Citigroup Announces Layoffs of 3,500 Employees Amid Restructuring Efforts
The reductions are set to be completed by early Q4 2023, impacting operations in Shanghai and Dalian.
Citigroup has announced plans to lay off 3,500 employees as part of its ongoing restructuring strategy.
The layoffs are expected to be finalized by the beginning of the fourth quarter of 2023, primarily affecting the bank's solution centers in Shanghai and Dalian.
According to the bank's statement, some positions will be relocated to other centers to support Citigroup's global network.
Notably, Citibank China, the bank's local banking subsidiary, will remain unaffected by these layoffs, as Citigroup continues to invest in this unit to support corporate and institutional clients in the country.
This announcement follows Citigroup's aim to streamline operations and improve profitability to better compete with rivals.
Last year, the bank established a target to reduce its workforce by 20,000 employees by the end of 2026. The staffing plans in China have been complicated by both U.S. and Chinese regulations.
Citigroup initially intended to launch investment banking operations in China by mid-2023; however, these plans have encountered challenges due to the escalation of the trade war.
In addition to the current layoffs, Citigroup had previously disclosed in 2022 that it would be exiting its consumer banking operations in China as part of a broader retreat from 14 markets worldwide.
The layoffs are expected to be finalized by the beginning of the fourth quarter of 2023, primarily affecting the bank's solution centers in Shanghai and Dalian.
According to the bank's statement, some positions will be relocated to other centers to support Citigroup's global network.
Notably, Citibank China, the bank's local banking subsidiary, will remain unaffected by these layoffs, as Citigroup continues to invest in this unit to support corporate and institutional clients in the country.
This announcement follows Citigroup's aim to streamline operations and improve profitability to better compete with rivals.
Last year, the bank established a target to reduce its workforce by 20,000 employees by the end of 2026. The staffing plans in China have been complicated by both U.S. and Chinese regulations.
Citigroup initially intended to launch investment banking operations in China by mid-2023; however, these plans have encountered challenges due to the escalation of the trade war.
In addition to the current layoffs, Citigroup had previously disclosed in 2022 that it would be exiting its consumer banking operations in China as part of a broader retreat from 14 markets worldwide.
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