China’s investment mood might be shifting again, and Citigroup C could be catching the early wind. Jane Fraser, running the bank since 2021 and now also its chair, said interest from global investors and corporates visiting China has been rising in a way that possibly signals a meaningful turn. Even as Citi pushes through its largest restructuring in decades including the exit of several Asian consumer markets and a 20,000-role reduction Fraser stressed that China is not a retreat story. Instead, she described Citi as taking market share and leaning forward, hosting a Shanghai conference just as companies and capital start re-engaging with the world’s second-largest economy.

That forward stance is anchored in a simple idea: Chinese companies moving overseas could be a powerful flow, and Citi wants to sit right in the middle of it. The bank has raised more than $250 billion for clients so far this year, including nearly $30 billion for Chinese clients, and Fraser said cross-border activity is becoming a vibrant segment again. Viswas Raghavan, the bank’s global banking chief hired last year from JPMorgan, called China’s market flourishing and pointed to added momentum coming out of Japan. Citi sees the deal pipeline in Asia strengthening, with Hong Kong, China, and India potentially leading activity, and the bank expects up to $20 billion in Indian IPO issuance over the next 12 months.

Fraser also emphasized that recent cracks in parts of the credit market including the troubles at Tricolor Holdings and First Brands Group have not caused alarm inside the bank. She described Citi’s balance sheet as pristine and heavily investment-grade, noting that companies have been building cash and US consumers are behaving fiscally responsibly. Citi beat revenue estimates across all five major business lines last quarter, and Fraser said the firm is optimistic about 2026, even as the US Federal Reserve navigates government-shutdown complications. She added that artificial intelligence is reshaping staffing needs, but Citi sees that as an opportunity to train talent while continuing its push for a long-sought securities license in China.