Citigroup Plans To Slash IT Contractors, Hire Staff To Improve Controls (reuters.com)
- Reference: 0176705081
- News link: https://it.slashdot.org/story/25/03/13/1858228/citigroup-plans-to-slash-it-contractors-hire-staff-to-improve-controls
- Source link: https://www.reuters.com/business/finance/citigroup-plans-slash-it-contractors-hire-staff-improve-controls-2025-03-13/
> Citigroup plans to [1]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.
[1] https://www.reuters.com/business/finance/citigroup-plans-slash-it-contractors-hire-staff-improve-controls-2025-03-13/
Good for them (Score:2)
Hopefully others follow
and how many will move from contractor to in house (Score:3)
and how many will move from contractor to in house doing the same job they are doing now?
Re: (Score:2)
Maybe they can even innovate and employ in-house contractors. Aim for the sky and put your employees in the cloud.
Re: (Score:2)
> Maybe they can even innovate and employ in-house contractors. Aim for the sky and put your employees in the cloud.
Damnit, it's only just this moment that I've realized it: "Work from Home" suffered from poor branding. Workers should have been selling it as huge savings for the company by "putting your employees in the cloud"!
Re: (Score:2)
> Work from Home" suffered from poor branding. Workers should have been selling it as huge savings for the company by "putting your employees in the cloud"!
ahh, the magic of marketing!
Re: (Score:2)
> and how many will move from contractor to in house doing the same job they are doing now?
That's fine and Citi will then have more direct and immediate control over them than they did when they were contractors.
My gosh (Score:1)
It is almost like large businesses have complex IT environments and benefit from people who understand them. Who could have guessed that systems with hundreds of thousands (or more) of controls, complex performance characteristics and the inevitable bugs can't be outsourced like a backed up toilet?
Liability (Score:2)
Software liability (corporate) would be good for domestic careers (corporate).
It might be an overall bad idea but on this narrow aspect they'd stop outsourcing to lowest-bidders in overseas sweatshops.
Let me be the first to say (Score:4, Insightful)
They did the needful thing.