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.
