Citigroup CEO Warns Financial Industry Must Race to Defend Against AI Threats

Citigroup Chief Executive Jane Fraser warned that financial institutions are caught in a high-stakes dual competition: racing to deploy artificial intelligence for competitive advantage while simultaneously fortifying defenses against AI-enabled threats. Speaking at the Qatar Economic Forum in New York on September 20, Fraser said the industry faces what she called an "offensive race" to apply AI technologies to business models for revenue growth and operational efficiency, and a parallel "defensive race" to secure the financial system, banks, and their customers against increasingly sophisticated AI-powered attacks.