Financial Services
HSBC reported costs of $7.5 billion despite “continued cost discipline” in Q1 2023, which it attributed to “higher spend on technology” as it also revealed a $1.5 billion gain from its £1 Silicon Valley Bank acquisition. The bank's IT leaders are continuing to execute HSBC'
Fed says warns tech may have changed the pace of bank runs, points to "textbook" mismanagement
Citigroup has added 8,000 people in its technology function over the past 12 months as it ramps up an ambitious digital transformation programme, hiking IT spending by 12% in Q1 2023 and slashing app numbers. Recent successes include the retirement of 20 trading platforms to consolidate around one, an
"A gap in the control environment which was proving difficult to close..."
Is this a tech story? Well, kind of...
AI (hype aside) is demonstrating its worth says Banking Circle's Livia Benisty
