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Citigroup to save billions through IT integration

Banking giant Citigroup is planning to save more than $1bn this year by integrating separate IT systems.

Citigroup has acquired many businesses over...

Banking giant Citigroup is planning to save more than $1bn this year by integrating separate IT systems.

Citigroup has acquired many businesses over the years, and has a significant overlap in IT systems as a result.

According to the Financial Times, the company has increased its targeted savings related to IT integration after it began the streamlining process.

Sources quoted in the Financial Times said its savings targets are multiples of $1bn.

The US bank has already said it will cut some 50,000 jobs across all geographies in the near future to cut costs.

PJ Di Giammarino, CEO at financial services think tank JWG-IT, said consolidating IT at Citigroup is a huge undertaking and to make such massive savings a significant IT refresh would be required.

"Any large bank that has grown by acquisition has disparate systems and there is an opportunity to rationalise and consolidate IT systems. Citi is a very big bank and its operations are data and technology intensive."

He added that getting rid of legacy systems is difficult.

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