Core Viewpoint - Citigroup announced a significant reduction of approximately 3,500 technical staff at its global technology centers in Shanghai and Dalian as part of its ongoing efforts to streamline operations [1][2]. Group 1: Workforce Reduction Details - The layoffs will occur in phases, with the first group of employees who sign termination agreements by June 25 receiving a severance package of "N+6," which includes three months' basic salary [1][2]. - The second group, signing between June 26 and July 16, will receive "N+3," while the third group, signing between July 17 and September 19, will receive "N+1" [2]. - The compensation is calculated based on the average monthly income over the past 12 months multiplied by years of service, with no cap on either metric [1][2]. Group 2: Operational Strategy - The adjustments aim to simplify the organizational structure, reduce reliance on third-party personnel, and decrease the scale of software used [2][3]. - Some positions will be eliminated, while others will be integrated into Citigroup's global network of technology centers to better align with supported business and product needs [2][3]. Group 3: Future Plans and Support - Citigroup plans to complete the workforce adjustments by the fourth quarter of 2025 and will subsequently reduce office space in Shanghai and Dalian [3]. - The company remains committed to serving corporate clients in China and is seeking to establish a wholly-owned securities and futures company in the country [4]. - A comprehensive support plan for affected employees includes above-average economic compensation, one-on-one meetings, employee assistance programs, and reemployment support [4].

Core 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]