LONDON - Citigroup plans to recruit 2,500 programmers this year for the unit that houses its traders and investment bankers, bulking up on coders and data scientists as technology reshapes the business.
The hires reflect"what we are building in technology and why we are focused on making salespeople and traders more effective at servicing our clients," Riley said in an interview at Citigroup's Canary Wharf office in London."Technology is augmenting what humans do by making better use of data." JPMorgan spends US$11 billion on technology every year, while Citigroup budgets roughly US$8.5 billion, or about 20 per cent of total expenses. Bank of America has said it spends approximately US$10 billion on technology, with about US$3 billion of that going to new projects.
Tech giants are already waging a battle for talent in Citigroup's hometown. Facebook said it's planning to hire more than 3,000 people over the next three to five years in New York City, while Amazon.com announced plans to lease space in Manhattan that will house 1,500 workers.