Shanghai, June 6: Citigroup (Citi) bank is reportedly planning to cut thousands of jobs in its latest round of workforce reduction. The Citi layoffs will impact 3,500 employees in China from its two technology centres, confirmed the bank on June 5, 2025 (Thursday). The latest round of Citigroup layoffs in China is aimed at helping the bank simplify and shrink its global tech operations. The bank said that the move could help it improve risk and data management.

According to a report by Reuters, the Citi layoffs will affect around 3,500 employees from two technology centres. The bank further said that Citigroup would lay off the employees from China Citi Solution Centres located in Shanghai and Dalian. The Citigroup layoffs would start in the fourth quarter of this year. Amazon Layoffs Continue: US-Based E-Commerce Giant Cuts More Jobs From Kindle and Alexa Units, Continues CEO Andy Jassy’s Strategy To Streamline Operations.

The job cuts, aimed at improving risk and data management, will affect several full-time roles. The New York-based banking giant has yet to confirm the actual numbers of employees getting laid off and their designations. Previously, reports said that Citigroup layoffs in 2025 would be implemented, cutting 30% of the tech workforce. The bank also aimed to reduce third-party IT staff dependence after it suffered from USD 22.9 million fraud. 

Reuters reported that Citigroup was cutting 200 IT contractor roles in China. In March, the bank announced its plans to significantly reduce its reliance on information technology contractors. The report said the bank was set to hire more IT employees following the regulatory penalties imposed on data governance and inadequate controls.

The report highlighted that Citi layoffs were part of its global restructuring efforts. It said the bank had scaled back in the US, Poland, Indonesia, and the Philippines. In China, the service and tech units provided financial technology and operations services for the bank's global business. Procter & Gamble Layoffs: FMCG Major To Reduce 7,000 Jobs, 15% of Its Non-Manufacturing Positions Globally Over Next 2 Years.

Citi remains committed to expanding in China with plans for a wholly owned securities unit and continued support for corporate and institutional clients, said Asia banking head Marc Luet. Despite tech job cuts, Citi will retain about 2,000 staff in China, including several hundred in tech. 

(The above story first appeared on LatestLY on Jun 06, 2025 11:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).