About a-team Marketing Services
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: The Data Office at a Crossroads — AI Governance, Organisational Design, and the Evolving Mandate of the CDO

Who owns AI governance in a capital markets firm – and is the Data Office structured to bear that weight? These questions sit at the heart of A-Team Research’s latest findings, presented here for the first time: the combined results of two landmark surveys examining the role of the Data Office in AI governance and...

BLOG

Reconciliation No Longer Has Time On Its Side as T+1 Approaches

By John Bevil, senior product manager at Xceptor. Europe’s capital markets firms are entering the most consequential phase of T+1 preparation. From 11 October 2027, trades executed in European markets are expected to settle one business day after trade date, reducing the settlement cycle from T+2 to T+1. More than 4 trillion euros of securities...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

The Data Management Implications of Solvency II

This special report accompanies a webinar we held on the popular topic of The Data Management Implications of Solvency II, discussing the data implications for asset managers and their custodians and asset servicers. You can register here to get immediate access to the Special Report.