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Citigroup plans to reduce its reliance on IT contractors from 50% to 20% and hire thousands of employees to enhance data governance and risk management amid regulatory scrutiny. The bank aims to consolidate its IT operations and address recent fraud incidents linked to external contractors. As part of this strategy, Citi will relocate its IT team from Rutherford, New Jersey, to a new site in Jersey City next year.
U.S. consumers showed resilience in Q3, with solid spending reported by JPMorgan and Wells Fargo, despite inflation concerns affecting lower-income Americans. Both banks increased provisions for potential loan losses, indicating caution amid economic uncertainty, while credit card spending remained robust.
Megan Davies
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
citigroup to reduce contractors and hire thousands to enhance data governance
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06:54 17.03.2025
us banks report resilient consumer spending amid inflation concerns
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00:55 12.10.2024
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