Citi Realigns its Technology Workforce in China as Part of Global Simplification

SHANGHAI - Today, Citi announced the next phase of changes in our Technology and Business Enablement organization as part of Citi’s simplification efforts. This aligns with an ongoing review of how Citi deploys its resources across its network.  As part of this exercise, Citi will reduce the size of its technology employee workforce in its China Citi Solution Centers (CSCs) in Shanghai and Dalian by approximately 3,500. These changes support Technology and Business Enablement’s overall strategy to streamline operations, which includes simplifying its organizational structure, decreasing reliance on third-party contractors, and shrinking the size of its software portfolio, and were embedded in Citi's 2025 financial guidance.  

Citi expects the technology changes in its China CSCs to be completed by the start of Q4 2025 and to result in a smaller real estate footprint in these locations. These reductions follow other consolidations Citi has executed throughout its global real estate footprint in several locations in the United States as well as in Indonesia, the Philippines and Poland as a result of reductions in its workforce. 

The CSCs, known as Citigroup Services and Technology (China) Limited, provide financial technology and operations services for Citi’s businesses globally.  Some roles will be eliminated, and others will be moved to other Centers across Citi’s global network to be closer to the businesses and products they support.  The remaining employees will support our existing businesses in China and Hong Kong and their future growth plans. 

These decisions are never easy, and we do not make them lightly. Our priority is to treat our colleagues with care and respect, and to provide the support and guidance they need during this transition. A comprehensive plan has been developed to support impacted employees, including a separation package that is higher than the local industry average and one-on-one information sessions. Employee Assistance Program counselling services and an outplacement support program are available as well.  

There is no impact on Citi’s Guangzhou shared service center or on Citi’s wholly-owned local subsidiary in China – Citibank (China) Co., Ltd. (“CCCL”), which houses its core banking businesses. CCCL is headquartered in Shanghai, which is an important location for Citi.  Citi continues to invest in CCCL’s business to support its corporate and institutional clients in China.

Marc Luet, Head of Japan, Asia North and Australia, and Banking, said: “Citi has been in China for 123 years and our franchise remains an important part of our global network and growth plans.  We are committed to our corporate and institutional clients in China and supporting their cross-border banking needs, as well as clients across our international network who do business there.  We have market leading businesses across Banking, Markets and Services that support a large number of leading Chinese corporates and 70% of Fortune 500 companies in China. Citi continues to pursue the establishment of a wholly owned securities and futures company in China.” 

Luet added, “Across the world, we have been innovating and investing in new technology, upgrading our digital systems, and simplifying our processes. While there is still work to do, many of our efforts have helped us drive efficiencies in the way we work, in our workforce and across our global real estate footprint.” 

Additional information on Citi in China:  

•    Citi first established an office in China in 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China.

•    Citi supports clients doing business in more than 180 countries and jurisdictions, making it the most globally connected international bank operating in China.  

•    Today, Citi serves 70% of Fortune 500 companies in the local market, as well as over 300 leading local enterprises and many more emerging new economy companies.

•    In the last five years, Citi has raised over US$300bn globally for Chinese clients from global capital markets, according to Dealogic data.