Retail Upgrade at Citi Would Make Some Vendor's Day

May 14, 2007

Citi's recently announced $4.6 billion cost reduction program has led to speculation that the bank may consider a retail core banking system upgrade. An estimated $1.6 billion of these cost savings are tagged for IT savings. Included in these IT cost savings are a reduction of data centers from 42 to 21, card processing systems from 12 to 2 and mortgage origination systems from 5 to 1.

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