Latest news with #MarcLuet
NDTV
07-06-2025
- Business
- NDTV
Citigroup To Cut 3,500 Tech Jobs In China Amid Global Restructuring
Citigroup has announced plans to eliminate approximately 3,500 technology positions at its Citi Solution Centres in Shanghai and Dalian, China. This move is part of a broader global restructuring strategy aimed at streamlining operations and reducing costs. The affected roles primarily involve information technology services, including software development, testing, maintenance, and operational support for Citi's global business. The layoffs are expected to be completed by the start of the fourth quarter of 2025. While some positions may be relocated to other Citi technology centres, specific details have not been disclosed. This decision follows Citigroup's earlier initiative to reduce its reliance on IT contractors and bolster its in-house technology workforce to enhance risk management and data governance. "These decisions are never easy, and we do not make them lightly. Our priority is to treat our colleagues with care and respect and to provide the support and guidance they need during this transition. A comprehensive plan has been developed to support impacted employees, including a separation package that is higher than the local industry average and one-on-one information sessions. Employee Assistance Program counselling services and an outplacement support program are available as well," Citigroup said in a statement. Marc Luet, Head of Japan, Asia North and Australia, and Banking, said:"Citi has been in China for 123 years, and our franchise remains an important part of our global network and growth plans. 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. We have market-leading businesses across banking, markets and services that support a large number of leading Chinese corporates and 70% of Fortune 500 companies in China. Citi continues to pursue the establishment of a wholly owned securities and futures company in China." Despite the job cuts, Citigroup remains committed to its operations in China, including plans to establish a wholly owned securities and futures business. The bank continues to adjust its global operations to improve efficiency and address regulatory challenges.
Yahoo
05-06-2025
- Business
- Yahoo
Citigroup to axe around 3,500 tech roles in China
Citigroup is trimming its workforce size by approximately 3,500 at two of its technology centres in China, reported Reuters. The aim is to consolidate and streamline the bank's global technology operations to enhance its risk and data management systems. The staffing reductions will affect the China Citi Solution Centres in Shanghai and Dalian, with the bank planning to complete the process by the start of the fourth quarter of this year, the news agency said citing a statement by Citi. The jobs being cut are predominantly full-time positions, a source privy to the development disclosed. Some of the jobs from these centres would be relocated to other technology hubs within the company, although the specifics regarding the number of jobs or their destinations were not provided. This announcement follows last month's report, which indicated that Citigroup was reducing around 200 information technology contractor roles in China. In March, the bank communicated internally its strategy to decrease its reliance on IT contractors and to increase its in-house IT staff, in response to penalties imposed by regulators concerning data governance and control shortcomings. The downsizing in China is part of Citigroup's global restructuring plan, which has also seen the bank scaling back operations in the US, Indonesia, the Philippines, and Poland. The China-based service and technology unit is tasked with delivering financial technology and operations services to support Citigroup's global business operations. Citigroup is currently in the process of establishing a securities unit in China, still maintain the regional presence. Post-reduction, Citigroup's staff count in China is expected to be around 2,000, which includes several hundred employees within the technology division. Citi Japan, Asia North and Australia banking head Marc Luet was quoted by Reuters as saying: "Citi continues to pursue the establishment of a wholly owned securities and futures company in China." "Citigroup to axe around 3,500 tech roles in China " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-06-2025
- Business
- Yahoo
Citigroup to axe around 3,500 tech roles in China
Citigroup is trimming its workforce size by approximately 3,500 at two of its technology centres in China, reported Reuters. The aim is to consolidate and streamline the bank's global technology operations to enhance its risk and data management systems. The staffing reductions will affect the China Citi Solution Centres in Shanghai and Dalian, with the bank planning to complete the process by the start of the fourth quarter of this year, the news agency said citing a statement by Citi. The jobs being cut are predominantly full-time positions, a source privy to the development disclosed. Some of the jobs from these centres would be relocated to other technology hubs within the company, although the specifics regarding the number of jobs or their destinations were not provided. This announcement follows last month's report, which indicated that Citigroup was reducing around 200 information technology contractor roles in China. In March, the bank communicated internally its strategy to decrease its reliance on IT contractors and to increase its in-house IT staff, in response to penalties imposed by regulators concerning data governance and control shortcomings. The downsizing in China is part of Citigroup's global restructuring plan, which has also seen the bank scaling back operations in the US, Indonesia, the Philippines, and Poland. The China-based service and technology unit is tasked with delivering financial technology and operations services to support Citigroup's global business operations. Citigroup is currently in the process of establishing a securities unit in China, still maintain the regional presence. Post-reduction, Citigroup's staff count in China is expected to be around 2,000, which includes several hundred employees within the technology division. Citi Japan, Asia North and Australia banking head Marc Luet was quoted by Reuters as saying: "Citi continues to pursue the establishment of a wholly owned securities and futures company in China." "Citigroup to axe around 3,500 tech roles in China " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
South China Morning Post
05-06-2025
- Business
- South China Morning Post
Citigroup to cut 3,500 tech support jobs in China to trim costs
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. Advertisement 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 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.
