Citi(US:C) 2 1 Shi Ji Jing Ji Bao Dao·2025-06-05 03:38Core Viewpoint - Citigroup announced a significant reduction of approximately 3,500 technical staff in its global technology and business support departments located in Shanghai and Dalian as part of its ongoing efforts to streamline operations [1][3][4] Group 1: Workforce Reduction Details - The layoffs will occur in phases, with the first group of employees who sign termination agreements by June 25 receiving a severance package of "N+6," which includes three months of base salary [3] - The second group, signing between June 26 and July 16, will receive "N+3," while the third group, signing between July 17 and September 19, will receive "N+1" [3] - The severance calculation for "N" is based on the average monthly income over the past 12 months multiplied by years of service, with no cap on either [3] Group 2: Strategic Objectives - The adjustments aim to simplify the organizational structure, reduce reliance on third-party personnel, and decrease the scale of software used [4] - The changes will not affect Citigroup's operations in Guangzhou or its banking services in China [4][5] Group 3: Future Plans and Support - Citigroup plans to complete the workforce adjustments by the fourth quarter of 2025 and will subsequently reduce office space in Shanghai and Dalian [5] - The company is committed to supporting affected employees with above-average compensation, one-on-one meetings, and reemployment assistance programs [5]