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Yahoo
03-07-2025
- Business
- Yahoo
The Man Tasked With Ending Citigroup's Fat-Finger Blunders
(Bloomberg) -- Just before Citigroup Inc.'s tech chief faced his first global town hall meeting, he got some pointed advice from his teenager: Make sure the technology works. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees What Gothenburg Got Out of Congestion Pricing Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals That hasn't always been a given at Citigroup. For the past year, Tim Ryan — an earnest, soft-spoken Bostonian who was once told in high school he'd never amount to much — has been untangling legacy software and data systems that have irked the bank's moneymakers and regulators, and have at times made it an industry punchline. The most notorious moments: 'fat-finger' errors that accidentally credited fortunes to recipients. Now, his division has made enough progress that it recently invited the bank's global workforce to a first-of-its-kind update on what's done and what's to come. The town hall – with the energy of a Silicon Valley product launch – opened to thumping music and a montage video with a cybernetic take on Michelangelo's The Creation of Adam, before Ryan walked on stage in jeans and white sneakers. Chief Executive Officer Jane Fraser soon followed, urging tech staffers to keep going — 'crushing the competition.' It was a striking performance for a company once known for underinvesting in software and data management, resulting in a patchwork of legacy systems that prompted bank examiners to demand an overhaul and impose penalties. 'I came in with my eyes wide open, in terms of where we were and what needed to be done,' Ryan later said in an interview. He commands one of Citigroup's biggest armies of staff and oversees a budget that reflects the bank's more urgent focus on tech. It spent just over $9 billion, or almost a fifth of total operating expenses last year, on technology and communications – a larger proportion than its main competitors – according to regulatory filings. The alternative, putting off upgrades, has proved costly in other ways. Five years ago, the bank accidentally wired more than $900 million to creditors of cosmetics company Revlon Inc., setting off a two-year legal fight to recoup the money. This year, other errors emerged in the media. Citigroup credited one account with $81 trillion after an employee failed to remove the line of zeros that automatically filled an electronic form. A separate copy-paste error almost missent $6 billion. Both mistakes were undone, and no money left the bank. In another incident that hasn't previously been reported, an error let a pair of people on the same account withdraw a roughly $100,000 certificate of deposit twice, according to people with knowledge of the matter who asked not to be identified describing the behind-the-scenes problem. Some of the processes at issue in those cases now barely need humans. 'Where the risk is high, we've taken the right steps to automate both detective and preventative controls,' Ryan said. Not a Consultant Before Ryan arrived, Citigroup insiders jokingly dubbed the team overseeing its technology the 'Verizon Mafia' because it has long included a group of managers who had jumped from Verizon Communications Inc. to Barclays Plc to JPMorgan Chase & Co. before landing at the firm. When his appointment was announced, some employees rolled their eyes again. Under Fraser, a former McKinsey & Co. partner, the bank has faced criticism for running up consulting bills — once spending more on advisers than tech as part of the company's so-called transformation plan in 2021. Then with Ryan's hiring, it seemed the bank had put another consultant in charge: His last job before joining Citigroup was running PwC's US workforce of 75,000 people. He said that's the wrong way to see him. 'The reality is I was a CEO for eight years,' he said. 'I've sweat over the balance sheet, delivered sustainable earnings, driven growth, dealt with our own regulatory challenges, had a board. People perceive me as a consultant. But it is what it is.' Even more, he aims to reduce the bank's reliance on third parties. 'I want us to own more,' Ryan said. 'It's not an expense thing – it's a confidence thing. I need our people to know that I trust them.' The bank's back-office technology empire includes 50,000 full-time staff, comprising more than a fifth of the firm's 229,000 employees. Adding to that are 45,000 contractors. Together, they span outposts in India, China, the UK and Canada, though much of the senior power is in Irving, Texas. Since arriving, Ryan has reshaped that workforce, cutting 3,500 positions at certain locations in China as he consolidates staff into key hubs. He also has shifted managers, with some departing. 'Accountability doesn't have to be a public hanging,' he said. 'You mentor people, and if it doesn't work, you work them out of the system.' Teacher's Warning One Citigroup habit Ryan is trying to break is the impulse to keep modifying old technology. The bank customized a key enterprise software platform, ServiceNow, so much that it struggled to receive updates from the software's maker. Simpler is better, he said. So is moving quickly. The mission is well-suited to the executive, who grew up with attention-deficit/hyperactivity disorder, or ADHD. 