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.
By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers.
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.