Citi has signed a multi-year agreement with Google Cloud to modernize its technology infrastructure by moving various applications and workloads to Google Cloud’s secure and scalable infrastructure. This strategic partnership aims to enhance Citi’s operational efficiency and leverage cloud-based computing for high-performance analytics and artificial intelligence (AI) solutions.
Through this collaboration, Citi will utilize Google Cloud’s Vertex AI platform to integrate generative AI into its operations. The initiative is designed to streamline business processes across document management, developer tools, and digital transformation projects, ultimately boosting the effectiveness of Citi’s customer service teams.
Citi’s leadership emphasized that the partnership aligns with their commitment to modernize core infrastructure, ensuring faster, safer services for customers. Leveraging Google Cloud’s resources allows Citi’s teams to execute applications more efficiently and meet client needs with enhanced accuracy and speed.
Security Standards
Google Cloud’s security architecture offers a strong foundation for Citi’s digital transformation efforts while meeting stringent financial sector data protection requirements. Its robust defense-in-depth model ensures encryption of data at rest, in transit, and during processing using Confidential Computing. Additionally, Google Cloud meets rigorous compliance standards, including PCI DSS, ISO 27001, and SOC 2, making it a secure choice for managing sensitive financial information.
With Google Cloud, Citi gains both security and scalability, essential for meeting regulatory demands and supporting a broader AI and digital transformation.
Other Citi Developments
In September 2024, Citi announced a strategic partnership with Apollo to lend up to USD 25 billion to private equity firms and lower-rated companies in the United States. This initiative seeks to fill a financing gap left by traditional banks, focusing on higher-yield private credit.
The collaboration aims to fund at least USD 25 billion in loans, starting with USD 5 billion in the first year, as part of Citi’s growth in the private credit market. Loans will be sourced through Citi’s investment banking team and funded by Apollo, utilizing resources from its direct lending funds, insurance subsidiary Athene, and Abu Dhabi’s Mubadala sovereign wealth fund.
In combining Google Cloud’s technology with innovative private credit financing, Citi is advancing both its infrastructure and market footprint, positioning itself as a leader in secure, AI-driven digital banking solutions.
“Citi is on a mission to modernize our infrastructure and increase our safety and soundness so that our businesses can continue to serve our clients with speed and agility,” said Tim Ryan, head of technology and business enablement for Citi.
“Our strategic partnership with Citi to continue to modernize its technology infrastructure and drive enterprise-wide innovation underscores Google Cloud’s commitment to helping the financial services industry transform with cloud and AI technology,” said Thomas Kurian, Google Cloud CEO.
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