Citi(US:C) Zhong Guo Ji Jin Bao·2025-06-05 07:23Group 1 - Citigroup confirmed plans for a significant workforce reduction, specifically targeting its global technology and business support departments, with approximately 3,500 technical positions being cut in Shanghai and Dalian [1] - The adjustments are part of Citigroup's broader strategy to streamline operations, which includes simplifying organizational structures and reducing reliance on third-party personnel [1][2] - The layoffs are expected to be completed by the beginning of the fourth quarter of 2025 and are included in Citigroup's financial plan for that year [1][2] Group 2 - Citigroup's CFO indicated that the company plans to allocate $600 million for severance as part of ongoing cost-cutting measures [2] - Following the workforce reduction, Citigroup will also downsize its office space in Shanghai and Dalian, similar to previous actions taken in the U.S., Indonesia, the Philippines, and Poland [3] - The local entity, Citigroup China, will not be affected by these adjustments, ensuring that its operations remain intact [4]