Citi to cut 3,500 tech jobs in China in global revamp

Citigroup Inc announced plans to slash approximately 3,500 jobs at its technology centers in China, as part of a broader global restructuring strategy. The decision marks a significant shift in the bank's operational focus and reflects ongoing adjustments in the financial sector aimed at optimizing efficiency and reducing costs. Thursday's announcement underscores Citi's commitment to adapting its workforce in response to evolving technological and economic landscapes. The job cuts will primarily impact two major technology hubs in China, which have been integral to Citi's global operations. Despite the reductions, the bank emphasized its continued investment in technology and innovation, underscoring the importance of these centers in supporting its worldwide financial services. This move aligns with industry trends where financial institutions are reassessing their global footprints to better align resources with strategic objectives. While Citi has not disclosed specific details regarding the timeline or the departments most affected, the bank reassured that it remains committed to supporting its employees through the transition. This development is part of a series of strategic changes within Citi, aimed at streamlining operations and enhancing competitiveness in a rapidly changing global market. As the financial sector continues to evolve, such measures are becoming increasingly common among major banking institutions.

— Authored by Next24 Live