Citigroup added 5,500 technology workers and increased its tech spend 10% to about $10 billion in 2021.

The $2.9 trillion bank reported $3.3 billion in net income for the fourth quarter of 2021, down from $4.3 billion in Q4 2020. Tech and communications spending reached $2.1 billion in Q4, a 3% year-over-year increase and 4% increase over the third quarter. Like most banks, Citi does not break out its technology in a separate budget.

The New York City-based bank began a “strategy refresh” last year, exiting consumer franchises across 13 markets in Asia and Mexico. Technology will play a key role in the bank’s transformation, Chief Financial Officer Mark Mason said during Friday’s Q4 earnings call.

“The transformation has driven three percentage points of growth this year. I do expect that there is more growth associated with that, particularly since we’re still doing more hiring. There’s more tech spend that will be required,” Mason said. “But the transformation over time will deliver efficiencies, will reduce the manual touchpoints, will drive straight-through processing, and therefore will allow for us to bring our expenses down.”

The bank also is reorganizing some functions, including creating a new personal banking and wealth management segment made up of two of the U.S. personal banking businesses and Citi’s global wealth management business. The institutional side of the bank will begin reporting under three units: services, banking, and markets. Services will include Treasury and Trade Solutions and Securities Services. Citi will also create a new segment, Legacy Franchises, to house all the businesses from which it intends to exit.

The bank will also benefit in 2022 from the transformation and related technology spend as it shifts its focus away from Asia and Mexico, Mason added. Fraser said the bank would share more details on its transformation at its March 2 Investor Day.

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