Citi is expanding its network of Global Innovation Labs, with the opening of a new hub in London.
The new London lab will support Citi’s markets and securities services business with a focus on leveraging advanced technologies for clients, including data science and visualisation, as well as computing.
Headquartered at the WeWork offices in Moorgate, Citi’s London Innovation Lab will initially employ 75 technologists.
It will also host the Europe, Middle East and Africa operations of Citi Ventures, the team in charge of venture capital investing and external partnerships driving innovation.
The new lab will also be home to Citi's D10XSM programme, an internal model that enables Citi employees to take new business ideas from concept to launch.
Paco Ybarra, global head of markets and securities services at Citi, said: “The financial services industry has historically been a large user of technology. We have always invested heavily in digital, but what we are seeing now is a step-change in both the investment we dedicate to technology and the pace of the evolution.”
He added: “The addition of London to our network of global innovation labs highlights our commitment to the UK as a strategic hub for innovation.”
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