HONG KONG : Citigroup Inc has confirmed plans to reduce its workforce by approximately 3,500 employees across its two China-based technology centres in Shanghai and Dalian. The move forms part of a broader global restructuring strategy aimed at streamlining technology operations and enhancing risk and data management.
The reduction, primarily affecting full-time positions, is expected to be finalised by the beginning of the fourth quarter of 2025. While the bank has not disclosed how many roles will be relocated, it noted that some functions will transition to other Citi technology hubs globally.
The decision follows an earlier reduction of around 200 information technology contractor roles in China, as first reported in May. In March, Citi internally announced a significant shift away from contractor reliance, revealing plans to onboard thousands of new full-time IT employees. This came in the wake of regulatory scrutiny and penalties relating to data governance and operational controls.
Citi’s latest move reflects similar workforce adjustments across other markets, including the United States, Indonesia, the Philippines, and Poland, under its enterprise-wide transformation initiative.
The technology and services division in China plays a critical role in delivering financial technology and operational support to Citi’s global businesses. Despite the planned headcount reduction, the bank reaffirmed its long-term commitment to the Chinese market.
“Citi continues to pursue the establishment of a wholly owned securities and futures company in China,” said Marc Luet, Head of Banking for Japan, Asia North, and Australia. He further emphasised Citi’s dedication to serving both its corporate and institutional clients in China, supporting their cross-border requirements, and enabling international clients’ operations within the country.
Following the reduction, Citi will maintain an approximate workforce of 2,000 in China, including several hundred within its technology unit, according to a source familiar with the matter.
-Reuters
