Citigroup CEO Discusses Future of Banking

Michael Corbat, CEO of Citigroup was interviewed by Bloomberg at the World Economic Forum; the bank currently spends $8.5 billion per year on technology but doesn’t necessarily see employees being replaced by machines; instead, they are being smarter about how their employees are used; Corbat also noted that the pace of change is actually slower than most people think; last year we saw US Bancorp cut 2% of their workforce as they reduced jobs in branches; Citigroup has had a smaller branch network compared to some of their larger rivals; one of Citigroup’s goals is to make their mobile app look and feel more like ride-sharing and retail apps which compliment the branch experience and allow customers more choice in how they interact with the bank. American Banker