The new CEO atCitigroupis set to slash IT budgets
and staff numbers as part of a major cost-cutting
programme.
The cuts have been ordered by Citigroup CEO, Vikram Pandit, who
took over the reins of the financial services group last
December.
Pandit told the Financial Times that he wants a realignment of
the group's IT operations. Up to 25,000 jobs across the group's
operations could go as well, with a large number being axed in
IT.
Pandit told the FT, "It is clearly feasible for us to take 10%,
15% or 20% off our cost base, especially in information technology
and operations."
Pandit has already decided to centralise IT decision making in
New York under chief administrative officer, Don Callahan, reports
the FT.
Citigroup acquired the online Egg bank from Prudential last
year.