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Citi Spends $9 Billion on Tech Overhaul After Series of Costly Errors
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Citi Spends $9 Billion on Tech Overhaul After Series of Costly Errors
Citigroup spent over $9 billion on technology and communications last year, almost a fifth of total operating expenses and a larger proportion than competitors, as the bank works to fix legacy software systems that have produced costly errors including accidentally wiring more than $900 million to Revlon creditors. The bank has consolidated 12 international sanctions screening systems into one platform, retired 20 cash equities platforms and la…
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