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Hong Kong, China – 2024/06/07: pedestrians pass the American multinational investment Bank, Citibank or Citi, branch in Hong Kong.
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Citigroup Said Thursday that it planned to reduce around 3,500 technological positions in China, in the last decision by a large American bank to rationalize global operations and reduce costs.
The reduction of staff of the China Citi solutions in Shanghai and Dalian should be completed before the start of the fourth quarter of this year, Citi said in a statement.
The jobs concerned are mainly in the unit of information technology services, providing the development of software technology, tests and maintenance and operational services for global CITI activities.
The company said that some of the roles will be moved to Citi technological centers elsewhere, without specifying the number of jobs or specific locations.
Layers in China come as Citi continues to work on a wider plan Announced in January of last year, to reduce 10% of its workforce, or around 20,000 employees worldwide. He decided to rationalize the functions of operating and reducing workforce in the United States, Indonesia, the Philippines and Poland, the company said.
Directed by CEO Jane Fraser, Citi undertook a Balayage reorganization aimed at improving profitability and restoring investor confidence after years of delay compared to the major American banking peers.
A multitude of large world banks are subject to new pressure to reduce costs in the context of the deterioration of global economic prospects, because the pricing policies of US President Donald Trump are causing concerns about the decline in global demand.
Hang Seng Seng Bank, based in Hong Kong, a subsidiary of HSBC, said last month There remained restructuring and rationalization of double roles in a decision that would result in job losses for around 1% of his “main staff”. The job cuts were part of a cost reduction campaign led by the CEO of HSBC, Georges Elhedery, which aims to reduce expenditure by $ 1.8 billion by the end of 2026.
Landers focused on Hong Kong and the China -focused continent have reported an increase in poor loans in recent years due to their exposure relatively high in the real estate sector on these key markets.
