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: Adding cloud to your high performance trading infrastructure

Adding cloud to high performance trading infrastructure offers the benefits of scalability, faster development, and lower capex costs – but can it meet required speeds of data delivery, does it limit the extent of available data, and how can low-latency data be sourced in the cloud? Still more, is it feasible to run a complete...

BLOG

The Case Against Ripping and Replacing: Why Capital Markets Firms Should Build Intelligence Into What They Already Have

By Neil Vernon, Chief Product Officer, Gresham. For years, capital markets firms have faced the same challenge: modernising sprawling, legacy data systems. Each attempt follows a familiar pattern – ambitious platform overhauls, eight-figure budgets, years of disruption – yet the old systems often remain in use long after the new ones are live. Replacing systems...

EVENT

TradingTech Summit London

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...