By Denny Jacob
--Citigroup plans to dramatically reduce its reliance on information technology contractors and hire thousands of employees for IT as the company grapples with regulatory punishments over data governance and deficient controls, Reuters reported.
--The bank's head of technology, Tim Ryan, told staff in recent weeks that the bank aims to cut back external contractors to 20% for those working in IT from the current 50%, according to the report, citing an internal presentation to employees seen by the publication.
--As part of the overhaul, Citi will replenish the ranks by hiring more staff and aims to have 50,000 employees in technology, up from 48,000 in 2024, according to Reuters.
--"Citi is growing our internal technology capabilities to support our strategy to improve safety and soundness, enable revenue growth and drive efficiencies," Citi said in a statement to Reuters.
Full story at https://www.reuters.com/business/finance/citigroup-plans-slash-it-contractors-hire-staff-improve-controls-2025-03-13/
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 13, 2025 10:42 ET (14:42 GMT)
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