Citi CEO Jane Fraser told the SCMP the financial sector faces two AI races: using the technology to drive revenue, and defending the financial system against AI-powered fraud and cyber threats. She acknowledged job dislocations are coming, and Citi’s own 3,500 China tech cuts show they have already begun.
Citigroup chief executive Jane Fraser says the financial sector is running two AI races at once, she told the South China Morning Post. The first is applying AI to business models to drive revenue growth, shortening product development cycles and improving customer service.
The second race is defensive. Fraser said Citi’s job is to keep the bank, its customers, and the wider financial ecosystem secure, with heavy investment so that fraud, money laundering, and cyber threats “don’t become a problem”.
Citi has skin in the boom itself. In March, the bank raised its forecast for global AI capital expenditure between 2026 and 2030 to $8.9tn, up from $8tn, citing faster enterprise adoption and the rise of agentic systems.
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Consultancy McKinsey expects agentic advisers to take over many client interactions in retail and private banking. Fraser is more measured on what that means for staff, saying “there will be job dislocations” even as new roles emerge.
She recalled her own analyst days spent photocopying microfiche and faxing it to New York, arguing that jobs change and new ones appear. The transition will not be perfectly timed, she conceded, but employees are being told to embrace the tools.
The dislocations have started
Citi cut 3,500 technology staff in Shanghai and Dalian last year as part of a global cost-cutting drive. Morgan Stanley has estimated AI could eliminate as many as 400,000 European banking jobs by 2030.
The industry has speculated about AI-era finance jobs for the better part of a decade. What has changed is that chief executives now describe the dislocation out loud.
For Fraser, the two races share a finish line. The winning bank is the one that grows faster than the threats aimed at it.
Reality makes for some stellar storytelling. If you’re looking to stream movies that are based on true events, Netflix has an extensive collection of biographical-style dramas that go beyond your typical selection of documentaries.
From historical tragedies to stories of resilience and ambition, these films bring some notable real-life events to your screen. Here are five Netflix Original movies that feature strong performances, storytelling, and visuals that you need to add to your watch list for the week.
The Two Popes
The path ahead is forged by this pair
Credit: Netflix
The Two Popes is an incredible film that is based on one of the most memorable recent transitions in modern Catholic Church history, led by strong performances from Anthony Hopkins and Jonathan Pryce.
Inspired by real conversations and events surrounding Pope Benedict XVI and the future Pope Francis, The Two Popes follows Cardinal Jorge Mario Bergoglio as he travels to Rome and plans to resign from the Church. Instead, he finds himself pulled into a series of personal and philosophical conversations with Pope Benedict, who is struggling with his doubts about leadership and the future of Catholicism. The character focus of the movie keeps you hooked despite the mellow pace, with Hopkins’ and Pryce’s chemistry making for an impeccable watch.
The Two Popes received nominations at the Academy Awards, Golden Globes, and British Academy Film Awards.
Society of the Snow
Hope is within the group
One of Netflix’s most notable, foreign-language survival thrillers is Society of the Snow. Based on the real 1972 Andes plane crash, the Spanish movie follows a Uruguayan rugby team whose flight crashes deep in the snow-covered mountains, leaving the survivors stranded for weeks in brutal freezing conditions. As supplies start to run out and hope fades, the group is forced to make some unimaginable decisions just to survive.
The thriller was shot mainly in Sierra Nevada, Spain, and features some phenomenal filmmaking. Although survival is a core element of the movie, it also highlights the grit and humanity of the party amid a disastrous situation, alongside the grim reality. Society of the Snow received two Academy Award nominations for Best International Feature Film and Best Makeup and Hairstyling.
The Good Nurse
The case of a prolific, unexpected killer
Credit: JoJo Whilden/Netflix
The Good Nurse was haunting to watch at night, but it’s a thriller that has stayed with me for years. The crime drama tells the true story of Charles Cullen, a nurse and serial killer who was responsible for the deaths of dozens of patients across multiple hospitals in the United States. The film is based on the 2013 true-crime book of the same name by Charles Graeber.
What’s fascinating about the movie is that, instead of giving us Cullen’s perspective, the story unfolds from the POV of Amy Loughren, a single mother and ICU nurse who was key in Cullen’s confession and eventual conviction. As his new co-worker, her suspicions build over the course of the movie after she starts noticing something strange about his patients. The Good Nurse also does a good job of touching on another vital aspect of the case, the hospital’s negligence.
Jessica Chastain and Eddie Redmayne drive the movie with incredibly controlled performances. To know more about the real case, you can also check out the Netflix documentary Capturing the Killer Nurse.
Mudbound
Life after war is never easy
Credit: Steve Dietl/Netflix
The (mandatory) war film addition to this list is Mudbound, a Netflix exclusive that stands out for its incredible character-focused storytelling. The story is set in rural Mississippi after World War II and follows two veterans, one Black and one white, whose lives become intertwined while working on the same farmland. The soldiers and their families deal with the PTSD of war in their own ways. Mudbound explores themes like racism, trauma, class divides, and poverty through its gripping plot.
Directed by Dee Rees, the film received four Academy Award nominations, including Best Supporting Actress, Best Original Song, and Best Adapted Screenplay. It became the first Netflix movie ever nominated for Best Cinematography — Rachel Morrison became the first woman nominated in the category. It also earned two Golden Globe nominations.
Nyad
An impossible feat is nothing for this resilient athlete
Credit: Liz Parkinson/Netflix
If you’re in the mood for a sports thriller and a true story, don’t skip NYAD. This biographical drama follows marathon swimmer Diana Nyad and her attempt to complete the seemingly impossible 110-mile swim from Cuba to Florida without a shark cage. The film takes place years after Nyad initially gave up on the challenge.
The athlete decides in her sixties that she wants a final shot at achieving the record-breaking swim and sets her mind on the incredible goal. Alongside her best friend and coach, Bonnie Stoll, Nyad begins preparing for the physically exhausting journey while facing dangerous weather, exhaustion, and many failed attempts. NYAD is led by Annette Bening and Jodie Foster, with both actors receiving nominations for Best Actress and Supporting Actress, respectively, at the 96th Academy Awards and the 81st Golden Globe Awards.
More Netflix options
Want to explore more biographies and titles inspired by true events? You can explore Netflix’s list of secret codes to filter out and find titles according to genres, tropes, and languages. Netflix’s release schedule for the summer also includes some exciting titles, so keep an eye out for that.
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