Core Viewpoint - Citigroup is undergoing a restructuring of its global technology and business support departments, which includes a significant reduction of approximately 3,500 technical staff in its global technology solution centers located in Shanghai and Dalian as part of its ongoing resource deployment evaluation [2][3]. Group 1: Restructuring Details - The restructuring aims to streamline operations, simplify organizational structures, reduce reliance on third-party personnel, and decrease the scale of software usage [3]. - The adjustments are part of Citigroup's financial plan for 2025, with the expectation to complete the staff reductions by the fourth quarter of 2025 [3]. - Citigroup's global office space consolidation has been ongoing, with previous reductions in various countries including the US, Indonesia, the Philippines, and Poland [3]. Group 2: Impact on Operations in China - The global technology solution center in Guangzhou will remain unaffected by the layoffs, and Citigroup's local entity, Citibank (China) Co., Ltd., will also not be impacted [3]. - Citigroup emphasizes its commitment to investing in its business in China to support local enterprises and institutional clients, including plans to establish a wholly-owned securities and futures company in China [4]. Group 3: Leadership Changes - Citigroup appointed Zhang Wenjie as the new president of Citigroup China and the executive director of Citibank (China) Co., Ltd., effective upon regulatory approval [6]. - Zhang brings 30 years of banking experience and will oversee business development and operational management in China [8].