Citigroup spent over $8 billion on technology in 2017, more than all US venture capital funding that year. It is restructuring its sales and trading unit to improve client services and profitability. The bank also plans to cut hundreds of trading jobs in 2019, including at least 100 in equities and about 80 in London. Citigroup has also won large outsourcing contracts from Wipro and is involved in a disputed Venezuelan gold deal.

2.  Citigroup Chief Executive Michael Corbat disclosed that around 20
percent of the New York national bank’s expenses go for technology.
 What Citigroup spent on technology in 2017 surpassed all of the money
invested into U.S. tech startups by venture capital firms in the same
period.
Citigroup Spent More Than $8 Billion On Tech To
Keep Competitors At Bay

3.  Citigroup and BNP Paribas are caught up in the US criminal case against
the Chief Financial Officer of China’s Huawei Technologies.
 Huawei CFO Meng Wanzhou is fighting extradition to the United States on
bank fraud charges.
 The banks are considered “victim” institutions in the 13-count indictment
the United States brought against Meng and Huawei, which includes
charges of bank and wire fraud, violating sanctions against Iran and
obstructing justice.
Citigroup, BNP Paribas ensnared in case against
Huawei CFO

4.  Citigroup is set to merge two key divisions in its sales and trading unit —
foreign-exchange and rates businesses.
 This move will mark the first major overhaul after Paco Ybarra took
position as head of institutional-clients group in April 2019.
 "We believe this more streamlined operating model will drive better client
service, risk management and profitability” – Co-heads of the markets
division, Carey Lathrop and Andy Morton
Citigroup Announces Restructuring of Sales and
Trading Unit

5.  The bank plans to slash jobs across its fixed-income and stock-trading
operations over the course of 2019.
 That includes at least 100 jobs in the equities unit, which would amount to
almost 10% of the division’s workforce.
 About 80 of the cuts will take place at Citigroup’s London operations.
Citi to Cut Hundreds of Trading Jobs in Bad Wall
Street Omen

6.  Wipro won a $500 million technology outsourcing contract from Citigroup
in June 2013.
 Wipro also won a large contract from Citigroup in 2008 when it acquired
Citi Technology Services for $127 million.
Citigroup is a top client for Tata Consultancy
Services and also sends work to Cognizant

7.  Bank of Georgia Group has announced that its bank subsidiary, JSC Bank
of Georgia, has signed a one-year USD 50 mln trade finance facility with
Citi.
Bank of Georgia signs USD 50 mln trade finance
facility with Citi

8.  Citigroup bankers have been holding talks with U.S. Treasury officials to
figure out how to handle a gold deal they had arranged with Nicolas
Maduro’s regime in Venezuela.
 The deal -- a $1.1 billion swaps contract backed by gold held by the
Venezuelan central bank -- was struck before the U.S. stepped up
sanctions on Maduro’s government.
 Because the cash-strapped Maduro regime is unlikely to come up with the
money it had received in the deal, Citigroup could wind up getting the gold.
Citi in Talks With Treasury Over $1.1 Billion Maduro
Gold Deal

9. The Citigroup TURBO report has dozens of pages of customer insights
compiled to help you sell and market more effectively.
FORTUNE 500 TURBO REPORTS
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