Citigroup
An end to its six-year tech transformation opens the door for more AI spending, but it's not all good news for staff...
"We've got over 11,000 regulatory reports" lamented CFO Mark Mayer. "We're talking about ensuring that the data that we capture at trade entry is the data that's required to ultimately show up on these various regulatory reports..."
"One of the most rapidly growing expense line items" -- with Zscaler and CyberArk among the vendors getting paid.
Banking group facing huge payout after allegedly making "insufficient progress" on risk and data quality management transformation
Remediating data is a major 2024 priority
Citigroup spent the equivalent to some $50 million on technology every single working day over the past quarter..
Overhaul comes after howling error in 2020 blamed on legacy software, bad training...