SOURCE : NEW18 NEWS
Last Updated:June 06, 2025, 16:06 IST
Citigroup to cut 3,500 tech jobs in China by Q4 2025 to streamline operations and improve risk management, retaining around 2,000 employees.
The service and technology centres in China provide financial technology and operations services for Citi’s global businesses.
In a major workforce shake-up, Citigroup will cut about 3,500 technology jobs at its China Citi Solution Centres in Shanghai and Dalian, according to a Reuters report. The reduction, which is part of the bank’s broader global restructuring strategy, is expected to be completed by the start of the fourth quarter of 2025.
The US-based banking giant said the move is aimed at simplifying and streamlining its global tech operations, with a focus on improving risk and data management. While some of the affected roles are expected to be relocated to other Citi technology hubs, the company has not disclosed specific numbers or destinations.
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According to the Reuters report citing source familiar with the matter, most of the impacted jobs are full-time roles. Following the job cuts, Citi will retain around 2,000 employees in China, including a few hundred in the technology unit, the source added.
The service and technology centres in China provide financial technology and operations services for Citi’s global businesses. The bank clarified that the layoffs would not affect its banking operations in the country.
“Citi continues to pursue the establishment of a wholly owned securities and futures company in China,” said Marc Luet, Citi’s head of banking for Japan, Asia North, and Australia, according to Reuters. He reaffirmed the bank’s commitment to its corporate and institutional clients in China, stating that Citi remains focused on supporting both cross-border banking needs and its international clients’ business in the region.
The announcement follows earlier reports that Citi had cut about 200 information technology contractor roles in China. In March, the bank had also unveiled plans to reduce reliance on IT contractors and hire thousands of full-time tech employees globally, after facing regulatory scrutiny over data governance and inadequate internal controls.
Citi has also scaled back operations in the US, Indonesia, the Philippines, and Poland, as part of a broader restructuring led by CEO Jane Fraser, aimed at driving efficiency and reducing operational risk.
Other Layoffs
Procter & Gamble, a global consumer goods company, on Thursday announced that it would lay off a total of 7,000 employees, which is 15% of its non-manufacturing workforce, across the world. The job cuts, to take place over the next two years, are part of the company’s restructuring plan to create better work structure.
The Tide detergent maker plans to exit several categories, brands and product forms in individual markets, Reuters has reported a P&G executive as saying at a Deutsche Bank conference in Paris. It reported that the exits might also include some brand divestitures.
Major global companies, especially tech firms, have been resorting to layoffs in the past few years, post COVID-19, to save costs. In 2025 so far, 141 tech companies have sacked a total of 62,832 employees.
In 2024, a total of 1,52,992 employees were laid off by 551 companies.
Recently, Microsoft announced its decision to lay off 6,000 employees, which is 3% of its workforce. On these massive layoffs, Microsoft CEO Satya Nadella said the layoffs happened due to “reorganisation rather than performance”.
The Walt Disney Company has also begun a new round of layoffs, affecting several hundred employees across its global operations.
Moreover, Walmart, the world’s largest retailer and one of the biggest private employers in the US, has initiated significant layoffs targeting its corporate staff. It announced cuts of 1,500 jobs. These job cuts were part of Walmart’s ongoing strategy to streamline operations and reduce costs in a volatile economic environment. With over 1.6 million employees in the US, Walmart is now focusing on reshaping its corporate and technological divisions to enhance efficiency and adaptability.
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A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
- First Published:
June 06, 2025, 16:06 IST
