Citi(US:C) Sou Hu Cai Jing·2025-06-06 10:42Group 1 - Citigroup announced a significant reduction of approximately 3,500 technology personnel at its global technology solution centers in Shanghai and Dalian as part of a global workforce simplification initiative [2][4] - Including around 500 affected third-party personnel, nearly 4,000 individuals lost their jobs overnight [3][4] - The layoffs are part of Citigroup's plan to cut about 20,000 jobs by the end of 2026, which will reduce its total workforce by approximately 10% [3][4] Group 2 - Employees affected by the layoffs have the option for severance packages, with the highest compensation being "N+6+3," which includes a three-month buffer period where salaries and benefits continue [5][6] - The company has been undergoing strategic adjustments, including the sale of its personal retail wealth management business in mainland China to HSBC, affecting over 300 employees [6][7] - Citigroup's financial performance showed a revenue increase of 3% year-over-year to $81.1 billion and a net profit increase of 37% to $12.7 billion for the year 2024 [6][8] Group 3 - Citigroup has a long history in China, being the first American bank to operate there since 1902, and has been adjusting its business focus towards corporate and institutional clients [6][8] - Recent leadership changes include the appointment of Zhang Wenjie as the new president of Citigroup China, following the resignation of the previous president [8][9] - Zhang brings 30 years of experience in corporate and institutional banking, having previously held senior positions at major financial institutions [9]