The new CEO at Citigroup is set to slash IT budgets and staff numbers as part of a major cost-cutting programm...
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.