Close Menu
World Economist – Global Markets, Finance & Economic Insights
  • Home
  • Economist Impact
    • Economist Intelligence
    • Finance & Economics
  • Business
  • Asia
  • China
  • Europe
  • Economy
  • USA
    • Middle East & Africa
    • Highlights
  • This week
  • World Economy
    • World News
What's Hot

Singapore’s crypto crackdown on unlicensed exchanges could drive liquidity to Hong Kong

July 4, 2025

Malaysian police link Ipoh murder to international gang amid surge in public shootings

July 4, 2025

Cochlear takes fast lane as it brings new hearing device to Chinese market

July 4, 2025
Facebook X (Twitter) Instagram
Friday, July 4
Facebook X (Twitter) Instagram
World Economist – Global Markets, Finance & Economic Insights
  • Home
  • Economist Impact
    • Economist Intelligence
    • Finance & Economics
  • Business
  • Asia
  • China
  • Europe
  • Economy
  • USA
    • Middle East & Africa
    • Highlights
  • This week
  • World Economy
    • World News
World Economist – Global Markets, Finance & Economic Insights
Home » Citigroup to cut 3,500 tech support jobs in China to trim costs
Business

Citigroup to cut 3,500 tech support jobs in China to trim costs

adminBy adminJune 5, 2025No Comments2 Mins Read
Share Facebook Twitter Pinterest Copy Link LinkedIn Tumblr Email VKontakte Telegram
Share
Facebook Twitter Pinterest Email Copy Link
Post Views: 29


Citigroup is laying off 3,500 technology staff in mainland China as part of its global effort to streamline operations and reduce costs, while pledging its commitment to corporate and institutional clients in the world’s second-largest economy.

The affected employees, who provide technology support for operations in the Asia-Pacific region, are based in Shanghai and Dalian in the northeastern province of Liaoning, according to a statement on Thursday. The cuts would be completed in the fourth quarter, it added.

Some roles would be eliminated while others would be relocated and excess office space would be reduced, the bank said, adding that the separation packages were higher than the local industry average. The downsizing would not affect its Shanghai-based unit, which houses its core banking business, or its other service centre in Guangzhou.

“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,” said Marc Luet, Citigroup’s head of banking and Japan, Asia North and Australia. The bank supports a large number of leading companies, including 70 per cent of the Fortune 500 companies in China, he added.

CEO Jane Fraser wants to simplify Citigroup’s organisational structure to align with its business strategy. Photo: Dickson Lee
CEO Jane Fraser wants to simplify Citigroup’s organisational structure to align with its business strategy. Photo: Dickson Lee

Citigroup, the third-largest lender in the US, is still aiming to establish a fully owned securities and futures unit in China, Luet said, which seems to have been delayed by strained US-China ties.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram Copy Link
admin
  • Website

Related Posts

Business

Singapore’s crypto crackdown on unlicensed exchanges could drive liquidity to Hong Kong

July 4, 2025
Business

Hong Kong’s bull market in stocks fills coffers, plugs hole left by property woes

July 4, 2025
Business

HKMA defends Hong Kong currency as higher US rates threaten trading band

July 4, 2025
Business

China’s EV price war dashes profit hopes of 90% of brands, AlixPartners says

July 4, 2025
Business

Meta’s AI lab is stacked with Chinese talent, drawing attention back home

July 3, 2025
Business

Alibaba seeks US$1.5 billion from exchangeable bonds for cloud, e-commerce push

July 3, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

‘Around 8,500 users from SMBs face cyberattacks’ – Business & Finance

July 4, 2025

KE fighting a ‘power’ struggle, one phase at a time – Markets

July 4, 2025

Hussain Dawood lauds Pak-China partnership at WEF summit – Business & Finance

July 4, 2025

‘CPEC’s success hinges on inclusive development in Balochistan’ – Business & Finance

July 4, 2025
Latest Posts

PSX hits all-time high as proposed ‘neutral-to-positive’ budget well-received by investors – Business

June 11, 2025

Sindh govt to allocate funds for EV taxis, scooters in provincial budget: minister – Pakistan

June 11, 2025

US, China reach deal to ease export curbs, keep tariff truce alive – World

June 11, 2025

Subscribe to News

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Recent Posts

  • Singapore’s crypto crackdown on unlicensed exchanges could drive liquidity to Hong Kong
  • Malaysian police link Ipoh murder to international gang amid surge in public shootings
  • Cochlear takes fast lane as it brings new hearing device to Chinese market
  • The cost of Trump’s ‘big, beautiful bill’
  • Hong Kong’s bull market in stocks fills coffers, plugs hole left by property woes

Recent Comments

No comments to show.

Welcome to World-Economist.com, your trusted source for in-depth analysis, expert insights, and the latest news on global finance and economics. Our mission is to provide readers with accurate, data-driven reports that shape the understanding of economic trends worldwide.

Latest Posts

Singapore’s crypto crackdown on unlicensed exchanges could drive liquidity to Hong Kong

July 4, 2025

Malaysian police link Ipoh murder to international gang amid surge in public shootings

July 4, 2025

Cochlear takes fast lane as it brings new hearing device to Chinese market

July 4, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Archives

  • July 2025
  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • June 2024
  • October 2022
  • March 2022
  • July 2021
  • February 2021
  • January 2021
  • November 2019
  • April 2011
  • January 2011
  • December 2007
  • July 2007

Categories

  • AI & Tech
  • Asia
  • Banking
  • Business
  • Business
  • China
  • Climate
  • Computing
  • Economist Impact
  • Economist Intelligence
  • Economy
  • Editor's Choice
  • Europe
  • Europe
  • Featured
  • Featured Business
  • Featured Climate
  • Featured Health
  • Featured Science & Tech
  • Featured Travel
  • Finance & Economics
  • Health
  • Highlights
  • Markets
  • Middle East
  • Middle East & Africa
  • Middle East News
  • Most Viewed News
  • News Highlights
  • Other News
  • Politics
  • Russia
  • Science
  • Science & Tech
  • Social
  • Space Science
  • Sports
  • Sports Roundup
  • Tech
  • This week
  • Top Featured
  • Travel
  • Trending Posts
  • Ukraine Conflict
  • Uncategorized
  • US Politics
  • USA
  • World
  • World & Politics
  • World Economy
  • World News
© 2025 world-economist. Designed by world-economist.
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.