for Leaders

In this episode of the Citi Institute podcast, host Alex Miller is joined by Kelly Ahuja, CEO, Versa Networks and John Collmer, Global Head of ECM Private Placements, Citi to discuss fundraising, exploring the critical journey for companies at various stages of growth, from venture funding to IPOs and sharing insights on the strategies, considerations, and key decisions that shape a company's financial trajectory.Kelly Ahuja, CEO, Versa Networks highlights the importance of building relationships with potential investors even when not actively fundraising, to have that network established.John Collmer, Global Head of ECM Private Placements, Citi emphasizes how the market has shifted from a "fear of missing out" mentality to more caution, with investors focusing more on companies that can demonstrate clear paths to profitability.&nbsp;Citigroup (“Citi”), and Versa Networks are not affiliated and are independent from each other. Though Versa Networks has a client relationship with Citi through Citi's banking and international business. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

Kelly Ahuja is a seasoned industry veteran with more than 20 years of experience in networking and telecommunications. He currently serves on the board of directors for two startups in Silicon Valley.Kelly spent 18 years at Cisco rooted in the design and deployment of telecommunications networks. He was most recently SVP of Service Provider Business, Products and Solutions at Cisco where he was responsible for developing and managing the service provider segment strategy and portfolio. Kelly held several other senior executive roles at Cisco, including SVP and GM of the Mobility Business Group, Chief Architect for the Service Provider business, and SVP and GM of the Service Provider Routing Technology Group.Earlier in his career, Kelly served as VP of Marketing at optical networking startup BlueLeaf Networks and product management leader at Stratacom. He also managed the design and deployment of data and voice networks for AT&amp;T Canada, Bank of Canada and Telesat Canada.Kelly holds a Bachelor of Science in Electrical Engineering from the University of Calgary. &nbsp;

Kelly Ahuja, CEO, Versa Networks

John Collmer is the Global Head of Citi’s Equity Capital Markets Private Placement team and is involved in all phases of private finance including origination, structuring, pricing and distributionOver John’s career he’s sold +1000 IPOs, raised over $10bn in private capital and built an extensive network of private and public investors, along with a deep understanding of the equity markets and equity capital formationPrior to Citi, John held senior leadership positions at Bank of America and JPMorgan for over 15 years. Most recently he was Global Head of Private Capital Markets at Bank of America based in Boston. John was a founding member of JP Morgan PCM team and ran their West Coast PCM team based in San Francisco. During his tenure he originated and executed financing across all sectors and all capital structures•

John Collmer, Global Head of ECM Private Placements, Citi

<ul><li>Building investor relationships early creates a strong foundation for future fundraising.</li><li>Investor focus has shifted from “FOMO” to clear, sustainable paths to profitability.</li><li>Strategic decisions at each growth stage shape a company’s financial trajectory.</li></ul>

In this episode of the Citi Institute podcast, host Alex Miller is joined by Kelly Ahuja, CEO, Versa Networks and John Collmer, Global Head of ECM Private Placements, Citi to discuss Fundraising, exploring the critical journey for companies at various stages of growth, from venture funding to IPOs and sharing insights on the strategies, considerations, and key decisions that shape a company's financial trajectory.

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The Fundraising Journey: Navigating Private Placements and Strategic Partnerships

GPS Report 

In this episode of the Citi Institute podcast, host Alex Miller is joined by Hon. Caroline Pham, Acting Chairman, CFTC and Ronit Ghose, Global Head, Future of Finance, Citi Institute to discuss digital money, crypto assets, and blockchain-based financial services, addressing the rapidly evolving policy and regulatory landscape.Hon. Caroline Pham, Acting Chairman, CFTC highlights the crypto value propositions and the importance of regulatory clarity to enable crypto innovation.Ronit Ghose, Global Head, Future of Finance, Citi Institute shares insights on programmable money and smart contracts, and how digital money is evolving from account-based to token-based systems.Our guests reflect on a future where digital money, crypto assets, and blockchain-based financial services become more integrated into the broader financial ecosystem, enabled by regulatory clarity and institutional adoption.Citigroup, (Citi), and Commodity Futures Trading Commission, (CFTC), are not affiliated and are independent from each other. The speakers views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.&nbsp;

<ul><li>Digital money, crypto assets, and blockchain are redefining financial ecosystems.</li><li>Regulatory clarity will be critical to unlocking innovation and adoption.</li><li>Smart contracts and programmable money are driving the shift toward token-based systems.</li></ul>

<div><div><div>The Honorable Caroline D. Pham is the Acting Chairman of the Commodity Futures Trading Commission and has been a CFTC Commissioner since her nomination by the President and unanimous confirmation by the U.S. Senate in 2022. Pham is an internationally recognized leader in strategy and innovation, with deep expertise in capital markets and regulatory policy. Her commissionership has focused on promoting access to markets, competition, and market liquidity and efficiency. Pham has worked in law and finance for 24 years, including over 10 years of experience in crypto and digital assets. She is the sponsor of the CFTC’s Global Markets Advisory Committee.Pham’s experience spans prudential regulation, financial markets, fintech, and emerging issues. Her international engagement is across all regions, both multilateral and with senior policymakers and business leaders. Previously, Pham was a Managing Director at Citi with group-level senior executive roles in the chief administrative office, institutional clients group (banking and markets), legal, and compliance. As head of market structure for strategic initiatives, she worked on investments and new opportunities.</div></div></div>

Hon. Caroline Pham, Acting Chairman, CFTC

Ronit runs the Future of Finance team in Citi Institute, Citi’s thought leadership unit. The team is focused on the intersection of the future of money, finance and emerging tech. It provides analysis and advice to Citi’s clients and the bank’s leadership.&nbsp;Prior to his current role, Ronit was Citi’s Global head of Banks and FinTech Research. Alongside his Citi role, Ronit is an Advisory Board member of the Financial Technology Centre at Imperial College Business School in London and at several technology firms and early-stage VC investors based in the U.K., Asia, Middle East &amp; Africa. Before joining Citi in 1997, Ronit worked in the policy world, including as a Research Assistant for a former UK Prime Minister. Ronit's new book “Future Money” was published in 2024.

View the Citi GPS report Stablecoins 2030

In this final episode of the Citi Institute podcast, host Alex Miller is joined by Hon. Caroline Pham, Acting Chairman, CFTC and Ronit Ghose, Global Head, Future of Finance, Citi Institute to discuss digital money, crypto assets, and blockchain-based financial services, addressing the rapidly evolving policy and regulatory landscape.

