Citigroup plans to slash external IT contractors, hire staff to improve controls

Citigroup used to have a world class software and hardware development Center in Los Angeles called Transaction Technology (TTI). They designed and built two generations of ATM machines that were head and shoulders above what other banks had. They also implemented a world class home banking service that was way ahead of what other banks were trying. Then, as a cost-cutting measure the layoffs started, followed by a move of the whole Center from Los Angeles to, as I recall, Cleveland because they could save money in the rent. They gave the staff the option of moving to Cleveland or quitting. Many quit. Others moved until they could retire.

Friend tried to get Gig there. 25+ years experience in finance it.

Was interviewed by an Indian guy who wanted to know 'how can you connect your debugger to a server in production', like it is something an investment bank would do. Not about low latency, investment products, exchange connectivity, etc

Became clear that the interviewer had no idea if banking IT, and was planning on giving the role to any one of his compatriots.

Just one of the stories I've heard about Citi.