Citigroup is focused on simplifying its infrastructure and overall technology through automation and cloud migration as it upped tech spend 6% year over year to $2.2 billion in the first quarter. 

“We’ve made steady progress as we have retired multiple legacy platforms, streamlined end-to-end processes and strengthened our risk and control environment,” Chief Executive Jane Fraser said today during the bank’s Q1 earnings call. 

During Q1, the bank reported the following tech efforts: 

• Retired more than 110 technology applications; 
• Has 99% of risk computations on cloud-based infrastructure; 
• Simplified system restoration to a single click for about 30% of the bank’s critical applications; 
• Launched a position management tool to improve forecasting; and 
• Leaned into regulatory process automation. 

BIGGER PICTURE: The bank’s infrastructure simplification is part of its overall restructuring efforts, which started in 2022. 

In Q1, the bank incurred $225 million in restructuring charges, according to the earnings supplement.  

Citi’s efficiency ratio clocked in below 60 as the bank works to streamline its transformation and technology efforts, according to the earnings presentation.  

BY THE NUMBERS: In Q1, Citi reported: 

• Net interest income rose to $13.5 billion, up 1% YoY; 
• Total revenue fell 2% YoY to $21.1 billion; and 
• Headcount fell 1% YoY to 237,000. 

NOTEWORTHY: Citigroup’s Biswarup Chatterjee, global head of partnerships and innovation, and Nick Nadgauda, head of technology for services, spoke in March at Bank Automation Summit U.S. 2024 in Nashville, Tenn.  

The pair discussed ideation in banking and how Citi approaches innovation.  

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