Citigroup Plans To Slash IT Contractors, Hire Staff To Improve Controls

An anonymous reader shares a report: Citigroup plans to dramatically reduce its reliance on IT contractors and hire thousands of employees for IT as the lender grapples with regulatory punishments over data governance and deficient controls. Citigroup's head of technology Tim Ryan told staff in recent weeks that the bank aims to cut back external contractors to 20% of those working in IT from the current 50%, according to an internal presentation to employees seen by Reuters.

The briefing did not give a precise time horizon for the changes. 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, the presentation showed. '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.

Read more of this story at Slashdot.