From Yahoo Finance: 2025-05-16 05:55:00

Citigroup is cutting up to 200 IT contractor roles in China to improve risk management and data governance. Last July, the bank was fined $136 million for data management issues. The affected staff are employed by Citigroup Services and Technology China, which supports global operations in 20 countries and regions.

The bank plans to reduce the share of external contractors in IT to 20% and increase technology headcount to 50,000 by 2024. Most affected contractors in China will receive a severance package. Citi states decisions on non-renewal of contracts comply with laws, regulations, and procedures.

Citi’s IT contractor job cuts in China do not affect its business strategy or commitment to clients. Other financial firms are also reducing reliance on China for IT outsourcing due to rising costs, geopolitical uncertainties, and new regulations.

Read more: Exclusive-Citi to cut up to 200 tech contractor roles in China, sources say