Citi to Cut 3,500 Tech Jobs in China as Part of Global Revamp

Citigroup Inc. will cut its technology employee workforce in China by about 3,500 as part of its global simplification efforts, while reiterating its commitment to the world’s second-largest economy.

The reductions at its Shanghai and Dalian solution centers are expected to be completed by the start of the fourth quarter, the bank said in a statement. Some positions will be relocated to other centers to support Citi’s global network. The firm declined to provide staffing numbers at the Chinese locations.