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Citigroup Lays Off Thousands of Employees at Its Tech Centers in China

Citigroup is shaking up its tech support operations in China as part of a broader global restructure. They’re cutting 3,500 jobs, mainly affecting IT staff in Shanghai and Dalian. Some of these roles might move to India, where the bank already has a significant presence.

The decision comes as part of Citigroup’s efforts to reassess how it deploys resources globally. They want to lessen their reliance on external service providers too. With heavy investments in technology, including automation, they’re looking to streamline their operations.

Marc Luet, Citi Japan’s president, highlighted that these tech investments are helping to optimize their global office layout. He remarked that the company is continuously upgrading its digital systems and simplifying processes. While they’ve made progress, there’s more to tackle.

Job reductions are set to begin in the fourth quarter of this year, leading to smaller office spaces in China. This restructuring follows similar reductions in the US, Indonesia, the Philippines, and Poland.

Large financial firms like Citigroup rely on global delivery networks to tap into talent in lower-cost countries, giving them the flexibility to shift workloads where needed.

Peter Schumacher, from The Value Leadership Group, mentioned that many positions could migrate to India, where Citigroup employs over 30,000 people. He pointed out that other US firms, like IBM, have already made similar moves. He also noted that Citigroup is increasingly focusing on in-house teams, recognizing India as a strategic platform for competitive advantages and business innovation.

Despite these changes, Luet reassured that Citigroup remains committed to China. With a 123-year history in the country, Citigroup plans to keep serving corporate and institutional clients, ensuring they meet cross-border banking needs.