Citigroup has appointed Shobhit Varshney, a longtime IBM executive, as its new head of AI to accelerate the bank’s artificial intelligence initiatives across its operations. The hire signals Wall Street’s intensifying race to integrate AI deeper into banking, as Citi joins competitors like JPMorgan and Goldman Sachs in deploying AI tools to automate routine work and boost efficiency.
What you should know: Varshney joins from IBM, where he led data and AI for the consulting business across the U.S., Canada, and Latin America.
- He will report to Chief Operating Officer Anand Selva and work closely with Chief Technology Officer David Griffiths to scale AI across the company.
- Citi has already rolled out AI tools called Stylus, Workspaces, and Assist to approximately 175,000 employees globally.
- The bank is using AI to strengthen customer service in its U.S. personal banking business through specialized GenAI tools.
The big picture: Citi’s AI push represents part of a broader transformation effort to modernize its infrastructure and address long-running data management issues that have drawn regulatory scrutiny.
- The bank is “modernizing our infrastructure and automating manual processes, simplifying our ways of working and upgrading technology and platforms,” according to Selva’s memo to staff.
- This summer, Citi accelerated its AI plans by appointing three senior leaders to steer the bank’s strategy, including Gonzalo Luchetti for consumer focus and Tim Ryan for technology skills.
Key implementations: The bank is already seeing practical applications of AI across multiple business areas.
- AI is being used to assess and strengthen internal controls, including within the improved Manager’s Control Assessment (MCA) to prioritize controls improvement work.
- In U.S. Personal Banking, over 5,000 agents across Branded Cards, Retail Services, and Retail Banking have received new tools like Agent Assist.
- The deployment represents “a multi-year initiative to enhance our customers’ experience through specialized GenAI tools, driving efficiency and operational excellence.”
What they’re saying: Selva emphasized the strategic importance of responsible AI deployment in his memo to employees.
- “Our firmwide goals are clear: responsibly build AI capabilities that enhance the client and colleague experience, strengthen internal controls and boost internal productivity.”
- “With Shobhit’s leadership, we will accelerate the hard work that has been underway for more than a year to integrate the power of AI into Citi’s strategy and operations.”
Competitive landscape: The appointment reflects the broader race among major banks to deploy AI capabilities.
- Goldman Sachs CEO David Solomon expressed “extreme optimism” about AI’s potential to boost efficiency and release capital for new investments at a recent Barclays conference.
- Financial institutions are experimenting with AI to automate routine work, improve risk controls, and enhance operational efficiency.
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