Citigroup cutting 200 IT contractor jobs in China to hire full-time staff for risk management

From Yahoo Finance: 2025-05-19 07:44:00

Citigroup is cutting up to 200 IT contractor positions in China to hire more full-time staff for better risk management and data governance, following a $136m fine last year for data management issues. Around 100 contractors have been notified so far, with more expected to follow in Citigroup Services and Technology China, which employs around 3,000 individuals. The bank aims to reduce reliance on external IT contractors from 50% to 20%. Severance packages are being offered to affected contractors, and Citigroup plans to expand its banking operations in China with a new securities division. Despite the job cuts, the bank remains committed to serving clients in China. In the first quarter of 2025, Citigroup reported a net income of $4.1bn on revenues of $21.6bn.



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