Citigroup has added 8,000 people in its technology function over the past 12 months as it ramps up an ambitious digital transformation programme, hiking IT spending by 12% in Q1 2023 and slashing app numbers. Recent successes include the retirement of 20 trading platforms to consolidate around one, an ongoing process to move 39 loan servicing applications to a single platform, and deeper use of public cloud for “faster market risk calculations, data sharing, and instant payment”, according to Citi’s Q1 2023 earnings presentation on April 15. It also continues to make “continued data enhancements to achieve greater consistency, accuracy, timeliness, and completeness of data” and continues to work on improving digital onboarding processes, the bank said, reporting net income for the quarter of $4.6 billion, up from $4.3 billion in Q1, 2022. Total Q1 expenses were $13.3 billion. Citi digital transformation: COO in charge as CAO retires Chief Financial Officer (CFO) Mark Mason said on an earnings call: “Across the firm, technology-related expenses grew 12%. We recognize these investments have driven a significant increase in expenses, but they are crucial to modernize the firm, address the consent orders and position Citi for success in the years to come.” […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
