Citi opens London innovation lab
Written by Chris Lemmon
Citi is expanding its global network of innovation labs with the opening of a new hub in London, demonstrating Citi’s commitment to the UK technology sector.
Based in Moorgate, the Citi innovation lab will initially employ 75 technologists with a focus on software development skills across a range of sectors and disciplines. The lab will also host the EMEA operations of Citi Ventures – the team in charge of venture capital investments and partnerships.
Citi established its first innovation lab in Dublin in 2009, and has expanded the network to include Israel, Singapore and Mexico – with more than 250 senior technologists globally. The labs are committed to rapid research, experimentation and prototyping of next-generation financial solutions.
Paco Ybarra, global head of markets and securities services, 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. The addition of London to our network of global innovation labs highlights our commitment to the UK as a strategic hub for innovation.”
Staurt Riley, global head of operations and technology for Citi Markets and Securities Services, added: “A critical part of our innovation strategy is to establish strong partnerships and attract the industry’s top talent in technology to deliver the best financial services platform to our clients.
“Our Innovation Labs are a powerful way to achieve this goal and plug into the local innovation ecosystems,” he continued. “As we look to further increase our investment and develop more cutting-edge technologies for our clients, we are thrilled to launch a new lab in London and tap the UK’s deep pool of diverse talent to hire advanced technologists with a strong business background.”