Citigroup shifts 1,000 tech roles to India as Trump’s visa fee hike pressures Wall Street banks
Mumbai: Citigroup has moved nearly 1,000 technology roles to its global support centres in India, Bloomberg reported, marking a significant shift in its ongoing restructuring of global tech operations.
The move follows the bank’s decision earlier this year to cut around 3,500 jobs at its technology centres in China.
The U.S. banking giant said the cuts were part of efforts to streamline operations and bolster risk and data management.
The development comes as the Trump administration has imposed a $100,000 fee on new H-1B visa applications — a move experts believe will push Wall Street banks to increasingly rely on Indian global capability centres (GCCs) while also hiring more local talent.
Citigroup already employs around 33,000 people in India, mostly across GCCs in Bengaluru, Chennai, Pune, and Mumbai.
Citi had previously indicated that roles cut in China would be shifted to other locations, without naming them.
Reports also suggest the bank has scaled back operations in the U.S., Indonesia, the Philippines, and Poland. India, however, is now emerging as a preferred hub for redeployed roles.
According to Nasscom, India hosts about 1,760 GCCs, a number expected to cross 2,000 next year.
EY projects the sector’s market size, currently $64 billion, could expand to $110 billion by 2030, with centres taking on advanced roles in R&D, analytics, design, and even global leadership.
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