Investment in technology is becoming a key expense driver for the bank. Expenses overall increased 8% for Citi, and 3% of that spend was driven by “transformation investments,” Mason said, with two-thirds relating to risk, control, data and finance programs.
“Approximately 25% of the investments in those programs are related to technology,” he said during Friday’s call. “And as of today, we have over 9,000 people dedicated to the transformation.”
