Citi plans to slash 3,500 tech roles in China as global banks cut costs Citigroup said Thursday it plans to cut around 3,500 technology positions in China, in the latest move by a major U.S. bank aimed at streamlining global operations and reduce costs. The reduction of staff at the China Citi Solution Centers in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, Citi said in a statement. The jobs affected are mostly in the information technology services unit, providing software technology development, testing and maintenance and operational services for Citi’s global business. The company said some of the roles will be moved to Citi’s technology centers elsewhere, without specifying the numbers of jobs or specific locations. The layoffs in China come as Citi continues to work through a broader plan announced January last year, to reduce 10% of its workforce, or about 20,000 employees globally. It has moved to streamline operation and downsize office in the U.S., Indonesia, the Philippines and Poland, the statement said. “China has always been an important part of Citi’s global network and business development. We will continue to firmly serve corporate and institutional clients in China and serve their cross-border banking needs,” Marc Luet, president of Citi Japan North Asia and Australia said in the statement. Led by CEO Jane Fraser, Citi has undertaken a sweeping reorganization aimed at improving profitability and restoring investor confidence after years of lagging behind major U.S. banking peers. Citi is not alone in restructuring operations. A slew of major global banks are under fresh pressure to trim costs against the backdrop of deteriorating global economic outlook as U.S. President Donald Trump’s tariff policies spark concerns over declining trade activity. Foreign banks, including Citi, may continue scaling back business in China as the country’s soft growth prospects have reduced banking business opportunities, said Meng Shen, director at Beijing-based boutique investment bank Chanson & Co. Beijing’s tightened regulatory oversight for the financial services industry will likely create additional uncertainty for Western banks, Shen said. Citi’s Luet, however, reaffirmed plans to establish wholly-owned securities and futures companies in China. Hong Kong-based Hang Seng Bank, a subsidiary of HSBC, reportedly said last month it was restructuring business in a move that would lead to job losses for about 1% of its “core staff.” The job reductions were part of a cost-cutting drive, led by HSBC Group CEO Georges Elhedery, that aims to cut expenses by $1.8 billion by the end of 2026. Hong Kong and mainland China-focused banks have seen rising bad loans over the last few years due to their relatively high exposure to China’s troubled property sector. Several Wall Street banks including JPMorgan and Bank of America have also begun the annual process of terminating underperforming employees. Bank of America has reportedly eliminated 150 banker positions in its investment banking unit this year. Rethink China strategy? Some multinational businesses are mulling to scale back reliance on the China market, as they navigate the fallout from Beijing’s tensions with Washington, a sluggish domestic demand and intensifying competition from local companies. A business survey from the American Chamber of Commerce in China showed the share of U.S. companies in China considering to relocate manufacturing or sourcing out of China hit a record high, at the outset of Trump’s second term. Escalating trade tensions have also dented confidence among European businesses with operation in China, according to a flash survey released Wednesday by the European Union Chamber of Commerce in China, highlighting “especially gloomy” expectations around heightened competition and profitability. Local media reported last month that L’Oréal was planning to lay off up to half of its travel retail workforce in China as the French cosmetic giant continues to face sluggish sales. German luxury carmaker Mercedes-Benz also plans to cut up to 15% of its sales and finance staff in China, Reuters reported, in a move that will affect about 2,000 people working in its research and development units. The German luxury carmaker, however, still plans to spend heavily in China in the coming years to better compete with local electric-vehicle peers that dominate the market.
花期银行今天上午10点召开全员大会，官宣 调整决定，以及本次被裁员工的 离职补偿方案和 后续步骤。
据邮件原文，本次调整是 基于评估结果，需对花旗Technology部门架构做出艰难但必要改变，涉及全球 Citysolution center(CSc)员工。
上海和大连CS员工将减少约3500名，约500名第三方人员也受影响。部分岗位整合转移至其他CSC以更好支持业务和产品，同时为提升效率，部分岗位调整以支持公司国内及香港业务发展。
赔偿方案： 2025年6月25日前签约： 支付N+6作为离职补偿金，N为过去12个月月平均收入乘以花旗服务年限，月平均收入和服务年限均无封顶，加6部分基数为2025年5月基本工资； 6月26日-7月16日签约，支付N+3； 7月17日-9月19日签约，支付N+1；
邮件原文如下： 调整决定 基于评估结果，需对花旗Technology部门架构做出艰难但必要改变，涉及全球 Citysolution center(CSc)员工。上海和大连CS员工将减少约3500名，约500名第三方人员也受影响。部分岗位整合转移至其他CSC以更好支持业务和产品，同时为提升效率，部分岗位调整以支持公司国内及香港业务发展。 离职补偿方案