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Crypto, Stablecoins, and the Future of Digital Money

Explore the forces shaping global markets, digital innovation, and economic progress.&nbsp;

The Citi Institute Podcast

FO Report 

In series 2, episode 1 of the Citi Institute podcast, host Alex Miller is joined by Citi Wealth’s Hannes Hofmann, Head of the Global Family Office Group; Kate Moore, Chief Investment Officer; and Dawn Nordberg, Head of Integrated Client Engagement. Together they discuss the 2025 Global Family Office Report and explore tailored investment approaches, succession planning, family legacy and expectations, and the preservation of generational wealth in this complex and growing segment.&nbsp;Hannes Hofmann discusses the importance of the Citi Wealth Report which provides valuable quantitative and qualitative insights and explains how family offices are increasingly important actors in global financial markets.Kate Moore highlights how the unique attributes of family offices allow them to strategically leverage direct and private investments to generate returns, diversify portfolios, and align with their broader objectives and investment strategies.Dawn Nordberg explains the importance of putting the client first, facilitating networks like the Citi Club, where family offices share opportunities and co-invest, and stresses the need to understand each family office’s objectives and challenges.&nbsp;Our guests express optimism about the family office segment and emphasize Citi’s commitment to serving their unique needs through an integrated, client-centric approach.The speakers views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

<ul><li>Family offices are rapidly growing in significance and are projected to manage more assets globally than the hedge fund industry by 2030. </li><li>Family offices are actively addressing global challenges and are strategically re-evaluating their global footprint, seeking resilience, and adapting their investment strategies to these dynamic conditions.</li><li>The core objectives for family offices remain wealth preservation and preparing the next generation.&nbsp;</li></ul>

Hannes Hofmann is a Managing Director at Citi Private Bank and Head of the Global Family Office Group. Citi Private Bank’s Global Family Office Group serves over 1800 single family offices, private investment companies and private holding companies, including family-owned enterprises and foundations, around the world. The team offers clients comprehensive private banking and family office advisory services, institutional access to global opportunities, and connections to a community of like-minded peers.Hannes has an extensive global institutional wealth background. He joined Citi from J.P. Morgan where he spent over 20 years in numerous roles globally. Most recently, Hannes was the Head of Multifamily Office and Intermediaries for the Asia Pacific, Europe, Middle East &amp; Africa, and Latin America regions. Previously, Hannes was Head of the Global Investment Opportunities Group in Asia, where he led teams in Singapore and Hong Kong that provided investment advice to sophisticated, trading-oriented clients in J.P. Morgan Private Bank Asia.&nbsp;He was also the Head of Investments in the U.S. Southeast region at J.P. Morgan.Hannes holds an MBA from Stanford University, a Master’s degree from CEMS/London School of Economics, a Master's degree from the Vienna University of Business and Economics, as well as the Chartered Financial Analyst (CFA) designation. He is a former board member of the Wolfsonian Institute in Miami.

Hannes Hofmann,  Head of the Global Family Office Group, Citi Wealth

Kate Moore, Chief Investment Officer of Citi Wealth, joined in February 2025 and is responsible for overseeing and delivering Citi Wealth's investment and portfolio strategy, including asset allocation.Prior to joining Citi Wealth, Kate was the Head of Thematic Strategy and a Portfolio Manager for the Global Allocation Fund at BlackRock. She originally joined BlackRock as Chief Equity Strategist and later founded and served as executive sponsor of the firm's Women in Investments group.&nbsp;Previously, she held senior investment positions at J.P. Morgan, Bank of America Merrill Lynch, Moore Capital, and Morgan Stanley.Kate holds a Bachelor of Arts in Political and Social Thought from the University of Virginia where she currently serves on the Board of Managers of the Alumni Association. She also holds a master's degree in political economy from the University of Chicago. Kate also is on the Leadership Council for Robin Hood, the Board of Trustees for the Lawrenceville School, and the Resource Council for the Grand Teton National Park Foundation.

Kate Moore,  Chief Investment Officer, Citi Wealth

Dawn Nordberg is a member of the Citi Wealth Senior Leadership Team and Global Head of Integrated Client Engagement for Citi Wealth, based in New York. Dawn’s primary focus is enhancing the partnership between the Banking, Markets and Wealth Businesses to deliver cohesive advice and solutions to Citi’s clients while also driving incremental commercial opportunity through the collaboration. Further, Dawn oversees Citi’s Global Family Office Group which serves single family offices, private investment companies and private holding companies, including family owned enterprises and foundations, around the world. Within Wealth Dawn also leads the Market Planning and Growth Accelerator efforts, areas of strategic focus aligned towards growing client assets under management.Prior to joining Citi, Dawn spent her entire 25-year career at Morgan Stanley, where she built deep expertise in both Wealth and cross-functional partnerships.&nbsp;Most recently, she served as the Group Head of Strategic Client Management for Morgan Stanley Private Wealth Management, responsible for managing cross-collaboration, marketing and execution opportunities between the Institutional Securities and Wealth and Investment Management divisions. Previously, she served in a variety of roles in Morgan Stanley’s Institutional Securities Group, including several years in the Investment Banking, Global Capital Markets and Fixed Income divisions.Dawn received a BA in Economics, European History and French from Bucknell University.&nbsp;

Dawn Nordberg, Head of Integrated Client Engagement, Citi Wealth

View the 2025 Global Family Office Report 

In this episode, guests discuss the 2025 Global Family Office Report and explore tailored investment approaches, succession planning, family legacy and expectations, and the preservation of generational wealth in this complex and growing segment.&nbsp;

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Inside the Family Office: Managing Wealth, Expectations, and Legacy 

Transctirpt

GPS report 

<ul><li>The financial and payment infrastructure is shifting towards real-time, API-driven, and cloud-based systems, with an explosion of embedded finance and open banking. This is enabling programmability of money, AI-led treasury operations, and more seamless cross-border payments.</li><li>Stablecoins and tokenized deposits are emerging as new digital forms of money, with characteristics like being always-on, borderless, 24/7 payments and enabling real-time settlement. This can transform the way commerce and treasury management are conducted.</li><li>By 2030, the speakers envision a financial world that is fully integrated with these new digital asset technologies, enabling real-time settlement, 24/7 payments, automated and programmable movement of funds and assets across borders and asset classes. &nbsp;</li></ul>

