Citigroup's CEO Reveals Just How Much It's Spending On Technology
Business Insider reports Citigroup is dedicating roughly 20% of its expense budget to technology. That works out to about $8 billion in 2018. CEO Michael Corbat said Wednesday at the Bernstein Strategic Decisions Conference that the company is spending more this year than it did in 2017. However, he explained that the massive tech spend is part of an effort to spend less on it in 2019.