Citi has entered into a multi-year agreement with Google Cloud , aiming to revamp its technology infrastructure and expand its use of cloud-based applications. This collaboration will see Citi migrating multiple workloads and applications to Google Cloud’s secure and scalable infrastructure, with a focus on enhancing operational efficiency and advancing high-performance computing and analytics capabilities.

Under the terms of the partnership, Citi plans to leverage Google Cloud’s Vertex AI platform to incorporate generative AI solutions into various business processes. This will support Citi’s AI-driven initiatives for developer tools, document processing, and digitisation, tools intended to enhance the efficiency of customer service teams. Officials from Citi highlighted the company’s commitment to modernising its infrastructure and improving the speed and safety of its services.

They also emphasised that, by using Google Cloud, the company gains access to new opportunities to run applications with better speed and precision, equipping teams with the resources they need to effectively serve clients. A word on security Google Cloud’s security framework provides a solid foundation for financial institutions to move forward with digital transformation while meeting rigorous data protection and regulatory standards. The platform’s defence-in-depth security model includes encryption protocols for data at rest, in transit, and during processing through Confidential Computing, as well as compliance with industry standards like PCI DSS, ISO 27001, and SOC 2.

In essence, Google Cloud’s infrastructure and AI platforms aim to provide the security and scalability necessary for Citi to meet evolving client and regulatory demands while laying the groundwork for wider adoption of digital and AI-driven solutions. Other developments from Citi In September 2024, Citigroup announced a partnership with Apollo in an initiative to lend up to USD 25 billion to private equity groups and low-rated companies in the US. This move was part of Citigroup’s strategy to establish a foothold in the growing private credit market, where traditional banks have been withdrawing from riskier lending.

The collaboration aimed to finance a minimum of USD 25 billion in private equity and corporate loans over the coming years, with a target of USD 5 billion in the first year. Loans will be sourced by Citigroup’s investment banking team and funded by Apollo, using capital from its direct lending funds, insurance subsidiary Athene, and Abu Dhabi's sovereign wealth fund, Mubadala. Source: Link .