Citigroup to Cut 3,500 Tech Jobs in China Amid Global Restructuring
Originally Published 7 months ago — by Financial Times
Citigroup has laid off 3,500 tech employees in China as part of a cost-cutting and restructuring effort, affecting divisions in Shanghai and Dalian, with some roles to be relocated abroad. The move aims to improve efficiency amid broader challenges in the Chinese market and follows similar layoffs by other foreign banks. The bank emphasizes that core operations in China remain unaffected, and the layoffs are part of a strategic shift to streamline global operations.