公司提供高于行业平均水平补偿方案。2025年6月25日前签约，支付N+6作为离职补偿金，N为过去12个月月平均收入乘以花旗服务年限，月平均收入和服务年限均无封顶，加6部分基数为2025年5月基本工资。6月26日-7月16日签约，支付N+3；7月17日-9月19日签约，支付N+1。改方案仅适用于固定期限劳动合同同事。 日期定为2025年9月19日，第一次固定期限且合同到期日早于该日期的，离职日期为合同到期日;第二次固定期限且合同到期日早于该日期的，离职日期仍为2025年9月19日，期间工资正常发放。
后续步骤 邮件通知： 会议结束后，受影响员工将收到·邮件通知:包含签约会谈时间、地点、常见HR邮件，问题解答、离职补偿金计算工具及HR联系人信息，有问题可联系HR。 工作交接：员工无需担心手头工作，公司管理层协助确保顺利交接。
系统权限：从当天起无法手机查阅花旗电邮，可继续接收内部邮件、参加会议、查看PDF文件;若有花旗笔记本电脑，带回家方便查收邮件，离职时归还。 若用个人设备远程查阅，City of syndicate或Same water card可用至签署离职协议。
会议结束后，除特定系统外，无法访问花旗其他平台和系统。电脑系统会后重启变更权限。 上班安排：从明天起无需上班或来办公室离职前工资照常发放。会议结束后可自行决定何时离开办公室，工作日9点-18点可来办公室收拾个人物品，公司提供袋子，建议带走贵重物品。
她说没有了业务，高薪的技术服务工作就不会需要了。
脱钩断链大背景下早就不行了，前些年有个亲戚家孩子 top 2 本硕毕业放着舒服安全的国资银行不进， 非要去啥国际投行（在中国分部）“历练”，干了2,3年整个部门连锅端被裁了
Citigroup said Thursday it plans to cut around 3,500 technology positions in China, in the latest move by a major U.S. bank aimed at streamlining global operations and reduce costs. The reduction of staff at the China Citi Solution Centers in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, Citi said in a statement.
The jobs affected are mostly in the information technology services unit, providing software technology development, testing and maintenance and operational services for Citi’s global business.
The company said some of the roles will be moved to Citi’s technology centers elsewhere, without specifying the numbers of jobs or specific locations.
The layoffs in China come as Citi continues to work through a broader plan announced January last year, to reduce 10% of its workforce, or about 20,000 employees globally. It has moved to streamline operation and downsize office in the U.S., Indonesia, the Philippines and Poland, the statement said.
“China has always been an important part of Citi’s global network and business development. We will continue to firmly serve corporate and institutional clients in China and serve their cross-border banking needs,” Marc Luet, president of Citi Japan North Asia and Australia said in the statement.
Led by CEO Jane Fraser, Citi has undertaken a sweeping reorganization aimed at improving profitability and restoring investor confidence after years of lagging behind major U.S. banking peers.
Citi is not alone in restructuring operations. A slew of major global banks are under fresh pressure to trim costs against the backdrop of deteriorating global economic outlook as U.S. President Donald Trump’s tariff policies spark concerns over declining trade activity.
Foreign banks, including Citi, may continue scaling back business in China as the country’s soft growth prospects have reduced banking business opportunities, said Meng Shen, director at Beijing-based boutique investment bank Chanson & Co.
Beijing’s tightened regulatory oversight for the financial services industry will likely create additional uncertainty for Western banks, Shen said.
Citi’s Luet, however, reaffirmed plans to establish wholly-owned securities and futures companies in China.
Hong Kong-based Hang Seng Bank, a subsidiary of HSBC, reportedly said last month it was restructuring business in a move that would lead to job losses for about 1% of its “core staff.” The job reductions were part of a cost-cutting drive, led by HSBC Group CEO Georges Elhedery, that aims to cut expenses by $1.8 billion by the end of 2026.
Hong Kong and mainland China-focused banks have seen rising bad loans over the last few years due to their relatively high exposure to China’s troubled property sector. Several Wall Street banks including JPMorgan and Bank of America have also begun the annual process of terminating underperforming employees. Bank of America has reportedly eliminated 150 banker positions in its investment banking unit this year.
Rethink China strategy?
Some multinational businesses are mulling to scale back reliance on the China market, as they navigate the fallout from Beijing’s tensions with Washington, a sluggish domestic demand and intensifying competition from local companies.
A business survey from the American Chamber of Commerce in China showed the share of U.S. companies in China considering to relocate manufacturing or sourcing out of China hit a record high, at the outset of Trump’s second term.
Escalating trade tensions have also dented confidence among European businesses with operation in China, according to a flash survey released Wednesday by the European Union Chamber of Commerce in China, highlighting “especially gloomy” expectations around heightened competition and profitability.
Local media reported last month that L’Oréal was planning to lay off up to half of its travel retail workforce in China as the French cosmetic giant continues to face sluggish sales.
German luxury carmaker Mercedes-Benz also plans to cut up to 15% of its sales and finance staff in China, Reuters reported, in a move that will affect about 2,000 people working in its research and development units.
The German luxury carmaker, however, still plans to spend heavily in China in the coming years to better compete with local electric-vehicle peers that dominate the market.
哈哈，我亲戚的一个小孩选择去了某国有银行，后来从北京派驻澳州了。现在反而是中国对外投资很多。