Citi Spends $9 Billion on Tech Overhaul After Series of Costly Errors

Citigroup spent over $9 billion on technology and communications last year, almost a fifth of total operating expenses and a larger proportion than competitors, as the bank works to fix legacy software systems that have produced costly errors including accidentally wiring more than $900 million to Revlon creditors.

The bank has consolidated 12 international sanctions screening systems into one platform, retired 20 cash equities platforms and launched a replacement, and automated high-risk processes where 'fat-finger' errors previously occurred. Recent mistakes included crediting one account with $81 trillion after an employee failed to remove zeros from an electronic form and a copy-paste error that almost missent $6 billion.

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