291. ‘Having a human bank is very important’: A conversation with Citi CEO Jane Fraser

After a long period of uncertainty, the fog has lifted, and while private equity rebounded in 2025, the clearer visibility has also revealed a more complex and demanding landscape. In this episode, the authors of our 2026 Global Private Markets Report unpack the structural shifts reshaping the industry—from elevated multiples and longer hold periods to the growing importance of scale, specialization, and alternative capital. They also explore how artificial intelligence is emerging as a core driver of competitive advantage, with early adopters embedding AI into pricing, productivity, and portfolio strategy to create structural alpha. As private equity continues to mature, dispersion between leaders and laggards is set to widen. The question for dealmakers, operators, fundraisers, and LPs alike: who is equipped to best navigate this new terrain? Related insights  Global Private Markets Report 2026 Private equity: Clearer view, tougher terrainSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Top dealmakers entered 2025 expecting to overcome continued challenges, but few anticipated how sharply trade and geopolitical pressures would intensify. In this episode, Jake Henry and Mieke Van Oostende, the global co-leaders of our M&A Practice, share key themes from our annual M&A report. They reflect on how dealmakers maintained focus, adjusted portfolios, and capitalized on shifting sector dynamics to drive substantial growth in 2025. They also share their perspectives on the five trends driving M&A in 2026. Related Insights Read the full report on McKinsey.com: 2026 M&A trends: Navigating a rapidly rebounding marketSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Jane Fraser, Chair and CEO of Citi, talks with McKinsey Senior Partner and North America Managing Partner Eric Kutcher. After becoming CEO in March 2021, Jane launched a multi-year strategy to transform, simplify, and modernize the bank for the digital age – leveraging Citi’s unique global context to reset where and how it competes. Jane speaks about what the last five years have looked like for Citi and the role AI and blockchain technologies are playing, as well as what she’s learned along the way about talent, intent, and resilience. She also shares the global trends she is seeing as one of the world’s most well-travelled CEOs. Related Insights ‘You’ve got to be willing to “do,” as opposed to getting disrupted by somebody else’: A conversation with IBM CEO Arvind Krishna ‘Saying “I don’t know” is one of the hardest things a leader can do’: A conversation with Delta CEO Ed BastianSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

From its origins as an internal three-ring binder to its status as a global reference text, Valuation has shaped how business leaders think about value creation for more than 30 years. In this episode, co-author Tim Koller joins the co-leaders of our Strategy and Corporate Finance Practice, Andy West and Dago Diedrich, to reflect on the evolution of Valuation, the principles that have remained timeless, and the lessons learned across market cycles, bubbles, and changing executive expectations. Tim also shares his perspective on long-term orientation, disciplined leadership, and the legacy he hopes the book leaves with the business community. Related Insights Valuation: Measuring and Managing the Value of CompaniesSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Levi Strauss & Co. Chief Finance and Growth Officer, Harmit Singh, joins us to share lessons from his 13-year journey transforming the iconic clothing company. Singh explains how Levi’s returned to growth, strengthened profitability, and shifted toward a direct-to-consumer model, while staying true to its purpose-driven heritage. He introduces the “Magic of the And”–his approach to driving both top- and bottom-line performance– and discusses building a performance culture, navigating volatility and tariffs with cross-functional teams, developing finance talent, and approaching AI in finance with practical use cases and discipline. Joining Harmit for this discussion is Steve Begley, a senior partner based in our New York office. Related Insights The State of Fashion 2026: When the rules change How finance teams are putting AI to work today How Nestlé’s CFO sharpens focus across a global portfolioSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

