Case Study 11 Nov 2011

At a Glance

Citi is the leading global financial services company with approximately 200 million customer accounts and does business in more than 140 countries.  Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. 

Citi has had a presence in Ireland since 1965 and celebrates 45 years in 2010.  The company offers a broad range of financial services and products and also has operations which support the products and services for Citi’s Global Transaction Services business.  The bank provides financial services and products for multinational companies, Irish companies and the government and public sector.  The range of products and services offered are cash management, rate risk management, (FX and interest rates), funding, investor products, corporate finance, trade services, custody, trustee services, fund administration, transfer agency, outsourcing and shareholder services.

Citi in Ireland – a First for Financial R&D

Citi was the first international financial institutions to receive RD&I financial assistance from the Irish government. To date Citi has invested €62 million in RD&I projects in Dublin and created a Centre of Excellence for the development of products and processes for Citi’s EMEA business.  The projects in the Centre include the development of the next generation of ebanking projects and the next generation of intelligent payment solutions.  The Centre will employ 100 people by end of 2010.

Citigroup Ireland – Services Innovation

Citigroup views innovation as key to the company’s growth agenda:

  • Process efficiencies are seen as incremental ‘Business as Usual’.
  • The RD&I centre aims to drive future change.
  • The centre is working to instill across the Group a culture of continuous product and process innovation.
     

Citigroup uses a number of innovation approaches including:

  • Client workshops (De Bono techniques to drive out new ideas).
  • Organising social events to give visibility of projects to senior managers in order to gain senior global sponsorship.
  • Collaboration with universities and SMEs - Engaged with UCD on an anti-money laundering project.
  • A “Dragon’s Den” type scenario with a €20,000 prize awarded for the best new idea from staff on the floor.
     

Citi in Ireland

In 2005, Citi became IDA’s first financial services client to undertake an R&D capability project in Ireland. This involved the establishment of Citi’s first international R&D centre of Excellence with a total investment of €10million, supported by a €2.5 million IDA RD&I capability grant. The centre has been very successful to date and has evolved into a corporately “branded” Research, Development, Innovation & Learning (“RDiL”) entity which has established Dublin as the group’s premier, globally recognised, innovation reference site for its Global Transaction Services (“GTS”) business. The projects in the centre include the development of the next generation of ebanking projects and the next generation of intelligence payments solutions. The centre currently employs 70 people.

In December 2010, Citi announced that it is to create 250 roles over the next year at its offices in Dublin and Waterford. These roles will be in Funds. Client Services, Product Development and will include some operations and Technology roles.