Overview
- Citigroup, which disclosed the push Wednesday through its technology chief, said an AI document tool now reviews U.S. account-opening paperwork in about 15 minutes.
- Tim Ryan said the bank is using AI to move data off old platforms, auto-generate code, and run software tests faster to help retire outdated programs.
- The company said it is halfway through a plan to cut external IT contractors from about half of its tech staff to 20 percent, with roughly 50,000 employees now in technology roles.
- Citi is rolling out common AI tools across the firm and has picked 50 priority processes for automation, including client and employee onboarding and identity checks under “know your customer” rules.
- The effort follows five years of higher tech spending tied to 2020 Federal Reserve and OCC orders to strengthen risk controls and data governance, along with mandatory AI training launched in October 2025 for 175,000 staff in 80 locations.