Citigroup Inc. is positioning its wealth management division as a central element of its growth strategy, despite facing significant technological challenges.
The bank's ultra-wealthy clients have expressed dissatisfaction with outdated platforms that fail to compete with those of rival firms, causing concerns among relationship bankers.
To address these issues, two technology executives based in Dallas have been actively working on plans for modernization. They have made frequent trips to New York to present their proposals, which involve a substantial investment of over $1 billion and a two-year timeline to enhance the bank's technological capabilities.