LTIMindtree slumps on buzz Citigroup plans major IT contractor cut

Citigroup, a significant client for LTIMindtree, is reportedly aiming to slash its external IT contractor workforce from the current 50% to just 20%. This strategic shift is part of a broader plan to strengthen its internal workforce by hiring more full-time employees. The bank intends to enhance data security, improve risk management practices, and ensure stricter compliance with regulatory requirements.

According to the media reports, the bank's plan involves increasing its full-time IT employee count from 48,000 in 2024 to 50,000 by the end of 2025. This expansion highlights Citigroup's commitment to building a more stable and secure internal IT team.

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world.

LTIMindtree's consolidated net profit slipped 13.2% to Rs 1,086.70 crore while revenue from operations increased 2.4% to Rs 9,660.90 crore in Q3 December 2024 over Q2 September 2024.