- Citigroup will cut about 3,500 technology jobs in Shanghai and Dalian, China.
- The layoffs are part of a global restructuring to streamline operations and reduce costs.
- Affected roles focus on IT services like software development and operational support.
Citigroup has announced plans to eliminate approximately 3,500 technology positions at its Citi Solution Centres in Shanghai and Dalian, China. This move is part of a broader global restructuring strategy aimed at streamlining operations and reducing costs. The affected roles primarily involve information technology services, including software development, testing, maintenance, and operational support for Citi's global business.
The layoffs are expected to be completed by the start of the fourth quarter of 2025. While some positions may be relocated to other Citi technology centres, specific details have not been disclosed. This decision follows Citigroup's earlier initiative to reduce its reliance on IT contractors and bolster its in-house technology workforce to enhance risk management and data governance.
"These decisions are never easy, and we do not make them lightly. Our priority is to treat our colleagues with care and respect and to provide the support and guidance they need during this transition. A comprehensive plan has been developed to support impacted employees, including a separation package that is higher than the local industry average and one-on-one information sessions. Employee Assistance Program counselling services and an outplacement support program are available as well," Citigroup said in a statement.
Marc Luet, Head of Japan, Asia North and Australia, and Banking, said: "Citi has been in China for 123 years, and our franchise remains an important part of our global network and growth plans. We are committed to our corporate and institutional clients in China and supporting their cross-border banking needs, as well as clients across our international network who do business there. We have market-leading businesses across banking, markets and services that support a large number of leading Chinese corporates and 70% of Fortune 500 companies in China. Citi continues to pursue the establishment of a wholly owned securities and futures company in China."
Despite the job cuts, Citigroup remains committed to its operations in China, including plans to establish a wholly owned securities and futures business. The bank continues to adjust its global operations to improve efficiency and address regulatory challenges.
