April 21, 2023
Citigroup has announced the addition of 8,000 technologists to its transformation staff.
It announced in its Q1 2023 earnings results presentation that it currently has over 12,000 personnel devoted to the company’s transformation. The employment of technologists is part of a larger modernisation effort.
According to CFO Mark Mason, technology-related spending increased 12% year on year for the three months ended March 31, adding that these investments will streamline procedures and platforms. Citigroup’s strategy is being driven by investments in the client experience, both in terms of technological interface and innovative new products.
Citigroup has discontinued 20 trading platforms and is in the process of combining 39 loan servicing apps onto a single platform in order to optimize operations. The bank is also utilizing the public cloud more extensively for speedier market risk assessments, data sharing, and rapid payment. Additionally, Citigroup is aiming to improve digital onboarding procedures while continuing to improve data consistency, correctness, timeliness, and completeness.
Citigroup recorded a $4.6 billion net profit for the quarter, up from $4.3 billion in Q1 2022. Total costs for the first quarter were $13.3 billion.
The sources for this piece include an article in CIODIVE.