In this episode of the Citi Institute podcast, host Ronit Ghose is joined by Citi’s Ryan Rugg, Head of Digital Assets, Treasury and Trade Solutions, and Derek Green, Treasurer and Global Head of Banking Operations, Payoneer. Together they discuss the evolution of digital assets, stablecoins, and tokenized deposits, and the implications for the future of finance and banking.Ryan Rugg discusses the complexity of new technologies like blockchain and outlines how these will transform the way banks and clients do business, enabling autonomous processes, blockchain interoperability and multi-asset capabilities.Derek Green discusses the shift from legacy batch payment systems to real-time, API-driven infrastructure, and the rise of embedded finance and open banking. He explains how these changes are leading to increased programmability of money, AI-driven treasury operations, and more seamless cross-border payments. &nbsp; &nbsp; &nbsp;.Our guests highlight the importance of transparency and accurate forecasting alongside speed of settlement and emphasize the importance of interoperability between different solutions.The speakers views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

Derek Green is the Treasurer and Global Head of Banking Operations at Payoneer, a role he has held since joining the company in April 2024. In this capacity, he leads Payoneer’s global cash management, banking infrastructure, payment operations, and treasury strategy, driving financial efficiency and resilience across the organization. Prior to joining Payoneer, Derek held several senior leadership roles at Sterling National Bank (now part of Webster Bank), including Chief Data and Transformation Officer, where he spearheaded enterprise-wide initiatives to modernize operations and optimize data strategy. Derek began his career at J.P. Morgan in the Investment Bank, where he partnered with financial institutions on capital markets transactions, mergers &amp; acquisitions, and strategic client engagement—laying a strong foundation in global finance and relationship management. Derek is a graduate from Skidmore College, where he focused on Business Administration. &nbsp;

Derek Green, Treasurer and Global Head of Banking Operations, Payoneer

Ryan is currently the Head of Digital Assets for Citibank's TTS business. The TTS team helps enable their global clients by simplifying the management of treasuries, payments and commerce on a day-to-day basis. &nbsp; Recently, Ryan and the team announced Citi Token Services, which is a pilot that enables clients to transfer liquidity between Citi branches on a 24/7 basis. &nbsp;The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities.In Ryan's last role she was responsible for IBM’s America's blockchain team, helping to enhance client’s solutions and capabilities for building Digital Ecosystems. She provided strategic guidance for; operational and governance considerations, technology roadmaps, and services infrastructure to help clients focused on TIPS (Tokenization, Identity, Provenance &amp; Sustainability).In addition, her team helped build New York’s Excelsior Pass (Digital Wallet for Vaccinations &amp; PCR tests), which was groundbreaking with millions of users and will help serve as a framework to aid in the development and implementation of digital health credentials and beyond. The blueprint will help as a guide to assist other states, territories, and entities in the expansion of credential systems to advance economic development efforts nationwide.Prior to that Ryan was the Global Head of Industry at R3 (Fintech Startup), where she sat at the forefront of blockchain innovation across multiple industries. She was responsible for the strategic direction of R3’s key verticals, helping industry leaders capture the full benefits of blockchain for their businesses. &nbsp;Ryan also launched the Centre of Excellence for distributed ledger technology (DLT) in cooperation with ACORD (Association for Cooperative Operations Research and Development).

Ryan Rugg, Global Head of Digital Assets, Citi’s Treasury and Trade Solutions

Stablecoins 2030 - Web3 to Wall Street

Stablecoins, Tokenized Deposits and the Transformation of Financial Services

Host Ronit Ghose is joined by Citi’s Ryan Rugg, Head of Digital Assets, Treasury and Trade Solutions, and Derek Green, Treasurer and Global Head of Banking Operations, Payoneer. Together they discuss the evolution of digital assets, stablecoins, and tokenized deposits, and their implications for the future of finance and banking. &nbsp;

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The Future of Money

<ul><li>The global defense landscape is shifting from counterinsurgency and stabilization toward conventional deterrence and NATO readiness, as nations adapt to renewed great power competition and evolving security threats.</li><li>Defense innovation is accelerating, but success depends on balancing new technologies with proven legacy capabilities — creating a layered, cost-effective defense model rather than relying on a single transformative solution.</li><li>Modern warfare now extends beyond the battlefield, encompassing hybrid threats, cyber warfare, and national resilience, requiring sustained investment, innovation, and political will to build adaptive and ethically grounded defense strategies.</li></ul>

In this episode of the Citi Institute podcast, host Alex Miller is joined by Charles Armitage, European Defense and Aerospace Analyst, Citi Research, and General Sir Adrian Bradshaw, Former Deputy Supreme Allied Commander Europe (DSACEUR). Together they explore the shifting landscape of global security and defense strategy, from a focus on counterinsurgency and stabilization to the renewed emphasis on conventional deterrence and NATO readiness. Charles Armitage examines the ongoing tension between defense innovation and the preservation of legacy military capabilities, underscoring the need for a layered, cost-effective defense model rather than reliance on any single “golden bullet” solution. General Sir Adrian Bradshaw discusses how modern warfare now extends far beyond traditional military power, encompassing hybrid threats, cyber warfare, and national resilience. Together, they address the critical question of how nations can motivate political leaders and the public to sustain the investment, innovation, and political will needed for defense modernization. Their insights reveal the complex, fast-evolving nature of global security, and the importance of a holistic, adaptive, and ethically grounded defense posture in an era of rising geopolitical tension. &nbsp;The speaker's views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

General Sir Adrian Bradshaw KCB OBE DL is one of Britain’s most senior military commanders and a leading NATO strategist. As Deputy Supreme Allied Commander Europe (2014–2017), he served as Britain’s most senior officer in NATO, shaping collective defence at a time of renewed tension with Russia and accelerating global risk.Commissioned into the British Army in 1980, Adrian served worldwide in armour, as a helicopter pilot and in other specialist roles, commanding troops on operations at nearly every rank up to General. His extensive operational record spans Northern Ireland, Bosnia-Herzegovina, Kosovo, Sierra Leone, Iraq and Afghanistan. He has commanded an Armoured Battlegroup, an Armoured Brigade and Division, UK Land Forces, and served as Deputy Commander of NATO’s 140,000-strong force in Afghanistan. In recent years he has also flown as a fixed-wing pilot in the RAF Reserve in the rank of Flying Officer.Adrian holds degrees in Agriculture, Defence Studies and International Relations. He was Visiting Defence Fellow at Balliol College, Oxford (2011), is Senior Associate Fellow at the Royal United Services Institute, and Visiting Professor at King’s College London, where he lectures on Defence Strategy. Currently Governor of the Royal Hospital Chelsea, he is Honorary Colonel of the Artist’s Rifles and recently handed over as Chairman of BLESMA, the UK charity for limbless ex-Service members.A trusted chair of high-level private conferences with Heads of State and Government abroad on counter-extremism, Adrian also leads strategy sessions for companies and speaks regularly to business and institutional audiences through Chartwell. Known for an engaging, unscripted style—without slides or scripts—he blends frontline leadership lessons with clear frameworks for resilience, risk and results. His widely viewed TED talk, “Ambitious to Achieve? – then understand strategy,” underpins his practical approach to building holistic strategy.

