Citigroup cutting IT jobs, shifting some work offshore [View all]

Source: Computerworld

Tech staff seen heavily impacted by Citi plans to lay off 11,000 workers

December 5, 2012 03:32 PM ET

Computerworld - Citigroup is cutting 11,000 jobs, many in IT, as part of a restructuring announced Wednesday.

The job cuts are part of a plan to save about $900 million through a variety of actions, including "increasing standardization and the use of automated processes," as well as streamlining the organizational structure.

The financial services plan, in its announcement today, said it will also cut costs by consolidating functions and moving certain job functions to "lower-cost locations."

Citigroup, which reported that it employed 266,000 workers at the end of last year, provided few details about its various actions, such as what benefits the standardization will bring. A spokesman did confirm, however, that moving some jobs lower cost locations meant offshore sites.

Read more: http://www.computerworld.com/s/article/9234382/Citigroup_cutting_IT_jobs_shifting_some_work_offshore

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Snip~ "Of the total number of jobs being cut, about half appear to be in its operations and technology areas, according to the announcement."