Citi to cut 3,500 tech jobs in China in global revamp – Reuters
In a move that is sure to send shockwaves through the tech industry in China, financial giant Citi has announced plans to cut 3,500 tech jobs as part…
In a move that is sure to send shockwaves through the tech industry in China, financial giant Citi has announced plans to cut 3,500 tech jobs as part of a global revamp. The decision comes as part of a broader effort to streamline operations and improve efficiency.
The news was first reported by Reuters, which stated that the layoffs will primarily affect employees working in technology and operations roles in China. The move is part of a larger restructuring plan that will see Citi reduce its workforce by around 6,000 employees globally.
While the news is sure to be a blow to those affected by the layoffs, Citi has stated that it is committed to providing support to those impacted by the decision. The company has said that it will offer severance packages and job placement assistance to help affected employees transition to new roles.
The decision by Citi to cut tech jobs in China comes at a time of increased competition in the tech industry. As companies around the world look to streamline operations and cut costs, layoffs have become a common occurrence in the industry.
It remains to be seen how the layoffs will impact Citi’s operations in China and how the company plans to move forward in the wake of the decision. However, one thing is clear – the tech industry in China is facing a period of uncertainty as companies look to adapt to changing market conditions.
Source: Reuters
