Citigroup CEO Jane Fraser Says Transformation Costs Are Going Down; Higher Rates May Impact Tenure Of Corporate Debt; Higher Rates Are Not Slowing Down AI Investment; Sees Syndicated Debt Moderated In Favor Of Revolver Lines Due To Flexibility; Investment Banking Pipeline For Fourth Quarter Is Still Strong; Expects Equity Capital Markets To Be More Focused In Follow On Transactions; Expects High Debt Refinancing Activity By Investment Grade Companies

During a recent conference call, Citigroup CEO Jane Fraser reported that transformation costs are decreasing and indicated that higher interest rates may affect the tenure of corporate debt. Despite these challenges, she noted that investments in AI are not being hindered by rising rates. Fraser also mentioned a shift towards revolver lines over syndicated debt for increased flexibility and expressed confidence in a strong investment banking pipeline for the fourth quarter, with expectations of heightened debt refinancing activity among investment-grade companies.