About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Citi’s Pandit Planning IT Overhaul Over Next Three Years in Cost Saving Initiative

Subscribe to our newsletter

Vikram Pandit, Citi’s CEO, is championing an overhaul of the firm’s technology infrastructure in order to reduce duplicative systems and achieve significant cost savings. Earlier this year, the bank stated that it was intending to save at least US$1 billion in technology costs in 2009 via the rationalisation of its systems, but recent reports have indicated that it is on course to gain even greater costs savings.

Pandit is keen to integrate previously disparate systems, of which acquisitive Citi has many, across its entire business. On the data integration side, the bank has lost previous chief data officer, John Bottega, to the Fed, but some aspects of data management remain on the to do list for this year.

Julia Sutton, Citi’s global head of customer accounts operations, briefly elaborated on the bank’s plans to introduce a centralised utility for customer data at last year’s Fima conference in London. To this end, the bank is working with Avox and Markit Document Exchange on normalising and validating its customer data and documentation, which recently resulted in the announcement of a public partnership between the two vendors.

Given Pandit’s zeal for It rationalisation, it seems likely that more data integration projects will be on the cards in the near future.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Solving the data management challenges of FRTB

Despite the compliance deadline of the Fundamental Review of the Trading Book (FRTB) being pushed back to January 2022 by many national regulators, the time to address the data management challenges of the regulation is now. The webinar will discuss key elements of FRTB – including risk models, liquidity horizons and data sourcing for risk calculations,...

BLOG

A-Team Group Data Management Awards USA Winners Announced at DMS NYC 2025

A-Team Group has announced the winners of its 4th annual Data Management Insight Awards USA 2025, and we extend our congratulations to the individuals and companies recognised with awards this year. The event shines a light on the top providers of data management solutions, services, and consultancy for the capital markets across the United States....

EVENT

TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

FATCA – The Time to Act is Now

The US Foreign Account Tax Compliance Act – aka FATCA – raised eyebrows when its final regulations requiring foreign financial institutions (FFIs) to report US accounts to US tax authorities were published last year. But with the exception of a few modifications, the legislation remains in place and starts to comes into force in earnest...