General Sir Adrian Bradshaw, Former Deputy Supreme Allied Commander Europe (DSACEUR)

Charles Armitage is a Director in the European Aerospace &amp; Defence team at Citi Research. Prior to joining Citi in 2016, Charles worked as an equity analyst at UBS (2011-16), Merrill Lynch (2000-09) and Lehman Brothers (1995-97), an investor at Putnam (1997-2000) and a strategy consultant at Charles River Associates (2009-11) and OC&amp;C (1993-95).

Charles Armitage, European Defense and Aerospace Analyst, Citi Research

Must C: Money and Might 2.0 — Balancing Choices

In this episode of the Citi Institute podcast, host Alex Miller is joined by Charles Armitage, European Defense and Aerospace Analyst, Citi Research, and General Sir Adrian Bradshaw, Former Deputy Supreme Allied Commander Europe (DSACEUR). Together they explore the shifting landscape of global security and defense strategy, from a focus on counterinsurgency and stabilization to the renewed emphasis on conventional deterrence and NATO readiness.

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Hybrid Warfare, AI and Leadership in an Age of Disruption

<ul><li>The combination of Generative AI and Agentic AI is revolutionizing industries, especially investment management. This powerful synergy enables autonomous research and advanced problem-solving, going beyond mere efficiency gains to unlock previously unattainable capabilities.</li><li>AI adoption in firms is shifting from primarily seeking operational efficiencies and cost savings to focusing on tangible return generation. This evolution, particularly in front-office strategies, signifies a move from "doing more with less" to "unlocking new markets and business opportunities" through AI.</li><li>Successful AI deployment in large organizations demands a holistic strategy. Key elements include investing in people (training, AI champions), defining clear processes and use cases, ensuring robust technology infrastructure, maintaining high data quality, and establishing a strong governance framework for responsible and secure adoption.</li></ul>

In this episode of the Citi Institute podcast, host Alex Miller is joined by Dr. Prag Sharma, Future of Finance, focusing on Emerging Technologies, Citi Institute, and Helen Krause, Head of Global Data Insights, Citi. Together, they explore how the combined force of Generative AI and Agentic AI is accelerating multiple trends. These include the electronification of financial markets, institutional investor implementation, and leveraging AI for productivity, improved decision-making, and unlocking new markets.Dr. Prag Sharma discusses how successful AI implementation requires a holistic, organization-wide approach that addresses key challenges like the "buy vs. build" decision.Helen Krause explores how the advancements in Generative and Agentic AI are transforming the investment management industry, potentially leading to the emergence of AI-powered fund managers.Together, they reflect on how establishing a robust governance framework is crucial —engaging regulators, investors, and employees—to ensure successful AI implementation.&nbsp;The speaker's views are their own and may not necessarily reflect the views of Citi or any of its affiliates.&nbsp; All opinions are subject to change without notice.&nbsp; Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

Helen Krause is Head of Global Data Insights with over 26 years of industry experience. In her current role, she is responsible for creating proprietary and innovative analytics and content, in addition to exploring and deploying the latest technologies on our marketing and contents activities. Examples include the team’s research into the latest consumer and macro trends in the industry – specifically on how alternative data, AI/ML and data science could help investors and corporates address current challenges in supply chain disruptions, understanding consumer sentiment and identifying emerging themes. Prior to this, she was a Senior Quant Researcher in Citi Research and initiated big data research within the team. She was also responsible for new alpha idea generation, thematic research, industry-specific factor research and macro risk modelling. Before Citi, she spent close to 10 years on the buyside as a Senior Portfolio Manager/Researcher at Morgan Stanley, BGI/Blackrock and Goldman Sachs Asset Management. She started her career at Citi Private Bank and Schroders Salomon Smith Barney.

Helen Krause, Head of Global Data Insights, Citi

Dr. Prag Sharma is Director at Citi Institute’s Future of Finance, focussing on Emerging Technologies. As one of the distinguished Citi Tech Fellows globally, Prag is a Subject Matter Expert and the primary driver of Citi Institute’s thought-leadership on cutting-edge technologies, including in Generative and Agentic AI.Prag previously led Citi’s Global Artificial Intelligence Centre of Excellence (AI CoE). The AI CoE led the development of Citi-wide best-practices from a Governance, Risk &amp; Controls and Technology perspective in AI, addressed AI-related infrastructure and tooling needs across the organisation and enabled state-of-the-art AI design, development and use at Citi across all its businesses. Prag has led R&amp;D teams and technology consultants in both industry and academia for over 15 years, working on emerging technologies with start-ups and multinationals in the Financial Services, Health, Technology and Pharmaceutical sectors. &nbsp;Prag holds a PhD in Machine Learning (Computer Vision) and an MBA, majoring in Innovation.&nbsp; &nbsp;

Dr. Prag Sharma, Future of Finance, focusing on Emerging Technologies, Citi Institute

In this episode of the Citi Institute podcast, guests explore how the combined force of Generative AI and Agentic AI is accelerating multiple trends, including the electronification of financial markets, institutional investors' implementation, and leveraging AI for productivity, improved decision-making, and unlocking new markets and business opportunities.

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The AI Revolution – Unlock Your Potential

In this episode of Citi Institute podcast, host Alex Miller is joined by Logan Kilpatrick, Product Lead, Google DeepMind and Shobhit Varshney, Head of AI, Citi. Together, they explore the rapid growth of AI models, how enterprises can position themselves to leverage the exponential progress, and the importance of embedding robust safeguards and governance.Logan Kilpatrick discusses how emerging AI capability innovations will continue to unlock a wide range of new use cases, keeping everyone on their toes.Shobhit Varshney emphasizes the need for a disciplined approach to driving, efficiency, and delivering exceptional experiences for clients and colleagues.Together, they reflect on the future of AI and its ability to empower individuals and organizations to augment their capabilities while maintaining appropriate safeguards and controls. &nbsp;Citigroup (“Citi”) and Google are not affiliated and are independent of each other. Google maintains a client relationship with Citi through Citi Cloud Technology Services. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

<ul><li>The Transformative Power of Gemini 3 and "Infinitely Remixable" AI involves the ability to take various forms of input—images, emails, videos—and combine or extend that information in novel ways. </li><li>Comprehensive Platforms and Responsible AI involves a disciplined approach to driving growth, efficiency, and exceptional experiences for clients and colleagues, while embedding responsible AI principles, risk guardrails, and controls from ideation to scale. </li><li>AI development is moving away from specialized, piecemeal solutions towards integrated, multimodal models like Google's Gemini 3.&nbsp;</li></ul>

Headshot of Logan Kilpatrick leads the product team for Google AI Studio and the Gemini API at Google DeepMind. 

