Could IT Have Saved Citigroup

It wasn't uncommon for big-bank CEOs to talk about the importance of IT to their operations -- at least, back when they still had operations worth talking about. They hired top CIOs, integrated them closely with the business and paid them CFO-level salaries. At Citigroup, many blame former CEO Sandy Weill for inadequate tech spending and integration of acquired companies. Information technology by itself could have done nothing, says Douglas McKibben, research VP of banking at Gartner Industry Advisory Services. But IT plays a very important and proactive role in risk management, and it supports the business efforts to understand risk exposure. A comprehensive view of risk across the enterprise could have raised the necessary red flags.