Citi and Google Cloud Announce Strategic Agreement to Modernize Citi’s Technology Infrastructure and Drive Innovation

On October 28, 2024, Citi and Google Cloud announced a strategic, multi-year partnership aimed at modernizing Citi's technology infrastructure, enhancing both employee and client experiences through cloud technology and artificial intelligence. This collaboration includes migrating multiple workloads and applications to Google Cloud's secure infrastructure, enabling the bank to provide improved digital products and streamline workflows. With Google Cloud's Vertex AI platform, Citi plans to implement generative AI capabilities across various departments, including developer toolkits and customer service enhancements. The decision to adopt Google Cloud stems from Citi's ongoing mission to elevate safety, soundness, and operational efficiency. This partnership not only aims to boost performance in operational metrics but also intends to enhance Citi’s capability to process vast computations daily within their Markets sector. Effective use of high-performance computing (HPC) will support the execution of millions of calculations, thus driving innovation in financial services. Executives from both companies believe that the partnership will yield significant advantages for both employees and clients alike. Google Cloud’s robust security infrastructure will allow Citi to navigate digital transformation while ensuring compliance with stringent data protection standards. This move reflects a wider trend in the financial industry towards leveraging advanced technologies for competitive advantage. Overall, this collaboration symbolizes a critical step for Citi as it integrates modern technologies into its operations, aligning its services with clients’ evolving needs and enhancing its capability to deliver cutting-edge solutions.