Citi is Beginning to See Big Cost Savings from Tech Investment

Citi spends over $8bn per years on technology and last year the bank said they reached an inflection point; “Last year, we crossed the inflection point of actually getting net savings on that,” CEO Michael Corbat said according to Business Insider, adding that this year they’re expecting it to add up to $500 million to $600 million worth of savings; the technology spend focuses on adding capabilities so they can grow, cybersecurity and upgrading and maintaining current technology; Citi has also launched a digital bank and digital only products to bring more credit card customers into the main retail business. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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