A significant attempt to incorporate artificial intelligence throughout operations is indicated by Citigroup's appointment of Shobhit Varshney, a former IBM executive, as its new Head of AI.

The most recent indication of Wall Street's haste to further integrate AI into banking is Citigroup's appointment of former IBM executive Shobhit Varshney as its new head of AI. Varshney is a former employee of IBM, where he oversaw data and AI for the consulting division of the computer giant.

As outlined in a memo shared with Citi employees on Tuesday morning and reviewed by Business Insider, he is set to collaborate closely with David Griffiths, Citi's CTO, to expand the use of AI across the organization. He will report to the COO of the bank, Anand Selva. Citi has already made AI tools like Workspaces, Assist, and Stylus available to over 175,000 employees. 

According to Selva's message, the bank has begun using AI to enhance customer service in its US personal banking division, promoting efficiency and operational excellence, as part of a multi-year effort to enhance the client experience with particular GenAI technologies. In the email to staff, Selva stated that under Shobhit's direction, they will expedite the laborious process that has been going on for over a year to incorporate the potential of artificial intelligence into Citi's operations and strategy.

Their overarching objectives are very clear: they want to responsibly develop AI capabilities that improve the experience of clients and coworkers, fortify internal controls, and increase internal efficiency. Selva's memo states that Citi is updating its platforms and technology, standardizing its working methods, cutting down on manual processes, and modernizing its infrastructure. The company's firmwide AI integration is a logical next step in this effort.