Citigroup's CEO has revealed just how many billions the bank is spending on tech — and it shows the speed with which Wall Street is changing (C)

REUTERS/Ueslei Marcelino

• Citigroup is dedicating roughly 20% of its expense budget to technology, according to CEO Michael Corbat.
• That works out to about $8 billion in 2018.
• "We're spending more this year than last year in an effort to spend less next year," Corbat said.

---

Citigroup is spending about $8 billion to bolster its technology capabilities in 2018.

About 20% of the bank's expense budget is now dedicated to technology spend, CEO Michael Corbat said Wednesday at the Bernstein Strategic Decisions Conference.

See the rest of the story at Business Insider

NOW WATCH: 80% of startup money goes to 3 states — here's what one visionary is doing to help spread the wealth

See Also:

• Citigroup's CEO has revealed just how many billions the bank is spending on tech — and it shows the speed with which Wall Street is changing
• Deutsche Bank CEO tells staff he's 'sick and tired' of bad news
• Citi has hired an ex-Credit Suisse electronic trading exec to boost its share in a $42 billion market

from Business Insider https://ift.tt/2kAet6s