Citi to dramatically reduce reliance on IT contractors, Reuters reports

Citi (C)group intends to dramatically lower its reliance on IT contractors and hire thousands of staff for IT as the bank grapples with regulatory scrutiny over data governance and deficient controls, Reuters’ Elisa Martinuzzi and Tatiana Bautzer report. Tim Ryan, the lender’s head of technology, told workers in recent weeks that the company is seeking to cut back external contractors to 20% of those working in IT from the current 50%, the authors say, citing an internal presentation to employees. “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.