Citi’s wholly-owned local banking subsidiary Citibank (China) Co. will be unaffected, it said, adding the bank continues to invest in the unit to support corporate and institutional clients in the country.
Citigroup Inc. will cut its technology employee workforce in China by about 3,500 as part of its global simplification efforts, while reiterating its commitment to the world’s second-largest economy.
The reductions at its Shanghai and Dalian solution centres are expected to be completed by the start of the fourth quarter, the bank said in a statement. Some positions will be relocated to other centres to support Citi’s global network. The firm declined to provide staffing numbers at the Chinese locations.
