Citigroup Layoffs: US-Based Banking Giant To Cut 30% of Tech Workforce To Reduce Third-Party IT Staff Dependence After USD 22.9 Million Fraud
Citigroup, the US-based banking giant, will reportedly cut 30% of its tech workforce to reduce dependence on third-party IT staff. The Citigroup layoffs move was followed by the recent USD 22.9 million fraud incident.
New York, March 17:슬롯 머신 사이트 추천Citigroup, one of the largest banks in the슬롯 머신 사이트 추천US, is reportedly planning to reduce its workforce슬롯 머신 사이트 추천by 30%.슬롯 머신 사이트 추천With the latest round of Citigroup layoffs, the investment banking company aims to minimise its reliance on the IT staff. The report said the company seeks to슬롯 머신 사이트 추천skip hiring third-party contractors after recent USD 22.9 million fraud and as슬롯 머신 사이트 추천part of its broader strategy to strengthen internal technology and address the regulatory concerns about data governance and risk management.
Citigroup's layoffs round aims to help the company focus슬롯 머신 사이트 추천on hiring more staff in its respective ranks as it relies less on third-party슬롯 머신 사이트 추천contractors to run the operations.슬롯 머신 사이트 추천The슬롯 머신 사이트 추천reports suggested that the investment banking슬롯 머신 사이트 추천giant will increase 2,000 more employees in technology compared to last year.슬롯 머신 사이트 추천Layoffs: US Postal Service Plans Massive Job Cuts in Coordination With Elon Musk슬롯사이트™s DOGE, To Lay Off 10,000 Workers.
In 2024, Citigroup had 48,000 employees and now the lender will aim to슬롯 머신 사이트 추천make it 50,000. The reports have슬롯 머신 사이트 추천highlighted슬롯 머신 사이트 추천that Citigroup's head of technology, Tim Ryan,슬롯 머신 사이트 추천informed the company's staff that the슬롯 머신 사이트 추천job cuts of contractors will be around 20% of the workforce in the IT sector from슬롯 머신 사이트 추천the current 50%.슬롯 머신 사이트 추천
Although the슬롯 머신 사이트 추천bank will soon replenish the roles by hiring new people, the lost슬롯 머신 사이트 추천ones will likely not be hired back by the company.슬롯 머신 사이트 추천Addressing the Citi layoffs, the bank said that it was growing its internal capabilities to support the strategy so that it슬롯 머신 사이트 추천could improve safety and soundness. It also슬롯 머신 사이트 추천said that cutting jobs would help it increase revenues and become more efficient.슬롯 머신 사이트 추천Tech Layoffs: 22,692 Employees Laid Off by 81 Companies So Far in 2025, Job Cuts Surge Globally Amid Various Reasons.
Moreover, Citigroup will reportedly move its IT teams from Rutherford and New Jersey to a new facility in Jersey City. The reason behind laying off these third-party contractors was the company슬롯 머신 사이트 추천penalised regulations and imposed a USD 136 million fine슬롯 머신 사이트 추천for the deficiencies in the data governance슬롯 머신 사이트 추천in 2024. The workforce reduction was due to the recent fraud of USD 22.9 million, which included external슬롯 머신 사이트 추천contractors highlighting the risks associated with outsourcing.
(The above story first appeared on LatestLY on Mar 17, 2025 10:49 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).