Latest news with #CitiAI
Yahoo
3 days ago
- Business
- Yahoo
HSBC UK Private Banking Introduces Addepar Platform, Boosts Offerings
HSBC UK Private Banking, a subsidiary of HSBC Holdings PLC HSBC, has adopted the Addepar platform, which is particularly designed for wealth managers. This move comes after its adoption in the US Private Bank, with plans for rollouts in the Channel Islands and Luxembourg later in the year. HSBC UK Private Banking provides services to domestic and global ultra and high net worth clients alongside family Addepar platform offers a superior client reporting experience, handling complex aspects such as alternative investments and account aggregation. It allows relationship managers and investment advisers to smoothly deliver customized, comprehensive performance reports and investment the platform can consolidate performance data for clients with assets managed by other wealth firms, allowing them to view a full picture of their complete investment portfolio in one Boulton, head of Private Banking, HSBC UK, said, 'Addepar's platform will mean that our clients have the best possible insights at their fingertips to manage an increasingly complex financial landscape. Being able to present a client's entire portfolio to them so they have a holistic view of their wealth across multiple currencies and multiple wealth managers will be a big step forward for us.'James Thomson, head of investment counselling, HSBC UK Private Banking, stated, 'As a leader in the alternatives space, with more and more private banking clients wanting to have a proportion of their portfolio in this asset class, Addepar's advanced alternatives reporting capabilities was [sic] an important selling point.' HSBC's move aligns with an increased focus on high-net-worth and ultra-high-net-worth clients. In mainland China, the bank is growing its wealth business through lifestyle-focused centers and acquisitions like Citigroup's retail wealth arm in June 2024, digital upgrades and hiring HSBC has been boosting its presence through initiatives like launching Global Private Banking, acquiring L&T Investment Management, and enhancing Premier Banking. Over the past six months, shares of HSBC have rallied 24.6%, outperforming the industry's growth of 21.6%. Image Source: Zacks Investment Research Currently, HSBC carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Last month, Deutsche Bank DB collaborated with International Business Machines IBM and finaXai, a Singapore-based AI leveraging IBM's innovative technologies, Deutsche Bank aims to streamline workflows, reduce operational costs and improve efficiency across all areas of its business. The transition from legacy systems to IBM's advanced cloud and AI solutions will allow DB to develop a more agile, scalable, and secure technology Citigroup Inc. C unveiled Citi AI, a range of artificial intelligence tools aimed at enhancing internal processes for Hong Kong employees. Citi AI aims to maximize efficiency in operations by offering support in information retrieval, document summarization, and writing electronic communications for employees. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C) : Free Stock Analysis Report International Business Machines Corporation (IBM) : Free Stock Analysis Report Deutsche Bank Aktiengesellschaft (DB) : Free Stock Analysis Report HSBC Holdings plc (HSBC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Citi Unveils Citi AI to Enhance Hong Kong Operations
Citigroup Inc. (NYSE:C) is turning to artificial intelligence to enhance internal operations and efficiency. On May 22, the US bank unveiled Citi AI, a new suite of artificial intelligence tools designed to support internal operations in Hong Kong. Employees can use the tool to retrieve vital information from the company's policy library and create electronic communication drafts. 360b / In addition, Citi AI can help employees answer questions about compliance, finance, and risk policies. Additionally, it can be used to summarize, compare, and translate multiple documents. The unveiling of the new AI-powered tool aligns with the Hong Kong Monetary Authority's push to enhance the adoption of AI across the banking industry. Citi AI supports responsible AI adoption in banking, aligning with the Hong Kong Monetary Authority's commitment, said Aveline San, Citi Hong Kong and Macau CEO. The platform is accessible to 150,000 employees across 11 countries, including the U.S., India, and Singapore. Citi has also started equipping its in-house developers with Generative AI tools to make writing code more efficient and easy. It is part of the bank's push to develop new products and solutions much faster. The push also comes against the US bank slashing up to 200 information technology contractor roles in China. While we acknowledge the potential of Citigroup Inc. (NYSE:C) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than C and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Citigroup Introduces AI Tools, Enhances Banking Operations in Hong Kong
Citigroup Inc. C unveiled Citi AI, a range of artificial intelligence (AI) tools aimed at enhancing internal processes for Hong Kong employees. Citi AI aims to maximize efficiency in operations by offering support in information retrieval, document summarization, and writing electronic communications for employees. Citigroup AI is currently accessible to approximately 150,000 employees across 11 countries, including the United States, India, and Singapore. The company plans to expand availability to more markets this year. Citigroup's Hong Kong and Macau CEO, Aveline San, emphasized by stating, 'These initiatives are in line with the Hong Kong Monetary Authority's commitment to promoting responsible adoption of AI across the banking industry." Citigroup is accelerating its digital transformation to improve efficiency and client services. In December 2024, the company launched the Citi Integrated Digital Assets Platform for blockchain-based financial solutions. The bank also introduced AI tools like Citi Assist and Citi Stylus for 140,000 employees to make internal processes easier in the same month. Last year, C also entered into a multi-year agreement with Google Cloud, which is intended to support the former's digital strategy through cloud technology and AI. The collaboration aimed to modernize Citigroup's technology infrastructure and enhance client experiences on cloud-based applications. Additionally, in November 2024, the bank made a minority investment in Pylon to automate mortgage origination and provide interim funding. These initiatives reflect Citigroup's commitment to digital innovation and strategic partnerships. Over the past six months, shares of Citigroup have gained 4.9% compared with the industry's growth of 0.8%. Image Source: Zacks Investment Research Citigroup currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. In November 2024, PNC Financial Services Group, Inc. PNC announced its partnership with GTreasury, a global leader in Digital Treasury Solutions. This collaboration integrated PNC's embedded banking solution, PINACLE Connect, with GTreasury's treasury and risk management platform. PNC introduced PINACLE in 2021 to remove complexities and address client feedback, particularly regarding technology integration and fraud Wells Fargo & Company WFC also expanded its Application Programming Interfaces (APIs) portfolio with the launch of specialized APIs for its Commercial Banking clients in September 2024. Manufacturers, distributors and dealers can use WFC's API platform to connect directly from their preferred system. This automated setup permits effortless data transfer among trading partners, reducing delays in sending and receiving information. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wells Fargo & Company (WFC) : Free Stock Analysis Report Citigroup Inc. (C) : Free Stock Analysis Report The PNC Financial Services Group, Inc (PNC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Reuters
22-05-2025
- Business
- Reuters
Citi launches AI tools for Hong Kong employees
May 22 (Reuters) - Citigroup (C.N), opens new tab has launched Citi AI, a suite of artificial intelligence (AI) tools for its employees in Hong Kong, the bank said on Thursday. The tools support internal operations including information retrieval from Citi's policy library, document summarisation and creation of electronic communications drafts among others, it said in a statement. "These initiatives are in line with Hong Kong Monetary Authority's commitment to promoting responsible adoption of AI across the banking industry," Aveline San, Citi Hong Kong and Macau's CEO and head of banking, said. Citi AI is currently available to about 150,000 employees across 11 countries such as the United States, India and Singapore. The company plans to roll out the tools in more markets this year. Last week, Reuters reported that Citi is cutting up to 200 information technology contractor roles in China as the bank looks to hire its own staff globally for such operations to improve risk management and data governance.
