Citigroup Inc. or Citi is an American multinational investment banking and financial services company.
Recently, the company has been struggling with regulatory penalties related to data management and poor controls. Last year, regulators imposed a fine of $136 million on the bank for failing to address long-standing data management issues. The fine is worth about Rs.1183 crore in Indian rupees. Following this, Citi plans to reduce its reliance on IT contractors and hire employees. A few weeks ago, it was reported that Citigroup’s Chief Technology Officer Tim Ryan told employees that Citigroup plans to reduce the number of external contractors working in the IT department from the current 50 percent to 20 percent.

Tim Ryan joined Citi in June last year, having previously worked at PwC. However, no precise timeline has been given for the change (reducing IT contractors). As part of the change, Citi will fill the positions by hiring more employees. The company’s technology division had 48,000 employees in 2024. It has set a goal of increasing the number of employees in this division to 50,000. In a recent report, Citigroup said that Citi is developing our internal technology capabilities to support our strategy to improve security and reliability, enable revenue growth and increase efficiency. In January, Citi’s CFO Mark Mason said that Citi was investing heavily in solving its data problems.