Dive Brief:
- Citi appointed former IBM executive Shobhit Varshney as its head of AI, according to COO Anand Selvakesari in a Sept. 9 internal memo reviewed by CIO Dive. Varshney will report to Selvakesari and partner with Citi’s broader executive management team, including CTO David Griffiths.
- Varshney joins the company from IBM. There, he spent just over 13 years in various leadership positions, most recently as its head of data and AI, leading IBM Consulting’s AI and data business in the U.S., Canada and Latin America.
- "His deep experience driving major AI transformations at large organizations makes him an incredible addition to our team," said Selvakesari in a Tuesday LinkedIn post. "We are excited about Shobhit's leadership and vision. AI has the potential to fundamentally change operating models and the future of work, and Shobhit's expertise will be critical to Citi’s efforts."
Dive Insight:
Following a multiyear modernization effort, Citi has been working to deploy AI tools at scale across its workforce. After culling thousands of legacy applications and pouring billions into IT upgrades, the company is beginning to see the fruit of its investments.
A pair of internal chatbot assistants have yielded efficiency gains, executives said during an April earnings call. More than 220,000 automated code reviews were completed by means of an AI tool, saving developer time and effort, according to the company.
AI has also helped support how the company serves customers. Last month, Citi deployed two homegrown, AI-powered advisory platforms within its wealth advisory division.
“These platforms will save hours of time for our advisors, bankers and service teams while reinforcing for clients the personal and high-touch experience that is a tradition at our firm,” Joe Bonanno, global head of data, analytics and innovation at Citi, said in an announcement.
A trio of Citi AI tools — Stylus, Workspaces and Assist — have reached the workstations of 175,000 employees globally, according to the Tuesday memo. In addition, the company is on a multiyear push to roll out specialized generative AI tools.
To support ongoing modernization and innovation efforts, Citi poured more than $11 billion on technology last year, CFO Mark Mason said in January.
