India, June 5 -- Banking major Citigroup Inc. announced plans to reduce around 3,500 technology in China as part of its ongoing broader initiative to streamline global tech operations, reports said. With the planned resturcturing, the lender aims to strengthen risk and data management frameworks.
The planned job cuts will be at its two major China-based technology centers in Shanghai and Dalian. The workforce reduction will impact the China Citi Solution Centres and are expected to be completed by early fourth quarter.
It is expected that some roles will be relocated to other global technology hubs.
Meanwhile, Citi's local banking subsidiary Citibank (China) Co. will be unaffected, and the firm continues to invest in the unit to support ...