citigroup cuts it contractor workforce by 30% in strategic shift
Citigroup plans to cut 30% of its IT contract workers to improve internal security and business performance. The company currently outsources half of its IT operations which it plans to decrease to 20% over the next months.
In 2024 Citigroup accepted a $136 million data governance punishment plus $22.9 million from external contractor fraud. Based on security weaknesses and risk management problems the company transfers essential technology operations back to its internal control.
The corporation wants to raise its internal IT team from 48,000 roles in 2024 up to 50,000 employees by 2025. The bank moves its technology functions from Rutherford New Jersey to a new location in Jersey City.
The bank wants to strengthen security systems and increase operations performance by moving valuable technology jobs back into internal departments as announced to Reuters. Despite cutting contractor positions Citigroup expects this transformation to create a stable platform that helps the company meet all regulatory standards.
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