Citigroup plans to cut £1.5bn from its IT budget,
reports CIO magazine.
Last month, the loss-making bank said it planned to cut
thousands of jobs across the board, with many of them in IT. It has
now put a figure on the amount it plans to save from its IT
budget.
CIO reports the £1.5bn IT cost cuts are planned over three years
and represent a fifth of the £7.5bn Citigroup plans to make across
the business.
Don Callahan, Citigroup's chief administrative officer, said the
firm would bring in service companies to help make the cuts.
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