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Citi bumps up its tech spend by 14%, CFO says

July 18, 2022

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.”

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