Logan Kilpatrick works on Google AI Studio and the Gemini API at Google DeepMind, where he leads the team dedicated to enabling developers worldwide to build with Gemini, Veo, Imagen and more.

Logan Kilpatrick, Product Lead, Google DeepMind 

Shobhit Varshney is Head of AI at Citi where he leads the firm’s global AI strategy, execution, adoption and value creation at scale. Reporting to the Chief Operating Officer, he partners closely with Citi’s Executive Management Team, the technology organization and leaders across the firm to deliver measurable business outcomes – enhancing client and colleague experiences, strengthening controls, and boosting productivity through responsible AI usage.&nbsp; Prior to Citi, Shobhit served as Head of Data &amp; AI for IBM Consulting across the U.S., Canada, and Latin America. Over his 13 years at IBM, he spearheaded large-scale data and AI transformations, helping enterprises unlock the potential of AI by grounding it in data and automation. Collaborating with a broad network of technology partners, he focused on translating AI innovation into trusted, real-world business impact. A patented AI innovator, keynote speaker, and recognized industry thought leader, Shobhit has received multiple accolades, including Technology Leader of the Year. Shobhit holds a Master of Science (M.S.) in Computer Science (Computational Bio-Medicine) and a Master of Business Administration (M.B.A.) in Strategy and Finance from Cornell University. He earned his Bachelor of Science (B.S.) in Computer Engineering with a Math minor from the University of Arkansas at Fayetteville. Shobhit lives in Dallas with his wife and two young children. Beyond work, he is passionate about photography and brewing craft beer.&nbsp;

Shobhit Varshney, Head of AI at Citi 

Watch on YouTube

Alex Miller is joined by Logan Kilpatrick, Product Lead, Google DeepMind and Shobhit Varshney, Head of AI, Citi. Together, they explore the rapid growth of AI models, how enterprises can position themselves to leverage the exponential progress, and the importance of embedding robust safeguards and governance.

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Evolution of AI at Google and Citi

<ul><li>Innovation requires balancing exploration and exploitation: Societies and institutions must adapt to both generate new ideas and effectively implement them to achieve sustained technological progress</li><li>AI's disruption is gradual, not instantaneous: While AI is transformative, its full impact on industries, especially financial services, will unfold over years, necessitating trust, guardrails and adaptable institutions</li><li>AI enables strategic investment and friction reduction: Venture capital identifies and integrates AI to lower barriers to entry, drive productivity and reduce operational friction across financial services</li></ul>

In this episode of the Citi Institute podcast, host Alex Miller is joined by Arvind Purushotham, Head of Citi Ventures, and Professor Carl-Benedikt Frey, DSF Associate Professor of AI &amp; Work and Oxford Martin Citi Fellow.Together, they explore the profound impact of AI and disruptive innovation on societies, economies, and institutions—and why imagination and human creativity remain essential drivers of progress, even as technology accelerates.Arvind Purushotham explains how Citi identifies and invests in startups to bring innovative technologies into financial services, highlighting the critical role of trust and adoption in scaling AI and frontier technologies.Professor Carl-Benedikt Frey discusses the distinction between exploration and exploitation in innovation, and why different institutions are better suited to each. Together, they reflect on why disruptive innovation is rarely instantaneous, but instead unfolds gradually over time.Citigroup, (Citi), and Oxford Martin School are not affiliated and are independent from each other. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

Carl-Benedikt Frey is the Dieter Schwarz Associate Professor of AI &amp; Work at the Oxford Internet Institute and a Fellow of Mansfield College, University of Oxford. He is also Director of the Future of Work Programme and Oxford Martin Citi Fellow at the Oxford Martin School.After studying economics, history, and management at Lund University, Frey completed his PhD at the Max Planck Institute for Innovation and Competition in 2011. He subsequently joined the Oxford Martin School where he founded the programme on the Future of Work. Between 2012 and 2014, he was teaching at the Department of Economic History at Lund University.In 2012, Frey became an Economics Associate of Nuffield College and Senior Fellow at the Institute for New Economic Thinking, both University of Oxford. He remains an Associate Fellow of the Department of Economic History at Lund University, and a Fellow of the Royal Society of Arts. In 2019, he joined the World Economic Forum’s Global Future Council on the New Economic Agenda, as well as the Bretton Woods Committee. And between 2020 and 2022, he was a member of the Global Partnership on Artificial Intelligence (GPAI) – a multistakeholder initiative to guide the responsible development and use of AI, hosted by the OECD.In 2013, Frey co-authored The Future of Employment: How Susceptible Are Jobs to Computerization. With over 12,000 citations, the study’s methodology has been used by President Barack Obama’s Council of Economic Advisors, the Bank of England, the World Bank, as well as the popular automation risk-prediction tool of the BBC. In 2019, the paper also featured on the Last Week Tonight Show with John Oliver.Frey has served as an advisor and consultant to international organisations, think tanks, government, and business, including the G20, the OECD, the European Commission, the United Nations, and several Fortune 500 companies. He is also an op-ed contributor to the Financial Times, Foreign Affairs, Scientific American, and the Wall Street Journal, where he has written on the economics of artificial intelligence, the history of technology, the future of cities, and remote work.His academic work has featured in over 100 media outlets, including The Economist, New York Times, Time Magazine, The New Yorker, Le Monde, and Frankfurter Allgemeine Zeitung. In addition, he has frequently appeared international broadcast media such as CNN, BBC, PBS News Hour, Al Jazeera, and Sky News.His most recent book “<a href="https://urldefense.com/v3/__https:/press.princeton.edu/books/hardcover/9780691233079/how-progress-ends?srsltid=AfmBOootyNYXI44q2MSNhvOh7_58QCvb2bq2BgwsYtlyvLIBovTlteu-__;!!Jkho33Y!m-0agdnAXncN6rSY9mBOj_OSNRfjGKgd5n4MB57CD7R6VE0Kb36-2SvNWtQ87r3HfHyKwAwbucpjrkITb7oYyfcjYqmxhbqI9Q$">How Progress Ends: Technology, Innovation, and the Fate of Nations</a>” was shortlisted for the <a href="https://urldefense.com/v3/__https:/ig.ft.com/sites/business-book-award/books/2025/shortlist/how-progress-ends-by-carl-benedikt-frey/__;!!Jkho33Y!m-0agdnAXncN6rSY9mBOj_OSNRfjGKgd5n4MB57CD7R6VE0Kb36-2SvNWtQ87r3HfHyKwAwbucpjrkITb7oYyfcjYqnRFBxRGg$">Financial Times and Schroders Business Book</a> of the Year Award in 2025. His previous book, “The Technology Trap: Capital, Labor, and Power in the Age of Automation”, was selected a Financial Times Best Books of the Year in 2019, when it also won Princeton University’s prestigious Richard A. Lester Prize.

