Citigroup is to hire more than 4000 tech staff to help businesses boost their digitalisation efforts in the post-pandemic world.
More than 1,000 of the recruits will join the markets technology team as part of an aggressive growth strategy, Jonathan Lofthouse, head of markets and enterprise risk technology, told Bloomberg.
"We're trying to digitalise as much of our client experience as possible, front and back, and modernise our technology," he says. "Those firms that can digitalise fastest are going to create competitive advantage."
At Citi, chief financial officer Mark Mason said in March the lender raised tech spending by 10 per cent to US$10 billion last year. The bank is currently home to more than 30,000 software engineers.
"Everyone in lockdown suddenly had to do everything digitally, whether than was getting groceries delivered or watching more Netflix," Lofthouse told Bloomberg. "We've always seen the tech market to be competitive but particularly at the moment, coming out of the pandemic, we've seen a digital explosion across industries."
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