Citigroup has announced a significant change in a global reshuffle by the Wall Street giant that will see 3,500 technology jobs lose their jobs in China.
The job cuts are part of the company’s larger goal of streamlining the operation, eliminating costs and better positioning staffing to changing business needs, and the majority of the headcount reduction are within technology and ops teams, as it moves to automation, simplified platforms and digitized infrastructure.
Citigroup to Eliminate 3,500 Technology Jobs in China
That the choices were tough was transparent, but it suggests Citi is adjusting to the evolving world marketplace and positioning itself to be competitive in the long term in a financial world that is constantly gobbling new shapes and forms.
Citigroup’s management stressed that this restructure is a component of an overall multistage global plan to reengineer the bank’s organizational structure, bolster an efficiency strategy and to shift workers into higher-growth ventures such as A.I.-powered financial products and digital bank channels.
The company is also searching for ways to combine certain local businesses to enhance service and have a common technology platform across Citigroup’s worldwide network.
Though there will be job losses, Citigroup said, the bank reaffirmed that China and the Asia-Pacific is an important market for growth and investment going forward.
The bank intends to continue expanding its wealth management, institutional banking and sustainable-focused financial products in the region.
Citigroup said they wanted to manage this transition with thoughtfulness and empathy. Affected workers will receive severance, job placement help and counseling.
Citigroup china based technology
We recognize the valuable contributions our China-based technology staff have made to our business, and we successfully stood up a telecommuting service in a matter of days that has justifiably been praised,” the bank said,. adding that it was “working diligently to make this financial decision” as stress-free as possible.
This reform is one of the largest and most significant restructures in recent years across the global banking & capital markets sector as financial institutions respond to current economic uncertainty, technology disruption and shifting regulatory landscapes.
As Citigroup makes its way through strategic alternatives, it’s clear that building a more nimble, responsive, and digitally focused future is still the priority.