The new hires are for the unit that houses its traders and investment bankers.
In Brief:
- Roughly three-quarters of the company’s trade orders last year were electronic.
- Citigroup budgets roughly $8.5 billion on tech each year.
- Goldman Sachs Group Inc. and JPMorgan Chase & Co. are among other firms that are hiring as computer specialists change the face of trading floors across Wall Street.
What does this mean
The big bank arms race is well and truly underway as technology reshapes the banking business. This could halt the long-term tech brain drain to Silicon Valley or it might just tempt even more tech companies into the banking sector.
