Citigroup has laid off 3,500 technology staff in mainland China as part of the bank’s push to cut costs and streamline its global operations amid a broader turnaround effort.
The cut affects a division based in Shanghai and Dalian, north-eastern China, that provides IT services to Citi businesses in more than 20 countries.
Citi said some positions would be moved to other countries “to be closer to the businesses and products they support”, without providing figures or specific locations. The bank said the process was “expected to be done by the start of the fourth quarter”.
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