Citigroup to Scale Back Reliance on IT Contractors, Hire Employees, Reuters Says

Dow Jones

Mar 13, 2025

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)

Copyright (c) 2025 Dow Jones & Company, Inc.

At the request of the copyright holder, you need to log in to view this content

LOGIN / SIGN UP

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2519858483"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2519858483\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2519858483?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-03-13 22:42","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2519858483","market":"sg","top_or_hot":-1,"title":"Citigroup to Scale Back Reliance on IT Contractors, Hire Employees, Reuters Says","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Denny Jacob \n</p>\n<pre>\n \n</pre>\n<p>\n  --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. \n</p>\n<p>\n  --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. \n</p>\n<p>\n  --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. \n</p>\n<p>\n  --\"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. \n</p>\n<pre>\n \n</pre>\n<p>\n  Full story at https://www.reuters.com/business/finance/citigroup-plans-slash-it-contractors-hire-staff-improve-controls-2025-03-13/ \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Denny Jacob at denny.jacob@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 13, 2025 10:42 ET (14:42 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citigroup to Scale Back Reliance on IT Contractors, Hire Employees, Reuters Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitigroup to Scale Back Reliance on IT Contractors, Hire Employees, Reuters Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-03-13 22:42</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Denny Jacob \n</p>\n<pre>\n \n</pre>\n<p>\n  --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. \n</p>\n<p>\n  --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. \n</p>\n<p>\n  --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. \n</p>\n<p>\n  --\"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. \n</p>\n<pre>\n \n</pre>\n<p>\n  Full story at https://www.reuters.com/business/finance/citigroup-plans-slash-it-contractors-hire-staff-improve-controls-2025-03-13/ \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Denny Jacob at denny.jacob@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 13, 2025 10:42 ET (14:42 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0098860793.USD","symbol_name":"FRANKLIN INCOME \"A\" INC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2519858483","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2519858483","pubTimestamp":1741876920,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"--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.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","BK4207":"综合性银行","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0106831901.USD":"贝莱德世界金融基金A2","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4566":"资本集团","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","BK4504":"桥水持仓","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","BK4588":"碎股"},"translate_title":"路透社称，花旗集团将减少对IT承包商的依赖并雇用员工","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"By Denny Jacob \n\n\n \n\n\n  --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. \n\n\n  --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. \n\n\n  --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. \n\n\n  --\"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. \n\n\n \n\n\n  Full story at https://www.reuters.com/business/finance/citigroup-plans-slash-it-contractors-hire-staff-improve-controls-2025-03-13/ \n\n\n \n\n\n  Write to Denny Jacob at denny.jacob@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 13, 2025 10:42 ET (14:42 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}