Citi and Google Cloud Announce Strategic Agreement to Modernize Technology Infrastructure

Citigroup and Google Cloud have entered a multi-year strategic agreement to migrate workloads and applications to Google Cloud's infrastructure while deploying generative AI capabilities across the bank's operations.

The partnership will see Citi move multiple technology workloads onto Google Cloud, leveraging the platform's compute, storage, and networking capabilities to modernise its technology estate. Citi will also use Google Cloud's Vertex AI platform to develop and deploy generative AI applications across the organisation, from customer service and operations to risk management and compliance.

The deal represents one of the largest cloud agreements in global banking, reflecting the scale of Citi's technology operations across more than 160 countries. The bank said the Google Cloud partnership will improve operational efficiency, reduce infrastructure costs, and provide the AI capabilities needed to compete in an increasingly technology-driven industry.

Google Cloud has been aggressively pursuing financial services clients, positioning its AI and machine learning capabilities as key differentiators against cloud competitors AWS and Microsoft Azure. The Citi agreement is a significant reference customer win that strengthens Google Cloud's credibility in the banking sector.

For Citi, which has been undergoing a multi-year simplification and modernisation programme under CEO Jane Fraser, the cloud migration supports broader efforts to streamline operations and reduce the complexity of its global technology infrastructure. The bank has committed billions of dollars to technology investment as part of this transformation.

The generative AI dimension of the partnership is expected to produce applications across Citi's institutional and consumer banking divisions.