Overview

• Citigroup will cut about 3,500 jobs at its technology centers in Shanghai and Dalian, with reductions set to finish by early fourth‐quarter 2025.
• This action is part of the January 2024 plan to reduce 10 percent of its workforce, equal to roughly 20,000 positions worldwide.
• The bank plans to relocate some roles to other technology hubs while offering separation packages above the local industry average.
• Citi confirmed it will maintain around 2,000 staff in China, including several hundred in technology, and continue supporting its corporate and institutional clients’ cross‐border banking.
• The restructuring mirrors similar cost‐cutting moves by HSBC, JPMorgan and Bank of America in response to intensifying global economic pressures.