Citigroup is planning to grant the majority of its over 40,000 coders access to generative artificial intelligence as Wall Street continues to embrace the burgeoning technology.

Jane Fraser defended Citigroup's recently announced organizational overhaul and specific performance targets, saying the plan is different from prior restructurings because it's designed to fundamentally change how the company operates.

Under the proposals, banks with at least $100 billion in assets would have to boost the amount of capital set aside by an estimated 16%.

Net income — which analysts estimated would fall 22% — rose slightly, the New York-based firm said Friday.

The proposals appear "somewhat bizarrely" to be a response to the problems at U.S. regional banks in March, according to Citigroup Chairman John C. Dugan.

The bank has already axed 5,000 jobs this year, costing $400 million in severance in the second quarter alone. This next phase will be more about eliminating the executive roles that sit two or three layers below the CEO.

In addition to her work as global head of Citigroup's Citi Private Bank, Liu also co-leads the bank's Asian affinity network.

The product will transform customers' deposits into digital tokens that can be sent instantly anywhere in the world, the company says.

Kristine Braden, the head of Citigroup's Europe unit, is leaving the U.S. lender amid Chief Executive Officer Jane Fraser's comprehensive reorganization of the top management structure to boost returns.

More than half of investment firms for the world's superrich seek opportunistic direct deals based on attractive valuations, Citigroup found in a survey of 268 family offices representing $565 billion in net worth.