Citigroup to slash £1.5bn from its IT budget


Citigroup to slash £1.5bn from its IT budget

Antony Savvas

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.

IT jobs under threat at Citigroup >>

Citigroup expands trading platform >>

Related Topics: IT strategy, VIEW ALL TOPICS

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

COMMENTS powered by Disqus  //  Commenting policy