Core Insights - Citigroup plans to cut approximately 3,500 jobs at its technology centers in Shanghai and Dalian by early Q4 2025 as part of its risk management enhancement efforts [1][7] - The job cuts primarily involve full-time positions, with some roles being relocated to other technology centers [2][4] - This workforce reduction is part of a broader strategy to simplify global technology operations and improve data management following a $136 million fine from U.S. regulators for inadequate data management progress [3][5] Job Cuts and Restructuring - The job cuts at Citigroup's China technology centers are part of a global initiative to reduce 20,000 jobs by 2026, aiming for annualized savings of $2-2.5 billion [5][7] - Citigroup has previously announced plans to cut up to 200 IT contractor jobs in China, indicating a significant restructuring in its technology operations [2][5] - The restructuring is intended to address regulatory requirements and streamline internal processes [4][5] Business Overhaul and Strategic Focus - Citigroup is focusing on growth in core businesses by reducing its international operations, including exiting consumer banking in 14 markets across Asia and EMEA [6][7] - The bank has successfully exited consumer banking in nine countries and is winding down operations in Korea, reallocating capital to higher-return segments like wealth management and investment banking [6][7] - Citigroup's stock performance has seen a 5.9% increase over the past six months, outperforming the industry growth of 3.5% [9]
Citigroup to Reduce 3,500 Workers in Two China Tech Centers