Professor Carl-Benedikt Frey, DSF Associate Professor of AI & Work and Oxford Martin Citi Fellow

Arvind Purushotham is the Global Head of Citi Ventures. He leads the team’s efforts to catalyze innovation and accelerate growth across Citi by bringing the outside in, convening stakeholders, helping build new capabilities, and delivering thought leadership throughout both the bank and the finance and tech ecosystems.&nbsp;Arvind oversees all of Citi Ventures’ investing activities and partners with both Citi colleagues and leading startups to bring cutting-edge technologies and capabilities to Citi’s businesses and functions. In addition, he advises the  <a href="https://www.citigroup.com/citi/about/esg/citi-impact-fund.html">Citi Impact Fund</a>, which invests in "double bottom line" U.S.-based private sector companies that are helping address some of society's most pressing challenges.&nbsp;Prior to Citi, Arvind spent nearly a decade as a Managing Director at Menlo Ventures, where he was an investor and Board member at companies including Kazeon Systems, Cavium Networks, Solidcore, nCircle Network Security, Intelligent Results, and Vhayu Technologies. Previously, Arvind was a design engineer and a Program Manager at Intel Corporation.&nbsp;Arvind obtained his BSEE from the Indian Institute of Technology, Madras, an MSEE from Case Western Reserve University, and an MBA with Distinction from Harvard Business School. He enjoys running, photography, and reading in his spare time. Arvind is passionate about golf—a passion, sadly, that his skill level does not match. He lives in Palo Alto, CA with his wife, two sons, and their black lab Rocky.&nbsp;

Arvind Purushotham, Head of Citi Ventures 

The "Year of Transformation" Heralds New Business Models, Greater Trust in AI and a Potential FinTech Super Cycle 

Historical Context and the Capital Shaping Tomorrow's Disruptors Guests

Alex Miller is joined by Arvind Purushotham, Head of Citi Ventures, and Professor Carl-Benedikt Frey, DSF Associate Professor of AI &amp; Work and Oxford Martin Citi Fellow. Together, they explore the profound impact of AI and disruptive innovation on societies, economies, and institutions—and why imagination and human creativity remain essential drivers of progress, even as technology accelerates. &nbsp;

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The Innovation Puzzle

<ul><li>Understanding the impact on the global labor workforce, where AI agents take on more tasks and agency, fundamentally changing the structure of the economy and GDP over the next 5-10 years</li><li>The importance of understanding the shift in "moats" or competitive advantages, as software alone is no longer sufficient and the physical infrastructure and manufacturing capabilities are becoming more critical</li><li>The potential breakthroughs in quantum computing, which could significantly expand the capabilities of AI systems by enabling simulations and explorations of the physical world that are not possible with classical computing</li><li>To navigate this rapid change, it is important to develop a "deconstructionist" mindset, breaking down the key components and building frameworks to analyze the data and connections between them</li></ul>

In this episode of Citi Institute podcast, host Alex Miller is joined by Tony Kim, Global Technology Team Head, BlackRock and Alex Watkins, Global Head of Technology Capital Markets, Investment Banking, Citi. Together, they explore how AI and the ‘Intelligence Revolution’ are the single biggest drivers of growth, and how the shift in value is moving from the top layer of software and labor services to the underlying computing infrastructure and AI models.Tony Kim discusses breakthrough novelty and original invention as capabilities AI currently struggles to replicate.Alex Watkins emphasizes that in certain areas of tech, being the lowest cost marginal producer will be key to winning, not just innovation and market position.Together, they reflect on exciting opportunities and potential breakthroughs in space, quantum computing, and agentification. &nbsp;Citigroup (“Citi”) and BlackRock are not affiliated and are independent of each other. BlackRock maintains a client relationship with Citi through Citi Investment Banking. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

Tony Kim, Managing Director, is Head of the Global Technology Team within the Fundamental Equities division of BlackRock’s Portfolio Management Group. He is lead portfolio manager of the BlackRock Technology Opportunities Fund and related global strategies.Mr. Kim joined BlackRock in 2013. His 30 years of experience in technology investments also includes key roles at Artisan Partners, Credit Suisse Asset Management, Neuberger Berman, Merrill Lynch and SG Warburg.Mr. Kim is a member of the Advisory Board for Columbia Business School’s Digital Future Initiative, which brings together Columbia faculty members and leaders from across industries to help organizations, governments and communities optimize and accelerate the technological advances of the future.Mr. Kim earned a BS degree in Industrial Engineering from the University of Illinois and an MBA from Columbia University.

Tony Kim. Head of Fundamental Equities’ Global Technology Team, Portfolio Manager, BlackRock

Alex Watkins joined Citi in October 2025 as Global Head of TechnologyCapital Markets–leading Citi’s efforts across debt and equity.Prior to Citi, Alex was the Co-Head, International Equity Capital Markets at J.P. Morgan, where he worked for the last 11 years. This group represented all of J.P. Morgan’s international ECM businesses –Europe, Middle East and Asia Pacific.Prior to that Alex worked at Goldman Sachs. He has over 20 years of investment banking experience, having had leadership roles in both ECM and corporate finance.Alex has worked on over 200+ capital market transactions. Since joining Citi, recent deals include the IPOs of Wealthfrontand Navan, primary / second follow on for Symbotic, convertible bonds for IREN, Checkpoint and Coreweave.

Alex Watkins, Global Head of Technology Capital Markets, Investment Banking, Citi 

How Do You Win When Software Is No Longer the Moat?

In this episode of Citi Institute podcast, host Alex Miller is joined by Tony Kim, Global Technology Team Head, BlackRock and Alex Watkins, Global Head of Technology Capital Markets, Investment Banking, Citi. Together, they explore how AI and the ‘Intelligence Revolution’ are the single biggest drivers of growth, and how the shift in value is moving from the top layer of software and labor services to the underlying computing infrastructure and AI models.

