Europe’s regulators grope for value of software

In the US, the cost of software is not taken out of capital. Europe is fumbling for something similar

In 2014, Michael Corbat, chief executive officer of Citigroup, referred to the multinational lender as “a technology company with a banking licence” – a remark that drew snickers at the time.

Today, bank chiefs fight over the label. US banks vie to outspend each other on fintech, with some throwing double-digit billions at software to build products and systems that work at blur-speeds and slash costs.

In Europe, however, that spending lags. And capital treatment doesn’t help. 

Software

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