Citi(US:C) Cai Jing Wang·2025-06-05 04:44Core Viewpoint - Citigroup announced a significant restructuring of its global technology and business support departments, which includes a reduction of approximately 3,500 technical staff in its global technology centers located in Shanghai and Dalian as part of its ongoing efforts to streamline operations [1] Group 1: Restructuring Details - The restructuring aims to simplify operations, reduce reliance on third-party personnel, and decrease the scale of software used [1] - The adjustments are included in Citigroup's financial plan for 2025, with the completion of staff reductions expected before the fourth quarter of 2025 [1] - The global technology center in Guangzhou remains unaffected by these changes, and Citigroup's local entity in China, Citibank (China) Co., Ltd., is also not impacted [1] Group 2: Support for Affected Employees - Citigroup expressed that the decision was difficult but necessary, emphasizing a commitment to handle the transition with care and respect [2] - A comprehensive plan has been developed to support affected employees, including above-average economic compensation, one-on-one meetings, employee assistance programs, and reemployment support [2]