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Hong Kong, China – 06/06/2024: Pedestrians are passing by the American multinational investment bank, Citibank or Citi, a branch in Hong Kong.
Sebastian NG | LightRockket | Gets the image
Citigroup On Thursday, it plans to reduce about 3,500 technological positions in China, in the last step of a major US bank to streamline global operations and costs.
It is expected that the reduction of staff at the Citi Citi Center in Shanghai and Dalyan is expected to be completed before the fourth quarter of this year, Citi said.
The jobs are mainly in the information technology services unit providing software technology development, testing and service and operational services for the Citi global business.
The company said some roles would be transferred to the CITI technology centers in another place without determining the number of jobs and certain places.
Dismissal in China come when Citi continues to work through A wider plan Announced in January last year to reduce 10% of their labor or about 20,000 employees worldwide. He moved to the streamlining and reducing positions in the US, Indonesia, the Philippines and Poland, the statement said.
Under the guidance of CEO Jane Fraser, Citi started sweeping reorganization aimed at increasing profitability and restoration of investors’ trust after many years of lagging from major US bank peers.
Many major world banks are under fresh pressure to cut the costs against the background of the deterioration of the global economic worldview, as US President Donald Trump’s tariff policy is concerned with reducing trade activities.
According to a subsidiary of HSBC based in Hong Kong, Hang Bank, a subsidiary hsbc Last month It was the restructuring of business and streamlining the duplicate roles in the course, which would lead to job losses for approximately 1% of its “main staff”.
Job reduction was part of a cost -long CEO led by HSBC Group Georges Elizedry, which aims to reduce the cost of $ 1.8 billion by the end of 2026.
Hong Kong and mainland lenders, oriented China, report the growth of bad loans over the past few years because of their relatively high impact in restless real estate in China.
Several Wall -Rate banks, including JPMorgan and Bank of America, have already started the annual termination process.
Bank of America has justify The banker’s 150 positions were excluded in their investment banking unit, performing similar exercises in JPMorgan and Goldman Sachs.
