By Fabiana Negrin Ochoa
Citigroup will reduce its technology workforce in China by about 3,500 as part of ongoing restructuring to streamline global operations.
The job cuts affect technology staff based in Shanghai and Dalian who provide financial technology and operational services for Citi's businesses globally.
The bank disclosed the move Thursday.
Some roles will be eliminated, others will be moved, and the remaining employees will support Citi's businesses in China and Hong Kong, the bank said in a statement.
The move won't affect its Citibank (China) Co. subsidiary in China, which houses the lender's core banking businesses. Shanghai, where the unit is based, remains an important location for Citi, it said.
"Citi has been in China for 123 years, and our franchise remains an important part of our global network and growth plans," said Marc Luet, Citi's Japan, Asia North and Australia cluster and banking head.
Luet confirmed that Citi is pressing ahead with its plan to set up a wholly owned securities and futures company in China.
The U.S. bank has been pushing to establish a Chinese brokerage business since 2021 as part of efforts to grow its presence in the country, but has encountered regulatory hurdles.
"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," Luet said.
Citi still has six desks supporting Chinese multinational corporations, which are based in New York, Singapore, Hong Kong, Frankfurt, London and Dubai.
Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com
(END) Dow Jones Newswires
June 05, 2025 02:46 ET (06:46 GMT)
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