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07 January 2020

Citigroup investment bank plans to hire 2,500 programmers this year

Global banks are investing billions in a race to apply technologies that make front-office staff more efficient and keep clients trading.

The bank is already using its tech teams to automate news, analytics, pricing and trade ideas for salespeople/Bloomberg

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., reported Bloomberg.

Stuart Riley, Global Head of Operations and Technology for Citi’s Institutional Clients Group, said that roughly three-quarters of the company’s trade orders last year were electronic. The Institutional Clients Group (ICG) arm will add programmers in locations from New York to India.

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,” said Riley.

“Technology is augmenting what humans do by making better use of data,” added Riley.

Goldman Sachs Group and JPMorgan Chase & Co. are among other firms that are hiring as computer specialists change the face of trading floors across Wall Street.

JPMorgan spends $11 billion on technology every year, while New York-based Citigroup budgets roughly $8.5 billion, or about 20 per cent of total expenses. Bank of America Corporation has said it spends approximately $10 billion on technology, with around $3 billion of that going to new projects.

Citigroup has started reaping the benefits of those investments in recent years, saying they’ll help save as much as $600 million in 2020. The US bank, which already has 23,000 technology specialists in its ICG business globally, said the new roles will be in London, New York, Shanghai, Toronto, Dublin, Tel Aviv, Pune and Chennai in India, and Tampa, Florida.

Tech giants are already waging a battle for talent in Citigroup’s hometown. Facebook said that it’s planning to hire more than 3,000 people over the next three to five years in New York City, while announced plans to lease space in Manhattan that will house 1,500 workers.

Riley said that Citigroup’s new recruits will work on projects including solutions in equities and fixed income. The bank is already using its tech teams to automate news, analytics, pricing and trade ideas for salespeople by drawing on their message exchanges with clients.

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