Where the Value Moves

<ul><li>Ukraine has demonstrated strong economic resilience, with many companies recovering to or exceeding pre-war performance</li><li>The tech sector has grown into a $6.7 billion industry, driven by innovation including nationwide digital systems</li><li>Investor interest is rising, supported by Ukraine’s economic adaptability, workforce strength, and closer alignment with Western markets</li><li>Significant opportunities exist for private investment and public-private partnerships, particularly in energy, transport, and digital infrastructure</li></ul>

In this episode of Citi Institute podcast, host Alex Miller is joined by Alexander McWhorter, Citi Country Officer and Banking Head for Ukraine and Lenna Koszarny, Founding Partner and CEO of Horizon Capital.&nbsp;They explore Ukraine’s remarkable economic resilience during the war, with many companies rebounding to pre-war revenue levels and others continuing to expand.Alexander McWhorter highlights the strength of Ukraine’s economy, with GDP surpassing pre-war levels despite the ongoing conflict.Lenna Koszarny outlines the scale of investment needed for reconstruction, emphasizing the significant opportunity for both private and public capital to support Ukraine’s recovery and long-term growth.Together, they examine the opportunities ahead and the potential for sustained growth despite continued challenges. Citigroup (“Citi”) and Horizon Capital are not affiliated and are independent of each other. Horizon Capital maintains a client relationship with Citi through Citi Investment Banking. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

Alex McWhorter is the Citi Country Officer (CCO) and Corporate Bank Head for Ukraine. He is responsible for Citi's franchise in Ukraine including leading the business and protecting the franchise.Alex joined Citi in New York in 2003 in Market Risk Management, before moving to Corporate and Investment Banking in 2007 covering the Power sector. He served as a Director in the Risk CAO office for over three years where his responsibilities included leading coordination of Citi's CCAR efforts. Most recently before Ukraine, he served as UK Chief Risk Officer, and was responsible for the risk management of Citi's UK legal entities as well as supporting the EMEA CRO on regional support and crisis management.Alex holds a Masters of Business Arts in Management from New York University, Stern School of Business, and a Bachelor of Arts in Economics and Psychology from Williams College, Massachusetts, United States.Vice-Chair of the Board of the American Chamber of Commerce in Ukraine. Chairman of the Board of Junior Achievement Ukraine &nbsp;

Alexander McWhorter, Citi Country Officer and Banking Head for Ukraine

Lenna Koszarny is Founding Partner and Chief Executive Officer of Horizon Capital, the leading private equity firm in Ukraine with over $1.8B in assets under management, backed by 40+ institutional investors with a capital base exceeding $700B. Under her leadership, Horizon Capital has raised over $1b since the 2014 invasion, as well as catalyzed the largest investment in Ukraine in decades, a $1.5bn acquisition and capital expansion of Ukraine-based telecom players Datagroup-Volia and Lifecell by telecom and tech entrepreneur Xavier Niel. Ms. Koszarny is credited with the Forbes «2024 Deal of the Year» for attracting this $1.5B telecom investment for Ukraine, honored with 2025 Deal Innovation Award from the Global Private Capital Association for Datagroup-Volia-Lifecell Transaction, she was also recognized for raising the largest fund for Ukraine – $350M – during these challenging period for the country. In February 2022, Horizon Capital was honored as 2021 Firm of the Year for Central and Eastern Europe by Private Equity International.Ms. Koszarny’s leadership has been recognized nationally and internationally, including Ukrainska Pravda’s «Top 100 Leaders of Ukraine: Beyond What is Possible» rating in November 2024, its &nbsp;«Top 100 Power Women Leaders» in March 2024 and its «Top 100 Leaders of Ukraine During Wartime» in November 2023, and her inclusion in Forbes Ukraine’s « Top 50 Women Leaders Leading Ukraine to Victory» in May 2023. In November 2024, she was included in the inaugural National Security News «Top 50 Women in Security List», the Financiers category. Ms. Koszarny leads Horizon Capital in an $12T industry with circa 15% senior women, inspiring greater engagement of women in private equity and investing. Under her leadership, HCGF IV is the first 2X Flagship Fund in Central and Eastern Europe, 1 of circa 10 in total, and 1 of only 2 globally that are led by a woman Founding Partner &amp; CEO. She is a Board Member of the Global Private Capital Association (GPCA) uniting firms managing over $2TN in assets; an elected Member of the Mid-Market Platform Council of Invest Europe; a Member of the Private Equity Women Investor Network (PEWIN); a Founding Member of the Ukraine House Davos Organizing Committee, and in July 2022, was recognized in Private Equity International’s 2022 Women of Influence in Private Markets list. She is also Executive Vice-President of Ukraine Moldova American Enterprise Fund (UMAEF, formerly Western NIS Enterprise Fund), a $285M US-government backed fund; Chair of the Board of Directors, American Chamber of Commerce in Ukraine, whose members have invested over $50B in Ukraine; a Member of the Board of the Ukrainian Startup Fund launched by the Government of Ukraine (2019-2025); a Member of the Supervisory Board of Ukrainian Leadership Academy; and, served as the first Vice-Chair of the Advisory Council of Kyiv-Mohyla Business School.On August 24, 2020, the 29th anniversary of Ukraine’s independence, Ukraine’s President Volodymyr Zelensky awarded Ms. Koszarny with an Order of Merit for Service to Ukraine, third level, for her contribution to the country’s economy and investment climate. She is also a recipient of a Commemorative Medal issued on the occasion of the 25th Anniversary of Independence by the President of Ukraine. In May 2024, she was awarded the 2024 Tryzub Leadership Award by The Myhal Family Foundation, in partnership with The Shevchenko Foundation. Ms. Koszarny is a CPA and a 1991 HBA graduate of Ivey Business School. She has been residing and working in Kyiv, Ukraine for over 30 years.

Lenna Koszarny, Founding Partner and CEO of Horizon Capital

Read the full Citi GPS Rebuilding Ukraine Report here 

How will Ukraine's strength power a bright future?

In this episode of Citi Institute podcast, host Alex Miller is joined by Alexander McWhorter, Citi Country Officer and Banking Head for Ukraine and Lenna Koszarny, Founding Partner and CEO of Horizon Capital.&nbsp;

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The Reconstruction of Ukraine

<ul><li data-list-item-id="eb2da8841754bac968a3425e374c59423">Mortgage lock‑in is limiting mobility, with many homeowners unable or unwilling to move despite changing needs</li><li data-list-item-id="e368861a1c46cafeefd12cec3f9553153">Reduced housing supply is worsening affordability and raising barriers for first‑time buyers</li><li data-list-item-id="eaa418a77c8a24c64c23003236fdb5411">Constrained mobility is weighing on labor markets and broader economic growth</li><li data-list-item-id="e57b2fe4291737c4a3415087be311358f">Innovative mortgage solutions could unlock activity—but must balance borrower value, lender incentives, and complexity</li></ul>

