Citigroup (C) is planning to eliminate information technology contractors roles to 20% from the current 50% and hire thousands of employees for IT, Reuters reported Thursday, citing an internal Citigroup presentation sent to employees.

The bank intends to have 50,000 employees in technology, up from 48,000 last year, the report added, citing the presentation.

Citigroup could reduce the current number of external suppliers to 50 from 144 and intends to increase over time the percentage of workers in higher cost locations, Reuters said, citing the briefing.

Citigroup did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)