Prime Highlights :
- Citigroup plans to cut 3,500 technology jobs in China as part of a global restructuring strategy.
- The layoffs primarily affect Shanghai and Dalian centers and are set to conclude by early Q4 2025.
Key Facts :
- Some roles may shift to Citi’s other global tech hubs, but China will retain around 2,000 employees.
- The restructuring aims to strengthen data governance and streamline global operations.
Key Background :
Citigroup Inc. is embarking on a major China staff cut, eliminating approximately 3,500 full-time technology jobs at its Shanghai and Dalian Solution Centres. The loss of the job is part of the bank’s wider global restructuring as it streamlines its design, fosters more accountability, and boosts its risk and data management. Layoffs will be done by early Q4 2025.
These cuts follow a previous announcement to cut around 200 China contractor positions. Citi is being serious about efforts to transition from a contractor-focused model to a stable, full-time tech talent pool. By 2024’s end, the bank will have doubled its global tech staff to 50,000 and cut contractors to 20% of its tech staff from 50%. This move is part of a response to rising regulatory scrutiny and fines—most recently, a $136 million penalty in 2024 by U.S. regulators for slow ramping up of risk management and data oversight.
In spite of the trimming, Citi reiterates its dedication to the Chinese market. The bank will keep about 2,000 staff in China, along with some hundred or so in technology positions, and continue to provide institutional and corporate banking services. It is also forming a wholly owned company in China securities and futures, which indicates an ongoing dedication to the region.
Leadership in China will see a transition as well, with Wenjie Zhang set to become the new Country Officer and Head of Banking, pending regulatory approval. Zhang brings over 30 years of experience in the corporate banking sector and is expected to play a key role in navigating regulatory relationships and fortifying Citi’s position in the Chinese financial landscape. The restructuring is one of a series of efforts at Citi to reshape its worldwide operations while bolstering compliance and risk reduction efforts.
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