'My high school biology teacher told me I'd never amount to anything in life. My second grade teacher tied me to the chair and taped my mouth on the first day,' he said. But he found strategies for dealing with his challenges and later peace in a demanding industry. 'When everything's moving so fast, that actually is conducive to someone like me.' In the past year, the bank has distilled 12 screening systems for international sanctions into one, retired 20 cash equities platforms and launched a new one, and consolidated software for banking teams so they can manage deals in one place. It also developed a relationship with Google Cloud's Vertex AI platform and rolled out a generative AI tool to 150,000 employees. And the technology team helped the rest of the bank complete the separation of Banamex, Citigroup's retail unit in Mexico, ahead of a planned public listing. Personal Memos In an unusual move for a Wall Street executive, Ryan sends near-weekly emails to his global staff, detailing intimate moments in his personal and professional life. Last month, he sent them an email titled 'Lifelong principles rediscovered,' in which he described his three-day vacation to Rome with his wife, including reflections on a tiff with her and their sighting of the new pope. He signed off: 'Mondays will be okay — they always are!' --With assistance from Matthew Boyle. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. 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
Express Tribune
26-06-2025
- Entertainment
- Express Tribune
Savouring history: a reflection on food, art and culture
Listen to article Dear Lahore foodies, Calling Gadrung an eatery would be like referring to Monalisa merely as a painting and the Sistine Chapel ceiling as a fresco to decorate the building. In the first instance, Da Vinci's portrait is not just a representation of a woman but an example of the humanistic ideals of the European Renaissance. It has captivated its audience over the centuries with enduring mystique, technical brilliance and cultural impact. The second artwork, I shall say, illustrates much of the doctrine of the Catholic Church. Several 15th-century artists had already contributed to rationalising this vision in the Vatican City. Yet, the Chapel's ceiling, painted by Michelangelo based on stories from The Book of Genesis, with 'The Creation of Adam' at its centre, proved to be a thing of beauty and passion. When the chapel opened to the public, people from everywhere rushed to see it and the sight alone was sufficient to leave them amazed and speechless. The scene can be considered the closest visual representation of 'Kun Fayakoon', only if the viewer understands the concept of art as a cultural expression that does not and should not always cater to or challenge religious beliefs. Visiting Gadrung yesterday was nostalgic. Reconnecting with an old associate from NCA, Shireen Bano, the mastermind behind the project, was refreshing. An academic and a miniature painter by training Shireen celebrates her family's Deccani roots through this cozy, homely dining place where everything is prepared with affection and attention. She cherishes growing up in a Hindustani household, one that is usually celebrated in novels by Qurat-ul Ain Haider or Razia Butt. If you're unfamiliar with these references, a refresher course in Urdu literature might be in order. Given the time and patience required for a 1000-page novel, I would suggest exploring the 80's PTV spectacle with several dramas set in the typical 20th century Indian, Muslim household. If Urdu is an issue, go for Salt and Saffron by Kamila Shamsie. The novel explores feminist identity in diverse contexts, drawing heavily on the region's cultural history to crystallise a postmodern, postcolonial perspective on the subject. What is more interesting is that Shamsie refers to food as a common interest that can bring people closer. The sumptuous Hyderabadi cuisine, the ambiance and the chit-chat with Shireen also rekindled an old passion for doing a contemporary cookbook (this one for my darling Mehroze) to match the spirit of Naimatnama-i Nasirudin Shahi — a 15th-century Persian manuscript. The English translation, The Book of Delights, is fondly reviewed as a recipe book that somewhat diminishes the authenticity and robust approach of its patron, the Sultan of Malwa. While a recipe book provides instructions on how to prepare a certain dish, a cookbook is much more than that. A cookbook, at its best, is also a chronicle and treasury of the fine art of cooking, an art whose masterpieces — created only to be consumed — would otherwise be lost. Naimatnama is known for its detailed recipes, illustrations and insights into the culinary practices and courtly life of the period. If interested, one may learn about socio-political situations, systems of knowledge production and transmission and transculturation to the extent of tracing trade routes. The recipes are detailed and illustrated with notes on the sides. The illustrations are Persian in appeal with a strong indication of an emerging 'Indo-Persian' style of painting that would fully develop in the later century under the Mughal patronage. The Naimatnama's significance also lies in its role as a precursor to later Mughal culinary texts, including Ain-i-Akbari, Alwan-e-Naimat and Nuskha-i-Shahjahani. However, the earliest surviving specimen I know of is a 2nd-century treatise written by a Greek gourmet in the form of a dialogue between two banqueters who talk for days and relate recipes for dishes such as stuffed vine leaves and a variety of cheesecake. The said book also mentions at least 20 texts that preceded it, Pleasant Living from 350 BC being one. Long live the Lahori passion of khabas. Bano June, 2025
