Citigroup’s CEO Reveals How Much It’s Spending on Technology
Citigroup is spending roughly 20 percent of its expense budget on technology—that amounts to $8 billion in 2018.
CEO Michael Corbat said the company is spending more on tech than it did in 2017, but the increase is part of an effort to reduce spending in 2019.
According to Corbat, the bank was running parallel systems in many places as its tech investments were built, tested, and brought up to date.
In comparison with Citigroup, JP Morgan’s annual tech spend is $10.8 billion.