Citigroup Inc
Citigroup Inc plans to slash 3500 tech roles
Citigroup Inc. will slash 3500 jobs from its technology employee workforce in its bid to touch global simplification efforts, media reports said.
The reductions at its Shanghai and Dalian solution centers are expected to be completed by the start of the fourth quarter, the bank said in a statement as quoted by Bloomberg.
It said some positions will be relocated to other centers to support Citi’s global network.
However, the firm declined to provide staffing numbers at the Chinese locations.
Citi’s wholly-owned local banking subsidiary Citibank (China) Co. will be unaffected, it said, adding the bank continues to invest in the unit to support corporate and institutional clients in the country.
According to reports, Citi is trying to streamline its operations and lift profitability.
“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,” Marc Luet, head of Japan, Asia North and Australia, and Banking, said in a statement as quoted by Bloomberg.
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