Citi poaches IBM exec to accelerate its AI ambitions: See the memo

Core Insights - Citigroup has appointed Shobhit Varshney, a former IBM executive, as its new head of AI, indicating a strong push towards integrating artificial intelligence into banking operations [1][11] - The bank aims to enhance client and colleague experiences, strengthen internal controls, and boost productivity through responsible AI capabilities [4][14] Company Developments - Varshney previously led data and AI initiatives at IBM and will collaborate closely with Citi's COO Anand Selva and CTO David Griffiths to scale AI across the organization [2][13] - Citi has already provided approximately 175,000 employees access to AI tools such as Stylus, Workspaces, and Assist, and is using AI to improve customer service in its U.S. personal banking sector [3][15] - A multi-year initiative is underway to enhance customer experience through specialized GenAI tools, with over 5,000 agents already utilizing new tools like Agent Assist [16] Industry Context - The appointment of Varshney reflects a broader trend among banks, including JPMorgan and Goldman Sachs, to leverage AI for automating tasks, improving risk management, and increasing operational efficiency [5] - Goldman Sachs' CEO expressed optimism about AI's potential to enhance efficiency and free up capital for new investments during a recent financial services conference [5]