Misery loves company in Citi’s wealth technology division.
Earlier this year, the bank hired Dipenda Malhotra from Morgan Stanley to become its head of wealth technology. Malhotra has been tasked with salvaging what has been called ‘the worst tech on the street’ and he’s just hired an MD colleague at his old haunt, Tarak Mehta, to help him.
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Mehta is joining Citi as an MD in wealth technology after a decade at Morgan Stanley. He’s a recently promoted MD, part of the bank’s 2023 class. Before Morgan Stanley, he spent 11 years at Merrill Lynch.
It’s not clear exactly what Mehta will be doing at Citi, but credentials he has acquired in the past two months might provide some insight. He received a credential for cloud migration from Snowflake, and a credential from Google Cloud for being a “generative AI leader.” Malhotra, prior to Citi, was also an AI specialist, leading AI, machine learning, analytics and data for the bank’s own wealth team.
Last year, Business Insider reported that an internal audit from Citi estimated it would cost $500m to fix the bank’s wealth technology. It will presumably want to cut as much of that figure as possible, using Mehta and Malhotra’s AI expertise where possible. Morgan Stanley recently revealed that it has saved 280,000 hours of work with just one of its generative AI tools, which would cut $21.7m based on our reporting of Morgan Stanley’s average engineering pay. Evidently, its AI people know a thing or two.
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