Citigroup intends to cut its reliance on external IT contractors from 50% to 20%, according to an internal presentation by technology head Tim Ryan. The bank plans to hire more staff, aiming for 50,000 technology employees, up from 48,000 in 2024. This move aligns with Citi’s strategy to enhance safety, enable revenue growth, and drive efficiencies. The initiative follows a $136 million fine for insufficient progress on data management issues. A recent $22.9 million fraud event linked to external contractors underscores the need for change. Citi also plans to reduce its supplier base from 144 to 50 and consolidate IT operations, moving teams from Rutherford, New Jersey, to Jersey City. — news from Reuters.com
