In the aftermath of the epidemic, Citigroup Inc. aims to hire more than 4,000 Digitech workers to help migrate its institutional clients online.
According to Jonathan Lofthouse, head of markets and enterprise risk technology, more than 1,000 new hires will join the market technology team as part of the company’s aggressive expansion strategy. He explained, “We’re attempting to digitize as much of our client experience as possible, front and back, and upgrade our technology.” “Those companies who can digitalize the most quickly will gain a competitive advantage.”
With multibillion-dollar programs, banks are modernizing decades-old technological infrastructure to make services available remotely for both clients and personnel, and investors are keeping a careful eye on the results. Citi’s Chief Financial Officer, Mark Mason, stated in March that the bank’s IT investment increased by 10% to $10 billion last year. In the midst of increasing shareholder criticism of the bank’s spending, JPMorgan Chase & Co. CEO Jamie Dimon stated last month that he just wants to “get it done” on the technology front.
Data specialists are in high demand in banking and the labor market in general. Pay, according to Lofthouse, plays a role in attracting new employees, but training and flexible working styles will help retain them. Citi has about 30,000 software engineers on staff.” Everyone under lockdown had to do everything online,” he claimed, whether it was ordering food or watching more Netflix. “We’ve always seen the IT sector as competitive, but we’re seeing a digital explosion across industries right now, coming out of the epidemic.”
Learn more about this at bloomeberg.com