Digitalisation at Citi is underway as it aims to hire more than 4,000 tech staff to help move its institutional clients online in the wake of the pandemic. Jonathan Lofthouse, head of markets and enterprise risk technology, said more than 1,000 of the recruits will join the markets technology team as part of an aggressive growth strategy. Lofthouse pointed out that those firms that can digitise fastest are going to create competitive advantage. He said they have seen a digital explosion across industries when everyone in lockdown suddenly had to do everything digitally. Banks are upgrading decades-old technology platforms to make services available remotely for both clients and workers, with multibillion-dollar programmes that investors are watching closely for signs that this largess will eventually boost returns.
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