As organizations increasingly employ agentic AI, they face new risks that could disrupt operations, compromise sensitive data, or erode customer trust. Rich Isenberg and Charlie Lewis join us to discuss these emerging risks and how leaders can proactively ensure secure and compliant adoption. Rich Isenberg is a partner in our Atlanta office and a leader within our Risk and Resilience and Cybersecurity Practices. Charlie Lewis is a partner in our Connecticut office and leads our cybersecurity and tech resilience work across North America and Europe. Together, they offer a frontline perspective on how organizations are implementing agentic AI, the emerging forms of cyber and operational risk, and the critical steps leaders must take to build robust governance and resilience. Related Insights Deploying agentic AI with safety and security: A playbook for technology leaders The change agent: Goals, decisions, and implications for CEOs in the agentic age Seizing the agentic AI advantageMcKinsey Risk & Resilience on LinkedInMcKinsey Risk & Resilience: Our latest insightsSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Arvind Krishna, the Chairman, President, and Chief Executive Officer of IBM, stepped into the CEO role at IBM in 2020, following 30 years at the company. Prior to that, he held various senior positions, spanning VP of Cloud and Cognitive Software to Head of Research, where he drove innovation in core technologies – including artificial intelligence, quantum computing, and cloud platform services. In today’s episode, Arvind joins our North America Chair and senior partner Eric Kutcher to discuss how he led IBM to triple its share price in just five years, the current AI landscape, how to pursue opportunities from volatility, the potential of quantum computing, what it takes to drive growth through innovation, and the dangers of being too risk-averse. Related insights CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest  A CEO for All Seasons: Mastering the cycles of leadership The Strategic CEO newsletter Delta Air Lines CEO Ed Bastian: Lessons from the captain’s seat  Doug Parker, former chairman and CEO of American Airlines, shares leadership lessons John Stankey talks about leaning into the long term at AT&TSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Health insurers are facing urgent challenges related to affordability, access, and how to safely and effectively leverage AI and emerging technologies. In this episode, McKinsey senior partner Celia Huber is joined by Brian Evanko, president and chief operating officer of The Cigna Group. In this role, Brian oversees all of the company's business units, including its two growth platforms: Cigna Healthcare, a health benefits business, and Evernorth, a health services business. Together, these business units serve customers in more than 30 countries. From here, Brian has a unique view of the challenges facing the industry and the people it serves—including the fact that the vast amount of US healthcare spending goes toward chronic care. In their conversation, Brian shares his perspective on the innovation needed, such as through the adoption of AI, to improve affordability and support prevention. Related Insights Future of US healthcare: Gathering storm 2.0 or a golden age? Tackling healthcare’s biggest burdens with generative AI The race to create a vaccine: A conversation with Frank D’AmelioSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

CFOs are increasingly helping lead transformations of their companies, which has a range of implications for how they manage their time and stay up to date with technology. Leading transformation has often been viewed as more focused on other members of the C-suite. McKinsey’s research shows the critical role that CFOs have in the success of a transformation. In this episode, we speak with three McKinsey experts on the subject. Kevin Carmody is a senior partner and the global co-leader of our CFO and Finance Excellence Practice based in Chicago. Previously, Kevin was a founding member of our Transformation Practice and a member of its global operating committee. Christian Grube is a partner in our Munich office, and leads our CFO and Finance Excellence Practice across Europe. Matt Maloney is a partner in our New York office, and leads our CFO and Finance Excellence Practice in the Americas.Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Leaders across both the public and private sectors are navigating an era of constant disruption. They're expected to deliver major transformations, manage complexity, and balance competing priorities, all while ensuring their own teams are running smoothly. This is why the role of chief of staff has never been more critical. In this episode, three McKinsey experts–all former chiefs of staff–share insights on when a chief of staff is needed and what qualities distinguish those who excel in the role. Michelle Forrest is the global client capabilities leader in our Strategy and Corporate Finance Practice, and previously served as chief of staff to our former global managing partner, Kevin Sneader. Andrew Goodman is a senior partner in our London office, and leads our consumer technology and media practice across Europe. He has also led our Chief of Staff Forum and our research into the role of the chief of staff for the past decade. Previously, Andrew served as chief of staff for the McKinsey Centre for Government, our center of excellence that helps government leaders deliver better outcomes and experiences. Connor Rochford is an associate partner who previously served as chief of staff for the U.K.'s former Chief Medical Officer. Related insights Anatomy of the chief of staff role Chief of staff: Anatomy of the role in eight charts How to be a better chief of staff Seeing around corners: How to excel as a chief of staff Lessons in leadership: Getting past politics to deliver for the people Seven tips for success for new chiefs of staff at federal government agenciesSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information