Citi's mandated transformation nears its end, bring on the AI spending
An end to its six-year tech transformation opens the door for more AI spending, but it's not all good news for staff...
Citigroup is reducing investment in tech transformation projects and shedding staff as it bumps up AI spending, almost six years after a $400 million fine over its data governance.
Citigroup CEO Jane Fraser said 90% of the bank’s transformation projects were at or close to their targets, allowing the bank to direct more funds toward “methodically deploying AI at scale.”
In Citigroup's Q1 2026 earnings call on Tuesday, Fraser was positive about the bank's efforts to simplify its tech stack "from a multiplicity of different platforms into singular platforms."
“We feel good about the modernization we have done," she said.