Citigroup Inc. (C) to Terminate 3,500 Tech Jobs in China Amid Global Overhaul

As part of an expansive global restructuring initiative, Citigroup Inc. (NYSE:C) is set to eliminate around 3,500 technology roles in mainland China. The move is scheduled for completion by early Q4 2025.

Citigroup Inc. (C) to Terminate 3,500 Tech Jobs in China Amid Global Overhaul

Despite the decision affecting positions at its Shanghai and Dalian solution centres, the company’s local entity, Citibank (China) Co., remains untouched, reaffirming its dedication to China. Citigroup Inc. (NYSE:C) also emphasized that some of these roles will be reassigned to alternative locations to prevent interruptions in international operations.

With a promise to continue channeling investment into this unit to serve corporate as well as institutional clients, the company initiates this decision as part of a wider reorganization strategy unveiled last year. In addition to optimizing the company’s operational efficiency, the strategy involves shedding close to 20,000 positions globally before the end of 2026. Marc Luet, Citigroup Inc. (NYSE:C)’s regional head of Japan, Asia North, and Australia, made the following comment:

“We are committed to our corporate and institutional clients in China and supporting their cross-border banking needs, as well as clients across our international network who do business there.”

Despite the decision, the company stands strong with a consensus Buy rating of 24 analysts and an upside potential of 8.64%.

Headquartered in New York, Citigroup Inc. (NYSE:C) has operations in more than 160 countries and territories. The company’s China strategy has seen several shifts, including the 2022 decision to exit the country’s consumer banking sector.

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