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Exclusive: Citigroup plans to slash IT contractors, hire staff to improve controls


//business-finance.news-articles.net/content/202 .. -contractors-hire-staff-to-improve-controls.html
Published in Business and Finance on Thursday, March 13th 2025 at 6:40 GMT by Reuters   Print publication without navigation

  • Citigroup plans to dramatically reduce its reliance on information technology contractors and hire thousands of employees for IT as the lender grapples with regulatory punishments over data governance and deficient controls.

Citigroup Inc. is planning to significantly reduce its reliance on external IT contractors by hiring more full-time staff, aiming to enhance control over its technology operations. This strategic shift, announced on March 13, 2025, is part of a broader initiative to improve efficiency and manage costs more effectively. The bank has been under scrutiny for its technology management, especially after a series of operational issues and regulatory fines. By transitioning to in-house staff, Citigroup seeks to streamline its IT processes, reduce expenses associated with contractor fees, and ensure better alignment with the company's long-term goals. This move also reflects a broader industry trend towards reducing external dependencies in critical operational areas.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/citigroup-plans-slash-it-contractors-hire-staff-improve-controls-2025-03-13/ ]

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