Techday NZ
09-06-2025
- Business
- Techday NZ
Romano's unveils first brand campaign featuring AI artwork
Romano's has launched its first brand campaign in its fifty-year history, collaborating with agency partner MintHC and adopting generative artificial intelligence to develop the creative. New campaign The campaign, titled "Everyday Masterpieces", is based on the concept that Romano's pizzas enhance everyday moments, with creative elements inspired by Italian art and the brand's longstanding popularity in New Zealand. Artwork for the campaign reinterprets classic Italian masterpieces with a New Zealand twist, featuring the Mona Lisa at a summer gathering, flatmates sharing pizza in a scene reminiscent of The Creation of Adam, and a Kiwi father by his pizza oven in homage to Michelangelo's David. AI-driven strategy MintHC utilised generative AI to produce the campaign artwork. Alan Kang, Creative Director at MintHC, commented on the significance of developing Romano's first major advertising initiative using AI. "It's pretty unheard of for a successful brand like Romano's – which has been around since 1975 – to be launching its very first advertising campaign 50 years later," says Kang. "And it's incredibly exciting to be doing it with a solution that fully embraces the possibilities of AI." Kang described the creative process as a partnership with Romano's, facilitated by the team's use of AI. He said, "AI is an incredible tool, but it's a bit like a wild horse. It doesn't always do what you want it to – but when you learn how to steer it, it can take you places you couldn't reach before. We saw AI not as a shortcut, but as a creative enabler – helping us deliver more imagination, faster and smarter." The campaign represents one of the first full-scale applications of generative AI in New Zealand's FMCG sector. MintHC took the approach to reduce production costs and redirect resources to maximise media placement. Murals and media "Everyday Masterpieces" will be visible not only in digital and out-of-home formats but also as hand-painted murals in Auckland, Wellington, and Christchurch. The campaign will also include video-on-demand, social media, retail integration, and sales activations nationally. Brad Kirkpatrick, Managing Director at Romano's, commented on the significance of the campaign for the brand. "This campaign is a big moment for us. We've always focused on making a great product, and we are proud to be the category leader but we've never told our story in this way. With our expansion into more North Island supermarkets, it felt like the right time to step out and connect with shoppers in a fresh, fun, and memorable way." MintHC will also support Romano's efforts in digital storytelling and social media engagement, providing the company with ongoing opportunities to maintain relationships with consumers beyond the supermarket environment. Follow us on: Share on:
The South African
07-05-2025
- The South African
Peek inside the stunning Sistine Chapel, where popes are elected
The Catholic Church is gathering to elect a new pontiff after the death of Pope Francis last month. The process, known as a conclave, takes place in the beautiful Sistine Chapel. The Sistine Chapel lies inside Vatican City, the smallest country in the world, which is entirely surrounded by the city of Rome in Italy. Vatican City is the home of the pope and the Catholic Church. The Sistine Chapel takes its name from Pope Sixtus IV. In the late 15th century, Sixtus ordered the reconstruction of an existing chapel. A few years later, in 1492, the chapel hosted its first papal conclave. Since 1878, every conclave has taken place in the church. The decoration of the Sistine Chapel took place at the height of the Renaissance when some of the most famous artists were living in Italy. The Vatican enlisted several, including the famous Michelangelo, to paint the building. Today, the building is a popular tourist attraction. While the papal conclave continues, the Sistine is off-limits to travellers. However, as many as 6 million people visit the site each year. Here's what they come to see: None other than Italian painter Michelangelo decorated the Sistine Chapel's ceiling. His masterpieces cover over 450 square metres and depict nine stories from the Book of Genesis. The most famous scene is The Creation of Adam : the image of God touching Adam's fingertips is one of the most iconic in the world. Painted by Michelangelo between 1536 and 1541, this dramatic fresco shows the Second Coming of Christ and the final judgement of souls. Just beneath The Last Judgement is the papal throne. The simple marble seat is where the pope traditionally sits, symbolising his authority over the Church. Across the side walls of the Sistine Chapel are more spectacular paintings. These frescoes were done by early Renaissance artists like Pietro Perugino, Sandro Botticelli and Domenico Ghirlandaio. The panels depict stories from both the Old and New Testaments of the Bible. Michelangelo's paintings may catch the eye, but it's the ceiling design itself that draws the gaze upwards. The vaulted ceiling adds depth and harmony, and showcases a mastery of perspective that's typical of the Renaissance. Let us know by leaving a comment below or send a WhatsApp to 060 011 0211. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
