Citigroup to slash £1.5bn from its IT budget

Citigroup plans to cut £1.5bn from its IT budget, reports CIO magazine.

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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