Citigroup is set to eliminate approximately 3,500 jobs at its technology centers in Shanghai and Dalian, China. This decision is part of a global effort to streamline tech operations and bolster risk and data management.
The job cuts, mainly affecting full-time positions, are scheduled to be finalized by the start of the fourth quarter of 2025. This move aligns with Citi's broader restructuring strategy, which aims to simplify operations and reduce costs.
Some roles may be relocated to other Citi technology hubs, but the exact number and locations remain undisclosed. This follows a previous round of cuts involving around 200 IT contractor positions in China.
The technology unit in China supports Citi's global financial technology and operations. The bank has been reducing its tech workforce across various locations, including the United States, Indonesia, the Philippines, and Poland.
Despite the workforce reduction, Citigroup is committed to its business operations in China. The bank is working on establishing a wholly owned securities and futures company to support its institutional and international clients.
Following the layoffs, Citi will retain about 2,000 employees in China, including a few hundred in its technology division.