Citi Plans to Slash IT Contractors, Hire Staff to Aid Controls

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

- Reuters

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.