Citigroup Inc will reduce the number of employees at two of its technology centres in China by about 3,500, the bank said on Thursday, as it pushes to simplify and shrink global tech operations to improve risk and data management.
The reduction of staff at the China Citi Solution Centres in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, it said in a statement.
Most of the impacted jobs are full-time, a source familiar with the matter said.
The bank said some of the roles would be moved to Citi’s technology centres elsewhere, without specifying the number of jobs or specific locations.
Last month, Reuters first reported that Citi was cutting around 200 information technology contractor roles in China.
Citi in March unveiled plans internally to dramatically reduce reliance on information technology contractors and hire thousands of employees for IT, following regulatory penalties over data governance and inadequate controls.
The bank has scaled back in the United States as well as in Indonesia, the Philippines and Poland, it said, part of its workforce reduction drive under the global restructuring plan.
The service and technology unit in China provides financial technology and operations services for Citi’s businesses globally.
Besides its IT operations, Citi has banking businesses in China and is in the process of setting up a securities unit there.