In this episode of the Citi Institute Podcast, host Alex Miller is joined by Paul Goody, Head of Balance Sheet Strategy and In-Business Risk, Treasury, Citi and Karen Dynan, Professor of the Practice of Economics at Harvard University.They explore how the “mortgage lock‑in” effect—where homeowners with low fixed‑rate mortgages are financially disincentivized to move when market rates are much higher—has become a widespread drag on U.S. household mobility, housing affordability, and economic opportunity.Paul explains how rising rates have left banks holding large portfolios of low‑coupon mortgages while many borrowers feel “golden handcuffs,” unable to relocate for family, job, or schooling reasons without sharply higher payments.Karen highlights how constrained geographic mobility can limit access to better jobs and schools, while reduced turnover contributes to thinner housing markets, sharp post‑pandemic price increases, and worsening affordability that particularly harms younger and less affluent would‑be first‑time buyers.Both speakers stress the need to design any new mortgage products so they are fair, transparent, and genuinely beneficial to households, drawing lessons from “affordable” mortgage innovations before the financial crisis that ultimately produced poor outcomes for many borrowers.Citigroup (“Citi”) and the Peterson Institute for International Economics (“PIIE”) are independent and are not affiliated with one another. Peterson Institute for International Economics (“PIIE”) works with Citi on a limited basis to provide speakers for events. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion arenot intended to be a forecast of future events or a guarantee of future results.

Karen Dynan, nonresident senior fellow at the Peterson Institute since March 2017, is a professor of the practice in the Harvard University economics department. She served as assistant secretary for economic policy and chief economist at the US Department of the Treasury from 2014 to 2017, where she led analysis of economic conditions and development of policies to address the nation’s economic challenges. From 2009 to 2013, Dynan was vice president and codirector of the economic studies program at the Brookings Institution. Before that, she was on the staff of the Federal Reserve Board, leading work in macroeconomic forecasting, household finances, and the Fed’s response to the financial crisis.Dynan has also served as a senior economist at the White House Council of Economic Advisers (2003–04) and as a visiting assistant professor at Johns Hopkins University (1998). Her current research focuses on fiscal and other types of macroeconomic policy, consumer behavior, and household finances. Dynan received her PhD in economics from Harvard University and her AB from Brown University.

Karen Dynan, Professor of the Practice of Economics at Harvard University

Paul Goody leads Balance Sheet Strategy and In-Business Risk for Citi’s Treasury. He is responsible for strategic and tactical enhancements to Citi's Balance Sheet driving both performance and resiliency, Corporate Insurance and overseeing Treasury's risk profile.Paul has been with Citi for over 30 years in various capacities, including alternative investment product management, chief investment officer for multiple investment vehicles and asset management.Paul holds a degree in Mathematics from Oxford University.

Paul Goody, Head of Balance Sheet Strategy and In-Business Risk, Treasury, Citi

Read the full Citi GPS Moving America Report here

Can We Unfreeze the Housing Market?

In this episode of the Citi Institute Podcast, host Alex Miller is joined by Paul Goody, Head of Balance Sheet Strategy and In-Business Risk, Treasury, Citi and Karen Dynan, Professor of the Practice of Economics at Harvard University.

/rcs/citigpa/storage/public/CIP_The_Mortgage_Lock-In_Puzzle_Transcript.pdf

The Mortgage Lock-In Puzzle

<ul><li data-list-item-id="ed12a2a586d80d53c8075751712c3eea6">AI has reached a critical inflection point, moving from a back-office productivity tool to a core catalyst for business model evolution</li><li data-list-item-id="ea74ee4a4c3e9e5c5ecd3e8ae570d5322">Businesses are approaching AI investments strategically, focusing on areas that deliver the greatest value, whether in productivity, new product development, or customer experience enhancements</li><li data-list-item-id="e1bc797e5bd4203648c77d60df06a5d31">The emergence of "Agentic AI" poses new challenges around identity, authorization, and accountability that the industry is still grappling with, but also presents opportunities to simplify and improve payment processes</li></ul>

In this episode of The Citi Institute Podcast, host Alex Miller is joined by Ranjeet Kapur, Global Head of Fintech at Citi Commercial Bank and James Simcox, Group Chief Product Officer at Equals.They explore how Artificial intelligence has moved from experimental back-office tool to a core driver of business model change in Fintech and corporate banking, focusing on payments, fraud prevention, customer experience, and emerging Agentic AI.Ranjeet Kapur comments that AI and machine learning have existed for decades, but recent advances in hardware and processing power have unlocked their ability to deliver value at scale.James Simcox explains how AI has rapidly shifted from small-scale experiments to pervasive deployment across Equals, with AI now writing around 86% of the firm’s code, up from 5–10% a year earlier, and transforming functions such as reconciliation, finance, fraud detection, and customer service.Together, they examine the rise of Agentic AI and discuss why a strategic approach to AI investment is becoming increasingly important.Citigroup, Citi, and Equals are not affiliated and are independent of each other. Equals maintains a client relationship with Citi Commercial Bank. The speakers' views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

Ranjeet Kapur leads the FinTech segment for Citi Commercial Bank (CCB) within the Digital, Technology &amp; Communications (DT&amp;C) group. In this role Ranjeet supports his team’s efforts in better understanding and growing Commercial Bank’s engagement with this segment. Clients include payment intermediaries, alternative finance platforms, WealthTech and other models in the Fintech ecosystem.Prior to that, and as part of the of DT&amp;C segment, he led the process for launching the Western European digital business. He has also held roles in the Commercial Subsidiaries Group and Business &amp; Planning team at CCB. Before Citi Ranjeet worked in the technology field, first for a Canadian telecom and after that for a publishing house in Guatemala.Ranjeet holds an MBA from IESE Business School in Barcelona and B.Sc. in Computer Engineering from Rochester Institute of Technology in New York.

Ranjeet Kapur, Global Head of Fintech at Citi Commercial Bank

James Simcox is Chief Product Officer at Equals, where he leads product, delivery and strategy across the Group's embedded finance and payments platform. James has held progressively more senior roles throughout the growth of Equals, an embedded money movement platform powering exceptional businesses globally. Before Equals, James held a role as Business Analyst at Procter &amp; Gamble and led digital innovation and central projects at Quintessential Brands Group, reporting to the board. He is a recognised voice on the intersection of AI, security and fintech.

James Simcox, Group Chief Product Officer, at Equals

Watch on YouTube 

From Productivity Tool to Business Transformation

In this episode of The Citi Institute Podcast, host Alex Miller is joined by Ranjeet Kapur, Global Head of Fintech at Citi Commercial Bank and James Simcox, Group Chief Product Officer at Equals. They explore how Artificial intelligence has moved from experimental back-office tool to a core driver of business model change in Fintech and corporate banking, focusing on payments, fraud prevention, customer experience, and emerging Agentic AI.

The Citi Institute Podcast

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