Yahoo
06-05-2025
- Politics
- Yahoo
What to know about the Sistine Chapel, site of the conclave to pick a new pope
In a process shrouded in secrecy, the Sacred College of Cardinals is gearing up to elect Pope Francis' successor inside the Vatican's Sistine Chapel, renowned for its extensive Renaissance art collection by some of the world's most famous artists. The Sistine Chapel is named after Pope Sixtus IV, an avid art lover who oversaw the construction of the main papal chapel in the 15th century. However, a later pontiff, Pope Julius II, commissioned works by Michelangelo, who painted the ceiling and vaults depicting scenes from Genesis, including The Creation of Adam, between 1508 and 1512. He also painted The Last Judgment, the second coming of Christ, on one of the walls. More than 5 million tourists visit the chapel annually, making it one of the most visited places in the world. Choosing the next Pontiff: What to expect from the conclave that will choose Pope Francis' successor What is the Sistine Chapel known for? Besides being the pope's main chapel, the Sistine Chapel has been the site of the conclave, the election that selects a new pope when there is a vacancy. The conclave takes place only in the event of the pope's death or renunciation for personal reasons. Pope Francis, 88, died of a stroke on April 21, Easter Monday, after a long respiratory illness. About 135 cardinals will gather in the Sistine Chapel to choose a new pontiff next week, according to the Vatican. For inspiration, the cardinals can look at the sweeping frescoes from renowned Renaissance artists. The last conclave was held in March 2013 following Pope Benedict XVI's resignation, the first of its kind in more than 600 years, and resulted in the election of Cardinal Bergoglio, who became Pope Francis. White smoke rose from the Sistine Chapel and the bells of St Peter's Basilica rang out on March 13, 2013, signaling that Roman Catholic Cardinals had ended their conclave and elected a new leader, who chose the name Pope Francis. Conclave to elect new pope begins May 7: When could we see white smoke? The artwork inside the Sistine Chapel While the exterior of the Sistine Chapel is muted, it is regarded for its majestic interior, as the walls and ceiling are decorated with frescoes created by many Florentine Renaissance artists. A general view as Pope Benedict XVI celebrates baptisms in the Michelangelo's Sistine Chapel, Jan. 13, 2008 in Vatican City. The most important artworks in the chapel are the frescoes by Michelangelo, which appear on the ceiling and the west wall behind the altar. Michelangelo painted the Last Judgment fresco on the west wall for Pope Paul III between 1534 and 1541. The two gigantic frescoes are considered among the greatest achievements in Western artistic history. The most famous scene in the Sistine Chapel is The Creation of Adam. Part of Michelangelo's ceiling paintings, the fresco depicts God giving life to Adam. The iconic image is known for the depiction of the two figures' hands almost touching, symbolizing the creation of the first man. Their almost-touching fingers are one of the world's most recognizable and widely replicated images. Part of the artwork of Michelangelo that adorns the ceiling of the Sistine Chapel at the Vatican in 2005. Sistine Chapel's recent ties to pop culture Besides the artwork, most people have also become familiar with the Sistine Chapel through fiction thanks to Robert Harris' 2016 hit book-turned-Oscar-winning movie, "Conclave." Both in the book and the 2024 movie, the 200-plus College of Cardinals gathered at the Vatican after the death of the pope to elect who would lead the world's roughly 1.4 billion Catholics. The process is called a conclave and is steeped in ritual and tradition. A view of the fully restored 15th-century Sistine Chapel with the "Last Judgment " by Michelangelo is seen Dec. 10, 1999 after completing a 20-year revamping of this famous chamber where cardinals huddle to elect their new Pope. The operation, to clean marble works and frescoes on the side walls telling the stories of Moses and of Christ, enabled scholars to say with greater precision who painted what. PC In the film, the voting begins inside the solemn Sistine Chapel. Many of the high-profile cardinals are vying to be the new pontiff, some making ardent cases for themselves, including Cardinal Tedesco (Sergio Castellitto) and Cardinal Adeyemi (Lucian Msamati). One cardinal who doesn't want the job is Cardinal Lawrence (Ralph Fiennes), dean of the College of Cardinals, despite encouragement by Cardinal Bellini (Stanley Tucci). The thriller won best adapted screenplay at the Academy Awards. As a result of the movie, many are now familiar with the final moments of a conclave, when the white smoke famously rises from a chimney just outside the Sistine Chapel, followed by the appearance of the newly elected pontiff on the central balcony at St. Peter's Basilica. "We were given a private tour of the Vatican, and they were quite welcoming, actually, quite helpful," says "Conclave" screenwriter Peter Straughan, told USA TODAY ahead of the film's release. "So it was a big research project, really. It's a fascinating and theatrical world, so you want to get those details right. It's a very sumptuous thing." Contributing: Marc Ramirez, Marco della Cava and Christopher Cann This article originally appeared on USA TODAY: The Sistine Chapel: What to know about site of conclave to select pope
