Dipendra Malhotra is set to join Citi as the head of wealth technology, transitioning from Morgan Stanley after 11 years of leading their wealth business's AI and tech initiatives. Citi, under the direction of Andy Sieg, is addressing long-standing tech issues within their wealth management unit, which have been a significant hindrance. An internal audit has estimated repairs could cost around $500 million. Malhotra's expertise is seen as vital for enhancing Citi's competitive edge in wealth management amidst a challenging landscape.
Citi's wealth management unit has struggled with technology, prompting the hire of Dipendra Malhotra to drive improvements in their tech and digital offerings.
Andy Sieg believes that improving Citi's tech is crucial for turning around the wealth unit, with significant investments needed to address these challenges.
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