Citi cuts tech vendor payments by 30% thanks to AI

AI is helping Citi speed up product development cycles while cutting costs as the bank relies more on developing the tech in-house. “We're deploying AI at scale with measurable results,” Chief Executive Jane Fraser said during the bank’s third-quarter earnings call today. “Our own adoption of AI ... is both earning and saving us money.” [caption id="attachment_57368483" align="alignright" width="313"] (Photo/Bank Automation News)[/caption] AI is helping Citi develop and test tools faster, Fraser said, adding that all 14,000 developers at the firm use its internal agentic coding tool , Devon. “That makes it much more efficient for us to do the work in-house,” Fraser said. “We've reduced our tech vendors spending 30% year over year as a consequence, and there is still a long way to run,” she said. Internal product development has become less expensive and 30% to 40% faster with AI, Fraser said. Revenue generation with AI The $1.7 trillion bank continues to invest in AI and expects the return to compound, not only in cost savings but also in revenue generation, Fraser said. While the bank is early on the revenue generation side of AI, it has rolled out AI agents for call servicing in 82 countries, which has improved response time by 21%, she said. The bank also launched CitiSky this year , an AI-driven wealth platform built on Google ‘s full technology stack to drive better engagement with clients. BY THE NUMBERS: In Q3, Citi reported: Revenue of $23.8 billion, up 8% YoY; Tech expense of $2.3 billion, up 1% YoY; Net income of $5.2 billion, up 40% YoY; and Efficiency ratio of 61% flat YoY. Shares of Citigroup Inc. [NYSE: C] were trading at $124.3 at market close today, down 5.6% from market open. Citi has a market capitalization of $208 billion. Stay up to date with all the news coming out of FinAi Lending Summit 2026 here .

Citi cuts tech vendor payments by 30% thanks to AI

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Citi cuts tech vendor payments by 30% thanks to AI

Bank’s tech expense up 1% YoY to $2.3B

Analyst must ‘squint’ to see JPM’s Q3 AI benefits

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