The Citi Institute Podcast

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

  1. May 18

    The Mortgage Lock-In Puzzle: 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.   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.   Link to the Citi GPS report Moving America - https://on.citi/GPS_Moving_America_pdf   Link to Citi Institute - https://www.citigroup.com/global/insights/citi-institute

    35 min

  2. Apr 13

    The Reconstruction of Ukraine: 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.   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 not independent of each other. Horizon Capital maintains a client relationship with Citi through Citi Investment Banking. The speaker's views of 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. Expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

    30 min

  3. Mar 3

    Where the Value Moves: 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. 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. 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.

    42 min

  4. Jan 21

    The Innovation Puzzle: Historical Context and the Capital Shaping Tomorrow's Disruptors

    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 & 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. Explore the podcast: https://www.youtube.com/playlist?list=PL7807xkyz4XT6uWcwk9yI5IIF6UaFbubO Citi Institute: https://www.citigroup.com/global/insights/citi-institute Stay informed with timely perspectives on the trends reshaping industries and markets. Subscribe to the Citi Institute Newsletter here: https://www.citigroup.com/global/insights/citi-institute#newsletter 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.

    34 min

  5. 12/16/2025

    Evolution of AI at Google & Citi

    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. Explore the podcast: https://www.youtube.com/playlist?list=PL7807xkyz4XT6uWcwk9yI5IIF6UaFbubO Citi Institute: https://www.citigroup.com/global/insights/citi-institute Stay informed with timely perspectives on the trends reshaping industries and markets. Subscribe to the Citi Institute Newsletter here: https://www.citigroup.com/global/insights/citi-institute#newsletter 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.

    58 min

  6. 11/18/2025

    The AI Revolution – Unlock Your Potential | Citi Institute Podcast

    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. Explore the podcast: https://www.youtube.com/playlist?list=PL7807xkyz4XT6uWcwk9yI5IIF6UaFbubO GenAI in Treasury - A Practitioner's Guide: https://www.citigroup.com/global/insights/genai-in-treasury AI in Investment Management - Beyond Efficiency Gains: https://www.citigroup.com/global/insights/ai-in-investment-management Citi Institute: https://www.citigroup.com/global/insights/citi-institute Stay informed with timely perspectives on the trends reshaping industries and markets. Subscribe to the Citi Institute Newsletter here: https://www.citigroup.com/global/insights/citi-institute#newsletter 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.

    34 min

  7. 11/04/2025

    Hybrid Warfare, AI, and Leadership in an Age of Disruption

    In this episode of 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. Explore the podcast: https://www.youtube.com/playlist?list=PL7807xkyz4XT6uWcwk9yI5IIF6UaFbubO Citi Institute: https://www.citigroup.com/global/insights/citi-institute Stay informed with timely perspectives on the trends reshaping industries and markets. Subscribe to the Citi Institute Newsletter here: https://www.citigroup.com/global/insights/citi-institute#newsletter 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.

    41 min

  8. 10/21/2025

    The Future of Money | Citi Institute Podcast

    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 their 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. Our guests highlight the importance of transparency and accurate forecasting alongside speed of settlement and emphasize the importance of interoperability between different solutions. Citi GPS – Stablecoins 2030: https://www.citigroup.com/global/insights/stablecoins-2030 Citi Institute: https://www.citigroup.com/global/insights/citi-institute Stay informed with timely perspectives on the trends reshaping industries and markets. Subscribe to the Citi Institute Newsletter here: https://www.citigroup.com/global/insights/citi-institute#newsletter 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.

    29 min
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Explore the forces shaping global markets, digital innovation, and economic progress.

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